Offer Acceptable. If the Non-Initiating Member consents (or is deemed to have consented) to the Company or the applicable Ownership Entities selling the applicable portion of the Property on the terms of an Offer, then the Initiating Member shall be allowed to sell the applicable portion of the Property for cash on the terms of the applicable Offer for a period of up to one hundred eighty (180) days following the expiration of the applicable Response Period. If the Initiating Member obtains a bona fide third party contract to sell all or any portion of the Property on the terms of the applicable Offer within such one hundred eighty (180) day period, the Initiating Member shall have an additional period of ninety (90) days after the date of such contract (that is, not to exceed 270 days after the expiration of the applicable Response Period) in which to consummate the sale. If after having received the consent (or deemed consent) of the Non-Initiating Member to the sale of such portion of the Property on the terms of the applicable Offer, the Initiating Member is unable to obtain a bona fide contract within such one hundred eighty (180) day period, or if after having obtained such bona fide contract, the Initiating Member is unable to consummate such sale within 270 days after the expiration of the applicable Response Period, then the Initiating Member must again submit an Offer to the Non-Initiating Member under the terms of this Section 15.2 before it may sell such portion of the Property.
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Sources: Limited Liability Company Agreement (Bluerock Residential Growth REIT, Inc.), Limited Liability Company Agreement (Bluerock Residential Growth REIT, Inc.)