Common use of Permitted Sale or Transfer to Third Party Purchaser Clause in Contracts

Permitted Sale or Transfer to Third Party Purchaser. If the other Owners do not validly exercise their option to buy all of the Offered Units within the 30-day period, then the Seller may complete the sale or transfer to the Third Party Purchaser. However, the sale or transfer must be made on the same terms and conditions as those contained in the notice to the other Owners. Further, the Third Party Purchaser must agree in writing to be bound by the terms of this Agreement before or at the time of the sale or transfer. If the sale or transfer to the Third Party Purchaser is not completed within sixty (60) days after the expiration of the other Owners' 30-day option period, then the authorization under this Agreement for such sale or transfer shall be deemed withdrawn as if no such sale or transfer had been contemplated and no notice had been given.

Permitted Sale or Transfer to Third Party Purchaser. If the other Owners do not validly exercise their option to buy all of the Offered Units within the 30-day period, then the Seller may complete the sale or transfer to the Third Party Purchaser, upon majority approval of the other Owners. However, the sale or transfer must be made on the same terms and conditions as those contained in the notice to the other Owners. Further, the Third Party Purchaser must agree in writing to be bound by the terms of this Agreement Agreement, and be limited to 0 percent management control in the operations of the business, before or at the time of the sale or transfer. .If the sale or transfer to the Third Party Purchaser is not completed within sixty (60) days after the expiration of the other Owners' Owner’s 30-day option period, then the authorization under this Agreement for such sale or transfer shall be deemed withdrawn as if no such sale or transfer had been contemplated and no notice had been given.