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4 201406877 (a) Applicable to Any Sale, Transfer or Conveyance. The Right of First Refusal shall be applicable to any sale, transfer or conveyance of any kind or nature whatsoever. It shall be applicable to a transfer to a spouse, family member or any other person with or without consideration. It shall be applicable whether the sale, transfer or conveyance is voluntary or involuntary. It shall be applicable to any sale, transfer or conveyance as a result of the death of Gian. (b) Contemplated Transfer. In the event Gian (or her personal representative if she is deceased) receives an offer for the purchase of the Purchased Property or contemplates a sale, transfer of conveyance of the Purchased Property of any kind or nature whatsoever, then Gian (or her personal representative if she is deceased) shall advise Elizabeth (or the current owner of the Retained Property) in writing of such offer or contemplated sale, transfer or conveyance (hereinafter referred to as "the Contemplated Transfer "). Such written notice shall set forth the name and current address of the proposed party to whom the Purchased Property will be sold, transferred or conveyed. (c) Election. Within thirty (30) days from the receipt of such notice by Elizabeth (or the current owner of the Retained Property), she (or the current owner) may, at her (or the current owner's) option, elect to repurchase the Purchased Property by delivering written notice to Gian (or her personal representative if she is deceased). (d) Purchase Price. In the event Elizabeth (or the current owner of the Retained Property) elects to repurchase the Purchased Property, the purchase price shall be determined by adding: (1) an amount of Nine Thousand and No /100 Dollars ($9,000.00) for land of the Purchased Property; and (2) an amount to be determined by appraisal for the fair market value of the improvements on the Purchased Property. Elizabeth (or the current owner of the Retained Property) shall employ the services of an licensed real estate appraiser to determine the fair market value of the improvements on the Purchased Property and provide Gian (or her personal representative if she is deceased) a copy of the appraisal upon receipt by Elizabeth (or the current owner of the Retained Property). Such appraisal shall be delivered to Gian (or her personal representative if she is deceased) within ninety (90) days after Elizabeth (or the current owner of the Retained Property) delivers written notice to Gian (or her personal representative if she is deceased) of the election to repurchase the Purchased Property. Elizabeth (or the current owner of the Retained Property) shall pay to Gian (or her personal representative if she is deceased) the purchase price for the Purchased Property within thirty (30) days after the purchase price is determined and Gian (or her personal representative) shall convey the Purchased Property to Elizabeth (or the current owner of the Retained Property) free and clear of all liens and encumbrances. (e) Release. If Elizabeth (or the current owner of the Retained Property) does not elect to repurchase the Purchased Property within thirty (30) days from the receipt of notice by Elizabeth (or the current owner of the Retained Property), Gian (or her personal representative if she is deceased) may make the sale, transfer and conveyance consistent with the notice and this Right of First Refusal shall terminate upon such sale, transfer or