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� � � � � � � 200000293 � interest therein, as described in Grantor's notice to the Conservancy; and this Right of First Refusal shall have no further effect upon completion of such sale or conveyance with regard to the portion of the Property or interest therein so conveyed. The Conserva.ncy shall execute and deliver a quit claim deed or other document evidencing the teimination of this Right of First Refusal with regard to the portion of the Property or interest therein so conveyed. If Grantor does not sell or convey the Property or portion or interest therein within one (1) year of his notice to the Conservancy of Grantor's intent to sell/convey, then this Right of First Refusal shall remain in full force and effect. If only part of the Property or a partial interest in the Property is sold or conveyed, this Right of First Refusal shall remain in full force and effect with respect to the portion of the Property or interest in the Property not sold or conveyed. 5. FAMILY TRANSFERS; TESTAMENTARY TRANSFERS. This Right of First Refusal shall not apply to a transfer of the Properiy to the Grantor's spouse or children, if any, provided that the transfer is for no or nominal consideration or is by devise or by operation of law upon Grantor's death. In the event of such a transfer, this Right of First Refusal shall remain in full force and effect and bind the successors or assigns to Grantor's interest in the Properiy. Upon Grantor's death where any other testamentary disposition is specified, or upon the death of the spouse or child to whom the Property has been transferred, the Conservancy shall have the right to purchase the Property at the value at which the Properly is appraised by the decedent's estate. The Conservancy shall be given written notice of the death triggering this right of first refusal in the same manner as set out in paragraph 2 above and shall exercise its right to acquire the Property in the same manner as set out in paragraph 3 above. 6. MORTGAGES. Grantor may mortgage or otherwise encumber the Property as security for a debt, but any attempt by the mortgagee or other creditor to foreclose upon the Property as satisfaction for a debt or otherwise realize upon the security, shall be treated as Grantor's wish to sell or convey the Property and shall be subject to the right of first refusal granted herein. 7. PRICE. For purposes of this agreement, the fair market value and price of the Property shall be the value as agreed upon by the parties; if the parties do not reach agreement, the fair market value and price of the Property shall be as established by the appraisal process described in this paragraph. Within fifteen (15) days of the Conservancy notifying Grantor of the Conservancy's exercise of its right of first refusal, - 10 -