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202400937 improvements thereon. Furthermore, said removal shall be done at the sole cost and expense of Lanny and the LLC. However, if Lanny and the LLC does not remove the improvements from the subject real estate within the aforesaid time, Lanny and the LLC shall forfeit any interest in the improvements and it shall execute a Bill of Sale and Quitclaim Deed conveying all of its interest in the improvements and subject real estate to Lorraine, free and clear of all liens and encumbrances on or against the improvements or subject real as a result of the actions or inactions of Lanny and the LLC. 7. Disposition of the Subject Real Estate. In the event that Lorraine desires to dispose of her interest in the subject real estate, Lanny and the LLC shall have an option to purchase the subject real estate from Lorraine. If Lorraine desires to sell or otherwise dispose of her interest in the subject real estate, Lorraine shall notify Lanny and the LLC in writing of her desire to dispose of the subject real estate by United States certified mail, return receipt requested, or by personal delivery (the "Disposition Notice"). In the event that Lanny and the LLC desire to exercise their option to purchase the subject real estate, Lanny and the LLC shall notify Lorraine of its desire to purchase the subject real estate by written notification (the "Option Notice") to be mailed by United States certified mail, return receipt requested, or personally delivered to Lorraine within thirty (30) days of the receipt of the Disposition Notice. In the event that Lorraine receives a bona fide third party offer for the purchase of the subject real estate, then the purchase of the subject real estate by Lanny and the LLC shall be on the same terms and conditions as contained in the bona fide third offer, less the fair market value of the improvements so constructed on the subject real estate by Lanny. Otherwise, the purchase price for the subject real estate shall be the then fair market value of the subject real estate to be agreed upon by the parties, which fair market value shall not include any fair market value of the improvements so constructed on the subject real estate by Lanny and the LLC. In the event that the parties cannot agree as to the fair market value of the subject real estate within thirty (30) days of the receipt of the Option Notice, then Lanny and the LLC shall select an independent qualified appraiser and Lorraine shall select an independent qualified appraiser to value the subject real estate, which fair market value shall not include any fair market value of the improvements so constructed on the subject real estate by Lanny and the LLC, and the average of the two appraisers' opinions as to the fair market value of the subject real estate shall be determinative as to the purchase price for the same. The closing for the purchase of the subject real estate shall be held within thirty (30) days of the date the fair market value of the subject real estate is finally determined as provided hereinabove and shall be subject to the customary terms and conditions for the sale of like property in Hall County, Nebraska. Upon the closing, Lanny and the LLC shall pay the purchase price in full to Lorraine; whereupon, Lorraine shall execute a Warranty Deed conveying all of her interest in the subject real estate to Lanny and the LLC, free and clear of all liens and encumbrances on or against the subject real as a result of the actions or inactions of Lanny and the LLC, except those liens and encumbrances that were placed on or against the subject real estate at the request of Lanny and the LLC. In the event that Lanny and the LLC does not desire to exercise their option to purchase the subject real estate granted pursuant to this Section, Lorraine shall have the right to sell the subject real estate at any time within one (1) year of the date of the Disposition Notice. If Lorraine elects to sell the subject real estate within the aforesaid time frame, such a sale such shall be made only in strict accordance with the terms and conditions offered to Lanny and the 4