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<br />" . <br /> <br />'- <br /> <br />ADDENDUM <br /> <br />RIGHT OF FIRST REFUSAL <br /> <br />TIllS AGREEMENT is made as of the 30tlday of October, 2002, by and between <br />Jian Liang . single and Li Liang , single (marital status) <br />("First Party") and The Greater Metropolitan Housing Corporation of the Twin Cities. a <br />Minnesota non-profit corporation ("Second Party"). <br /> <br />Recitals <br /> <br />A. Contemporaneously with the execution hereof, Second Party as the fee owner of <br />the real estate described on Exhibit A attached hereto and incorporated herein (the "Property"), <br />subject to matters of record, is conveying the Property to First Party. <br /> <br />B. First Party and Second Party desire to enter into this Agreement whereby First <br />Party grants to Second Party the right of first refusal to purchase the Property. <br /> <br />NOW, THEREFORE, in consideration of the Recitals and of the sum of One Dollar <br />($1.00) and other good and valuable consideration and of the obligations of First Party and <br />Second Party as hereinafter set forth, First Party and Second Party agree as follows: <br /> <br />I. Incorporation of Recitals. The Recitals are incorporated into and made a part of <br />this Agreement. <br /> <br />2. First Refusal Right. Second Party shall have the right to purchase the Property in <br />accordance with the terms and conditions herein (the _"First Refusal Right"); <br /> <br />(a) First Party shall notify Second Party of First Party's desire to sell the <br />Property or any portion thereof ("Sale Notice") at least ten (IQ) days before: (i) listing <br />the Property for sale; (ii) making a formal offer to sell the Property to a third party; or <br />(Hi) accepting an offer from a third party seeking to purchase the Property, or (iv) any <br />transfer of any of the First Party's interest in the Property. The Sale Notice shall describe <br />the Property being sold, the desired closing date and any other relevant terms (as deemed <br />by Second Party). Within ten (10) days after receiving the Sale Notice from First Party, <br />Second Party may elect (by giving First Party written notice of Second Party's intent to <br />exercise its First Refusal Right) to purchase all of the Property at the Purchase Price, as <br />determined pursuant to the formula set forth below (the "Election"). If Second Party <br />makes the Election, First Party shall sell the Property to Second Party for the Purchase <br />Price on reasonably agreeable closing terms. <br /> <br />- 1 - <br />