Laserfiche WebLink
<br />AR TICLE XI. <br />PURCHASE OF SYSTEM <br /> <br />SECTION 1. GENERAL <br /> <br />A. If at any time Grantee offers System for sale, City shall have <br />the right to purchase System. If at any time Grantee receives a <br />bona fide purchase offer for the System which Grantee is <br />willing to accept, a complete copy of such offer shall promptly <br />be given to City and City shall have the right to purchase the <br />System according to the terms of that offer. City shall <br />exercise such right by submitting to Grantee, within 60 days <br />after City's actual receipt of the bona fide offer, notice that <br />City desires to purchase the System pursuant to said offer. If <br />City does not exercise such right the System may be sold, but <br />only on the terms submitted to City. If any changes are made <br />in the purchase offer given to City, such purchase offer, as so <br />changed, shall again be given to City and City shall have 60 <br />days from actual receipt to purchase the System pursuant to the <br />offer, as changed, all as above provided. If City does not <br />exercise its right to purchase the System pursuant to any offer <br />given to City pursuant to this paragraph, and the System is not <br />sold to the buyer and on the terms set out in the offer given to <br />City, then the right of City to purchase the System shall <br />continue, and all subsequent purchase offers shall be given to <br />City pursuant to this paragraph. Also, the City's right to <br />purchase pursuant to this paragraph shall survive every sale to a <br />buyer and shall continue to be binding upon every buyer of the <br />System. <br /> <br />B. Upon forfeiture, revocation, or termination of this Franchise, or <br />at the normal expiration of the Franchise term, City shall have <br />the right to purchase the System. Such right shall be exercised <br />upon written notice to Grantee within six months after the <br />occurrence of any such event. <br /> <br />SECTION 2. PROCEDURES <br /> <br />In the event City elects to exercise its right to purchase the System as <br /> <br />l <br /> <br />provided in Section 1 B of this Article, the following shall then apply: <br /> <br />A. City and Grantee shall negotiate aU terms and conditions of the <br />purchase of the System. <br /> <br />B. If City and Grantee cannot agree upon the terms and conditions <br />of the purchase, City shall have the right to proceed to <br />arbitration. Arbitration shall commence and proceed according <br />to applicable Minnesota law except as follows: <br /> <br />- 53 - <br />