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Book: 375� Page : 11� ', <br /> Agreement, and after issuing request for proposals, Municipality shall first offer to ��'� <br /> Developer, the opportunity to buy the Municipality's ownership interest in the Black's <br /> Property, which said offer shall remain open for a period of sixty (60) days. In the event � <br /> the Developer exercises the right of first refusal in the purchase of the property, <br /> Developer agrees to redevelop and/or rehabilitate the premises in a time period that is <br /> comparable to those time periods being offered by bona fide third parties to the <br /> Municipality. In the event Developer exercises its right of first refusal, the purchase <br /> price shall be as mutually agreed as between the Developer and the Municipality. If the � <br /> Developer and the Municipaliry are unable to arrive at a mutually agreeable price, then � <br /> the purchase price shall be determined by the following appraised valuation process: <br /> 1) Each of the parties shall choose one appraiser within thirty (30) days after the exercise <br /> of the right of first refusaL If one of the two appraisers originally chosen refuses to <br /> complete or cannot complete his duties as appraiser, the same party who originally chose <br /> him shall choose a successor. <br /> 2) Each appraiser selected shall be an experienced, reputable MAI certified appraiser in <br /> Central Illinois and shall be competent and impartial and of good moral and business <br /> reputation. <br /> 3) The appraisers shall view the Black's Property and surrounding and comparable <br /> properties and shall confer concerning the value of the Black's Property. They shall <br /> attempt to agree in writing upon a fair cash purchase price of the Black's Property. If <br /> they are unable to agree upon a fair cash purchase price, said appraisers shall mutually <br /> agree upon the selection of a third appraiser. If the third appraiser refuses to complete or <br /> cannot complete his duties as appraiser, his successor shall be chosen by the two <br /> appraisers first chosen. <br /> 4) If the three appraisers agree upon a fair market value of the Black's Property, said <br /> agreed fair market value shall constitute the purchase price. If they cannot agree, each of <br /> them shall sign a separate report setting forth his/her conclusions, and the fair cash <br /> purchase price of the Black's Property shall be one-third (1/3) of the total of the three <br /> purchase prices set forth. <br /> 5) All expenses associated with the appraisal process shall be divided equally between <br /> the Developer and the Municipality. <br /> 6) The appraised fair market value of the property as determined in accordance with the <br /> above appraisal process shall be binding upon both parties to this Agreement. <br /> Once the purchase price is determined in accordance with the above, the Municipality <br /> shall execute a real estate purchase contract (with terms to be mutually agreed upon) and <br /> all other necessary documents in order to transfer title, by Warranty Deed, conveying the <br /> Black's Property to Developer(ar such other individual or entity as designated by <br /> Developer at the time of closing). The purchase price shall be paid at closing. Closing <br /> costs shall be divided equally between Municipality and Developer. All real estate taxes <br /> and installments of special assessments which are a lien on the premises but for which tax <br /> bills have not issued at the time of closing shall be prorated at closing based upon the <br /> latest available information. The real estate purchase contract shall contain a condition <br /> on the Developer's use of the premises, which shall survive closing, that the above <br /> R���c zoobo9z��i 14 <br />