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<DIV style="FONT-SIZE: 14pt; FONT-FAMILY: 'Calibri'; COLOR: #000000">
<DIV><FONT size=4>I think you should just do what is called a preemptive
option. Which is a right of first refusal option. I haven’t attached
P&S’s on these but set out the agreement . Duration, # of days, before a
offer from a 3rd party bona fide purchaser’s offer notice must be accepted by
optionee etc. I also do a notice of preemptive option and record
it.</FONT></DIV>
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<DIV><STRONG><SPAN style="FONT-SIZE: 18pt; COLOR: #004080">Joshua F.
Grant</SPAN></STRONG><SPAN style="COLOR: #004080"><BR></SPAN><SPAN
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width=207 height=43><BR></SPAN><SPAN style="FONT-SIZE: 11pt; COLOR: #004080">P.
O. Box 619<BR>Wilbur, WA 99185<BR>509 647 5578</SPAN><SPAN
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<DIV style="BACKGROUND: #f5f5f5">
<DIV style="font-color: black"><B>From:</B> <A title=eric@jaglaw.net
href="mailto:eric@jaglaw.net">Eric Lanza</A> </DIV>
<DIV><B>Sent:</B> Wednesday, May 16, 2018 2:14 PM</DIV>
<DIV><B>To:</B> <A title=wsbarp@lists.wsbarppt.com
href="mailto:wsbarp@lists.wsbarppt.com">wsbarp@lists.wsbarppt.com</A> </DIV>
<DIV><B>Subject:</B> [WSBARP] Option to Purchase Real Estate</DIV></DIV></DIV>
<DIV> </DIV></DIV>
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<P class=MsoNormal>Hello All, <o:p></o:p></P>
<P class=MsoNormal><o:p></o:p> </P>
<P class=MsoNormal>I’ve done several Option Agreements in the past. Typically, I
will prepare an Option Agreement with all of the required formalities, and
attach a Purchase and Sale Agreement (with an agreed upon purchase price) as an
exhibit. However, in this particular case, the parties haven’t decided on a
purchase price. <o:p></o:p></P>
<P class=MsoNormal><o:p></o:p> </P>
<P class=MsoNormal>I want to draft the Option Agreement in such a way that it
operates like a right of first refusal---whereby the Grantee of the option may
purchase the property for “a price equal to any bonafide non-contingent
3<SUP>rd</SUP> party offer received by Grantor during the option term” (or
something to that effect). <o:p></o:p></P>
<P class=MsoNormal><o:p></o:p> </P>
<P class=MsoNormal>Is that language sufficiently definite to create an
enforceable Option Agreement? <o:p></o:p></P>
<P class=MsoNormal><o:p></o:p> </P>
<P class=MsoNormal>Would a Purchase and Sale Agreement still be a required
exhibit if the Option Agreement contained the proposed language?<o:p></o:p></P>
<P class=MsoNormal><o:p></o:p> </P>
<P class=MsoNormal>Has anyone prepared an Option Agreement similar to this?
<o:p></o:p></P>
<P class=MsoNormal><o:p></o:p> </P>
<P class=MsoNormal>Thanks,<o:p></o:p></P>
<P class=MsoNormal><o:p></o:p> </P>
<P class=MsoNormal><SPAN
style='FONT-SIZE: 14pt; FONT-FAMILY: "Times New Roman",serif; COLOR: #1f497d'>Eric
J. Lanza, J.D.<o:p></o:p></SPAN></P>
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height=78></SPAN></B><SPAN
style="FONT-SIZE: 14pt; COLOR: #1f497d"><o:p></o:p></SPAN></P>
<P class=MsoNormal><SPAN
style='FONT-SIZE: 10.5pt; FONT-FAMILY: "Arial",sans-serif; COLOR: #404040'>1800
Cooper Point RD SW NO. 8</SPAN><SPAN
style='FONT-SIZE: 10.5pt; FONT-FAMILY: "Arial",sans-serif; COLOR: #5d6f21'> </SPAN><SPAN
style='FONT-SIZE: 10.5pt; FONT-FAMILY: "Arial",sans-serif; COLOR: #4c4c4c'> </SPAN><SPAN
style='FONT-SIZE: 10.5pt; FONT-FAMILY: "Arial",sans-serif; COLOR: #5c6d2c'>|</SPAN><SPAN
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style='FONT-SIZE: 10.5pt; FONT-FAMILY: "Arial",sans-serif; COLOR: #4c4c4c'>
Olympia, WA 98502</SPAN><SPAN
style='FONT-SIZE: 10.5pt; FONT-FAMILY: "Arial",sans-serif; COLOR: #5d6f21'>
<o:p></o:p></SPAN></P>
<P class=MsoNormal><SPAN
style='FONT-SIZE: 10.5pt; FONT-FAMILY: "Arial",sans-serif; COLOR: #4c4c4c'>Telephone
360.352.1970 </SPAN><SPAN
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style='FONT-SIZE: 10.5pt; FONT-FAMILY: "Arial",sans-serif; COLOR: #5c6d2c'>|
</SPAN><SPAN
style='FONT-SIZE: 10.5pt; FONT-FAMILY: "Arial",sans-serif; COLOR: #4c4c4c'>Fax
360.357.0844 </SPAN><SPAN
style='FONT-SIZE: 10.5pt; FONT-FAMILY: "Arial",sans-serif; COLOR: #5c6d2c'>|</SPAN><SPAN
style='FONT-SIZE: 10.5pt; FONT-FAMILY: "Arial",sans-serif; COLOR: #5d6f21'> </SPAN><SPAN
style='FONT-SIZE: 10.5pt; FONT-FAMILY: "Arial",sans-serif; COLOR: #4c4c4c'> <A
href="http://www.jaglaw.net/"><SPAN
style="COLOR: blue">www.jaglaw.net</SPAN></A> </SPAN><SPAN
style='FONT-FAMILY: "Arial",sans-serif; COLOR: #1f497d'> <o:p></o:p></SPAN></P>
<P class=MsoNormal><U><SPAN
style='FONT-FAMILY: "Arial",sans-serif; COLOR: #17365d'><A
href="mailto:eric@jaglaw.net"><SPAN
style="COLOR: blue">eric@jaglaw.net</SPAN></A> <o:p></o:p></SPAN></U></P>
<P class=MsoNormal><B><SPAN
style='FONT-FAMILY: "Times New Roman",serif; COLOR: #17365d'><o:p></o:p></SPAN></B> </P>
<P class=MsoNormal><SPAN style="FONT-SIZE: 10pt; COLOR: #000099">Nothing
contained herein should be construed as legal advice.<o:p></o:p></SPAN></P>
<P class=MsoNormal><SPAN style="FONT-SIZE: 10pt; COLOR: #000099">The purpose of
this email is to transmit a message or document.<o:p></o:p></SPAN></P>
<P class=MsoNormal><SPAN style="FONT-SIZE: 10pt; COLOR: #000099">Should you not
be the intended recipient of this email message,<o:p></o:p></SPAN></P>
<P class=MsoNormal><SPAN style="FONT-SIZE: 10pt; COLOR: #000099">please reply
advising of the mistake and then delete this message <o:p></o:p></SPAN></P>
<P class=MsoNormal><SPAN style="FONT-SIZE: 10pt; COLOR: #000099">from your
computer. Should you have any questions, <o:p></o:p></SPAN></P>
<P class=MsoNormal><SPAN style="FONT-SIZE: 10pt; COLOR: #000099">please call the
Sender at 360-352-1970.<o:p></o:p></SPAN></P>
<P class=MsoNormal><o:p></o:p> </P></DIV>
<P>
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