<html xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns:m="http://schemas.microsoft.com/office/2004/12/omml" xmlns="http://www.w3.org/TR/REC-html40">
<head>
<meta http-equiv="Content-Type" content="text/html; charset=us-ascii">
<meta name="Generator" content="Microsoft Word 14 (filtered medium)">
<!--[if !mso]><style>v\:* {behavior:url(#default#VML);}
o\:* {behavior:url(#default#VML);}
w\:* {behavior:url(#default#VML);}
.shape {behavior:url(#default#VML);}
</style><![endif]--><style><!--
/* Font Definitions */
@font-face
{font-family:Calibri;
panose-1:2 15 5 2 2 2 4 3 2 4;}
@font-face
{font-family:Tahoma;
panose-1:2 11 6 4 3 5 4 4 2 4;}
@font-face
{font-family:"Century Gothic";
panose-1:2 11 5 2 2 2 2 2 2 4;}
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{margin:0in;
margin-bottom:.0001pt;
font-size:11.0pt;
font-family:"Calibri","sans-serif";}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:#0563C1;
text-decoration:underline;}
a:visited, span.MsoHyperlinkFollowed
{mso-style-priority:99;
color:#954F72;
text-decoration:underline;}
span.EmailStyle17
{mso-style-type:personal;
font-family:"Calibri","sans-serif";
color:windowtext;}
span.EmailStyle18
{mso-style-type:personal-reply;
font-family:"Calibri","sans-serif";
color:#1F497D;}
.MsoChpDefault
{mso-style-type:export-only;
font-size:10.0pt;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;}
div.WordSection1
{page:WordSection1;}
--></style><!--[if gte mso 9]><xml>
<o:shapedefaults v:ext="edit" spidmax="1026" />
</xml><![endif]--><!--[if gte mso 9]><xml>
<o:shapelayout v:ext="edit">
<o:idmap v:ext="edit" data="1" />
</o:shapelayout></xml><![endif]-->
</head>
<body lang="EN-US" link="#0563C1" vlink="#954F72">
<div class="WordSection1">
<p class="MsoNormal"><span style="color:#1F497D">Check the RPPT Deskbook. Rights of First Refusal and Options are different. One is an absolute right to buy for a period of time on terms the parties determine at outset and one is a right to buy by matching
a third party offer if the rfr grantor receives a third party PSA. <o:p></o:p></span></p>
<p class="MsoNormal"><span style="color:#1F497D"><o:p> </o:p></span></p>
<p style="FONT-SIZE: 10pt; FONT-FAMILY: ARIAL"><strong>John M. Riley III</strong><br>
Attorney | Witherspoon • Kelley<br>
<a href="mailto:JMR@witherspoonkelley.com">JMR@witherspoonkelley.com</a> | <a title="Attorney Profile" href="http://www.witherspoonkelley.com/john-riley-1">
Attorney Profile </a>| <a href="http://www.witherspoonkelley.com/s/jmr.vcf">vCard</a></p>
<p style="FONT-SIZE: 10pt; FONT-FAMILY: ARIAL">
<table style="WIDTH: 375px; MARGIN: 0px" cellspacing="0" cellpadding="0" border="0">
<tbody>
<tr>
<td style="FONT-SIZE: 10pt; HEIGHT: 25px; FONT-FAMILY: Arial; WIDTH: 116px; PADDING-BOTTOM: 10px; PADDING-TOP: 10px; PADDING-LEFT: 10px; PADDING-RIGHT: 10px; BACKGROUND-COLOR: #17365d" valign="top">
<img border="0" alt="WK" src="cid:WK-Email-Logo_c39ae46e-8f64-41c9-b47d-7d62d54d7f68.png"></td>
<td style="FONT-SIZE: 10pt; HEIGHT: 25px; FONT-FAMILY: Arial; WIDTH: 258px; PADDING-BOTTOM: 10px; PADDING-TOP: 10px; PADDING-LEFT: 10px; PADDING-RIGHT: 10px; BACKGROUND-COLOR: #17365d" valign="middle" align="center">
<p style="FONT-SIZE: 10pt; FONT-FAMILY: Arial" align="right"><font color="#ffffff">422 W. Riverside Ave, Ste 1100<br>
Spokane, WA 99201<br>
(509) 624-5265 (office)<br>
(509) 458-2728 (fax)<br>
witherspoonkelley.com</font></p>
</td>
</tr>
</tbody>
</table>
<font color="#828282"><span style="FONT-SIZE: 8pt"><br>
<em>Confidentiality Notice: The information contained in this email and any accompanying attachment(s) is intended only for the use of the intended recipient and may be confidential and/or privileged. If any reader of this communication is not the intended
recipient, unauthorized use, disclosure or copying is strictly prohibited, and may be unlawful. If you have received this communication in error, please immediately notify the sender by return email, and delete the original message and all copies from your
system. Thank you.</em></span></font></p>
<div>
<div style="border:none;border-top:solid #B5C4DF 1.0pt;padding:3.0pt 0in 0in 0in">
<p class="MsoNormal"><b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif"">From:</span></b><span style="font-size:10.0pt;font-family:"Tahoma","sans-serif""> wsbarp-bounces@lists.wsbarppt.com [mailto:wsbarp-bounces@lists.wsbarppt.com]
<b>On Behalf Of </b>Eric Lanza<br>
<b>Sent:</b> Wednesday, May 16, 2018 2:14 PM<br>
<b>To:</b> wsbarp@lists.wsbarppt.com<br>
<b>Subject:</b> [WSBARP] Option to Purchase Real Estate<o:p></o:p></span></p>
</div>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<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:14.0pt;font-family:"Times New Roman","serif";color:#1F497D">Eric J. Lanza, J.D.<o:p></o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:10.5pt;font-family:"Century Gothic","sans-serif";color:#E36C0A"><img width="302" height="78" id="Picture_x0020_1" src="cid:image001.jpg@01D3EDC5.D1D0F930" alt="Logo Color 946x243 pixels"></span></b><span style="font-size:14.0pt;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 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"> 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 style="font-size:10.5pt;font-family:"Arial","sans-serif";color:#1F497D"> </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:#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:10.0pt;color:#000099">Nothing contained herein should be construed as legal advice.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;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:10.0pt;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:10.0pt;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:10.0pt;color:#000099">from your computer. Should you have any questions,
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;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>
</body>
</html>