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<DIV><FONT size=4>On a notice for a right of first refusal, I put the duration,
(ending date) on the notice.</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
style="COLOR: black"><IMG title=advocates
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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
style="COLOR: black"><o:p></o:p></SPAN></DIV></DIV></DIV></DIV>
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<DIV style="font-color: black"><B>From:</B> <A title=kjm.inc@mac.com
href="mailto:kjm.inc@mac.com">Krista MacLaren</A> </DIV>
<DIV><B>Sent:</B> Thursday, May 17, 2018 7:32 AM</DIV>
<DIV><B>To:</B> <A title=wsbarp@lists.wsbarppt.com
href="mailto:wsbarp@lists.wsbarppt.com">WSBA RPPT Real Property Discussion
Forum</A> </DIV>
<DIV><B>Subject:</B> Re: [WSBARP] Option to Purchase Real
Estate</DIV></DIV></DIV>
<DIV> </DIV></DIV>
<DIV
style='FONT-SIZE: small; TEXT-DECORATION: none; FONT-FAMILY: "Calibri"; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal; DISPLAY: inline'>I’m
just curious about the notice you record - does it have an expiration on it, or
do you record the full agreement with the notice? I inherited a phone
number from a couple of retired attorneys, and I recently received a call from
an escrow company involved in a sale of property. In the title search,
they found a notice of option recorded against a property in the early 1970s,
but there was no agreement or details, and no way of knowing whether the option
was still enforceable. The original agreement was no longer on file in my
office/the retired attorneys’ office as indicated in the notice. How
should this scenario be prevented?
<DIV> </DIV>
<DIV>
<DIV> </DIV>
<DIV>
<DIV
style="FONT-SIZE: 14px; TEXT-DECORATION: none; FONT-FAMILY: helvetica; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; LETTER-SPACING: normal; TEXT-INDENT: 0px; caret-color: rgb(0, 0, 0); font-variant-caps: normal; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px">Krista
J. MacLaren<BR>Attorney at Law<BR>Northgate Executive Center II<BR>9725 3rd Ave
NE, Suite 600<BR>Seattle WA 98115<BR>(206) 523-6116<BR><A
href="mailto:kjm.inc@icloud.com">kjm.inc@icloud.com</A><BR><BR>Please note, as
with most email providers, Mac does not encrypt email messages. Accordingly, the
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<DIV><BR>
<BLOCKQUOTE type="cite">
<DIV>On May 16, 2018, at 2:40 PM, Josh Grant <<A
href="mailto:jgrant@accima.com">jgrant@accima.com</A>> wrote:</DIV>
<DIV> </DIV>
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<DIV
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dir=ltr>
<DIV style="FONT-SIZE: 14pt; FONT-FAMILY: calibri">
<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>
<DIV> </DIV>
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<DIV style="FONT-SIZE: 14pt; FONT-FAMILY: calibri">
<DIV><STRONG><SPAN style="FONT-SIZE: 18pt; COLOR: rgb(0,64,128)">Joshua F.
Grant</SPAN></STRONG><SPAN style="COLOR: rgb(0,64,128)"><BR></SPAN><SPAN><SPAN
id=cid:36D37D9809D24E83BE1342CD20DDE3DC@JoshPC><advocates[3].png></SPAN><BR></SPAN><SPAN
style="FONT-SIZE: 11pt; COLOR: rgb(0,64,128)">P. O. Box 619<BR>Wilbur, WA
99185<BR>509 647 5578</SPAN><SPAN><o:p></o:p></SPAN></DIV></DIV></DIV></DIV>
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style="FONT-SIZE: small; TEXT-DECORATION: none; FONT-FAMILY: calibri; FONT-WEIGHT: normal; FONT-STYLE: normal; DISPLAY: inline">
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style="FONT-SIZE: 10pt; FONT-FAMILY: tahoma; FONT-WEIGHT: normal; FONT-STYLE: normal; LINE-HEIGHT: normal; font-variant-caps: normal; font-stretch: normal">
<DIV> </DIV>
<DIV style="BACKGROUND-COLOR: rgb(245,245,245)">
<DIV><B>From:</B><SPAN class=Apple-converted-space> </SPAN><A
title=eric@jaglaw.net
style="TEXT-DECORATION: underline; COLOR: rgb(149,79,114)"
href="mailto:eric@jaglaw.net">Eric Lanza</A></DIV>
<DIV><B>Sent:</B><SPAN class=Apple-converted-space> </SPAN>Wednesday, May
16, 2018 2:14 PM</DIV>
<DIV><B>To:</B><SPAN class=Apple-converted-space> </SPAN><A
title=wsbarp@lists.wsbarppt.com
style="TEXT-DECORATION: underline; COLOR: rgb(149,79,114)"
href="mailto:wsbarp@lists.wsbarppt.com">wsbarp@lists.wsbarppt.com</A></DIV>
<DIV><B>Subject:</B><SPAN class=Apple-converted-space> </SPAN>[WSBARP]
Option to Purchase Real Estate</DIV></DIV></DIV>
<DIV> </DIV></DIV>
<DIV
style="FONT-SIZE: small; TEXT-DECORATION: none; FONT-FAMILY: calibri; FONT-WEIGHT: normal; FONT-STYLE: normal; DISPLAY: inline">
<DIV class=WordSection1 style="page: wordsection1">
<DIV
style="FONT-SIZE: 11pt; FONT-FAMILY: calibri, sans-serif; MARGIN: 0in 0in 0pt">Hello
All,<SPAN class=Apple-converted-space> </SPAN><o:p></o:p></DIV>
<DIV
style="FONT-SIZE: 11pt; FONT-FAMILY: calibri, sans-serif; MARGIN: 0in 0in 0pt"><o:p></o:p> </DIV>
<DIV
style="FONT-SIZE: 11pt; FONT-FAMILY: calibri, sans-serif; MARGIN: 0in 0in 0pt">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.<SPAN class=Apple-converted-space> </SPAN><o:p></o:p></DIV>
<DIV
style="FONT-SIZE: 11pt; FONT-FAMILY: calibri, sans-serif; MARGIN: 0in 0in 0pt"><o:p></o:p> </DIV>
<DIV
style="FONT-SIZE: 11pt; FONT-FAMILY: calibri, sans-serif; MARGIN: 0in 0in 0pt">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><SPAN
class=Apple-converted-space> </SPAN>party offer received by Grantor
during the option term” (or something to that effect).<SPAN
class=Apple-converted-space> </SPAN><o:p></o:p></DIV>
<DIV
style="FONT-SIZE: 11pt; FONT-FAMILY: calibri, sans-serif; MARGIN: 0in 0in 0pt"><o:p></o:p> </DIV>
<DIV
style="FONT-SIZE: 11pt; FONT-FAMILY: calibri, sans-serif; MARGIN: 0in 0in 0pt">Is
that language sufficiently definite to create an enforceable Option
Agreement?<SPAN class=Apple-converted-space> </SPAN><o:p></o:p></DIV>
<DIV
style="FONT-SIZE: 11pt; FONT-FAMILY: calibri, sans-serif; MARGIN: 0in 0in 0pt"><o:p></o:p> </DIV>
<DIV
style="FONT-SIZE: 11pt; FONT-FAMILY: calibri, sans-serif; MARGIN: 0in 0in 0pt">Would
a Purchase and Sale Agreement still be a required exhibit if the Option
Agreement contained the proposed language?<o:p></o:p></DIV>
<DIV
style="FONT-SIZE: 11pt; FONT-FAMILY: calibri, sans-serif; MARGIN: 0in 0in 0pt"><o:p></o:p> </DIV>
<DIV
style="FONT-SIZE: 11pt; FONT-FAMILY: calibri, sans-serif; MARGIN: 0in 0in 0pt">Has
anyone prepared an Option Agreement similar to this?<SPAN
class=Apple-converted-space> </SPAN><o:p></o:p></DIV>
<DIV
style="FONT-SIZE: 11pt; FONT-FAMILY: calibri, sans-serif; MARGIN: 0in 0in 0pt"><o:p></o:p> </DIV>
<DIV
style="FONT-SIZE: 11pt; FONT-FAMILY: calibri, sans-serif; MARGIN: 0in 0in 0pt">Thanks,<o:p></o:p></DIV>
<DIV
style="FONT-SIZE: 11pt; FONT-FAMILY: calibri, sans-serif; MARGIN: 0in 0in 0pt"><o:p></o:p> </DIV>
<DIV
style="FONT-SIZE: 11pt; FONT-FAMILY: calibri, sans-serif; MARGIN: 0in 0in 0pt"><SPAN
style='FONT-SIZE: 14pt; FONT-FAMILY: "Times New Roman", serif; COLOR: rgb(31,73,125)'>Eric
J. Lanza, J.D.<o:p></o:p></SPAN></DIV>
<DIV
style="FONT-SIZE: 11pt; FONT-FAMILY: calibri, sans-serif; MARGIN: 0in 0in 0pt"><B><SPAN
style='FONT-SIZE: 10.5pt; FONT-FAMILY: "Century Gothic", sans-serif; COLOR: rgb(227,108,10)'><SPAN
id=cid:5D2BECC31F9F435F8EF81F21FF6D38FE@JoshPC><image001.jpg></SPAN></SPAN></B><SPAN
style="FONT-SIZE: 14pt; COLOR: rgb(31,73,125)"><o:p></o:p></SPAN></DIV>
<DIV
style="FONT-SIZE: 11pt; FONT-FAMILY: calibri, sans-serif; MARGIN: 0in 0in 0pt"><SPAN
style="FONT-SIZE: 10.5pt; FONT-FAMILY: arial, sans-serif; COLOR: rgb(64,64,64)">1800
Cooper Point RD SW NO. 8</SPAN><SPAN
style="FONT-SIZE: 10.5pt; FONT-FAMILY: arial, sans-serif; COLOR: rgb(93,111,33)"> </SPAN><SPAN
style="FONT-SIZE: 10.5pt; FONT-FAMILY: arial, sans-serif; COLOR: rgb(76,76,76)"> </SPAN><SPAN
style="FONT-SIZE: 10.5pt; FONT-FAMILY: arial, sans-serif; COLOR: rgb(92,109,44)">|</SPAN><SPAN
style="FONT-SIZE: 10.5pt; FONT-FAMILY: arial, sans-serif; COLOR: rgb(93,111,33)"> </SPAN><SPAN
style="FONT-SIZE: 10.5pt; FONT-FAMILY: arial, sans-serif; COLOR: rgb(76,76,76)"><SPAN
class=Apple-converted-space> </SPAN>Olympia, WA 98502</SPAN><SPAN
style="FONT-SIZE: 10.5pt; FONT-FAMILY: arial, sans-serif; COLOR: rgb(93,111,33)"> <SPAN
class=Apple-converted-space> </SPAN><o:p></o:p></SPAN></DIV>
<DIV
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style="FONT-SIZE: 10.5pt; FONT-FAMILY: arial, sans-serif; COLOR: rgb(76,76,76)">Telephone
360.352.1970<SPAN class=Apple-converted-space> </SPAN></SPAN><SPAN
style="FONT-SIZE: 10.5pt; FONT-FAMILY: arial, sans-serif; COLOR: rgb(31,73,125)"> </SPAN><SPAN
style="FONT-SIZE: 10.5pt; FONT-FAMILY: arial, sans-serif; COLOR: rgb(92,109,44)">|<SPAN
class=Apple-converted-space> </SPAN></SPAN><SPAN
style="FONT-SIZE: 10.5pt; FONT-FAMILY: arial, sans-serif; COLOR: rgb(76,76,76)">Fax
360.357.0844<SPAN class=Apple-converted-space> </SPAN></SPAN><SPAN
style="FONT-SIZE: 10.5pt; FONT-FAMILY: arial, sans-serif; COLOR: rgb(92,109,44)">|</SPAN><SPAN
style="FONT-SIZE: 10.5pt; FONT-FAMILY: arial, sans-serif; COLOR: rgb(93,111,33)"> </SPAN><SPAN
style="FONT-SIZE: 10.5pt; FONT-FAMILY: arial, sans-serif; COLOR: rgb(76,76,76)"> <A
style="TEXT-DECORATION: underline; COLOR: rgb(149,79,114)"
href="http://www.jaglaw.net/"><SPAN
style="COLOR: blue">www.jaglaw.net</SPAN></A><SPAN
class=Apple-converted-space> </SPAN></SPAN><SPAN
style="FONT-FAMILY: arial, sans-serif; COLOR: rgb(31,73,125)"> <o:p></o:p></SPAN></DIV>
<DIV
style="FONT-SIZE: 11pt; FONT-FAMILY: calibri, sans-serif; MARGIN: 0in 0in 0pt"><U><SPAN
style="FONT-FAMILY: arial, sans-serif; COLOR: rgb(23,54,93)"><A
style="TEXT-DECORATION: underline; COLOR: rgb(149,79,114)"
href="mailto:eric@jaglaw.net"><SPAN
style="COLOR: blue">eric@jaglaw.net</SPAN></A><o:p></o:p></SPAN></U></DIV>
<DIV
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style='FONT-FAMILY: "Times New Roman", serif; COLOR: rgb(23,54,93)'><o:p></o:p></SPAN></B> </DIV>
<DIV
style="FONT-SIZE: 11pt; FONT-FAMILY: calibri, sans-serif; MARGIN: 0in 0in 0pt"><SPAN
style="FONT-SIZE: 10pt; COLOR: rgb(0,0,153)">Nothing contained herein should
be construed as legal advice.<o:p></o:p></SPAN></DIV>
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