Sec. 05.10.04.03. Withdrawal of an Acceptance

Latest version.

A. The original party which accepts or is authorized to accept an offer of the right of first purchase by the Secretary may withdraw its acceptance by a written notice to the owner, with a copy to the Department.

B. The party withdrawing its acceptance will forfeit the first $10,000 of its deposit, unless any remaining party submits an acceptance of the owners offer.

C. In the event of a withdrawal, the owner, within 3 days of receipt of the notice of withdrawal shall notify in writing:

(1) All other parties who received a notice of a right of first purchase;

(2) All parties who submitted an acceptance; and

(3) The Department.

D. The withdrawal notice shall specify the terms of the owners offer and the rights of the parties receiving notice to submit an acceptance in accordance with the timeframes in the Act.

                    
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