33-11-15. Terms of purchase of land in Sturgis.
The Department of the Military and seller agree that, in entering into the agreement to purchase land pursuant to §33-11-14, the seller has taken into consideration the department's intended use of the real property and the long-standing relationship between the department and seller. The department agrees to grant to the seller a right of first refusal to purchase the property provided that the seller shall exercise the right within one hundred eighty days of written notice from the department of the department's intent to sell, transfer, or convey the property or any portion thereof. For a period of ten years from the date of the purchase, the seller has the right of first refusal and may purchase the property for the same price for which the department is paying the seller. However, the price shall be adjusted for inflation using the core consumer price index as published by the United States Bureau of Labor Statistics. After the initial ten year period, the seller may exercise the seller's right of first refusal to purchase at fair market value. If the seller does not exercise the right, by submitting a written offer to purchase the portion of the property intended to be sold, transferred, or conveyed, within the one hundred eighty days, the seller's right of first refusal terminates as to said portion. The right of first refusal to purchase only applies to a sale, transfer, or conveyance of all of the department's rights, title, and interest in the real property and does not apply to a grant or conveyance by the department of a lesser interest including, without limitation, easements or leases. The seller's right of first refusal to purchase may only be exercised by the seller and cannot be transferred or assigned.
Source: SL 2017, ch 147, §2, eff. Mar. 10, 2017.