Covenants: Section J Item 10

Right of First Refusal Option. The Property Owners' Association hereby expressly reserves and retains the exclusive right, at its option, to purchase any Lot on the same terms and at the same price as any bona fide offer to purchase said Lot or Lots received by any Owner and which said Owner desires to accept. Upon receipt of a bona fide offer, and each time any such offer is received, said Owner shall immediately notify the Board in writing of the full details of such offer, including the name and address of the offcror, whereupon the Board shall have fifteen (15) days after receipt of such notice in which to elect to exercise the Prope11y Owners' Association's right to purchase. If the Board does not elect to exercise said prior right to purchase and said Owner accepts the offer to purchase received by said Owner and conveys the Lot pursuant thereto, such conveyance shall be subject to this first refusal purchase option, which option shall continue in effect and apply to other bona fide offers to purchase thereafter received by the new Owner of the Lot. In other words, this first refusal purchase option shall continue in effect and inure at all times for the benefit of the Property Owners' Association, and be binding on all Owners, their heirs, executors, successors and assigns, so long as this Declaration is in effect.