8.02 Gift. Any Owner, other than the Trustee or the Trustee's beneficiary, who wishes to make a gift of his Unit Ownership or any interest therein to any person or persons who would not be heirs at law of the Owner under the Rules of Descent of the State of Illinois were he or she to die within ninety (90) days prior to the contemplated date of such gift, shall give to the Board not less than sixty (60) days' written notice of his or her intent to make such gift, prior to the contemplated date thereof, together with the name and address of the intended donee and the contemplated date of said gift. The Board, acting on behalf of the Unit Owners as hereinafter provided, shall at all times have the first right and option to purchase such Unit Ownership or interest therein for cash at fair market value to be determined by arbitration as herein provided. The Board's option to acquire said Unit shall be exercisable by resolution adopted pursuant to Section 8.06 hereof, for a period of forty-five (45) days following the date of receipt of such notice. If such option is not so exercised by the Board within the aforesaid option period, or if said option is waived, the Unit Owner may complete the gift as set forth in the notice at any time within sixty (60) days after such waiver or the expiration of said period (whichever first occurs). Within fifteen (15) days after receipt of said written notice by the Board, the Board and the Owner desiring to make such gift shall each appoint a qualified real estate appraiser to act as arbitrators. The two arbitrators so appointed shall, within ten (10) days after their appointment, appoint another qualified real estate appraiser to act as the third arbitrator. Within fifteen (15) days after the appointment of said arbitrator, the three (3) arbitrators shall determine, by majority vote, the fair market value of the Unit Ownership or interest therein which the Owner contemplates conveying by gift, and shall thereupon give written notice of such determination to the Owner and the Board.

8.03 Devise. In the event any Owner dies leaving a Will devising his or her Unit Ownership, or any interest therein, to any person or persons not heirs at law of the deceased Owner under the Rules of Descent of the State of Illinois, and said Will is admitted to probate, the Board shall have an option (to be exercised in the manner hereinafter set forth) to purchase said Unit Ownership or interest therein either from the devisee or devisees thereof named in said Will, or, if a power of sale is conferred by said Will upon the personal representative named therein, from the personal representative acting pursuant to said power, for cash at fair market value which is to be determined by arbitration. Within sixty (60) days after the appointment of a personal representative for the estate of the deceased Owner, the Board shall appoint a qualified real estate appraiser to act as an arbitrator, and shall thereupon give written notice of such appointment to the said devisee or devisees or personal representative, as the case may be. Within fifteen (15) days thereafter, said devisee or devisees, or personal representative, as the case may be, shall appoint a qualified real estate appraiser to act as an arbitrator. Within ten (10) days after the appointment of said arbitrator, the two so appointed shall appoint another qualified real estate appraiser to act as the third arbitrator. Within (15) days thereafter, the three arbitrators shall determine, by majority vote, the fair market value of the Unit Ownership or interest therein devised by the deceased Owner, and shall thereupon give written notice of such determination to the Board, and said devisee or devisees, or personal representative, as the case may be. The Board's right to elect to purchase the Unit Ownership or interest therein at the price determined by the three arbitrators shall be exercisable by resolution adopted pursuant to Section 8.06 and shall expire sixty (60) days after the date of receipt by it of such notice from the arbitrators. The Board shall be deemed to have exercised its option if it tenders the required sum of money (directly or in escrow, pending title clearance) to said devisee or devisees or to said personal representative, as the case may be, within the said option periods. Nothing herein contained shall be deemed to restrict the right of the Board or its authorized representative, pursuant to authority given to the Board by the Owners as hereinafter provided, to bid at any sale of the Unit Ownership or interest therein of any deceased Owner held pursuant to an order or direction of the court having jurisdiction over that portion of the deceased Owner's estate which contains his or her Unit Ownership or interest therein.

8.04 Involuntary Sale.

(a) in the event any Unit Ownership or interest therein is sold at a judicial or execution sale (other than a mortgage foreclosure sale), the person acquiring title through such sale shall, before taking possession of the Unit so sold, give thirty (30) days' written notice to the Board of his intention so to do, whereupon the members of the Board of Managers and their successors in office, acting on behalf of consenting Unit Owners as hereinafter provided, shall have an irrevocable option to purchase such Unit Ownership or interest therein at the same price for which it was sold at said sale. If said option is not exercised by the Board within thirty (30) days after receipt of such notice, it shall thereupon expire and said purchaser may thereafter take possession of said Unit. The Board shall be deemed to have exercised its option if it tenders the required sum of money (directly, in escrow pending title clearance, or with the Clerk of the Circuit Court) to the purchaser within said thirty (30) day period.
(b) In the event any Owner shall default in the payment of any monies required to be paid under the provisions of any mortgage or trust deed against his Unit Ownership, the Board shall have the right to cure such default by paying the amount so owing to the party entitled thereto, and shall thereupon have a lien therefor against such Unit Ownership, which lien shall have the same force and effect and may be enforced in the same manner as provided in Article VI.

8.06 Consent of Voting Members. The Board shall not exercise any option hereinabove set forth to purchase any Unit Ownership or interest therein, or transfer its rights to any single Unit Owner or group of Unit Owners, without the prior written consent of the Unit Owners holding at least seventy-five percent (75%) of the voting rights in the Association, and whose Unit Ownerships are not the subject matter of such option. The Board may bid to purchase a Unit Ownership or interest therein at any sale held pursuant to an order or direction of a court upon the prior written consent of the aforesaid Unit Owners, which said consent shall set forth a maximum price which the Board of Managers is authorized to bid and pay for said Unit Ownership or interest therein.

8.07 Release, Waiver and Exceptions to Option. Upon the consent of a majority of the Board members, any of the options contained in this Article VIII may be released or waived, and the Unit Ownership or interest therein, which is subject to an option set forth in this Article, may be sold, conveyed, leased, given or devised free and clear of the provisions of this Article. In addition, none of the options contained in this Article VIII shall be applicable to any sales, leases or subleases to purchasers, lessees or sublessees procured by or through the Trustee (or its beneficiary) for its (or their) own account.

8.08 Proof of Termination of Option. A certificate executed and acknowledged by the acting President or Secretary of the Board, stating that the provisions of this Article VIII as hereinabove set forth have been met by an Owner, or duly waived by the Board, and that the rights of the Board hereunder have terminated, shall be conclusive upon the Board and the Owners in favor of all persons who rely thereon in good faith, and such certificate shall be furnished to any Owner who has, in fact, complied with the provisions of this Article or in respect to whom the provisions of this Article have been waived, upon request at a reasonable fee, not to exceed Ten Dollars ($10.00).

8.09 Financing of Purchase Under Option.

(a) Acquisition of Unit Ownerships or any interests therein under the provisions of this Article shall be made from the funds of the Association. If said funds are insufficient, the Board shall levy an assessment against each Owner (other than the transferors) in the ratio that his percentage of ownership in the Common Elements as set forth in Exhibit B bears to the total of all such percentages applicable to Units subject to said assessment (thus, excluding the percentage of any Unit Ownership being the subject of the purchase), which assessment shall become a lien and be enforceable in the same manner as provided in Article VI.
(b) The Board, in its discretion, may borrow money to finance the acquisition of any Unit Ownership or interest therein authorized by this Article; provided, however, that no financing may be secured by an encumbrance or hypothecation of any portion of the Property other than the Unit Ownership or interest therein to be acquired. The loan documents evidencing such borrowing may be executed by the members of the Board, a nominee of the Board, or by a land trust of which the Board shall be the beneficiary.

8.11 Obligations Concerning Unpaid Assessments and Reserves. In a voluntary transfer of a Unit, the transferees of the Unit shall be jointly and severally liable with the transferor for all unpaid assessments against the latter up to the time of transfer, without prejudice to the transferee's right to recover from the transferor the amounts paid by the transferee therefor. However, any such transferee shall be entitled to a statement from the Board or President, or managing agent of the Association, as the case may be, setting forth the amount of the unpaid assessments against the transferor due the Association and such transferee shall not be liable for, nor shall the Unit conveyed be subject to a lien for, any such assessments which became due and payable prior to the date of the statement, in excess of the amount therein set forth. Upon transfer of the legal title to or beneficial interest in a Unit, unless there is an agreement to the contrary approved by the Board, any reserves or other funds of the transferor held by or subject to the control of the Association shall be transferred on the books of the Association to the credit of the transferee of the Unit.

8.12 Exceptions to Board's Right of First Refusal. The Board's right of first refusal as provided in Sections 8.01, 8.02 and 8.03 hereof shall not apply and shall not be exercisable: to any sale, lease, gift, devise or other transfer by Trustee or by such person or entity who shall succeed in the interest of Trustee in and to all the unsold Units in the Building, any person who now is or hereafter shall be a beneficiary of Trustee (whether or not Trustee is then in existence), or any trust beneficially owned or corporation or partnership controlled by one or more of said beneficiaries of Trustee; nor to the spouse or any issue of an Owner; nor to transfers solely between a trust and its beneficiary.

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