12.01 Rights of First Refusal:
Whenever the owner of any residential lot in the Development shall receive a bona fide offer to purchase said lot which is acceptable to such owner, said owner shall then offer to sell said lot at the price and on the terms contained in such bona fide offer, first to the owner of the lot on the right of the prospective seller’s lot, and next to the owner of the lot on the left of the prospective seller’s lot, and finally to the Association or its assigns. Such offerings shall be made successively and in writing. Each of said offerees shall have ten (10) days after receipt of such offering within which to accept or refuse such offer. If all of said offerees refuse to purchase said lot at the price and on the terms proposed by said owner, said owner shall be free, subject to the limitations contained in Paragraph 9.01 of these Restrictions requiring the purchaser to have been approved for membership in the Property Owners Association to sell said lot to the party who shall have made said bona fide offer at the price and on the terms as aforesaid. The “lot on the right,” for purposes of this Article 12, shall be the next lot on one’s right hand as one faces the rear of one’s own lot.