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seven (7) days nor more than fifty (50) days before the date of the meeting, setting forth the purposes of the meeting, and shall comply with City ordinance. ARTICLE XII SALE OF LOTS Section 1. Transmittal of Offer and Association's Option. If any Owner of a Lot (other than Declarant) wishes to sell or lease the same and receives a bona fide offer for purchase or lease of his Lot which such Owner deems acceptable, such fact shall be transmitted in writing to the President of the Board of Directors of the Association and to Declarant together with a copy of such offer (which must be a written offer) and the terms thereof. The Owner shall also transmit an affidavit executed by such Owner and duly notarized, attesting that such offer has been made and the offeror, to the best of such Owner's knowledge, is acting in good faith. The Association or Declarant shall have the right to purchase or lease the Lot on the terms and conditions specified in the offer. Such right is assignable, but in all cases is exercisable only within ten (10) days of the receipt of the written notice from the Owner by written notice to the Owner and the deposit of a matching down payment or deposit. If the Association and Declarant shall both exercise such option, only Declarant may consummate the proposed sale unless the Declarant shall waive such right in writing. In the event the Association or Declarant fails to exercise its option within such ten (10) day period, such Owner shall have the right to sell or lease his Lot to the person making such offer and on the terms and conditions therein set forth. Section 2. Application to Lease; Continuing Liability. Any lease or sublease shall be subject to the provisions of Section 1 of this Article XII. The liability and responsibility of the Owner, under this Article or under these covenants, continues in full force and effect, notwithstanding the fact said Owner has leased, sublet, or otherwise transferred an interest in a lot. Section 3. Mortgages. This Article shall not affect the right of an Owner to subject his Lot to a deed of trust, mortgage or other security interest. Section 4. Waiver. The failure or refusal of the Association, the Declarant or the party to whom either's rights under this Article have been assigned to exercise its right to so purchase or lease shall not be deemed a waiver of such right when an Owner receives any subsequent bona fide offer from a prospective purchaser or tenant. Paris Industrial Park Development Covenants Page 18 of 20