BUY OUT OPTION

The Bud Chapman Collection

In connection with The Bud Chapman Collection, any buyer can purchase the collection by faxing a signed copy of this Buy Out Option to us at +1-952-442-4525 or by emailing a signed copy to us at vlad@vge.vg.  In the event more than one buyer submits the Buy Out Option, the first submission, as evidenced by the time stamp on the fax or the time of the email, will be the accepted submission.

By submitting a signed copy of this Buy Out Option, the buyer is agreeing to the following terms:

1.                  The purchase price for the entire Bud Chapman Collection as shown on this site is US$20 million.

2.                  A down payment of US$2 million must be paid by wire transfer to the account that will be specified by us at the time of submission of this Buy Out Option.  The down payment must be paid immediately upon notification of the account information.

3.                  All other terms specified in the Covenants of the Sale apply to this Buy Out Option.  By signing and delivering this Buy Out Option, you are unconditionally agreeing to the terms contained herein, including the terms specified in the Covenants of the Sale.

4.                  In addition to the entire Bud Chapman Collection, the buyer has the right to an original painting by Bud Chapman.  The nature of the painting will be as selected by the buyer, but subject to approval by Bud Chapman.

5.                  The Buyer will also have the option of playing a round of golf with Bud Chapman: location (your course or his), strokes, and stakes to be negotiated.

Date:                                       

Buy Out Bid Buyer (Print Name)

Signature

Address