ARTICLE IX
DISTRIBUTION OF ASSETS ON DISSOLUTION
In the event of dissolution of the Corporation,
- All of the real property of the Corporation shall be distributed to King City, a municipal corporation of the State of Oregon, for perpetual use as a public park or public recreational facilities, and all of its other assets shall be used to maintain and operate the said real property for such public use;
- If King City does not accept such properties within forty-five (45) days or within such additional period as the Board of Directors may deem to be reasonable of the date of the Corporation's resolution to dissolve or offer of distribution and final liquidation, the assets of the Corporation shall be distributed to Washington County, State of Oregon, for the same use and purposes as stated in Article IX, section 1, above;
- If Washington County does not accept such properties within forty-five (45) days or within such additional period as the Board of Directors may deem to be reasonable after the date on which the Board of Directors notifies Washington County that it may accept such properties, the assets of the Corporation shall be distributed to the State of Oregon for the same use and purposes as stated in Article IX, section 1, above;
- The State of Oregon may accept such properties within forty-five (45) days or within such additional period as the Board of Directors may deem to be reasonable after the date on which the Board of Directors notifies the State of Oregon that it may accept such properties. If none of the City of King City, Washington County, or the State of Oregon accepts the assets of the Corporation as hereinabove provided, then the personal property of the Corporation shall be liquidated and the proceeds thereof distributed equally among the Owner-Members of the Corporation, and all real property of the Corporation shall be distributed equally to the Owner-Members of the Corporation as tenants in common.