Right Of First Refusal Template With Business
Description
How to fill out Right Of First Refusal Agreement?
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FAQ
The right of first refusal granted herein shall terminate (i)with respect to any particular First Refusal Space upon the failure by Tenant to exercise its right of first refusal with respect to the First Refusal Space so offered by Landlord pursuant to the terms of this Section1.
A right of first refusal, also called a ROFR, the first right of refusal, or a last look provision, gives a person or company the opportunity to start a business transaction before anyone else can. It could provide the first chance to buy stocks or real estate at the same price and terms as another offer.
In the limited liability company (LLC) context, a right of first refusal (ROFR) gives the holder of the right the option to purchase a fellow member's interest after the divesting member has first received an initial bona fide offer from a third party.
Right of first refusal clauses are sometimes included to provide the opportunity for the home or unit to stay under the control of related parties. This clause may be used to give a relative or family member the right to buy a property from someone before they put it on the market and seek outside offers.
For example, a commercial tenant may prefer to lease a location; however, he may buy the premises if it meant that he would be evicted if the property sold to a new owner. In such a case, the tenant would negotiate to have a right of first refusal clause incorporated into his lease.