The District of Columbia Right of First Refusal Agreement is a legal document that grants a specific individual or organization a priority option to purchase a property or a specific interest in the property before the owner intends to sell it to a third party. This agreement is enforceable under specific conditions in the District of Columbia, ensuring protection for tenants and other interested parties. The Right of First Refusal Agreement in the District of Columbia is designed to preserve affordable housing and maintain the diversity of neighborhoods. It is primarily used to allow tenants, housing associations, or government entities to have the opportunity to acquire the property, ensuring the continuity of affordable housing options. There are several types of District of Columbia Right of First Refusal Agreements, each catering to different scenarios and purposes: 1. Tenant Right of First Refusal: This agreement grants tenants residing in a specific property the first opportunity to purchase the property if the owner decides to sell. It ensures that tenants have the chance to buy their rented home, providing security and stability. 2. Tenant Organizational Right of First Refusal: This type of agreement allows a legally recognized tenant organization, such as a cooperative or association, the opportunity to purchase a property on behalf of its members. It empowers tenants to collectively take control and preserve their housing. 3. Affordable Housing Right of First Refusal: This agreement targets properties that receive public subsidies, grants, or tax incentives to maintain affordable housing. It provides qualified organizations or government agencies with the first option to purchase the property, guaranteeing its continued affordability. 4. Non-profit Right of First Refusal: This type of agreement focuses on properties owned by non-profit organizations. It grants the non-profit the initial opportunity to purchase the property if it is being sold, ensuring that it remains within the non-profit sector and aligned with their mission. In summary, the District of Columbia Right of First Refusal Agreement is a legal tool that safeguards the interests of tenants, housing organizations, and public entities. It offers various types of agreements that enable individuals or organizations to acquire properties ensuring affordability, maintaining diversity, and supporting community development in the District of Columbia.
District of Columbia Right of First Refusal Agreement
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How to fill out District Of Columbia Right Of First Refusal Agreement?
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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.
Court of Appeal: writ granted; right of first refusal was fully enforceable and could not be dodged by ?uncertainty? or bad faith conduct. The Court of Appeal issued the writ and reversed the trial court's order. The court held that the language of the right of first refusal was not too ?uncertain? to enforce.
Is the right of first refusal a good idea? The right of first refusal can be a good idea in that it allows a potential buyer to have first dibs on a property, providing a sense of security and control. Sellers don't have to worry about listing the property and can save it for preferred buyers.
When a casting director issues a ?first refusal? it means that a final casting decision has not been made; the casting director is requesting that the performer contact him/her before accepting a booking for another job on the same day(s), i.e., giving the original producer the first opportunity to book the person.
A right of first refusal is an agreement that gives the party holding such right the ability to make a bid, proposal, or offer?often on favorable terms?before any other party has the right to do so.
Right of First Refusal to Lease is a lease clause that gives an existing tenant the first opportunity to lease additional space that is currently vacant or might become available to lease when another tenant vacates a space in the property.
A right of first refusal is a clause used in contracts that allows one party the first opportunity to make an offer on a property. It is basically ?first dibs? in legal form.
A generic right of first refusal (ROFR) provision that restricts a contracting party from accepting a third-party offer to enter into a specified transaction without first offering the terms proposed by the third party to the holder of the ROFR.