This is a form addressing Preferential Right to Purchase Interest Assigned. In the event assignee receives a bona fide offer from a third party to purchase all or a part of the interest assigned to assignee in this assignment, and assignee desires to accept the offer,assignee shall notify assignor in writing of the existence of the third party offer.
Hawaii Preferential Right to Purchase Interest Assigned (PRA) is a legal concept that grants certain individuals or entities the right to purchase a property before it is made available to the open market. This right is often associated with Hawaiian land laws and aims to protect the interests of specific parties who have a vested interest in acquiring the property. The PRA in Hawaii can be found in various contexts, including agricultural land leases, affordable housing programs, and conservation initiatives. These diverse applications create different types of PRA, each catering to specific circumstances and objectives. Here are some notable examples: 1. Agricultural PRA: In Hawaii, a significant portion of land is used for agriculture. When an agricultural lease expires or becomes eligible for renewal, the landowner may assign a PRA to the lessee. This allows the lessee to maintain their farming operations by acquiring the land or its improvements for continued agricultural use. 2. Affordable Housing PRA: To address the high demand for affordable housing in Hawaii, PRA is employed to provide qualified individuals or organizations with the opportunity to purchase designated housing units before they become open to the public. This ensures that affordable housing remains accessible to those who need it most. 3. Conservation PRA: With Hawaii's rich biodiversity and unique ecosystems, conservation efforts are essential. PRA is employed to protect natural resources by allowing conservation organizations or government agencies the right to purchase or control lands of environmental importance. This ensures long-term conservation, preservation, and sustainable management of these vital areas. 4. Native Hawaiian PRA: Special considerations are given to the native Hawaiian community in the form of PRA. This type of PRA aims to perpetuate the traditional ties of native Hawaiians to their ancestral lands. It grants them the right to acquire or lease specific properties, fostering cultural preservation and the continuation of traditional practices. The Hawaii Preferential Right to Purchase Interest Assigned serves as a crucial mechanism to safeguard the rights of various stakeholders ranging from farmers, affordable housing seekers, conservationists, and native Hawaiians. By providing these individuals and organizations with an opportunity to purchase or lease properties before they reach the open market, PRA ensures that the unique needs and interests of these specific groups are considered and protected.
