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Landlord hereby grants Tenant the on-going option to lease, upon the terms and conditions hereinafter set forth, any then vacant space adjacent to the Premises (the ?First Refusal Space?) during the First Refusal Period (as hereinafter defined).
Where the right of first refusal exists, a Landlord must, under the Act, first offer the premises to the Qualifying Tenants, before offering it on the open market, or for sale by auction. He must serve formal notices on the Qualifying Tenants. These notices are known as Section 5 Notices.
Example ? 3. A and B investors of X Company holding shares 95% and 5% respectively. Now if A wants to sell his 10 shares, in that case, he needs to put the first offer to B if B rejects this offer A can sell his shares to C but in case B accepts his offer then A mandatorily have to sell his shares to B.
Landlord hereby grants to the named Tenant in this Third Amendment (the "Original Tenant"), and any Permitted Transferee or Permitted Assignee, an ongoing right of first offer with respect to (i) that certain space on the second (2nd) floor of the Building containing 5,846 rentable square feet of space commonly known ...
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.
At the completion of the Term of this Agreement, Buyer agrees to grant to Seller the right of last refusal to match any bona fide written offer received by Buyer from another supplier to supply the volumes of gas hereunder upon the same terms as offered by such other supplier.
This Right of First Refusal to Purchase Real Estate is made on this the ____ day of __________,20____ , by and between ______________________, hereinafter referred to as the ?SELLER? and ________________________, and his/her assigns, hereinafter referred to as the ?PURCHASER?.
Right of first refusal (ROFR) is a real estate term that may be worth bookmarking if you're on the market as a buyer ? especially if there's a property you already have your eye on. Simply put, right of first refusal can help a buyer get priority over other potential buyers.