The Maryland Right of First Refusal Clause is a legal provision that grants certain individuals or entities the opportunity to purchase or lease a property before it is sold or leased to a third party. This clause is commonly found in real estate contracts and serves to protect the interests of the original occupant or a specified party who holds a right of first refusal. In Maryland, there are various types of Right of First Refusal Clauses, each with its own nuances and applications. Some of these clauses include: 1. Residential Right of First Refusal Clause: This clause typically applies to rental properties or multi-unit complexes where tenants are given the first opportunity to purchase the property they are currently occupying. It ensures that tenants have the chance to buy the property if the landlord decides to sell, protecting their residency and investment. 2. Commercial Right of First Refusal Clause: This type of clause is commonly used in commercial leases or agreements where a business tenant has the right to match or exceed any offers made by third parties to purchase or lease the property. It allows the business to maintain continuity and retain a favorable location for operations. 3. Partnership Right of First Refusal Clause: In partnerships or joint ventures involving multiple parties, this clause gives one party the first option to purchase the interests of another party if they decide to sell or transfer their ownership stake. It provides existing partners with greater control over the partnership structure, ensuring alignment of interests among the remaining partners. 4. Co-Ownership Right of First Refusal Clause: When multiple owners share a property, this clause grants each co-owner the right to purchase the ownership shares of others if they wish to sell or transfer their portion. It helps maintain the existing co-ownership structure and prevents the entry of unwanted third-party owners. It is important to note that Maryland's Right of First Refusal Clause is subject to specific legal requirements and restrictions. These clauses must be clearly defined in contracts, include appropriate timeframes for exercising the right of first refusal, and adhere to Maryland's real estate laws and regulations. Overall, the Maryland Right of First Refusal Clause is a crucial legal tool that safeguards the interests of individuals, businesses, and partners in the state. It ensures fair and equitable opportunities for existing occupants or specified parties to maintain their occupancy or ownership rights when a property is being sold or leased.
Maryland Right of First Refusal Clause
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How to fill out Right Of First Refusal Clause?
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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).
Before the seller goes under contract to sell the property to someone else they must make the offer to the ROFR holder. The ROFR holder then has to agree to the same terms as the offer and if they do not respond within X days of their receipt of the offer they are deemed to have waived their ROFR.
A ROFR is essentially an option to buy a property before it's sold to another buyer. The seller and the holder can choose to agree on a price and other terms in the ROFR or negotiate later. The option could end at a specific date in the future, and the owner doesn't have to sell if the terms aren't already established.
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.
TOPA ? What is it? TOPA BASICS: When Does TOPA Apply? notice to vacate for purposes of demolition or discontinuance of housing use, the owner shall give the tenant an opportunity to purchase the housing accommodation at a price and terms that represent a bona fide offer of sale.
A right of first refusal clause for inclusion in a commercial contract. The clause requires the grantor of the right to offer contract terms to the grantee before it can conclude a contract on the same terms with a third party.
A right of first refusal is a fairly common clause in some business contracts that essentially gives a party the first crack at making an offer in a particular transaction.
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.