Maine Right of First Refusal Clause
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How to fill out Right Of First Refusal Clause?
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FAQ
With a right of first refusal, the record company protects itself by not allowing the artist to make a great sounding demo and then use that demo to get a deal elsewhere - that is, until the label is certain that it wants nothing to do with the artist.
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.
The most important lesson from this case is to ensure any interest in land is properly recorded in the deed records immediately. This is certainly true for rights of first refusal, but can also be important for other rights such as leases or easements.
In Maine, co-owners of real property have the right to have their interests divided in a partition action.
Recording the agreement imparts constructive knowledge and prevents the possibility of a bona fide purchaser. For this reason, the ROFR should be recorded in each county where the property is located.
If the owner sells the property to a third party without offering the holder the opportunity to purchase it first, the holder of the right has the option to sue the owner. After the process, a court can stop or reverse the sale.
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.
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.