Michigan Preferential Right to Purchase Interest Assigned

State:
Multi-State
Control #:
US-OG-504
Format:
Word; 
Rich Text
Instant download

Description

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.

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FAQ

The right that nonselling participating parties have in a lease, well or unit to proportionately acquire the interest that a participating party proposes to sell to a third party.

The purpose of the conflicts of interest rules is to assure that both loyalty and confidentiality are protected by steering the lawyer clear of circumstances that would give even an appearance that the sanctity of the relationship with a client is jeopardized by potential fealty to others ? including the lawyer's own ...

A person is guilty of criminal usury when, not being authorized or permitted by law to do so, he knowingly charges, takes or receives any money or other property as interest on the loan or forbearance of any money or other property, at a rate exceeding 25% at simple interest per annum or the equivalent rate for a ...

ROFR essentially gives interested buyers a contractual right to be the first party to have an opportunity to place an offer on a property when it's listed on the market for sale by its owner.

Act 317 of 1968 AN ACT relating to the conduct of public servants in respect to governmental decisions and contracts with public entities; to provide penalties for the violation of this act; to repeal certain acts and parts of acts; and to validate certain contracts. History: 1968, Act 317, Eff.

Preferential right clauses providing that the holder shall have the right to purchase at the same price set in a bona fide third party offer are held to meet this standard.

No member of the legislature, herein referred to as a "legislator", nor any state officer shall be interested directly or indirectly in any contract with the state or any political subdivision thereof which shall cause a substantial conflict of interest. History: 1968, Act 318, Eff. Sept.

Act 196 of 1973 AN ACT to prescribe standards of conduct for public officers and employees; to create a state board of ethics and prescribe its powers and duties; and to prescribe remedies and penalties.

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Michigan Preferential Right to Purchase Interest Assigned