North Carolina Right of First Refusal Agreement

State:
Multi-State
Control #:
US-EG-9350
Format:
Word; 
Rich Text
Instant download

Description

Amended and Restated Right of First Refusal Agreement between BirthdayExpress.Com, Inc. and investors regarding transactions by investors dated July 21, 1999. 9 pages.
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How to fill out Right Of First Refusal Agreement?

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FAQ

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?.

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. In real estate terms, the phrase ?right of first refusal? operates similarly.

For example, a commercial tenant may prefer to lease a location; however, he may buy the premises if it meant that he would be evicted if the property sold to a new owner. In such a case, the tenant would negotiate to have a right of first refusal clause incorporated into his lease.

In some cases, a right of first refusal may give the holder the right to purchase the property at a specified ?bargain? price. Such provisions may be held unenforceable, especially if it is apparent that the specified price is significantly less than fair market value.

First right of refusal clause samples Landlord shall issue Tenant its good faith Fair Market Offer describing the available space and the market rate and terms at which such space is being offered and Tenant shall have 30 days from receipt of such written notice to exercise its right of first refusal.

Right of first refusal in real estate is a clause that gives a potential buyer the first opportunity to purchase a piece of property. It's common with, but not limited to, renters looking to buy from their landlords and families prepping for estate inheritances.

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.

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).

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North Carolina Right of First Refusal Agreement