The Nebraska Right of First Refusal Clause is a legal provision that grants a specific person or entity the opportunity to purchase a property before the owner considers any other offers. It serves as a safeguard mechanism, allowing the party holding the right of first refusal to match the proposed sale terms and conditions within a specified timeframe. Within the realm of Nebraska real estate, there are various types of Right of First Refusal Clauses, each with different nuances and applications. Here are a few notable variations: 1. Residential Right of First Refusal: This clause usually applies to residential properties, enabling a tenant or a designated individual to have the first opportunity to buy the home when the owner decides to sell. It allows the tenant to avoid potential displacement and purchase a property they have already established a connection with. 2. Commercial Right of First Refusal: In commercial real estate, this provision allows a tenant to have preference over other potential buyers when the leased property is up for sale. The tenant is granted the right to match or exceed any proposed offer made by a third party, ensuring the opportunity to retain the business premises and any established customer base. 3. Agricultural Right of First Refusal: Designed especially for the agricultural sector, this clause grants a neighboring landowner the first chance to purchase agricultural land if the owner decides to sell. It aims to maintain the continuity of agricultural operations within the community and prevent fragmentation of large farming properties. 4. Co-Owner Right of First Refusal: In properties with co-owners, this clause offers the remaining co-owners the opportunity to purchase the shares or interest of any co-owner who wishes to sell. It ensures that the property remains within the existing co-owners' control and avoids introducing unknown individuals as co-owners. It is important to note that the specific terms and conditions of a Nebraska Right of First Refusal Clause may vary based on the agreement between parties involved. This provision protects the right holders from missing out on the chance to acquire a property they have a vested interest in, providing them with the ability to match any legitimate offer and maintain their stake in the property.
Nebraska Right of First Refusal Clause
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FAQ
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.
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.
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).
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.
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 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.