Cuyahoga Ohio Right of First Refusal Clause for Shareholders' Agreement
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How to fill out Right Of First Refusal Clause For Shareholders' Agreement?
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FAQ
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.
The right of first refusal granted herein shall terminate (i)with respect to any particular First Refusal Space upon the failure by Tenant to exercise its right of first refusal with respect to the First Refusal Space so offered by Landlord pursuant to the terms of this Section1.
ROFR- It provides the existing shareholders with the right to accept or refuse to buy shares of a selling shareholder. ROFO A similar known mechanism in a shareholders agreement that provides non-selling shareholders with the right to be offered the shares before any external solicitation takes place.
Definition of (the right of) first refusal : the right to have the first choice to buy something on the same terms as offered to someone else.
The right of first refusal and co-sale (ROFR/Co-sale) work together to prevent a founder or major common shareholder for selling shares without the company and the investors being allowed to purchase the shares or participate in the sale of the shares.
Within 30 days after receipt of the Seller's Notice, the Company shall have the right to purchase all or any portion of the shares so offered at the price and on the terms and conditions stated in the Seller's Notice.
By accepting a contingent offer for a particular period, the seller is granting the buyer the first right of refusal. If another buyer wants to purchase the homeand the buyer has not yet sold the homethe seller may ask the buyer to remove the contingency.
Once that is done the ROFR holder has the option of purchasing the property instead or waiving their ROFR and allowing another sale to go through. To get to closing, a title company has to have a signed Waiver of Right of First Refusal document in the file before funding can occur.
To be enforceable, options and rights of first refusal must usually be in writing, signed, contain an adequate description of the property, and be supported by consideration. They may be included in lease contracts, or they may be drafted as standalone agreements.
When a lease contract contains a right of first refusal, the lessor is under a legal duty to the lessee not to sell to anybody at any price until after he has made an offer to sell to the latter at a certain price and the lessee has failed to accept it.
