A Clark Nevada Right of First Refusal (ROAR) Clause is a legal provision commonly included in real estate contracts or agreements. It grants a specific individual or entity the opportunity to purchase a property before the owner can sell it to someone else. The clause gives the holder the right to match any offer made by a third party and acquire the property under the same terms and conditions. The Clark Nevada ROAR Clause serves as a protective measure for the beneficiary, ensuring they have the first opportunity to buy the property, maintaining their interest and potentially preventing any unwanted buyers from acquiring it. This provision can be advantageous for individuals or entities who have a strong interest in a particular property and want to secure it for their own purposes. There are different types of Clark Nevada ROAR Clauses that can be tailored to specific circumstances or preferences. One common type is a broad-based ROAR Clause, which grants the beneficiary the right of first refusal for any offer the property owner receives. This means that the beneficiary has the option to purchase the property if the owner decides to sell it, regardless of the amount or terms of other offers. Another variation is a specific or limited ROAR Clause, which restricts the beneficiary's right of first refusal to a defined group of potential buyers or certain types of transactions. For example, the clause can limit the beneficiary's right to purchase the property only if the owner receives an offer from a specific business or individual known to both parties. Additionally, there can be hybrid ROAR Clauses that combine elements of both broad-based and specific clauses. These clauses may grant the beneficiary the right to match any offer from a third party while also imposing certain restrictions, such as priority given to buyers from a particular industry or geographical area. In summary, a Clark Nevada Right of First Refusal Clause is a legal provision that benefits a specific party by affording them the initial opportunity to purchase a property. The clause varies in its scope and restrictions, offering different levels of protection and flexibility to the beneficiary. It safeguards their interests and ensures they have the chance to acquire the property under terms and conditions similar to those offered by other potential buyers.
Clark Nevada Right of First Refusal Clause
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How to fill out Clark Nevada Right Of First Refusal Clause?
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FAQ
The right of first refusal is usually triggered when a third party offers to buy or lease the property owner's asset. Before the property owner accepts this offer, the property holder (the person with the right of first refusal) must be allowed to buy or lease the asset under the same terms offered by the third party.
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 on a particular transaction. In real estate terms, the phrase right of first refusal operates similarly.
The right of first refusal is usually triggered when a third party offers to buy or lease the property owner's asset. Before the property owner accepts this offer, the property holder (the person with the right of first refusal) must be allowed to buy or lease the asset under the same terms offered by the third party.
Phrase. If someone has first refusal on something that is being sold or offered, they have the right to decide whether or not to buy it or take it before it is offered to anyone else. A tenant may have a right of first refusal if a property is offered for sale.
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. 3.
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.
In a buyer's market, when homes are plentiful and prices are low, right-of-first-refusal agreements can directly benefit sellers. Since this agreement is drafted before the home hits the market, the homeowner might be able to persuade the original interested party to pay more than the home's current value.
Right of first refusal (ROFR), also known as first right of refusal, is a contractual right to enter into a business transaction with a person or company before anyone else can. If the party with this right declines to enter into a transaction, the obligor is free to entertain other offers.
The right of first refusal is usually triggered when a third party offers to buy or lease the property owner's asset. Before the property owner accepts this offer, the property holder (the person with the right of first refusal) must be allowed to buy or lease the asset under the same terms offered by the third party.
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.