Purchaser desires to obtain a right of first refusal or first option to purchase certain real estate owned by seller and seller agrees to grant purchaser the exclusive and irrevocable right of first refusal and first option to purchase. The right of first refusal sample clause is a legal provision that grants a party the opportunity to enter into a transaction or agreement before anyone else. This clause is commonly used in contracts or agreements involving the sale, lease, or transfer of property, assets, or ownership interests. The purpose of the right of first refusal clause is to provide a certain party the advantage of being the first to enter into the deal, ensuring they have the opportunity to match or improve on any offer made by a potential third party. Here are a few different types of right of first refusal sample clauses commonly used in various agreements: 1. Simple Right of First Refusal: — Example: "In the event the owner of the property decides to sell, the tenant shall have the right of first refusal to purchase the property at the same terms and conditions proposed by any third party." 2. Right of First Refusal with Initial Offer: — Example: "Upon receiving an acceptable offer from a third party, the property owner shall notify the tenant of the terms. The tenant shall then have a period of 30 days to match or better the offer." 3. Right of First Refusal with Enhanced Offer: — Example: "If the owner of the asset receives an offer from a third party, the existing shareholder shall have the right of first refusal and the opportunity to purchase the asset on improved terms offered to the third party." 4. Right of First Refusal with Right to Trigger Negotiation: — Example: "Should the shareholder decide to sell their shares, the company shall have the right of first refusal. Once triggered, both parties shall negotiate in good faith to agree upon the terms of the transaction." 5. Right of First Refusal on Leased Property: — Example: "Upon the expiration of the current lease term, the tenant shall have the right of first refusal to renew the lease for an additional term on the same terms and conditions proposed by any third party." In conclusion, a right of first refusal sample clause is a powerful legal tool that gives a party the priority to enter into a transaction or agreement before others. Different variations of this clause exist depending on the nature of the agreement, ensuring the designated party gets the opportunity to match or improve on offers made by third parties.
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