Florida Right of First Refusal Clause

• Category: Corporations - Public - Stock Options
• State: Multi-State
• Control #: US-CC-18-360B
• Format: Word; Rich Text

Description

This sample form, a detailed Right of First Refusal document, is a model for use in corporate matters. The language is easily adapted to fit your specific circumstances. Available in several standard formats. The Florida Right of First Refusal Clause is a legally binding provision commonly included in contracts and agreements pertaining to the sale or lease of real estate properties in the state of Florida. It provides a specific right to a party, typically the original property owner, to exercise the first opportunity to buy back the property or match an offer made by a third party before the property can be sold or leased to that third party. This clause acts as a safeguard or protection for the rights of the initial property owner, allowing them to retain the property if they wish, even if an outside offer has been made. The Right of First Refusal Clause is designed to maintain control over the property and give the original owner the ability to retain ownership or control over whom the property is eventually sold or leased to. There are two main types of Right of First Refusal Clauses commonly used in Florida: 1. Right of First Refusal to Purchase: This type of clause provides the original property owner with the first opportunity to purchase the property if the owner decides to sell it. If the owner receives an offer from a third party, they must first notify the initial owner and provide them with the terms of the offer. The original owner then has the option to accept the offer and purchase the property on the same terms, effectively matching the third party's offer. 2. Right of First Refusal to Lease: This type of clause grants the original property owner the right to lease the property before it can be leased to a third party. If the owner decides to lease the property, they must first offer the lease terms to the initial owner. The initial owner then has the option to accept the lease terms and become the tenant, effectively preventing the property from being leased to a different party. In both types of clauses, it is essential for the original property owner to act promptly upon receiving notice of an offer or lease terms to exercise their right of first refusal. Failure to do so within a specified timeframe outlined in the agreement may result in the waiver of this right. In summary, the Florida Right of First Refusal Clause is a crucial legal provision that protects the interests of the initial property owner by providing them with the first opportunity to purchase or lease the property before it is sold or leased to a third party. The two main types include the Right of First Refusal to Purchase and the Right of First Refusal to Lease.

The Florida Right of First Refusal Clause is a legally binding provision commonly included in contracts and agreements pertaining to the sale or lease of real estate properties in the state of Florida. It provides a specific right to a party, typically the original property owner, to exercise the first opportunity to buy back the property or match an offer made by a third party before the property can be sold or leased to that third party. This clause acts as a safeguard or protection for the rights of the initial property owner, allowing them to retain the property if they wish, even if an outside offer has been made. The Right of First Refusal Clause is designed to maintain control over the property and give the original owner the ability to retain ownership or control over whom the property is eventually sold or leased to. There are two main types of Right of First Refusal Clauses commonly used in Florida: 1. Right of First Refusal to Purchase: This type of clause provides the original property owner with the first opportunity to purchase the property if the owner decides to sell it. If the owner receives an offer from a third party, they must first notify the initial owner and provide them with the terms of the offer. The original owner then has the option to accept the offer and purchase the property on the same terms, effectively matching the third party's offer. 2. Right of First Refusal to Lease: This type of clause grants the original property owner the right to lease the property before it can be leased to a third party. If the owner decides to lease the property, they must first offer the lease terms to the initial owner. The initial owner then has the option to accept the lease terms and become the tenant, effectively preventing the property from being leased to a different party. In both types of clauses, it is essential for the original property owner to act promptly upon receiving notice of an offer or lease terms to exercise their right of first refusal. Failure to do so within a specified timeframe outlined in the agreement may result in the waiver of this right. In summary, the Florida Right of First Refusal Clause is a crucial legal provision that protects the interests of the initial property owner by providing them with the first opportunity to purchase or lease the property before it is sold or leased to a third party. The two main types include the Right of First Refusal to Purchase and the Right of First Refusal to Lease.