Iowa Right of First Refusal Clause

State:
Multi-State
Control #:
US-CC-18-360B
Format:
Word; 
Rich Text
Instant download

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.
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How to fill out Right Of First Refusal Clause?

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FAQ

Basically, an ROFR clause obligates a seller to contact the rights holder with an option to purchase the property before they can accept an alternate third-party offer on the piece of real property.

Written contracts (personal loans, mortgages, car loans): 10 years. Oral agreements: 5 years. Promissory notes: 5 years. Open accounts (credit card debt, department store accounts, or any revolving credit): 5 years.

Section 614.17A allows for the ?extension? of a ?claim? by filing a written statement within the ten year period of the ?date on which the claim arose or existed?, which is the date that the document creating the claim was recorded.

If an interest in real estate is held of record by a trustee, a bona fide purchaser acquires all rights in the real estate which the trustee and the beneficiary of the trust had and any rights of persons claiming by, through or under them, free of any adverse claim including but not limited to claims arising under ...

A right of first refusal is a contractual right giving its holder the option to transact with the other contracting party before others can. The ROFR assures the holder that they will not lose their rights to an asset if others express interest.

Two Years is the Standard Time Limit for Iowa Personal Injury Lawsuits. The statute of limitations that will apply to most Iowa personal injury lawsuits can be found at Iowa Code section 614.1, which sets a two-year time limit on the right to file a civil action "founded on injuries to the person or reputation."

Court of Appeal: writ granted; right of first refusal was fully enforceable and could not be dodged by ?uncertainty? or bad faith conduct. The Court of Appeal issued the writ and reversed the trial court's order. The court held that the language of the right of first refusal was not too ?uncertain? to enforce.

Statutes of Limitation in Iowa: At a Glance Code SectionIowa Code Annotated (I.C.A.) § 614 et seq.TrespassFive years (I.C.A. § 614.1(4))Collection of RentsFive years (I.C.A. § 614.1(5)(b))ContractsWritten: 10 years (I.C.A. § 614.1(5)) Oral: Five years (I.C.A. § 614.1(4))7 more rows

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Iowa Right of First Refusal Clause