This is a form addressing Preferential Right to Purchase Interest Assigned. In the event assignee receives a bona fide offer from a third party to purchase all or a part of the interest assigned to assignee in this assignment, and assignee desires to accept the offer,assignee shall notify assignor in writing of the existence of the third party offer.
Kentucky Preferential Right to Purchase Interest Assigned, also known as Kentucky PRA, is a legal provision that grants specific individuals or entities the first opportunity to purchase a property when its owner decides to sell or transfer their interest. This right is applicable in the state of Kentucky and aims to protect the interests of certain parties involved in real estate transactions. When a property owner in Kentucky plans to sell or transfer their ownership interest, the Kentucky PRA allows designated parties, such as tenants, neighbors, or certain governmental entities, to exercise their preferential right to purchase the property before it is offered to the public. This means that the property owner must offer the property to the designated parties at a set price and on specified terms before considering other offers. There are different types of Kentucky Preferential Right to Purchase Interest Assigned depending on the parties eligible to exercise this right: 1. Tenant's Preferential Right: This type of Kentucky PRA provides tenants with the opportunity to purchase the property they are currently renting. It allows tenants to secure their housing situation, particularly in cases where the property owner wishes to sell or transfer ownership. 2. Neighbor's Preferential Right: The Kentucky PRA can also grant neighboring property owners the right to purchase the adjacent property when the owner intends to sell. This provision ensures that a neighboring property owner has the opportunity to acquire nearby land, potentially preventing undesirable development or preserving the character of the neighborhood. 3. Governmental Entity's Preferential Right: In certain cases, Kentucky law may assign a preferential right to purchase to governmental entities such as municipalities, county governments, or state agencies. This provision aims to support community development and accommodate public interests in specific real estate transactions. It is important to note that the Kentucky PRA does not obligate the designated parties to purchase the property; rather, it establishes their right to be offered the property first. If the designated party chooses not to exercise their preferential right, the property owner is then free to sell or transfer the property to other interested parties. In summary, the Kentucky Preferential Right to Purchase Interest Assigned is a legal provision granting specific parties the first opportunity to purchase a property before it is offered to the public. This includes tenants, neighboring property owners, and governmental entities. The goal of this provision is to protect the interests of these parties and facilitate fair real estate transactions in Kentucky.
