Massachusetts 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 Massachusetts Right of First Refusal Clause is a legal provision that grants certain individuals or entities the first opportunity to purchase a property before it can be sold to someone else. This clause is often found in contracts or lease agreements and aims to protect the rights and interests of specific parties involved in a real estate transaction. In Massachusetts, there are primarily two types of Right of First Refusal (ROAR) clauses commonly used: general Right of First Refusal and Right of First Refusal for Agricultural Preservation Restrictions. 1. General Right of First Refusal: This type of clause typically applies to residential or commercial properties and allows a designated party, such as a tenant or neighboring property owner, to have the first right to purchase the property if the owner decides to sell. The designated party is given the option to match or exceed any bona fide, third-party purchase offer made for the property. This gives them the chance to secure the property by exercising their right of first refusal within a specific timeframe. 2. Right of First Refusal for Agricultural Preservation Restrictions: This specific type of ROAR clause is primarily applicable to agricultural or farmland properties in Massachusetts. It is designed to promote the preservation of agricultural land and provide farmers or agricultural organizations with an opportunity to acquire the land before it is sold to other parties. If a farmer who previously sold the land subjected it to an agricultural preservation restriction (APR), they might retain the right of first refusal when they decide to sell it again. This allows the farmer to maintain control over the land's use and ensure its ongoing agricultural productivity. The purpose of these clauses is to offer certain parties a fair chance to secure a property when it becomes available for sale, preventing potential loss of essential real estate and maintaining the intended land use. It provides an added layer of protection and ensures that those with vested interests have an opportunity to acquire the property before it is offered to the broader market. Keywords: Massachusetts Right of First Refusal Clause, ROAR, real estate, property, purchase, sell, residential, commercial, tenant, neighboring property owner, agricultural, farmland, agricultural preservation restriction, APR, land use, opportunity, protection, vested interests, market.

The Massachusetts Right of First Refusal Clause is a legal provision that grants certain individuals or entities the first opportunity to purchase a property before it can be sold to someone else. This clause is often found in contracts or lease agreements and aims to protect the rights and interests of specific parties involved in a real estate transaction. In Massachusetts, there are primarily two types of Right of First Refusal (ROAR) clauses commonly used: general Right of First Refusal and Right of First Refusal for Agricultural Preservation Restrictions. 1. General Right of First Refusal: This type of clause typically applies to residential or commercial properties and allows a designated party, such as a tenant or neighboring property owner, to have the first right to purchase the property if the owner decides to sell. The designated party is given the option to match or exceed any bona fide, third-party purchase offer made for the property. This gives them the chance to secure the property by exercising their right of first refusal within a specific timeframe. 2. Right of First Refusal for Agricultural Preservation Restrictions: This specific type of ROAR clause is primarily applicable to agricultural or farmland properties in Massachusetts. It is designed to promote the preservation of agricultural land and provide farmers or agricultural organizations with an opportunity to acquire the land before it is sold to other parties. If a farmer who previously sold the land subjected it to an agricultural preservation restriction (APR), they might retain the right of first refusal when they decide to sell it again. This allows the farmer to maintain control over the land's use and ensure its ongoing agricultural productivity. The purpose of these clauses is to offer certain parties a fair chance to secure a property when it becomes available for sale, preventing potential loss of essential real estate and maintaining the intended land use. It provides an added layer of protection and ensures that those with vested interests have an opportunity to acquire the property before it is offered to the broader market. Keywords: Massachusetts Right of First Refusal Clause, ROAR, real estate, property, purchase, sell, residential, commercial, tenant, neighboring property owner, agricultural, farmland, agricultural preservation restriction, APR, land use, opportunity, protection, vested interests, market.