A Maryland Right of First Refusal Agreement is a legal document that grants a party the option to purchase a property or asset before the seller can sell it to another party. This agreement gives the designated party the first opportunity to buy the property at the price and terms specified in the agreement. By exercising the right of first refusal, the designated party can prevent the seller from selling to any other interested buyers. In Maryland, there are different types of Right of First Refusal Agreements that can be used for various situations. These include: 1. Real Estate Right of First Refusal Agreement: This agreement is commonly used in the real estate industry, allowing a tenant or a neighboring property owner to have the first option to buy the property if the owner decides to sell. It helps protect the tenant's or neighbor's interest in the property and ensures they have a chance to purchase it. 2. Business Right of First Refusal Agreement: This type of agreement is used in business transactions where a company or individual wishes to have the first opportunity to purchase a specific asset, such as equipment, inventory, or a business itself, before it is sold to someone else. It provides a sense of security and control to the designated party. 3. Shareholder Right of First Refusal Agreement: In the context of a corporation, this agreement grants existing shareholders the right to purchase additional shares before they are offered to outside parties. It helps maintain the control and ownership within the existing shareholder group. 4. Intellectual Property Right of First Refusal Agreement: This agreement is often used in situations where the owner of intellectual property, such as patents, trademarks, or copyrights, wants to ensure that they have the option to repurchase their rights in case the current holder decides to sell or transfer them to another party. It is important to note that the terms and conditions of a Maryland Right of First Refusal Agreement can vary depending on the specific circumstances and parties involved. Therefore, it is highly recommended consulting with a qualified attorney experienced in Maryland real estate or business law to draft or review such agreements to ensure they fulfill the intended purpose and comply with relevant legal regulations.
Maryland Right of First Refusal Agreement
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How to fill out Maryland Right Of First Refusal Agreement?
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Cancellation of a right of first refusal is called extinguishment. This can happen for two reasons: The right may be declined (the holder passes on the option to purchase) The holder may fail to exercise the right in the allotted time period.
Landlord hereby grants Tenant the on-going option to lease, upon the terms and conditions hereinafter set forth, any then vacant space adjacent to the Premises (the ?First Refusal Space?) during the First Refusal Period (as hereinafter defined).
For example, a commercial tenant may prefer to lease a location; however, he may buy the premises if it meant that he would be evicted if the property sold to a new owner. In such a case, the tenant would negotiate to have a right of first refusal clause incorporated into his lease.
Examples from Collins dictionaries A tenant may have a right of first refusal if a property is offered for sale.
In Baltimore City, before the owner of a single-family residential rental property voluntarily sells or transfers the property to another, the current tenant has the right of first refusal, which is the opportunity to purchase the property on commercially reasonable terms.
Where the right of first refusal exists, a Landlord must, under the Act, first offer the premises to the Qualifying Tenants, before offering it on the open market, or for sale by auction. He must serve formal notices on the Qualifying Tenants. These notices are known as Section 5 Notices.
The right of first refusal granted herein shall terminate (i)with respect to any particular First Refusal Space upon the failure by Tenant to exercise its right of first refusal with respect to the First Refusal Space so offered by Landlord pursuant to the terms of this Section1.
Right of first refusal in real estate is a clause that gives a potential buyer the first opportunity to purchase a piece of property. It's common with, but not limited to, renters looking to buy from their landlords and families prepping for estate inheritances.