Michigan Notice by Lessee to Lessor of Exercise of Right of First Refusal

• Category: Landlord Tenant - Right of Refusal
• State: Multi-State
• Control #: US-0319BG
• Format: Word; Rich Text

Description

This form is a notice by lessee to lessor of exercise of right of first refusal. If a lessee of property holds a right of first refusal, the lessee may elect to exercise it upon giving notice of the exercise of such right. The Michigan Notice by Lessee to Lessor of Exercise of Right of First Refusal is a legal document that allows a tenant (lessee) to formally notify their landlord (lessor) of their intention to exercise their right of first refusal. This right grants the tenant the option to match any offer made by a third party to purchase or lease the property before the lessor can sell or lease it to someone else. In Michigan, there may be different types of notice by lessee to lessor of exercise of the right of first refusal, including: 1. Residential Right of First Refusal: This applies to residential properties, such as houses, apartments, or condominiums, where the tenant wishes to exercise their right to purchase the unit they currently reside in. 2. Commercial Right of First Refusal: This type of notice is used in commercial real estate, including office spaces, retail stores, or industrial properties. It allows the tenant to express their intention to match any offer made by a third party to lease or purchase the leased premises. When drafting a Michigan Notice by Lessee to Lessor of Exercise of Right of First Refusal, it is important to include key information to ensure its validity: 1. Tenant Information: Provide the full legal name of the tenant, including any co-tenants or authorized representatives involved in the process. Include the address and contact information for effective communication. 2. Lessor Information: Include the full legal name of the landlord or lessor, as well as their address and contact details. 3. Property Details: Provide a clear description of the property subject to the right of first refusal, including the property address, unit number (if applicable), and any other relevant details that uniquely identify the premises. 4. Third-Party Offer: If applicable, include the key terms and conditions of the third-party offer that triggered the tenant's exercise of the right of first refusal. These details may include the purchase/lease price, duration of the lease, or any other significant terms. 5. Intent and Acceptance: Clearly state the tenant's intention to exercise their right of first refusal and their willingness to match the terms of the third-party offer. This section should also emphasize the importance of the tenant's rights under Michigan law. 6. Signature and Date: The notice should conclude with the tenant's signature, confirming their agreement to exercise the right of first refusal. It should also include the date of the notice to establish a timeline for the lessor to respond. It is crucial to consult with a legal professional when drafting or utilizing a Michigan Notice by Lessee to Lessor of Exercise of Right of First Refusal to ensure compliance with state laws and regulations.

The Michigan Notice by Lessee to Lessor of Exercise of Right of First Refusal is a legal document that allows a tenant (lessee) to formally notify their landlord (lessor) of their intention to exercise their right of first refusal. This right grants the tenant the option to match any offer made by a third party to purchase or lease the property before the lessor can sell or lease it to someone else. In Michigan, there may be different types of notice by lessee to lessor of exercise of the right of first refusal, including: 1. Residential Right of First Refusal: This applies to residential properties, such as houses, apartments, or condominiums, where the tenant wishes to exercise their right to purchase the unit they currently reside in. 2. Commercial Right of First Refusal: This type of notice is used in commercial real estate, including office spaces, retail stores, or industrial properties. It allows the tenant to express their intention to match any offer made by a third party to lease or purchase the leased premises. When drafting a Michigan Notice by Lessee to Lessor of Exercise of Right of First Refusal, it is important to include key information to ensure its validity: 1. Tenant Information: Provide the full legal name of the tenant, including any co-tenants or authorized representatives involved in the process. Include the address and contact information for effective communication. 2. Lessor Information: Include the full legal name of the landlord or lessor, as well as their address and contact details. 3. Property Details: Provide a clear description of the property subject to the right of first refusal, including the property address, unit number (if applicable), and any other relevant details that uniquely identify the premises. 4. Third-Party Offer: If applicable, include the key terms and conditions of the third-party offer that triggered the tenant's exercise of the right of first refusal. These details may include the purchase/lease price, duration of the lease, or any other significant terms. 5. Intent and Acceptance: Clearly state the tenant's intention to exercise their right of first refusal and their willingness to match the terms of the third-party offer. This section should also emphasize the importance of the tenant's rights under Michigan law. 6. Signature and Date: The notice should conclude with the tenant's signature, confirming their agreement to exercise the right of first refusal. It should also include the date of the notice to establish a timeline for the lessor to respond. It is crucial to consult with a legal professional when drafting or utilizing a Michigan Notice by Lessee to Lessor of Exercise of Right of First Refusal to ensure compliance with state laws and regulations.