New Jersey Right of First Refusal Agreement is a legally-binding contract that grants a party the option to purchase a property or asset before the owner sells it to another party. This agreement aims to protect the rights and interests of the party granted the right of first refusal by giving them priority over any potential buyer. In New Jersey, there are various types of Right of First Refusal Agreements, each serving different purposes and addressing specific situations: 1. Real Estate Right of First Refusal Agreement: This type of agreement is commonly used in the real estate industry. It grants a party, typically a tenant or neighboring property owner, the right to buy a property if the owner decides to sell it. The party with the right of first refusal must be given an opportunity to match any offer received from a third party before the property can be sold to someone else. 2. Artwork Right of First Refusal Agreement: This agreement is often used in the art world when an artist or gallery owner wants to ensure they have the option to repurchase an artwork they previously sold. It allows them to regain ownership if the current owner decides to sell, providing an opportunity to retain or regain valuable pieces. 3. Shareholder Right of First Refusal Agreement: In corporate settings, a shareholder right of first refusal agreement grants existing shareholders the option to purchase additional shares before they are sold to a third party. This helps maintain control and restricts potential dilution of ownership while giving shareholders the first opportunity to increase their stake in the company. 4. Intellectual Property Right of First Refusal Agreement: This type of agreement is relevant in cases where intellectual property rights, such as patents or trademarks, are being considered for sale or licensing. It enables the owner of the intellectual property to retain control by having the first option to repurchase or re-license the rights before they are transferred to others. New Jersey Right of First Refusal Agreements serve as essential protective measures, allowing the designated party to secure their interests and maintain control over the asset. These agreements ensure that before selling, the owner must extend the option to purchase to the party with the right of first refusal, allowing them to match the terms of any competing offer.
New Jersey Right of First Refusal Agreement
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How to fill out New Jersey Right Of First Refusal Agreement?
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FAQ
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.
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.
This Right of First Refusal to Purchase Real Estate is made on this the ____ day of __________,20____ , by and between ______________________, hereinafter referred to as the ?SELLER? and ________________________, and his/her assigns, hereinafter referred to as the ?PURCHASER?.
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).
First right of refusal clause samples Landlord shall issue Tenant its good faith Fair Market Offer describing the available space and the market rate and terms at which such space is being offered and Tenant shall have 30 days from receipt of such written notice to exercise its right of first refusal.
The right of first refusal is a stipulation in the custody agreement that states if one parent cannot be physically present during their custody time, they must notify the other parent and offer to let them take care of the children rather than seeking a babysitter or another relative such as a grandparent.
Right of first refusal (ROFR) is a real estate term that may be worth bookmarking if you're on the market as a buyer ? especially if there's a property you already have your eye on. Simply put, right of first refusal can help a buyer get priority over other potential buyers.