The New York Right of First Refusal Agreement is a legal document that outlines provisions and conditions for a party to have the first opportunity to purchase or lease a property before it is sold or leased to any other party. This agreement is applicable to real estate transactions within the state of New York. The purpose of this agreement is to protect the rights and interests of the party granted the right of first refusal. It ensures that they have the option to match the terms and conditions of an offer made by a third party and is commonly used in situations where there is a co-ownership or partnership agreement. There are various types of New York Right of First Refusal Agreements, which include: 1. Real Estate Right of First Refusal Agreement: This type of agreement is commonly used in residential, commercial, or industrial property transactions. It grants a specific individual or entity the priority to purchase the property when the owner decides to sell. 2. Lease Right of First Refusal Agreement: This agreement is relevant in leasing scenarios, where the tenant may have the opportunity to lease additional space or renew their lease before the landlord offers it to other prospective tenants. 3. Partnership or Co-Ownership Right of First Refusal Agreement: In cases where multiple parties jointly own a property or business, this type of agreement allows one party to have the initial chance to acquire the share or interest of another party who wishes to sell or transfer their ownership. It helps maintain the existing ownership structure and prevents unwanted third-party involvement. 4. Shareholder Right of First Refusal Agreement: This agreement is specific to corporations and grants existing shareholders the first opportunity to purchase available shares in the event of a shareholder wanting to sell or transfer their shares. It is frequently utilized to control ownership within closely held corporations. 5. Intellectual Property Right of First Refusal Agreement: In cases involving copyrighted material, patents, or trademarks, this agreement grants a designated individual or entity the priority to acquire the rights to the intellectual property before it is sold or licensed to any other party. The New York Right of First Refusal Agreement provides a legal framework that enables parties to exercise their preemptive rights, protecting their interests and maintaining control over their property or assets. It is crucial to consult with an experienced real estate attorney to draft or review such agreements to ensure they comply with New York state laws and meet the specific needs of the involved parties.
New York Right of First Refusal Agreement
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How to fill out New York Right Of First Refusal Agreement?
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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.
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).
Basically, an ROFR clause obligates a seller to contact the rights holder with an option to purchase the property before they can accept an alternate third-party offer on the piece of real property.
Examples from Collins dictionaries A tenant may have a right of first refusal if a property is offered for sale.
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.
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.
A right of first refusal allows a condo board to have some controlling power over selling a unit in the building. This means the condo board can deny your pending sales agreement with a buyer. The board can purchase your unit at the same price the home buyer, and you have settled on.
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.