This form is used by Owner to serve as notice that any proposed assignment by another owner of its interest in the Leases will be made subject to the terms of the Operating Agreement and that Owner intends to exercise the preferential purchase right provided in the Operating Agreement.
In West Virginia, the Notice of Election to Exercise Preferential Purchase Rights Provided in Operating Agreement is an essential document that outlines the process for existing members of a limited liability company (LLC) to exercise their rights to purchase ownership interests from other members who intend to sell or transfer their shares. This notice is governed by the West Virginia Code, specifically Sections 31B-5-502 and 31B-5-503. This Notice of Election serves as a formal communication to the selling member and the LLC, indicating the intent of the exercising member to utilize their preferential purchase rights and acquire the ownership interest being made available. This legal agreement protects the rights and interests of existing members in the LLC and promotes stability within the organization. The West Virginia Notice of Election to Exercise Preferential Purchase Rights Provided in Operating Agreement may vary depending on the specific circumstances of the LLC. Common types may include: 1. Individual Member's Notice: This type of notice is submitted by an individual member of the LLC, exercising their preferential purchase rights to acquire the ownership interest being offered for sale. It includes the member's contact information, details of the purchase, and any required supporting documentation. 2. Group Member's Notice: In cases where multiple members, acting together as a group, wish to exercise their preferential purchase rights, a Group Member's Notice is utilized. This notice lists all participating members, along with their respective ownership percentages and the total combined ownership interest they intend to acquire. 3. Fulfillment of Offering Notice: Once the preferential purchase rights have been exercised by the members, the Fulfillment of Offering Notice is issued to the selling member. This notice confirms that the members have deposited the necessary funds or provided the required financing arrangements to complete the purchase transaction. 4. Withdrawal of Notice: If a member decides to withdraw their initial Notice of Election to Exercise Preferential Purchase Rights, they can issue a Withdrawal of Notice. This document revokes their earlier notice and indicates their decision not to proceed with the purchase. It is crucial for all parties involved in an LLC in West Virginia to fully understand the procedures and requirements set forth in the Operating Agreement and the West Virginia Code governing preferential purchase rights. Seeking legal counsel or professional assistance is strongly advised to ensure compliance and protect the interests of all members involved.In West Virginia, the Notice of Election to Exercise Preferential Purchase Rights Provided in Operating Agreement is an essential document that outlines the process for existing members of a limited liability company (LLC) to exercise their rights to purchase ownership interests from other members who intend to sell or transfer their shares. This notice is governed by the West Virginia Code, specifically Sections 31B-5-502 and 31B-5-503. This Notice of Election serves as a formal communication to the selling member and the LLC, indicating the intent of the exercising member to utilize their preferential purchase rights and acquire the ownership interest being made available. This legal agreement protects the rights and interests of existing members in the LLC and promotes stability within the organization. The West Virginia Notice of Election to Exercise Preferential Purchase Rights Provided in Operating Agreement may vary depending on the specific circumstances of the LLC. Common types may include: 1. Individual Member's Notice: This type of notice is submitted by an individual member of the LLC, exercising their preferential purchase rights to acquire the ownership interest being offered for sale. It includes the member's contact information, details of the purchase, and any required supporting documentation. 2. Group Member's Notice: In cases where multiple members, acting together as a group, wish to exercise their preferential purchase rights, a Group Member's Notice is utilized. This notice lists all participating members, along with their respective ownership percentages and the total combined ownership interest they intend to acquire. 3. Fulfillment of Offering Notice: Once the preferential purchase rights have been exercised by the members, the Fulfillment of Offering Notice is issued to the selling member. This notice confirms that the members have deposited the necessary funds or provided the required financing arrangements to complete the purchase transaction. 4. Withdrawal of Notice: If a member decides to withdraw their initial Notice of Election to Exercise Preferential Purchase Rights, they can issue a Withdrawal of Notice. This document revokes their earlier notice and indicates their decision not to proceed with the purchase. It is crucial for all parties involved in an LLC in West Virginia to fully understand the procedures and requirements set forth in the Operating Agreement and the West Virginia Code governing preferential purchase rights. Seeking legal counsel or professional assistance is strongly advised to ensure compliance and protect the interests of all members involved.
