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Right of First Refusal Clause for Shareholders' Agreement

Suffolk New York Right of First Refusal Clause for Shareholders' Agreement

Name: Suffolk New York Right of First Refusal Clause for Shareholders' Agreement
Brand: US Legal Forms
Rating: 4.68 (364 reviews)

Category:

Corporations - Shareholders and Stock

State:

Multi-State

County:

Suffolk

Control #:

US-01770

Format:

Instant download

Description

This is a model clause for a shareholder's agreement addressing Right of First Refusal. If a shareholder wishes to sell shares, the company will be given notice and has the right to buy the shares during a certain limited time period. Adapt to fit your circumstances.

How to fill out Suffolk New York Right Of First Refusal Clause For Shareholders' Agreement?

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FAQ

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.

Once that is done the ROFR holder has the option of purchasing the property instead or waiving their ROFR and allowing another sale to go through. To get to closing, a title company has to have a signed Waiver of Right of First Refusal document in the file before funding can occur.

By accepting a contingent offer for a particular period, the seller is granting the buyer the first right of refusal. If another buyer wants to purchase the homeand the buyer has not yet sold the homethe seller may ask the buyer to remove the contingency.

The United States District Court for the District of Columbia restated the fundamental principle that in order for a right of first refusal to be enforceable, it must be in writing under the Statute of Frauds.

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.

When a lease contract contains a right of first refusal, the lessor is under a legal duty to the lessee not to sell to anybody at any price until after he has made an offer to sell to the latter at a certain price and the lessee has failed to accept it.

To be enforceable, options and rights of first refusal must usually be in writing, signed, contain an adequate description of the property, and be supported by consideration. They may be included in lease contracts, or they may be drafted as standalone agreements.

Within 30 days after receipt of the Seller's Notice, the Company shall have the right to purchase all or any portion of the shares so offered at the price and on the terms and conditions stated in the Seller's Notice.

There's a time limit built into the typical ROFR agreement, so when the seller does decide to put the property up for sale, the potential buyer needs to be ready to make a quick decision and know whether they can line up the financing. They should be ready to enter into a purchase agreement within a matter of days.

More info

Renter's Rights and Protections. Under New York State Law.§8.7.4 Minority Stockholders in a Close Corporation Need. 4.7. 1 City of Suffolk Right-of-Way Permit Manual . A403 Procedure for redemption of property under Suffolk County Tax Act. When they do so, do such measures tend to bolster or thwart shareholder welfare? The ownership and other interests in the Site are as set out in the First Schedule. Shall not be prepayments made in the first two (2) Payment Years. Except in the case of Sensitive Nuclear Information and subject to Clause 31.

Suffolk New York Right of First Refusal Clause for Shareholders' Agreement

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