Chicago Illinois Right of First Refusal Clause

• Category: Corporations - Public - Stock Options
• State: Multi-State
• City: Chicago
• Control #: US-CC-18-360B
• Format: Word; Rich Text

Description

This sample form, a detailed Right of First Refusal document, is a model for use in corporate matters. The language is easily adapted to fit your specific circumstances. Available in several standard formats. Chicago Illinois Right of First Refusal Clause is a legal provision that grants a party the privilege to purchase a property or lease before the owner entertains offers from other potential buyers or tenants. This clause ensures that the party, often an existing tenant or an adjacent property owner, is given an opportunity to match or better any offer made by a third party. The purpose of this clause is to protect the interests of the party entitled to the Right of First Refusal and maintain stability within the property ownership or tenancy in Chicago, Illinois. In Chicago, there are no specific types of Right of First Refusal Clauses that only exist in this city. However, the clause can be included in different types of legal agreements, such as: 1. Real Estate Purchase Agreements: When a property owner intends to sell their property, they may include a Right of First Refusal Clause in the purchase agreement. This gives a tenant or another interested party the right to purchase the property before the owner accepts offers from third parties. 2. Commercial Lease Agreements: In commercial leasing agreements, landlords might include a Right of First Refusal Clause, granting the tenant the first opportunity to lease any additional space within the building or adjacent properties. This ensures that the tenant has the option to expand their business without the risk of losing out to a third-party tenant. 3. Condominium Association Agreements: Within Chicago's condominium associations, a Right of First Refusal Clause may be included in the association bylaws. This gives the existing unit owners the right to match or exceed the terms of an offer made by a potential buyer interested in purchasing a unit within the same association. This way, the existing unit owners can maintain a sense of control over who becomes their new neighbor. 4. Co-Ownership or Joint Venture Agreements: Parties entering into joint ownership or co-venture agreements may include a Right of First Refusal Clause to provide mutual protection. This clause ensures that if one party intends to sell their interest in the property, the other party has the opportunity to purchase that interest before any outside offers are entertained. In conclusion, the Chicago Illinois Right of First Refusal Clause is a legal mechanism that confers the option to purchase or lease a property before third parties in various agreements concerning real estate, commercial leases, condominium associations, and co-ownership or joint venture agreements.

Chicago Illinois Right of First Refusal Clause is a legal provision that grants a party the privilege to purchase a property or lease before the owner entertains offers from other potential buyers or tenants. This clause ensures that the party, often an existing tenant or an adjacent property owner, is given an opportunity to match or better any offer made by a third party. The purpose of this clause is to protect the interests of the party entitled to the Right of First Refusal and maintain stability within the property ownership or tenancy in Chicago, Illinois. In Chicago, there are no specific types of Right of First Refusal Clauses that only exist in this city. However, the clause can be included in different types of legal agreements, such as: 1. Real Estate Purchase Agreements: When a property owner intends to sell their property, they may include a Right of First Refusal Clause in the purchase agreement. This gives a tenant or another interested party the right to purchase the property before the owner accepts offers from third parties. 2. Commercial Lease Agreements: In commercial leasing agreements, landlords might include a Right of First Refusal Clause, granting the tenant the first opportunity to lease any additional space within the building or adjacent properties. This ensures that the tenant has the option to expand their business without the risk of losing out to a third-party tenant. 3. Condominium Association Agreements: Within Chicago's condominium associations, a Right of First Refusal Clause may be included in the association bylaws. This gives the existing unit owners the right to match or exceed the terms of an offer made by a potential buyer interested in purchasing a unit within the same association. This way, the existing unit owners can maintain a sense of control over who becomes their new neighbor. 4. Co-Ownership or Joint Venture Agreements: Parties entering into joint ownership or co-venture agreements may include a Right of First Refusal Clause to provide mutual protection. This clause ensures that if one party intends to sell their interest in the property, the other party has the opportunity to purchase that interest before any outside offers are entertained. In conclusion, the Chicago Illinois Right of First Refusal Clause is a legal mechanism that confers the option to purchase or lease a property before third parties in various agreements concerning real estate, commercial leases, condominium associations, and co-ownership or joint venture agreements.