Cook Illinois Right of First Refusal Clause

• Category: Corporations - Public - Stock Options
• State: Multi-State
• County: Cook
• 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. The Cook Illinois Right of First Refusal Clause is a legal provision that grants Cook County, Illinois, the first opportunity to purchase a property or asset before it can be sold to any other party. This clause is often included in contracts, leases, or agreements to protect the interests of Cook County and ensure fair treatment in property transactions. Under the Cook Illinois Right of First Refusal Clause, if the property owner decides to sell, lease, or transfer the rights to their property, they are required to notify Cook County and offer them the opportunity to purchase the property on the same terms and conditions as offered by any third party. This gives Cook County the advantage of being considered as a potential buyer before the property is made available to the general market. The goal of including a Right of First Refusal Clause is to provide Cook County with the chance to maintain or acquire properties for various purposes, such as land preservation, implementing public projects, or supporting affordable housing initiatives. By exercising this right, Cook County can control the disposition of certain properties and make decisions in the best interest of the community. There are several types of Cook Illinois Right of First Refusal Clauses that may exist, tailored to specific circumstances or property types. These can include: 1. Real Estate Right of First Refusal: This clause applies to real estate properties and ensures that Cook County has the first opportunity to purchase when the owner decides to sell. 2. Land Conservation Right of First Refusal: Designed to protect natural resources and preserve open spaces, this clause grants Cook County the first option to acquire land for conservation purposes. 3. Affordable Housing Right of First Refusal: With the aim of promoting affordable housing, this clause allows Cook County to be the first party considered when a property containing affordable housing units is put up for sale. 4. Development Right of First Refusal: This clause ensures that Cook County has the first opportunity to acquire properties suitable for development projects, such as infrastructure or public facilities. It is important for property owners, buyers, and investors to be aware of the Cook Illinois Right of First Refusal Clause when dealing with property located in Cook County. Compliance with this clause is crucial to avoid potential legal issues or complications that may arise from not fulfilling the obligations outlined in the agreement.

The Cook Illinois Right of First Refusal Clause is a legal provision that grants Cook County, Illinois, the first opportunity to purchase a property or asset before it can be sold to any other party. This clause is often included in contracts, leases, or agreements to protect the interests of Cook County and ensure fair treatment in property transactions. Under the Cook Illinois Right of First Refusal Clause, if the property owner decides to sell, lease, or transfer the rights to their property, they are required to notify Cook County and offer them the opportunity to purchase the property on the same terms and conditions as offered by any third party. This gives Cook County the advantage of being considered as a potential buyer before the property is made available to the general market. The goal of including a Right of First Refusal Clause is to provide Cook County with the chance to maintain or acquire properties for various purposes, such as land preservation, implementing public projects, or supporting affordable housing initiatives. By exercising this right, Cook County can control the disposition of certain properties and make decisions in the best interest of the community. There are several types of Cook Illinois Right of First Refusal Clauses that may exist, tailored to specific circumstances or property types. These can include: 1. Real Estate Right of First Refusal: This clause applies to real estate properties and ensures that Cook County has the first opportunity to purchase when the owner decides to sell. 2. Land Conservation Right of First Refusal: Designed to protect natural resources and preserve open spaces, this clause grants Cook County the first option to acquire land for conservation purposes. 3. Affordable Housing Right of First Refusal: With the aim of promoting affordable housing, this clause allows Cook County to be the first party considered when a property containing affordable housing units is put up for sale. 4. Development Right of First Refusal: This clause ensures that Cook County has the first opportunity to acquire properties suitable for development projects, such as infrastructure or public facilities. It is important for property owners, buyers, and investors to be aware of the Cook Illinois Right of First Refusal Clause when dealing with property located in Cook County. Compliance with this clause is crucial to avoid potential legal issues or complications that may arise from not fulfilling the obligations outlined in the agreement.