Suffolk New York Right of First Refusal Clause

• Category: Corporations - Public - Stock Options
• State: Multi-State
• County: Suffolk
• 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 Suffolk New York Right of First Refusal Clause is a legal provision that grants a party the first opportunity to purchase or lease a property or asset before the owner can sell or lease it to someone else. This clause is commonly included in contracts and agreements to protect the interests of the party given the right of first refusal. A Right of First Refusal (ROAR) Clause in Suffolk, New York, ensures that if an owner decides to sell or lease their property, they must first notify the holder of the ROAR. The holder then has the option to match or exceed the terms offered by a third party, allowing them to acquire the property instead. The purpose of this clause is to prevent the owner from selling or leasing the property without giving the holder the opportunity to make a competitive offer. There are several types of Right of First Refusal Clauses that may exist in Suffolk, New York, depending on the specific situation and the preferences of the parties involved. Some common types include: 1. Right of First Refusal to Purchase: This type of clause grants the holder the option to purchase the property at the same price and terms offered by a third-party buyer. The owner cannot complete the sale until the holder either exercises or waives their right. 2. Right of First Refusal to Lease: This clause applies to leasing agreements and allows the holder to lease the property before the owner can lease it to another party. The holder has the right to match or improve the leasing terms offered by a third-party tenant. 3. Right of First Offer: Similar to a ROAR, a Right of First Offer (ROFL) gives the holder the first opportunity to make an offer on the property before the owner considers other offers. However, the owner is not obligated to accept the offer, and the holder does not have a right to match the terms of any third-party offer. 4. Right of First Negotiation: This clause gives the holder the exclusive right to negotiate with the owner before the property is offered to other potential buyers. It provides the holder with an advantage by allowing them to discuss the terms and conditions of a potential sale before anyone else. The Suffolk New York Right of First Refusal Clause is an important tool for protecting the rights and interests of parties involved in property transactions. By granting the holder the first opportunity to purchase or lease the property, it ensures fairness and transparency in the process.

The Suffolk New York Right of First Refusal Clause is a legal provision that grants a party the first opportunity to purchase or lease a property or asset before the owner can sell or lease it to someone else. This clause is commonly included in contracts and agreements to protect the interests of the party given the right of first refusal. A Right of First Refusal (ROAR) Clause in Suffolk, New York, ensures that if an owner decides to sell or lease their property, they must first notify the holder of the ROAR. The holder then has the option to match or exceed the terms offered by a third party, allowing them to acquire the property instead. The purpose of this clause is to prevent the owner from selling or leasing the property without giving the holder the opportunity to make a competitive offer. There are several types of Right of First Refusal Clauses that may exist in Suffolk, New York, depending on the specific situation and the preferences of the parties involved. Some common types include: 1. Right of First Refusal to Purchase: This type of clause grants the holder the option to purchase the property at the same price and terms offered by a third-party buyer. The owner cannot complete the sale until the holder either exercises or waives their right. 2. Right of First Refusal to Lease: This clause applies to leasing agreements and allows the holder to lease the property before the owner can lease it to another party. The holder has the right to match or improve the leasing terms offered by a third-party tenant. 3. Right of First Offer: Similar to a ROAR, a Right of First Offer (ROFL) gives the holder the first opportunity to make an offer on the property before the owner considers other offers. However, the owner is not obligated to accept the offer, and the holder does not have a right to match the terms of any third-party offer. 4. Right of First Negotiation: This clause gives the holder the exclusive right to negotiate with the owner before the property is offered to other potential buyers. It provides the holder with an advantage by allowing them to discuss the terms and conditions of a potential sale before anyone else. The Suffolk New York Right of First Refusal Clause is an important tool for protecting the rights and interests of parties involved in property transactions. By granting the holder the first opportunity to purchase or lease the property, it ensures fairness and transparency in the process.