Kings New York Preferential Purchase Right Notice / Waiver Under Operating Agreement

• Category: Oil Gas and Minerals - Waivers
• State: Multi-State
• County: Kings
• Control #: US-OG-565
• Format: Word; Rich Text

Description

This is a form of a Preferential Purchase Right Notice/Waiver Under Operating Agreement. Kings New York Preferential Purchase Right Notice/Waiver Under Operating Agreement is a legal provision included in the operating agreement of King's New York, a real estate company based in New York. This agreement grants certain rights and privileges to the company's members or shareholders regarding the purchase of additional shares or membership interests in the company. The Preferential Purchase Right Notice, also known as a PPN, is a written communication that serves as notice to the existing members of Kings New York of a proposed sale of shares or membership interests by an existing member. This notice provides the existing members with an opportunity to exercise their preferential purchase right. Essentially, it allows them the option to buy these shares or interests before they are offered to any external party. Under this provision, if any member intends to sell their shares or interests, they must first notify the existing members through the Preferential Purchase Right Notice. The notice must detail the terms of the proposed sale, including the purchase price, the number of shares or interests being sold, and any other relevant information. The purpose of this notice is to inform the existing members of the opportunity to purchase these shares or interests and give them a fair chance to acquire them. The Preferential Purchase Right Notice plays an integral role in maintaining the ownership structure and preserving the existing members' interests in Kings New York. It ensures that existing members have the opportunity to maintain or increase their ownership stake in the company before external parties can obtain these shares or interests. Waiver under the Operating Agreement refers to a potential situation where one or more members may choose to waive their preferential purchase rights. This waiver allows the selling member to bypass the requirement of issuing the Preferential Purchase Right Notice and sell their shares or interests directly to external parties. The waiver must be executed in writing and signed by the members who wish to forgo their preferential purchase rights. In summary, the Kings New York Preferential Purchase Right Notice/Waiver Under Operating Agreement is an essential provision that safeguards the interests of existing members by granting them the first opportunity to purchase additional shares or membership interests. Different types or variations of this provision may exist depending on the specific language and terms included in the operating agreement of Kings New York.

Kings New York Preferential Purchase Right Notice/Waiver Under Operating Agreement is a legal provision included in the operating agreement of King's New York, a real estate company based in New York. This agreement grants certain rights and privileges to the company's members or shareholders regarding the purchase of additional shares or membership interests in the company. The Preferential Purchase Right Notice, also known as a PPN, is a written communication that serves as notice to the existing members of Kings New York of a proposed sale of shares or membership interests by an existing member. This notice provides the existing members with an opportunity to exercise their preferential purchase right. Essentially, it allows them the option to buy these shares or interests before they are offered to any external party. Under this provision, if any member intends to sell their shares or interests, they must first notify the existing members through the Preferential Purchase Right Notice. The notice must detail the terms of the proposed sale, including the purchase price, the number of shares or interests being sold, and any other relevant information. The purpose of this notice is to inform the existing members of the opportunity to purchase these shares or interests and give them a fair chance to acquire them. The Preferential Purchase Right Notice plays an integral role in maintaining the ownership structure and preserving the existing members' interests in Kings New York. It ensures that existing members have the opportunity to maintain or increase their ownership stake in the company before external parties can obtain these shares or interests. Waiver under the Operating Agreement refers to a potential situation where one or more members may choose to waive their preferential purchase rights. This waiver allows the selling member to bypass the requirement of issuing the Preferential Purchase Right Notice and sell their shares or interests directly to external parties. The waiver must be executed in writing and signed by the members who wish to forgo their preferential purchase rights. In summary, the Kings New York Preferential Purchase Right Notice/Waiver Under Operating Agreement is an essential provision that safeguards the interests of existing members by granting them the first opportunity to purchase additional shares or membership interests. Different types or variations of this provision may exist depending on the specific language and terms included in the operating agreement of Kings New York.