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Clauses Relating to Transfers of Venture interests - including Rights...

Bronx New York Clauses Relating to Transfers of Venture interests - including Rights of First Refusal

Name: Bronx New York Clauses Relating to Transfers of Venture interests - including Rights of First Refusal
Brand: US Legal Forms
Rating: 4.56 (470 reviews)

Category:

Partnerships - Drafting Joint Venture Agreements

State:

Multi-State

County:

Bronx

Control #:

US-P0611-6AM

Format:

Instant download

Description

This form contains sample contract clauses related to Transfers of Venture Interests (Including Rights of First Refusal). Adapt to fit your circumstances. Available in Word format.

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A right of first refusal is a fairly common clause in some business contracts that essentially gives a party the first crack at making an offer on a particular transaction. In real estate terms, the phrase right of first refusal operates similarly.

Right of first refusal (ROFR), also known as first right of refusal, is a contractual right to enter into a business transaction with a person or company before anyone else can. If the party with this right declines to enter into a transaction, the obligor is free to entertain other offers.

People often talk about giving or getting a Right of First Refusal ("ROFR") in real estate transactions. But what is a ROFR? A simple definition might be: If the owner of the property decides to sell the property, then the person holding the ROFR gets the opportunity to buy the property on the same terms first.

Under its terms and conditions, prior to members of the general public being allowed to put in an accepted offer on a residence, the home seller must first make a purchase opportunity available to the person who holds the right of first refusal.

A right of first refusal (ROFR) is an option contract whereby the holder of the right has the future option to purchase property when the owner intends to sell it. The holder of the ROFR has the right to purchase the property prior to any other third party who seeks to purchase it.

The right of first refusal (ROFR) is a contractual right that can impact your business and future opportunities. Simply put, the ROFR gives the holder of the right the option to enter into a transaction before anyone else.

The right of first refusal is usually triggered when a third party offers to buy or lease the property owner's asset. Before the property owner accepts this offer, the property holder (the person with the right of first refusal) must be allowed to buy or lease the asset under the same terms offered by the third party.

Basically, a ROFR clause obligates a seller to contact the rights holder with an option to purchase the property before they can accept an alternate offer from another party on the piece of real estate.

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Section VI: RFP Part 2 Proposal Package – To Be Filled Out By Proposers . Limited partner interests in the Operating Partnership.Loaded with special interest provisions that created winners and losers. Eliot Laurence Spitzer (born June 10, 1959) is an American politician and attorney. United States. Congress. Senate. Committee on Labor and Human Resources.

Bronx New York Clauses Relating to Transfers of Venture interests - including Rights of First Refusal

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