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

Hillsborough Florida Clauses Relating to Transfers of Venture interests - including Rights of First Refusal

Name: Hillsborough Florida 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:

Hillsborough

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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How to fill out Hillsborough Florida Clauses Relating To Transfers Of Venture Interests - Including Rights Of First Refusal?

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The United States District Court for the District of Columbia restated the fundamental principle that in order for a right of first refusal to be enforceable, it must be in writing under the Statute of Frauds.

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.

For example, a commercial tenant may prefer to lease a location; however, he may buy the premises if it meant that he would be evicted if the property sold to a new owner. In such a case, the tenant would negotiate to have a right of first refusal clause incorporated into his lease.

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.

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 in a particular transaction. In real estate terms, the phrase right of first refusal operates similarly.

Phrase. If someone has first refusal on something that is being sold or offered, they have the right to decide whether or not to buy it or take it before it is offered to anyone else. A tenant may have a right of first refusal if a property is offered for sale.

What Is the Difference Between Right of First Offer and Right of First Refusal? A right of first offer gives the holder the right to submit the first bid on the potential sale of a property. A right of first refusal gives the holder the right to match or refuse to match an offer that has been made to a seller.

In a buyer's market, when homes are plentiful and prices are low, right-of-first-refusal agreements can directly benefit sellers. Since this agreement is drafted before the home hits the market, the homeowner might be able to persuade the original interested party to pay more than the home's current value.

Once that is done the ROFR holder has the option of purchasing the property instead or waiving their ROFR and allowing another sale to go through. To get to closing, a title company has to have a signed Waiver of Right of First Refusal document in the file before funding can occur.

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The use of a Brand Name is in the County's best interest. Modified to improve clarity with regard to financial activities.The term includes health-care-insurance receivables. ELECTORATE. All Hillsborough County registered voters. SALARY. Clause includes employment relationships. Relationships with Related Persons. 55. 3.23. Brokers or Finders. 55. 3.24. Have been prepared in accordance with accounting principles generally accepted in the United States of America. Such principles were applied on a basis. Additional time may be provided later in the agenda.

Hillsborough Florida Clauses Relating to Transfers of Venture interests - including Rights of First Refusal

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How to fill out Hillsborough Florida Clauses Relating To Transfers Of Venture Interests - Including Rights Of First Refusal?

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Can a right of first refusal be verbal?

What is first right of refusal in business?

What is right of first refusal example?

What triggers a right of first refusal?

What is a first right of refusal clause?

What does getting first refusal mean?

What triggers right of first refusal?

What is the difference between right of first offer and right of first refusal?

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Interesting Questions

What are Hillsborough Clauses Relating to Transfers of Venture interests?

What is a Right of First Refusal?

How does a Right of First Refusal work?

Why are Hillsborough Clauses important in venture interest transfers?

What happens if a party with a Right of First Refusal declines to purchase the venture interest?

Can the Right of First Refusal be waived?

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