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

Tarrant Texas Clauses Relating to Transfers of Venture interests - including Rights of First Refusal

Name: Tarrant Texas 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:

Tarrant

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

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.

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.

In real estate, right of first refusal is a provision written into a lease or other agreement. It gives a potentially interested partysay, youthe right to buy a property before the seller negotiates any other offers.

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.

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.

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.

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.

A ROFR is considered to favour those shareholders who intend to stay long-term (likely buyers); while a ROFO is seen to favour likely sellers. In a ROFR mechanism, the selling shareholder has to solicit an offer from a third party before offering its shares to the non-selling shareholders.

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.

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Tarrant Texas Clauses Relating to Transfers of Venture interests - including Rights of First Refusal

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What is a first right of refusal clause?

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

What does the right of first refusal clause do when included in a lease agreement in Texas?

What is a buy sell agreement that includes a right of first refusal?

Is right of first refusal a good idea?

What is right of first refusal example?

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What is a right of first refusal agreement?

What's the difference between rofo and ROFR?

What triggers right of first refusal?

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What are Tarrant clauses?

How do Tarrant clauses impact the transfer of venture interests?

What do Tarrant clauses cover in terms of venture interest transfers?

What is a 'right of first refusal' in relation to Tarrant clauses?

Can you explain the concept of 'purchase options' in Tarrant clauses?

What types of restrictions on transfers can Tarrant clauses impose?

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