This is a "Right of First Refusal and Co-Sale Agreement." It is entered into by the corporation and the purchasers of preferred stock. It gives the company and the purchasers of preferred stock certain rights of refusal and options upon the transfer of stock.
A Broward Florida Right of First Refusal and Co-Sale Agreement is a legal document that outlines the rights and obligations of parties involved in a real estate or business transaction. This agreement is specifically designed to protect the interests of parties in Broward County, Florida, by granting them the right to purchase or sell an asset before it is offered to third parties. The Right of First Refusal (ROAR) clause within this agreement ensures that if the owner of a property or business entity decides to sell or transfer their ownership interest, they must first provide the opportunity for the other party to exercise their right to purchase the asset on the same terms and conditions as offered by a third party. This provision gives the non-selling party the exclusive power to match the proposed offer, effectively allowing them to retain their investment in the property or business and maintain control. In Broward County, Florida, there are different types of Right of First Refusal and Co-Sale Agreements based on the specific situation and parties involved: 1. Real Estate Right of First Refusal Agreement: This type of agreement is commonly used in Broward County's real estate market. It grants a tenant, neighbor, or an interested party the first opportunity to purchase a property when the owner decides to sell. 2. Business Co-Sale Agreement: This agreement is typically utilized in the context of a business partnership or investment. It ensures that if one partner or investor receives an offer from a third party to sell their ownership interest or shares, the other parties involved have the right to sell their interests on the same terms and conditions. This provision aims to protect the existing shareholders' investment and ensure an equal opportunity for all stakeholders to participate in a sale. Both the Right of First Refusal and Co-Sale Agreement are essential legal tools in Broward County, Florida, as they promote fairness, transparency, and protect the interests of parties involved in various transactions. It is crucial to consult with a legal professional experienced in Broward County real estate and business law to draft and negotiate this agreement accurately, ensuring its enforceability in case of any disputes or transactional changes.
