Right Of First Refusal Clause In Lease Agreement Template

Landlord hereby grants to tenant vcg a first right of refusal to purchase the property during the term and any extensions of this lease agreement. See discussion for distinction between first offer and first refusal. Typically right of first refusal is used in share purchase and share acquisition agreements.

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Free Commercial Rental Lease Agreement Templates Pdf

Example Of A Residential Lease With An Option To Purchase

Right Of First Refusal Clause For Shareholder Agreement

The landlord shall notify the tenant of the availability of said premises and the tenant shall have five 5 business days to inform the landlord of their desire to lease the premises.

Right of first refusal clause in lease agreement template. The lessee shall pay to the lessor a late payment charge equal to five percent 5 of any amount due and owing for any rental payment not paid. The right of first offer or right of first refusal clause provides that in the event that the landlord opts to sell the premises or lease an additional specified space the tenant must be given the opportunity to purchase or lease the space. Landlord hereby grants to tenant vcg a first right of refusal to purchase the property during the term and any extensions of this lease agreement. The tenant shall have a right of first offer to lease any premises that becomes available on the 2 nd floor of the building.

This means that if a landlord decides to list the property for sale they will have to accept the tenants reasonable offer if the tenant decides to make one. A right of first refusal can cover almost any sort of asset including real estate personal property a patent license a screenplay or an interest in a business. Such right of first refusal shall be exercisable by tenant only if no event of default by tenant under this lease then exists and is continuing beyond the expiration of any notice and cure periods applicable thereto under the lease as of the date of submission of the offer as defined below by landlord to tenant. First right of refusal.

The right of the first refusal lease clause or addendum is a legally binding document that gives a tenant the first right to purchase a property if it goes up on the market. Due on or before the first 1st day of each month of the term of this lease with the first monthly rental payment due on the commencement date of this lease.