Not Every Transfer Triggers a Tenant's Right of First Refusal to Purchase
Apr 7, 2005 | Article
Written by Natalie Vukovich
(Shopping Centre Legal Update, Vol. 25, Issue 1)
A right of first refusal ("ROFR") is an important inducement and a valuable tool for prospective tenants. In essence, it is a right held by a tenant to be the first in line to purchase a property should the landlord choose to sell. The ROFR may be in the form of an agreement whereby the tenant has the first chance to "match" another purchaser's offer, or it may be a stipulation that the tenant has the opportunity to buy a property at a pre-determined and potentially below-market price, but it also allows tenants to protect their investment in the premises.
Read the full article Not Every Transfer Triggers a Tenant's Right of First Refusal