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Right of First Offer to Buy Premises

Book Publication Date: Nov 2013
Description: During the course of a commercial lease the landlord may wish to sell the premises to a third party. However, the tenant may want to purchase the premises themselves rather than get a new landlord. This sample clause provides that in the event the landlord wishes to put the premises on the market they will first offer the tenant the option to purchase.
Type: Contract Clauses
PLI Item #: 60637
Practice Area: Commercial leases, Real estate, Real estate leasing

Keywords: "real estate"; "commercial real estate" landlord; tenant; lease; "purchase option"; "option to purchase"; "option period"; "tenant notice"; "purchase price"; "as is"; "rent commencement date"; "right of first offer"

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