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Right of First Refusal 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 gives the tenant a right of first refusal over any sale of the premises by the landlord to a third party.
Type: Contract Clauses
PLI Item #: 60638
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 refusal"

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