Exercise or Waiver of First Option Right by Lessor Clause Samples

Exercise or Waiver of First Option Right by Lessor. Lessor shall have 45 days from the receipt of the Option Notice to exercise its First Option Right to either exercise its option to purchase the Residential Unit or to identify an Employee of Lessor(as defined in Section 5.1(A)) to purchase the Residential Unit. The term “exercise” for purposes of the preceding sentence shall mean that the Lessor has provided notice to CLT (the “Exercise Notice”) on or before the expiration of the 45-day period, that Lessor is going to purchase the Property or that Lessor has identified an Employee of Lessor (as defined in Section 5.1(A)) to purchase of the Residential Unit. If the Lessor does not exercise the First Option Right within such foregoing applicable period, or otherwise fails to respond within such period, then Lessor shall automatically be deemed to have waived its First Option Right only with respect to such sale and the owner of the Residential Unit and CLT shall have the right to sell the Property to a Qualified Buyer in accordance with the sale procedures set forth herein in (b) below and in the Guidelines. The Lessor’s waiver of its First Option Right with respect to this sale does not waive the terms and conditions of the First Option Right with respect to any subsequent sale of the Residential Unit. The purchase of the Residential Unit by Lessor or the identified Employee of Lessor (as defined in Section 5.1(A)) shall be completed within 60 days of the delivery of the Exercise Notice, or within such other period as the Lessor, the owner of the Residential Unit, the Employee of Lessor (as defined in Section 5.1(A)) and CLT shall agree. The sale of the Residential Unit to Lessor or the identified Employee of Lessor shall be undertaken by the owner and CLT in accordance with the procedures for the sale of a Residential Unit set forth in this Lease and the Guidelines, including without limitation which procedures may include, without limitation: the payment of the Transfer Fee by such Owner to CLT for such facilitation, the amount of which shall be designated in the Guidelines not to exceed 1% of the Maximum Resale Price; and standard terms for the sales contract.
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Related to Exercise or Waiver of First Option Right by Lessor

  • Exercise of Right of First Refusal At any time within thirty (30) days after receipt of the Notice, the Company and/or its assignee(s) may, by giving written notice to the Holder, elect to purchase all, but not less than all, of the Shares proposed to be transferred to any one or more of the Proposed Transferees, at the purchase price determined in accordance with subsection (c) below.

  • Waiver of Right of First Refusal The Company hereby waives any preexisting rights of first refusal applicable to the transactions contemplated hereby.

  • Termination of Right of First Refusal The Right of First Refusal shall terminate as to any Shares upon the earlier of (i) the first sale of Common Stock of the Company to the general public, or (ii) a Change in Control in which the successor corporation has equity securities that are publicly traded.

  • Grant of Right of First Refusal Except as provided in Section 12.7 below, in the event the Optionee, the Optionee's legal representative, or other holder of shares acquired upon exercise of the Option proposes to sell, exchange, transfer, pledge, or otherwise dispose of any Vested Shares (the "TRANSFER SHARES") to any person or entity, including, without limitation, any shareholder of the Participating Company Group, the Company shall have the right to repurchase the Transfer Shares under the terms and subject to the conditions set forth in this Section 12 (the "RIGHT OF FIRST REFUSAL").

  • Assignment of Right of First Refusal The Company shall have the right to assign the Right of First Refusal at any time, whether or not there has been an attempted transfer, to one or more persons as may be selected by the Company.