Exercise or Waiver of First Option Right by ▇▇▇▇▇▇ Clause Samples

Exercise or Waiver of First Option Right by ▇▇▇▇▇▇. 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 each Residential Unit for no more than the maximum purchase price approved by the Trustees, or to identify a purchaser to purchase each such Residential Unit for no more than the maximum purchase price approved by the Trustees. The term “exercise” for purposes of the preceding sentence shall mean that the Lessor has provided notice to Lessee (the “Exercise Notice”) on or before the expiration of the 45-day period, that Lessor is going to purchase the Residential Unit or that Lessor has identified a purchaser 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 each such Residential Unit and thereafter Lessee shall have the right to sell the Property to a Qualified Buyer in accordance with the sale procedures set forth herein in Item (d) below and in the CLT Guidelines. The Lessor’s waiver of its First Option Right with respect to the first sale of each Residential Unit does not waive the terms and conditions of the First Option Right with respect to any subsequent sale of the Residential Unit, which right shall be memorialized in the Ground Lease to be recorded at each sale in the form set forth on Exhibit , attached hereto and incorporated herein. The purchase of the Residential Unit by Lessor or the identified Employee of Lessor 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 and Lessee shall agree. The sale of the Residential Unit to Lessor or the identified Employee of Lessor shall be undertaken by the Lessee in accordance with the procedures for the sale of a Residential Unit set forth in this Lease and the CLT Guidelines, including without limitation, the standard terms for the sales contract.
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Related to Exercise or Waiver of First Option Right by ▇▇▇▇▇▇

  • 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").

  • Termination of Right of First Offer Subject to the following provisions of this Section C, the rights of Tenant hereunder with respect to the Offering Space shall terminate on the earlier to occur of: (i) Tenant’s failure to exercise its Right of First Offer within the seven (7)-day period provided in Section A above; and (iii) the date Landlord would have provided Tenant an ROFO Advice if Tenant had not been in violation of one or more of the conditions set forth in Section A above. If Tenant does not timely exercise its Right of First Offer pursuant to this Section VII, Tenant shall have no further right to lease the Offering Space pursuant to this Section VII, except that (x) before Landlord makes or accepts an offer to lease such Offering Space to a bona fide prospect at an Annual Fixed Rent less than 95% of that set forth in the most recently delivered ROFO Advice or (y) if Landlord has not entered into a lease for such Offering Space within three (3) months after the date (the “Refusal Date”) on which Tenant elects, or is deemed to have elected, not to exercise its right to lease such Offering Space pursuant to the most recently delivered ROFO Advice, then, in either such case, Landlord shall again offer to lease such Offering Space to Tenant pursuant to the provisions of this Section VII, and the terms of this Section VII shall continue to apply to such Offering Space, except that Tenant shall have three (3) Business Days to respond to such offer in the event of a re-offer pursuant to clause (x) above (but Tenant shall have seven (7) days to respond to any re-offer pursuant to clause (y) above). Notwithstanding the foregoing, if, on or before the date that is thirty (30) days after any applicable Refusal Date, Landlord enters into a letter of intent to lease such Offering Space and gives Tenant written notice thereof identifying the other party to such letter of intent (the “Deal Notice”), then Landlord shall have one hundred twenty (120) days after the date of the Deal Notice to enter into a lease with the bona fide prospect identified in the Deal Notice before Tenant’s Right of First Offer with respect to such Offering Space shall re-accrue under clause (y) above (but this shall not affect any potential re-accrual of such right under clause (x) above). After Landlord has leased the Offering Space to a third party in accordance with the provisions of this Section VII, Tenant shall have no further right to lease such Offering Space pursuant to this Section VII.