Grant of First Offer Right Clause Samples

Grant of First Offer Right. If at any time the City intends to sell the BRE Exchange Land, or any portion thereof, for a purpose not in furtherance of the Convention Center use, then before (a) listing such property with a real estate broker for sale, (b) communicating to any third party the availability of such property for sale, (c) submitting any offer of same to any third party or (d) responding to an unsolicited offer of same submitted by a third party, the City shall notify BRE of such intent in writing. The notification of such intent (the “Offer”) shall include a description of the proposed sales price, the name of the person who submitted the unsolicited offer (if any) and other material economic terms of such proposed sale. Subject to the terms and conditions hereof, BRE shall thereafter have the right (the “First Offer Right”) to accept the Offer at the price and on the terms set forth in the Offer, except that, if BRE exercises the First Offer Right, BRE shall be obligated to close its purchase of the BRE Exchange Land or applicable portion thereof (the “Sale Property”), within ninety (90) days after such exercise and must place cash in an amount equal to two percent (2%) of the proposed sales price in escrow with an escrow holder reasonably acceptable to the City, as an ▇▇▇▇▇▇▇ money deposit (the “Deposit”). To exercise the First Offer Right, BRE must deliver notification to the City (the “Acceptance Notice”) of BRE’s acceptance of the Offer, and must place the Deposit in escrow, within thirty (30) days of its receipt of the Offer.
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Related to Grant of First Offer Right

  • Right of First Offer If Landlord determines during the initial or any renewal term of this Lease in its sole and absolute discretion to sell all of the Premises to a third party (excluding a transfer, sale or conveyance to a parent corporation, controlled subsidiary, affiliate or related entity of Landlord), then, prior to offering the Premises for sale to third parties, Landlord shall notify Tenant of Landlord’s desire to sell the Premises. L▇▇▇▇▇▇▇’s notice shall contain the general terms and conditions upon which Landlord is willing to sell the Premises, however, any such terms and conditions shall serve only as a basis for further negotiations and shall not be binding on either party unless and until incorporated into a formal written purchase agreement duly executed and acknowledged by Landlord and T▇▇▇▇▇. Tenant shall have fifteen (15) days following the date of such notice within which to notify Landlord of Tenant’s desire to purchase the Premises. If Tenant thus timely notifies Landlord of Tenant’s desire to purchase the Premises, then the parties shall have thirty (30) days following the date of Landlord’s original notice to Tenant within which to attempt to negotiate mutually acceptable terms and conditions for the sale of the Premises to Tenant and to enter into a binding written purchase agreement for the Premises. If Landlord and Tenant fail to thus enter into a written purchase agreement within said thirty (30) day period, or if Tenant fails to timely notify Landlord of Tenant’s desire to purchase the Premises within the fifteen (15) day period, then this right of first offer shall thereupon expire and be of no further force and effect. This right of first offer shall not survive a sale of the Premises to a third party and shall not survive expiration or termination of this Lease. This provision shall not apply to any lender who is not an owner or affiliate of Landlord who accepts a deed to the Premises from Landlord in lieu of foreclosure or to any sale in foreclosure of said lender’s mortgage or exercise of a power of sale by a trustee under a deed of trust in which said lender is beneficiary.

  • 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.