Common use of RIGHT OF FIRST REFUSALS Clause in Contracts

RIGHT OF FIRST REFUSALS. Buyer and Seller acknowledge that Seller has advised Buyer that certain Leases contain a right of first refusal to purchase a Project, as more specifically identified on Exhibit R attached hereto (“Refusal Property”). Upon the expiration of each refusal period or written confirmation that such Tenant does not intend to exercise its right of first refusal to purchase its respective Project, Seller agrees to immediately notify Buyer, in writing, if any of the Tenants of the Refusal Property timely exercises its right to purchase its respective Project. If any Tenant timely exercises its right of refusal, then the relevant Refusal Property shall be deleted from this Agreement, whereupon the Purchase Price for the developed Property shall be reduced by an amount equal to the release price for such Refusal Property as set forth in Exhibit R; and (ii) Seller shall reimburse Buyer, within ten (10) days after written demand therefor, for all of the reasonable, documented third-party costs and expenses that Buyer incurred in order to perform its due diligence investigations at, to, in and about each Refusal Property that has been excluded from this Agreement in an amount not to exceed *** per individual Refusal Property. Such reimbursement obligation shall survive the Closing.