The right of first refusal means that if a third party makes an offer, the seller must inform the owner of that sale. The holder then has the right to comply with this offer and acquire the asset. However, keep in mind that the owner may need to offer a better price depending on how the right of first refusal agreement was formulated. Conditions. The duration of the ROFO Space is in accordance with the duration of the Premises (including the extension option provided for in Article 17), provided however that if, at the time of notification of the Owner`s offer or on the scheduled start date, there are less than five (5) full years left or remain within the duration of this Lease, then (1) the Tenant does not have the right to rent the ROFO Space, unless the Tenant exercises the renewal option provided for in Article 17 at the same time as the Tenant gives his notice of response to the offer to the Lessor, and (2) if the period allowed to the Tenant to exercise the extension option has expired without the Tenant exercising it, the Lessor is not obliged to offer the ROFO space to the Tenant and the Tenant does not have the right to: this space for rent. For the purposes of this section, “available for rent” means office space in the immovable that is likely to become or become vacant and that does not constitute an exempt transaction. The right of first offer is most often used for contracts on the real estate market and for the sale and purchase of companies. As a rule, the provision is included in a tenant-owner contract and in companies with business partners and investors. However, the right of first offer is quite fast and involves only one set of offers (either by the offer from the seller to the owner, or by the offer to the seller). If this offer is not accepted, the seller may proceed to the public publication of the sale. (a) Granting of the right of first submission. As long as this Rental Agreement is in full force and effect; no delay has occurred during the twelve (12) month period preceding the date on which a notice of availability defined below would otherwise be transmitted by the Lessor to the Tenant; and there is no delay, whether at the time of exercising the right set forth herein or on the day on which the Option Space, as defined below, is to be part of the Premises, the Tenant has the right of the First Offer (the right to the first offer) to rent any room on the third (3rd) floor of the Building, which is then adjacent to the Premises (the Option Room), if it becomes available, as defined below, on or after the start date and for the duration of the option set out below, subject to all conditions set forth herein.
The Tenant`s right to an initial offer is subject to and subordinate to the right of the existing tenant of all or part of the option space to extend or otherwise extend the term of his lease for this space, whether such right is granted before or after the effective date of this Agreement, and any other rights of other parties; rent all or part of the optional space. if such rights have been granted in writing before the date of entry into force of this Agreement […].