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'I Thought I'd Seen It All with Rights of First Refusal, But I Was Mistaken'

By Marisa L. Byram
October 02, 2017

This article shares an actual recent dispute in which a landlord claimed there was a mutual mistake in the material terms of a right of first refusal after the proper exercise of such right and acceptance of such material terms by its tenant.

Background

Earlier this year, a client (“Tenant”) called our office asking for assistance in connection with a right of first refusal on certain property it leased. Tenant's lease included the following customary language:

Tenant shall have the pre-emptive right during the term of this Lease to purchase said premises on the same terms and conditions as those of any bona fide offer received by and acceptable to Landlord, and Landlord, before making any sale or any agreement to sell, shall notify Tenant in writing of the amount of the proposed purchase price, a copy of the purchase contract and all other terms and conditions of such offer.

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