FIRS RIGHT OF REFUSAL Sample Clauses
A First Right of Refusal clause grants a specified party the opportunity to accept or decline an offer before the owner can present it to others. In practice, this means that if the owner wishes to sell an asset or enter into an agreement, they must first offer the terms to the party holding the right, who can then choose to match the offer or let it pass. This clause ensures that the holder has priority in acquiring the asset or entering the agreement, thereby protecting their interests and preventing the owner from bypassing them in favor of third parties.
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FIRS RIGHT OF REFUSAL. The Vendor hereby represents to be the owner of 100% title to the mining concessions title no. 220149 (mining lot “El Camuchin”) and 220148 (mining lot “La Paloma”) geographically adjacent to the Mining Concessions subject matter hereof. The Vendor hereby grants to the Purchaser, and the Purchaser acquires from the Vendor, the first right of refusal to acquire, in first priority, 100% or any lesser portion of title to the referenced mining concessions. In the event of an offer to purchase any portion of the mining concessions described herein made to the Vendor by a third party, the Vendor shall forthwith notify the Purchaser thereon indicating the price offered thereby and it shall grant to the Purchaser a term of thirty days to exercise its first right of refusal granted herein. If the Purchaser desire to exercise its first right of refusal, it shall forthwith notify the Vendor accordingly and both parties shall immediately execute proper transfer agreement in accordance with the terms contained in the notice; if the Purchaser dos not desire to exercise its first right of refusal, it will likewise notify the Vendor accordingly and thereafter the Vendor shall have the right to freely sell its interest in the aforesaid mining concessions, but solely under the terms set out in the notice.