First Option Right Sample Clauses
A First Option Right clause grants a specified party the initial opportunity to purchase or acquire an asset, property, or interest before the owner can offer it to others. In practice, if the owner decides to sell, they must first present the terms to the holder of the first option, who can then choose to accept or decline the offer. This clause ensures the holder has priority in acquiring the asset, thereby protecting their interests and preventing the owner from selling to third parties without first giving them a chance.
First Option Right. In consideration of Lessor contributing the leased land at no cost to Lessee and in consideration of the foregoing recitals and good and other adequate consideration, the receipt and sufficiency of which are hereby acknowledged and confirmed, Lessor hereby reserves for itself, and its successors and assigns, a First Option Right to either purchase the Residential Unit or to identify an Employee of Lessor (as defined in Section 5.1(A)) to purchase the Residential Unit subject to the foregoing terms and conditions (the “First Option Right”), as follows:
First Option Right. In consideration of Lessor leasing the Schwabacher Property to Lessee and in consideration of the foregoing recitals and good and other adequate consideration, the receipt and sufficiency of which are hereby acknowledged and confirmed, Lessor hereby reserves for itself, and its successors and assigns, a First Option Right to either purchase each Residential Unit or to identify a purchaser to purchase the Residential Unit subject to the following terms and conditions (the “First Option Right”):