Common use of RIGHT OF FIRST REFUSAL IN LIEU OF OPTION Clause in Contracts

RIGHT OF FIRST REFUSAL IN LIEU OF OPTION. In the event any of the option provisions set forth herein shall, for any reason, become unenforceable, the Lessor shall nevertheless have a right of first refusal to purchase the Residential Unit at the highest documented bona fide purchase price offer made to the Lessee. If the Lessor does not execute the Right of First Refusal, CLT shall nevertheless have a right of refusal to purchase the Residential Unit at the highest documented bonafide purchase price offer made to Lessee. Such right shall be as specified in Exhibit I: RIGHT OF FIRST REFUSAL. Any sale or transfer contrary to this Section, when applicable, shall be null and void.

RIGHT OF FIRST REFUSAL IN LIEU OF OPTION. In the event any of the option provisions set forth herein shall, for any reason, become unenforceable, the Lessor shall nevertheless have a right of first refusal to purchase the Residential Unit at the highest documented bona fide purchase price offer made to the Lessee. If the Lessor does not execute the Right of First Refusal, CLT shall nevertheless have a right of refusal to purchase the Residential Unit at the highest documented bonafide bona fide purchase price offer made to Lessee. Such right shall be as specified in Exhibit IH: RIGHT OF FIRST REFUSAL. Any sale or transfer contrary to this Section, when applicable, shall be null and void.