Common Contracts
1 similar null contracts
The Canadian Abridgment eDigests -- Real PropertyAugust 18th, 2014
Debtor was owner of commercial building and leased space to transportation business owned by commercial tenant -- Debtor experienced financial difficulties and sought protection under Bankruptcy and Insolvency Act, and receiver was appointed -- Court authorized tenant to enter into conditional purchase agreement containing clause providing that tenant had right of first refusal -- Numbered company also entered into conditional purchase agreement, which was subject to tenant’s right of first refusal -- Court held that second agreement should be accepted by receiver and that tenant should be given period of ten days to exercise its right of first refusal -- Ten days later, tenant exercised its right of first refusal -- Numbered company brought action for declaration that it was tenant’s intent to purchase building on behalf of corporation to be incorporated and that right of first refusal could only be exercised by tenant, not by corporation to be incorporated -- Action dismissed -- Cond
