Right of First Refusal to Purchase (Commercial Lease) (Pro-Tenant)
A Standard Clause for use in a commercial lease where the landlord grants the tenant a right of first refusal (ROFR) to purchase the real property where the leased premises are located. A ROFR is a type of preemptive right and generally favors the tenant. This clause defines the tenant's ROFR, including the landlord's rights depending on whether the tenant exercises the right to purchase the property, waives the right to purchase, or fails to respond to the landlord's notice of a proposed sale. Though leases are primarily governed by state and local laws, this jurisdictionally-neutral template is useful and relevant to landlords and tenants in every state. This Standard Clause has integrated notes with important explanations and drafting and negotiating tips for both parties.
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