Tenant's Right of First Refusal Versus Subsequent Sale to Third Party
Synthèse Legislator
Généré par l'IAA property owner, having entered into a preliminary contract for the sale of a building with a right of first refusal granted to a tenant, subsequently sold the property to a third party without notifying the tenant who then sought to exercise their right; the court found that the tenant's right of first refusal, established by the preliminary contract, created a direct obligation on the seller to offer the property to the tenant before selling to anyone else, and since the seller failed to provide this notice, the sale to the third party could be challenged for violation of the contractual right.
Regeste Legislator
Généré par l'IATenant's Right of First Refusal Versus Subsequent Sale to Third Party: A property owner, having entered into a preliminary contract for the sale of a building with a right of first refusal granted to a tenant, subsequently sold the property to a third party without notifying the tenant who then sought to exercise their right; the court found that the tenant's right of first refusal, established by the preliminary contract, created a direct obligation on the seller to offer the property to the tenant before selling to anyone else, and since the seller failed to provide this notice, the sale to the third party could be challenged for violation of the contractual right.