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AZREB.com | Real Estate Forms
RIGHT
OF FIRST REFUSAL AGREEMENT
THIS RIGHT OF FIRST REFUSAL AGREEMENT ("Agreement") is entered
into this ___ day of
, _____ by and between
, an Arizona
("
") and
, ("
").
RECITALS:
A.
is the owner of certain real property located in
, Maricopa County, Arizona, which real property is legally described
on Exhibit "A" attached hereto and incorporated herein by this
reference (the "Property"). The
Property consists of
(
) lots in the subdivision known as "
".
B.
desires a right of first refusal to purchase the Property and
desires to grant to
a right of first refusal
to purchase the Property on the terms and conditions as set forth herein.
NOW,
THEREFORE, the parties agree as follows:
AGREEMENTS:
1.
Right of First Refusal. In
consideration of the sum of TEN AND NO/100ths DOLLARS ($10.00) and other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged,
hereby
grants
the right of first refusal to purchase the Property under the
terms and conditions hereof. If at
any time during the term hereof,
receives any bona fide offer to purchase (the "Offer to
Purchase") the lots that comprise the Property, which offer
desires to accept,
shall notify
in writing (at the
address set forth below) of such offer, and
shall have five (5)
business days after receipt of such notice within which to notify
of
's election to purchase the Property described in such offer on the
terms and conditions set forth in such offer.
The notice from
to
shall contain a copy of
the Offer to Purchase as described in the offer.
a.
If
elects
to exercise its right of first refusal, by providing notice to
within the time period
set forth above,
and
shall proceed to close
the transfer of the Property, or the portion thereof described in the offer, in
the time period for the closing as set forth in the Offer to Purchase.
b.
In the event that
fails to provide
with notice within the
time period set forth above, may
transfer the Property, or the portion thereof set forth in the Offer to
Purchase, free and clear of the terms of this Agreement and of any rights of
.
2.
Term. The right of first refusal granted hereby shall expire by
its own terms at the close of business on
, _____.
3.
Sale of Property in Bulk. The
right of first refusal granted in this Agreement shall not apply to a sale by
of all the lots that comprise the Property, but is intended to
apply only to those sales by
of less than all of the
lots.
4.
Notices. All notices,
requests, demands or other communications hereunder shall be in writing and
shall be effective when delivered personally or when sent by United States
registered or certified mail, postage prepaid, and addressed to the parties at
the addresses set forth below.
5.
Memorandum of Agreement. Upon
the request of
,
will
execute a short form memorandum of agreement in the records of the Recorder of
Maricopa County, Arizona.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed on the day and year first above written.
,
an Arizona
By:
Its:
Address:
("
")
,
an Arizona
By:
Its:
Address:
("
")
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