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This agreement grants Sandy City (Grantee) a right of first refusal to purchase the Beehive Improvements from Hale Centre Theatre (Grantor) under specific conditions and terms. It outlines the procedures to exercise this right and the limitations and exclusions associated with the agreement, as well as the parties\' obligations and responsibilities.
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The right of first refusal is a legal right that gives an individual or entity the opportunity to purchase an asset before the owner sells it to someone else.
Typically, the property owner or the individual holding the right of first refusal is required to file documentation regarding this right, especially in real estate transactions.
To fill out a right of first refusal, one must complete the designated form, providing necessary details such as the names of parties involved, a description of the property, and the terms under which the right can be exercised.
The purpose of a right of first refusal is to give a specific party the first opportunity to purchase an asset, ensuring they can secure the opportunity before it is offered to others.
The information that must be reported typically includes the names of the parties involved, details about the property, the purchase price, and the conditions under which the right may be exercised.
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