Common use of Covered Transactions Clause in Contracts

Covered Transactions. BAHA's right of first refusal shall apply to the leasing by the initial purchaser from BAHA (the "Initial Purchaser") of any interest in the Initial Purchaser's Unit to a non-Unit Owner and to any assignment of or sublease under any such lease to a non-Unit Owner. The following transactions are exempted from this right of first refusal: (1) leases by any successor owner of a Unit), whether its interest is acquired by purchase or by a deed given in lieu of foreclosure or pursuant to judicial or nonjudicial foreclosure proceedings. (2) any lease to a replacement or companion entity (of any type) which among other things performs substantially the same or similar public functions as the Initial Purchaser.