Notice to Lessor of First Option Right Clause Samples
The 'Notice to Lessor of First Option Right' clause establishes the requirement for a lessee to formally notify the lessor if a third party expresses interest in purchasing or leasing the property, thereby triggering the lessor's right of first refusal or first option. In practice, this means that before the lessee can proceed with a transaction involving another party, they must give the lessor written notice and an opportunity to match the offer or exercise their option. This clause ensures the lessor is given priority in acquiring or leasing the property, protecting their interests and preventing the property from being transferred without their knowledge or consent.
Notice to Lessor of First Option Right. Upon the receipt of notice of or upon the determination by CLT of an occurrence of a Transfer Event, CLT shall send notice to Lessor of the Transfer Event (the “Option Notice”).
Notice to Lessor of First Option Right. Lessee shall send notice to Lessor roughly 120 days prior to the anticipated completion date of each Residential Unit (the “Option Notice”).