Escrow & Title
What is a 'first right of refusal' in a Delaware commercial lease?
AThe tenant's right to refuse the first offer made by any potential buyer
BThe tenant's contractual right to match any purchase offer the owner receives before the owner accepts it from a third party✓ Correct
CThe landlord's right to refuse the first tenant's renewal request
DA priority right to lease any additional space that becomes available
Explanation
A right of first refusal (ROFR) in a lease gives the tenant the right to purchase the property under the same terms as any third-party offer the landlord is willing to accept, typically triggered before the landlord accepts a third-party offer.
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