Property Management
When a commercial tenant exercises a 'right of first refusal' in their lease, the tenant is:
AA. Refusing to pay rent for the first month
BB. Exercising the contractual right to match any offer the landlord receives to buy or lease the property✓ Correct
CC. Refusing to allow the landlord to show the space
DD. Exercising an option to extend the lease
Explanation
A right of first refusal (ROFR) gives the tenant the opportunity to match any third-party offer before the landlord can sell or lease to another party. The landlord must present any offer to the ROFR holder first.
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