Property Management
A Mississippi commercial property manager manages an office building where one tenant's lease contains a 'right of first refusal to purchase' clause. When the owner decides to sell the building, the manager must:
ASell directly to the tenant since they have a right to purchase
BInform the owner of the tenant's contractual right before marketing the property, and follow the right of first refusal provisions when a third-party offer is received✓ Correct
CIgnore the clause since it only applies to the tenant's leased space
DSeek MREC guidance on the right of first refusal
Explanation
The property manager must advise the owner of existing contractual obligations (like rights of first refusal) before marketing the property. When a third-party offer is received, the manager must follow the ROFR procedure — presenting the offer terms to the tenant and giving them the opportunity to match it.
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