Contracts
An Oklahoma commercial tenant's lease includes a 'right of first refusal' (ROFR) for the purchase of the property. When the landlord gets a bona fide purchase offer, they must:
ASimply ignore the ROFR because it expired at lease signing
BFirst offer the tenant the opportunity to purchase on the same terms as the third-party offer, giving the tenant the time specified in the ROFR to accept or decline✓ Correct
CNotify the tenant that the property is being sold after it closes
DOnly notify the tenant if the purchase price exceeds a specified amount
Explanation
A right of first refusal requires the seller to give the ROFR holder the opportunity to match any bona fide purchase offer before accepting it. The tenant typically has a specified period to exercise their ROFR or waive it, at which point the seller can proceed with the third party.
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