Contracts
A commercial lease that provides the tenant with a 'first right of refusal' to purchase the property means the tenant:
AHas an irrevocable option to buy at any time
BMust be given the opportunity to match any bona fide purchase offer before the owner can sell to a third party✓ Correct
COwns the property jointly with the landlord
DMust purchase the property at the end of the lease
Explanation
A first right of refusal in a commercial lease gives the tenant the right to match any purchase offer the landlord receives. If the tenant exercises this right at the offered price and terms, the landlord must sell to the tenant instead of the third-party offeror.
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