right of first offer; right of first opportunity

right of first offer; right of first opportunity

If specifically granted in the lease,the tenant's right to obtain additional space in the building or in the office park,or to buy the building if the landlord agrees.Unlike a right of first refusal,an offer from a third party is not required in order to trigger the right.The landlord may simply advise the tenant that space is available,or that the building is for sale, and solicit an offer. If the tenant does not make an offer, or if the offer is unacceptable, the right terminates as to that space.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.