Global Definitions Database

A contractual right that permit the purchase of property, or the lease of space, upon the occurrence of certain events, often referred to as trigger events; commonly triggered when a property owner receives an acceptable offer to lease or purchase from a third party; prior to accepting the third party offer, the property owner must allow the holder of the ROFR to either lease or purchase (as applicable) the subject property either upon the same terms and conditions contained in the third party offer or upon terms otherwise specified in the parties’ ROFR agreement; the owner may only proceed with selling or leasing the property to the third party if the holder of the ROFR does not timely exercise its right to purchase or lease the property.