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RIGHTS OF FIRST REFUSAL AND RIGHTS OF FIRST OFFER

RIGHTS OF FIRST REFUSAL AND RIGHTS OF FIRST OFFER ICSC Law Conference - Workshop (October, 2002) Workshop Leaders: Jacob W. Reby, Esq. Lewis, Rice & Fingersh, St. Louis, Missouri and John R. Parks, Esq. Powell, Goldstein, Frazer & Murphy LLP Atlanta, Georgia TABLE OF CONTENTS RIGHTS of FIRST REFUSAL and RIGHTS of FIRST OFFER Issues Exhibits: A - Selected Issues B - Selected Georgia Cases C - Form of Right of FIRST REFUSAL Agreement D - Form of Right of FIRST OFFER to Purchase Agreement E - Form of Option to Purchase Title Endorsement F - Selected Cases Regarding Same Terms and Conditions G - Negotiating RIGHTS of FIRST REFUSAL Arguments For and Against H - Additional Lease Provisions Regarding RIGHTS of FIRST REFUSAL RIGHTS OF FIRST REFUSAL AND RIGHTS OF FIRST OFFER I. General Matters A. Options v. Preemptive RIGHTS An option creates in its holder the power to compel the sale or transfer of a property interest.

preemptive right, on the other hand, creates in its holder only the right to acquire the property interest before the owner conveys it to a third party. Rights of first refusal (“ROFR”) and rights of first offer (“ROFO”) are preemptive rights.

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