First Right of Refusal
First Right of Refusal; those magic words: On occasion, during the negotiation process with a tenant in church owned property, the tenant may request that the agreement contain those four magic words, First Right of Refusal. On its face, the words appear harmless enough; if the property owner decides to sell the real property, the tenant will be the first in line to be the buyer. However, what those magic words don’t tell is the price the property is to be purchased at, or how it is to be calculated. […]