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 elects to make his or her property available for purchase or lease; the property owner must first offer to sell or lease (as applicable) the subject property to the holder of the ROFO on terms and conditions that are determined by the owner; if the holder of the ROFO does not timely exercise its right to purchase or lease the property, the property owner may proceed to offer the subject property for sale or lease to third parties.