|Re: right of first refusal||<– Date –> <– Thread –>|
|From: evdavwes (evdavwesaol.com)|
|Date: Mon, 16 Aug 2010 04:32:31 -0700 (PDT)|
Westwood Cohousing ( http://www.westwoodcohousing.com/policies.html ) has a right of first refusal. See text below. Once the Sales Committee has been informed of a potential sale, they have 30 days to either approve the sale or find an alternative buyer who can match the terms of the proposed sale. We have never used this clause. We have had no problems with lenders, so far as I know. There has been some discussion about having the Association purchase a house in such a situation. It is not clear to me that this would be reasonable. David Clements ************************************************** Item 7. LIMITATIONS ON SALE: Except as provided herein, no Owner may sell any Lot or part thereof or interest therein. Any Owner intending to sell (other than as expressly permitted in the Bylaws) all or any part of a Lot or any interest therein (the “Selling Owner”) shall give notice (the “Notice”) together with the terms of the proposed transaction and name and address of the intended recipient. The giving of the Notice shall constitute a representation by the Selling Owner to the Sale Committee and any subsequent purchaser produced by the Sale Committee, as hereinafter provided, that the Selling Owner reasonably believes the proposal to be bona fide in all respects. Within thirty days after receipt of the Notice, the Sale Committee shall either approve the proposed transaction in writing (the “Approval”) or shall furnish the Selling Owner with a signed offer (the “Offer”) from a purchaser approved (the “Approved Grantee”) by the Sale Committee, upon the same terms stated in the Notice, except that the Approved Grantee shall have not less than thirty (30) days subsequent to the date of the Offer within which to close the transaction. So long as the Offer is monetarily identical to what was contained in the Notice, the Selling Owner shall promptly accept the Offer. The Approval of the Sale Committee shall be in recordable form signed by any two members of the Association’s Board and shall be delivered to the purchaser. The failure of the Association to act within such thirty (30) day period shall be deemed to constitute approval of the proposal in the Notice, but shall not eliminate the Association’s obligation to provide the Approval in recordable form, as aforesaid. The Selling Owner shall be bound to consummate the transaction with the Approved Grantee per the Offer. Notwithstanding the foregoing, the sale of a Lot as a result of foreclosure or sale under a power of sale in a Holder’s deed of trust shall not be subject to this Item 7 or affected in any manner. If, however, a Lot is purchased at such a sale, then the purchaser thereat shall be obligated thereafter to honor the foregoing limitations with respect to all future sales. Any Owner may convey or transfer the Owner’s Lot by gift, will or intestacy without complying with the procedures set forth in this Item 7, but the recipient of such Lot shall be and remain subject to all of the terms and conditions hereof thereafter.
- Re: right of first refusal, (continued)
- Right of First Refusal Linda S Cooper, April 18 2011
- Right of First Refusal Marilyn Seiler, March 7 2017
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