Definitions for "First Refusal Right"
A lease clause giving a tenant the first opportunity to lease additional space that might become available in a property at the same price and on the same terms and conditions as those contained in a third party offer that the owner has expressed a willingness to accept. This right is often restricted to specific areas of the building such as adjacent suites or other suites on the same floor.
A right, usually given an owner to a lessee, which gives the lessee a first chance to buy the property if the owner decides to sell. The owner must have a legitimate offer which the lessee can match or refuse. If the Lessee refuses, the property can then be sold to the offeror.
A clause occasionally inserted in a lease that gives a tenant the first opportunity to buy a property or lease additional space if the owner decides to sell or offer other space. The owner must have a legitimate offer, which the tenant can match or refuse.
Keywords:  fixed, user, rate, loan
First User Fixed Rate Loan