Sep 162021

5. Use, rights of reconquest and rights of the first offer. Some REAs may require the large retailer to use their property for a particular use, or in turn limit certain uses on the developer`s property for the benefit of the large retailer. In the event that the large retailer is required to use its goods for a particular use and then ceases for a specified period of time (usually six months, but subject to an extension for alterations, accidents or other events that are not under the control of the large retailer), the developer may be granted the right to acquire the property from the large retailer for its fair market value. In theory, this gives the developer the right to “control” their real estate or rent or sell the large retail property to a user who uses their property for retail use compatible with the rest of the mall. The REA may also provide that, in the event that a partisan party wishes to sell its property to an unrelated third party, the other party has a brief “right to the first offer” to purchase the property of the selling party. The right of sale would be at a consensual price for both parties. In the event that the parties are unable to enter into such a price agreement in a short period of time, the party wishing to sell its goods would have the right to sell it to an unrelated third party. .

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