Right of First Refusal Extinguished Upon Exercise of Option
Facts: Two tenants leased space at a property. The first tenant had a right of first refusal to buy the entire property, including the second tenant’s space, if a third party made an offer. The second tenant had the option to buy its own space at a certain year in its lease term. But that was subject to the first tenant’s right of first refusal—that is, if the first tenant were offered the opportunity to buy the second tenant’s space that year; if it did not want to do so, the second tenant was free to buy it.