Waive Of Right Of First Refusal (Page 3 of 3) in pdf

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The following is an example of waiver of right of first refusal language to be included in Item 7

on a Form E Schedule:

LAND TITLE ACT

FORM E

SCHEDULE

ENTER THE REQUIRED INFORMATION IN THE SAME ORDER AS THE INFORMATION MUST APPEAR ON THE FREEHOLD TRANSFER

FORM, MORTGAGE FORM OR GENERAL DOCUMENT FORM

7. ADDITIONAL OR MODIFIED TERMS:

Waiver of Right of First Refusal

WHEREAS:

A. __________, (the “Holder”) is the owner of a right of refusal (the “Right of First Refusal”)

registered under number __________ as a charge against the land legally described as follows:

(the “Lands”)

B. __________, (the “Vendor”) is the registered owner of the Lands and has requested the

Holder to agree to the transfer of the Lands to __________ (the “Purchaser”).

NOW THEREFORE, TAKE NOTICE THAT BY THESE PRESENTS:

1. The Holder consents to the transfer of the Lands from the Vendor to the Purchaser and

releases his rights under the Right of First Refusal to the extent necessary to permit the

transfer of the Lands to the Purchaser free and clear of all claims the Holder may have

under the Right of First Refusal against the Vendor in consequence of the transfer.

2. The release contained in this instrument extends solely to those rights exercisable

against the Vendor in relation to the transfer of the Lands to the Purchaser and shall not

operate to extinguish any equitable interest in the Lands that the Holder may continue to

have under the Right of First Refusal and that is enforceable against the Purchaser in the

future.

3. The Purchaser acknowledges and agrees that he takes title to the Lands subject to any

continuing rights of the Holder under the Right of First Refusal.

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