Rule Against Perpetuities
Does anyone know anything about the rule against perpetuities, particularly as it might relate to a right of first refusal?
Another question I have regards unreasonable
restraints on alienation, as it relates to a pre-set purchase price in a right of first refusal. Do any of you use a clause in your investment contracts that allows you to buy out an investor at a pre-determined price if they choose to sell their interest? Or gives them the choice of keeping an interest in the company (or property), or accepting a predetermined rate of return (say 8% interest on the investment)?
Thanks,
Chris
can you go back to the original atty that drafted the agreement?
Actually the attorney who drafted the agreement specializes in LLC formation, one member of a very large firm. The attorney from this firm we tried to deal with on our later issues was very unresponsive; never returned calls or E-mails, let alone answered the phone. Since in any legal issue time is of the essence in obtaining information, advice, and resolution, we were forced to retain another attorney who is currently reviewing the many aspects of this case. As I indicated before, this is simply one issue in a very complex situation.
Chris
Auctions are the only true "buyer beware" purchase. No material facts about the property have to be disclosed.
Even in normal residential sells, the buyer should walk through the property the morning of closing to verify that the property is in the same condition as when they signed the contract.
Having said all that, I am confused by your situation. Have you already purchased the property or do you have a purchase and sales contract? Did you purchase the property at an auction?
There is a purchase and sales contract that was executed at an auction but the purchase has not closed yet.
Thanks,
JS.
How much deposit $ is tied up?