Waiver of Rights of Refusal

This Waiver of Rights of Refusal (the "Waiver") is made and entered into on the [Date], by and between:

Party A: [Your Name], 123 Elm Street, Springfield, IL 62701

Party B: Jane Smith, 456 Oak Avenue, Springfield, IL 62702

Recitals:

1. Right of First Refusal: [Your Name] and Jane Smith are parties to a certain agreement dated January 10, 2050 (the "Agreement"), under which [Your Name] has been granted the Right of First Refusal regarding the purchase of the commercial property located at 789 Maple Lane, Springfield, IL 62703.

2. Desire to Waive Rights: [Your Name] now wishes to waive their Right of First Refusal to allow Jane Smith to proceed with the sale of the commercial property located at 789 Maple Lane, Springfield, IL 62703, to other parties without requiring prior refusal from [Your Name].

Agreement:

1. Waiver: [Your Name] hereby waives their Right of First Refusal as set forth in the Agreement. This waiver is limited to the specific transaction involving the sale of the commercial property located at 789 Maple Lane, Springfield, IL 62703, and does not affect any other rights or obligations under the Agreement.

2. Effect of Waiver: By executing this Waiver, [Your Name] acknowledges and agrees that they shall have no right to refuse or object to the sale, transfer, or offering of the commercial property located at 789 Maple Lane, Springfield, IL 62703, to any third party. Jane Smith is free to proceed with the transaction without further notice to or consent from [Your Name].

3. No Further Claims: [Your Name] agrees not to assert any claim or take any legal action based on the Right of First Refusal in relation to the specific transaction mentioned in this Waiver.

4. Governing Law: This Waiver shall be governed by and construed in accordance with the laws of the State of Illinois, without regard to its conflict of law principles.

5. Entire Agreement: This Waiver constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, understandings, and representations, whether oral or written, relating to the same.

IN WITNESS WHEREOF, the parties have executed this Waiver as of the date first above written.

Party A:

[Your Name]
Property Owner

Party B:

Jane Smith
Purchaser

Notary Public:

Emily Davis
[Seal]

Waiver Templates @ Template.net