St. George's Dragons, L.P. v. Newport Real Estate Group, LLC 407 N.J.Super. 464 (2009)
Jan 01, 2009OUTCOME: under terms of right of first refusal, tenant was not required to make an offer that guaranteed landlord a certain net price or to pay brokers' commissions;
Landlord brought declaratory judgment action against tenant and prospective property purchaser, seeking an adjudication of the rights of the parties to determine the lawful purchaser of property, and t ... erminate the rights of the other party, and an order that landlord's maximum exposure for payment of brokerage commissions was $125,000 regardless of the purchaser. Tenant counter-claimed seeking declaratory judgment that it properly exercised its right of first refusal under the lease. The Superior Court, Chancery Division, Monmouth County, 2007 WL 1971517, found that tenant properly exercised right of first refusal. Landlord and prospective purchaser appealed.
