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buy backs - right of first refusal agreements
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Re: buy backs - right of first refusal agreements
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fuglyatheart
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Jan 21 12 9:29 AM
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Exactly. You don't HAVE to buy back the horse, it just makes it so you get the option to do so if the owner ever decides to sell. Here is what my buyback clause says for Tango:
IX.) BUY BACK OPTION
1.) The Seller DOES wish to retain the right to buy the above horse back if the new
owner(s) decides to sell after 6 month trial period (as outlined above). This first right of
refusal is valid until _1__/__1__/2025_, for a price not to exceed: $_40,000.00__. This
first right of refusal entails the responsibility of Buyer to make concerted effort (by phone
and email) to contact Seller prior to selling said horse to another party. Seller to respond to
first right of refusal in writing.
2.) Seller requires that if at any time Buyer is unable to care for horse for any reason,
horse becomes unusable, injured, or needs to be retired, horse shall be returned to Seller
at Seller’s expense.
Now obviously, I wouldn't buy him back for $40k, or hell, even $10k but it allows me to know he is on the market and to help get the word out to people I know would be good matches. This basically says in laymans terms, if you decide to sell the horse in the future, I want to be the first to know about it and have the option to buy him back if I can. Furthermore, my clause has an option that if the person who gets him cannot afford him, or he needs to be retired, I will ship him back and retire him, rather than him go somewhere else and potentially end up at an auction or worse. Since the person he is going to is a friend, I know that she has no reason to not give me that option. If it were someone I didn't trust to give me that option, I wouldn't be selling to them.
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