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A right of first refusal means that the person who is to benefit from the right (the tenant) would be presented with a deal made with a third party and have the option to take it. So basically the owner (landlord) of the property wants to sell, puts it on the market and comes up with a contract with a third party. The landlord then takes it to the tenant, and if the tenant can match all the terms of the offer, the tenant gets the property on those terms. But it's "all or nothing", meaning that the tenant has to accept all the terms of the contract. If even one is not acceptable to the tenant, then the offer goes to that third party and the tenant doesn't get the property. But assuming that the tenant can match the terms, the tenant gets it, not the third party.
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