REP

RepurchaseRefusal Rights

Repurchase/Refusal Rights
You may not insure a right of first refusal or right to repurchase land unless you secure the Company’s approval. You should not implicitly insure this right by insuring “rights” or “interests” in the instrument.

Requirement

REPR01 STG

Release of RepurchaseRefusal Rights

Rights by ________________ of first refusal/purchase of the land upon the terms and conditions in the instrument recorded _____________. The Company requires for its review and recordation a satisfactory release of said rights duly executed by the current owner of or successor to these rights.
Comment: Unless state law imposes a clear statute of limitations on the refusal/repurchase right, you must except to an unreleased (and unexercised) right to purchase.

Exception

REPX01 STG

RepurchaseRefusal Right

Terms and provisions of the rights of first refusal/purchase of the land in favor of _____________ recorded ___________. The Company makes no representation of the present ownership of this interest.
Comment: Unless state law imposes a clear statute of limitations on the refusal/repurchase right, you must except to an unreleased (and unexercised) right to purchase.