purpose of a right of first refusal is not to allow the holder to compel the property owner to sell the property at a designated price, as may be the case with the existence of an option.... Rather, the purpose is to allow the holder of the right to be notified when the owner intends to sell, or has accepted an offer, which, in most cases, will be presumptively the fair market value of the property, and to allow the holder to purchase the property under identical terms. Id. at 234-35. The Connecticut Supreme Court then looked to the language of the contract creating the right, and concluded that the right of first refusal would be triggered only if (1) the grantees “form the intention” of selling the property, and (2) the grantees accept a bona fide offer to purchase the property. (<HOLDING>); Draper v. Gochman, 400 S.W.2d 545 (Tex.1966)
holding given language in agreement right of first refusal could not be exercised in context of a foreclosure sale holding right of first refusal only applied to a voluntary sale and taking of property by condemnation is involuntary therefore right of first refusal not triggered holding that a failure to comply with the foreclosure statutes invalidates a foreclosure sale holding that plaintiffmortgagor lacked standing to enforce the terms of a foreclosure sale since there was no statutory authority allowing a mortgagor to enforce the provisions of a sale agreement when a foreclosure purchaser is in default holding united states marshals involuntary bankruptcy sale of property did not trigger right of first refusal