first option

first option
The preferential right of a lessee to a new lease to run after the expiration of the existing lease under which he holds. Landowners Co. v Pendry, 151 Kan 674, 100 P2d 632, 127 ALR 890.

Ballentine's law dictionary. . 1998.

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  • option — / ɒpʃən/ noun the opportunity to buy or sell something within a fixed period of time at a fixed price ♦ to have first option on something to have the right to be the first to have the possibility of deciding something ♦ to grant someone a six… …   Marketing dictionary in english

  • Option (filmmaking) — Optioned redirects here. For uses of this term outside the film industry, see Option (disambiguation). In the film industry, an option is a contractual agreement between a potential film producer, such as a movie studio, a production company or… …   Wikipedia

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