What is the purpose of a "right of first refusal" in a lease?

The purpose of a "right of first refusal" in a lease is to give the tenant the opportunity to purchase the property before it can be sold to other potential buyers. This clause is significant because it offers the tenant a chance to secure ownership of the property they occupy, which can be beneficial for the tenant if they have a desire to invest in the space or if the property holds particular value to them. This right typically requires that the landlord notify the tenant of any offer to purchase the property, allowing them to either agree to the same terms or decline the opportunity to buy, thereby ensuring they are considered before the property is sold to others.

Options that discuss lease renewals, restrictions on modifications, or allowing tenants to sublet freely do not pertain to the concept of a right of first refusal and serve different purposes within lease agreements. Each of these ideas addresses different aspects of tenant rights or landlord controls but does not align with the specific purpose of facilitating a tenant's potential property purchase.