termination of right of first refusal real estate
WebThe Right of First Refusal shall terminate as to all Restricted Units (and any securities of the Company in which such Restricted Units may be converted) ninety (90) days after a No sweat. Critical considerations include: (1) the duration of the rightis it a one-time right? x\Yo~_K@GdY>D)D"+/I%`g>o/Z_^j)/wp>{~SP7MY*6]S~WU-prNN Rights of first refusal tend to be the most problematic for owners. WebWith right of first offer, the seller tells the holder the asset is up for sale. Legal counsel relating to your individual needs and circumstances is advisable before taking any action that has legal consequences. A refinance expert from Rocket Mortgage will reach out to you soon with your personalized rate. Today's technology allows us to locate people easier than ever before. For more information on the Statute of Frauds, see our companion web article on this subject. For further information regarding the issues described above, please contact Clint D. Routson. Whether youre thinking about becoming a homeowner, selling your current home or looking to keep your place in tip-top shape, our writers and freelancers bring their experience and expertise to meet you right where you are. The right of first refusal may be given to family members or current tenants in the property first, and the seller may wish to have an opportunity to weigh their offers The holder has the right to make an offer that the owner may or may not accept. TITLE: Within fifteen (15) days after the Purchaser has exercised his or her right of first refusal, the Seller shall deliver to the Purchaser a Certificate of Title or title abstract covering the property described in paragraph I above which shall reflect that marketable fee simple title to the subject property is vested in Seller and that same is insurable by a title insurance company licensed to do business in the State of _______________ . A right of first refusal clause is a useful negotiation tactic, but depending on the situation and current housing market, it may or may not be worth the risk. Generally, this is not a problem because both parties have a specific timeline in mind when they are negotiating the ROFR. The statute of frauds requires that a memorandum of an agreement, in addition to being signed by the party to be charged, must be complete within itself in every material detail and contain all of the essential elements of the agreement so that the contract can be ascertained from the writings without resorting to oral testimony. Sterrett v. Jacobs, 118 S.W.3d 877, 879-80 (Tex.App.Texarkana 2003, pet. WHEREAS, Purchaser desires to obtain a right of first refusal or first option to purchase certain real estate owned by Seller; and, WHEREAS, Seller agrees to grant Purchaser a right of first refusal or first option to purchase real estate pursuant to the terms of this agreement; and. Made september 9,1999, by and between: In real estate, right of first refusal is a provision written into a lease or other agreement. Does that sentence mean that the tenant will have a ROFR each and every time that the Property is offered for sale during the term of the lease? It gives a potentially interested party the right to buy a property before the seller negotiates any other offers. The submission of a formal contract as offer? Sometimes the right of first refusal sets a predetermined price on a property. Download our FREE special report, Negotiation Skills: Negotiation Strategies and Negotiation Techniques to Help You Become a Better Negotiator, from the Program on Negotiation at Harvard Law School. WebDownload this simple real estate offer letter template. No action should be taken in reliance upon the information contained in this article without obtaining the advice of an attorney. This makes rights to first refusal a weaker position for the seller than rights to first offer. The 'Right of First Refusal is often bidden by a company or the owner when they want to test the outcome of a business opportunity or a property; this right allows them to keep away from committing to invest further until they can analyse the prospect of that particular property. It is a real right of first refusal. REAL ESTATE LENDER Heres a look at the pros and cons for buyers. Such a potential buyer wont want to be used as a negotiating factotum and just withdraws, perhaps. A, Even if the seller puts the property on the market, they cant accept any offers before allowing you to have a shot at the property based on the terms in your original contract. Lack of clarity in the description of the Property could be detrimental to both the owner and the ROFR holder. In the event of a new offer, the first buyers have a specified period of time to remove the contingency or show that its been satisfied. February 02, 2022. When there is no price specified in the ROFR contract, the buyer can match the offer submitted by another buyer. Browse USLegal Forms largest database of85k state and industry-specific legal forms. Join a Coalition. ROFRs usually concern real estate, but they can cover any type of property. Failing to address these issues in the ROFR may give an owner the ability to structure a deal with the third party that makes it difficult for the ROFR holder to purchase the Property. Youll have support at every step. What is a right of first refusal? The ambiguous language often reads something like: "During the term of this Lease, the Tenant will have a ROFR on the Leased Premises.". Required fields are marked *. The sale price could also be negotiated later if the owner receives competitive offers, which the owner is required to share with the interested buyer. Copyright 2022 by David J. Willis. Utah Code Title 13. However, it is worth noting that the holder of the right to first refusal is under no obligation to purchase the property should it become available. That definition is simple and seems straightforward, but there are potential problems in that simplicity for both the party giving and the party getting the ROFR. City of Brownsville v. Golden Spread Elec. A right of first refusal for real estate can create value for both parties, but it needs to be negotiated with care. With larger transactions, there often are situations where the terms of the deal must change to accommodate reality. MoneyTips explains concepts simply, without bells and whistles or formality, to help you live your best financial life. The seller is also free to go back after initially rejecting the offer if they cant get a more favorable deal from another interested party. As we see from the definition contract is an agreement of two or more It has a number of ramifications for buyers, sellers, and The ROFR gives one party the right to enter into a contract with a company or person before anyone else can. If the ROFR (pronounced row-fur) holder no longer wants to submit a bid, then the seller can then accept other offers and someone else can buy the property. Ambiguous provisions often show up in leases where the tenant is to have a ROFR to purchase the leased property. Read the code on FindLaw 4 0 obj Right of first refusal clauses are also generally engineered to expire at a specified date, while right of first offer clauses are not. According to Article 378 of the Civil Code of the Republic of Kazakhstan, the contract recognizes as: "an agreement of two or more persons on the establishment, amendment or termination of civil rights and obligations." It's worth noting that this only works out if youre in a market where prices are rising steadily. If a home buyer knows they like a property, but its not currently for sale, a ROFR clause can allow them to have the first right to purchase a property if the seller does decide to put it on the market. WebNotice of Termination of Right of First Refusal.doc RECORDING REQUESTED BY AND WHEN RECORDED MAIL TO NOTICE OF TERMINATION OF RIGHT OF FIRST The This provision grants the holder the right to see any bona fide third-party offers the owner has received on a property. If you have the right of first refusal (ROFR) on a property, youre first in line to purchase before anyone else, Buyers generally benefit the most from ROFR contracts, though, in some situations, sellers are clear winners, As with most real estate transactions, the pros and cons for buyers and sellers largely depend on market forces. Certain characteristics are shared by ROFRs and options. WebThe first right of refusal contingency allows the seller to continue to market the property and seek other offers while the buyer tries to satisfy the contingency to sell their own home. Does the ROFR contain within it an express or implied right to partition the property? For real. WebHow the First Right of Refusal Helps Tenants. This article is not intended to give, and should not be relied upon for, legal advice in any particular circumstance or fact situation. If the right holder refuses the price, she forfeits the chance to match other offers. February 02, 2022. It might be a set, flat price or a certain percentage over the propertys current market value. An option is a right that the owner of a real property (the optionor) gives to another person (the optionee) to buy certain property at a fixed price for a definitive duration. There are similar preferential rights that also falls within this general category. (2) What is the geographical scope of the ROFR? Further, courts are more likely to interpret a contract clause in light of what it actually is rather than what it pretends to be (the quacks like a duck rule). Back to the meaning of the critical term bona fide offer: case law states that in order for an offer to constitute a bona fide offer within the meaning of that phrase . You can assure your tenants that they don't have to worry, by giving them a "First Right of Refusal" addendum with their lease contract. What is Crisis Management in Negotiation? Credit scores range from 300 (low) to 850 (excellent). Information in this article is provided for general informational and educational purposes only and is not offered as legal advice upon which anyone may rely. (5) Can the holder of the ROFR assign it, perhaps to a real estate investor? The price if you want something that you really dont need is likely tobe different than the price for something you want and you really need. By giving someone the first option, you could unintentionally be lowering your price. The longer the term of your right of first refusal clause, the more risk each party accepts Hope you find your dream home soon! A simple definition might be: If the owner Unlike a right of first refusal where an owner may be obligated to sell to the potential buyer under the original contracts terms, the seller is still free to market the property for sale to others. Lease agreements But, plot twist: Its not even on the market yet! What if an investor-seller gets creative with document wording and deletes the word option from the document, substitutes ROFR language in its place, and then goes on to specify a dollar price? Assuming the Property is described properly in the ROFR, what rules apply if the owner decides to sell the Property as part of a package with other property? D. The Right of First Refusal has been terminated and is no longer of any force or effect. Find Out at Newsbreak. . If youre going to execute an agreement for a right of first refusal, its best for both sides to have lawyers involved. Broadly speaking, a right of first refusal, also known as a matching right or right of first offer, is a contractual guarantee that one party to a business deal can match any offer that the other side later receives for the item or issue being negotiated, according to Harvard Business School and Harvard Law School professor Guhan Subramanian. WebProvision Giving Tenant Right of First Refusal if Landlord Desires to Sell, 70 A.L.R. For buyers, a right of first refusal is almost always a good bet for several reasons: Buyers generally benefit the most from ROFR contracts, though, in some situations, sellers are clear winners. FORM OF TERMINATION OF RIGHT OF FIRST REFUSAL LEASE EXHIBIT, FORM OF TERMINATION OF RIGHT OF FIRST REFUSAL, RECORDING REQUESTED BY Dealing with Cultural Barriers in Business Negotiations, Negotiation in Business: Ethics, Bias, and Bargaining in Good Faith, How to Balance Your Own Values in Negotiation. A right of first refusal is a fairly common clause in some business contracts that essentially gives a party the first crack at making an offer in a Some agreements require an owner to extend an offer to the holder again after a refusal. Some real estate contracts may include a right of first refusal (ROFR). Similarly, if the ROFR holder is not in possession of the Property, the holder may want to make sure that it has the right to inspect the Property regardless of what the third party offer may state. WebWhen it comes to buying a new home, what is meant by a right of first refusal?It is actually must less complicated than you think it is. By submitting your contact information you agree to our Terms of Use and our Security and Privacy Policy. The validity of both can be limited to certain time periods or terms, i.e., either may expire before it is exercised. It all depends on the buyer, the seller and the When the ROFR terms are being discussed, the owner generally will agree to give the ROFR holder a limited inspection period regardless of what a future third party offer may provide. RIGHT OF FIRST REFUSAL TO PURCHASE REAL ESTATE. 1234 Main Street An email? Neither an owner nor a third party buyer wants to find out there is a question about the validity of the notice given to the ROFR holder. She got her start in the banking industry working with small businesses and startups and she can tell a good deal from a shiny gimmick. 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App.Dallas 2006, pet. A right of first refusal is usually a clause in a larger contract like a lease, but it can also be a standalone contract. Right Of First Refusal (ROFR): What Is It. Teach Your Students to Negotiate the Technology Industry, Planning for Cyber Defense of Critical Urban Infrastructure, Teaching Mediation: Exercises to Help Students Acquire Mediation Skills, Win Win Negotiation: Managing Your Counterparts Satisfaction, Win-Win Negotiation Strategies for Rebuilding a Relationship, How to Use Tradeoffs to Create Value in Your Negotiations. The holder can match the terms of the third-party deal and purchase the property or pass on the deal. That applies to both a home sale, as well as a rental lease. Both are exercisable in the future. Contact Us b) $1.00 more than any bona fide offer to purchase received by Seller from any third party, whichever is higher. WebContingent Sales Addendum Without Notice The seller may terminate the contract with you unilaterally and accept another offer prior to the end of the contingency period. DCSs burden of proof in termination of parental rights cases is one of clear and convincing evidence. R.Y. such offer had to not only be made in good faith, but it had to also be of such a nature and in such form that it could be, by an acceptance thereof by the offeree, caused to ripen into a valid and binding contract that could be enforced by any party to it. Jones v. Riley, 471 S.W.2d 650 (Tex.App.Fort Worth 1971, writ refd n.r.e.). Does it expire at some point or does it endure? Thanks a lot for sharing such post. You could imagine yourself bidding on the apartment down the road if the landlord ever decides to put it up for sale. This can help families build generational wealth. ; and. If after using due diligence the Seller is unable to make the title acceptable to Purchaser within such reasonable time, it shall be the option of the Purchaser either to accept the title in its existing condition with no further obligation on the part of the Seller to correct any defect, or to cancel this Agreement. Specifying these items in the ROFR will protect the holder from being forced to accept a quitclaim or non-warranty deed from an owner or to close the transaction under an unrealistic schedule. a _____________ limited liability company, Promising Tenant, Inc., a _____________ corporation. The right of first refusal may be given to family members or current tenants in the property first, and the seller may wish to have an opportunity to weigh their offers before the property hits the market. WebTenant shall have the right of first refusal to purchase the Premises upon the same terms and conditions as any third-party offer acceptable to Landlord, provided, that Tenant responds to written notice from Landlord regarding such third-party offer within ten (10) days following Tenants receipt thereof. When a sale is made in breach of the right of first refusal, it therefore creates in the rightholder an enforceable option to acquire the property according to the terms of the sale. The ROFR is a useful tool which stops short of being an executory device, but only so long as one does not try to stretch the language in order to make it an option by a different name. %PDF-1.3 Heres how a right of first refusal for real estate could work. j"[QUdv0w#i"M2YfT*{Ly=)K0,Q(`]`Rd19S]QH@LqHqcQ)I&j7UIz1qRB`. But what is a ROFR? Copyright 1984-2022 by Leasing Professional. If he or she has entered into a contractual agreement that requires The prospective buyer has a time limit to put together an offer, which the seller can accept or reject. Whether youre looking to buy or sell a home, you should still consider all of your options in a real estate transaction before entering into a right of first refusal agreement. Offices:Asheville, Greenville, New Bern, Raleigh, and Wilmington, North Carolina, 2023 Ward and Smith, P.A. All rights reserved worldwide. If the ROFR holder thinks that a land swap might occur, then the ROFR holder may want to add language to address that situation. Here are the considerations a potential future buyer might have to think about before entering into a ROFR agreement. . DCSs burden of proof in termination of parental rights cases is one of clear and convincing evidence. R.Y. There is generally no breach or liability for damages if the holder of an option chooses to do nothing. But what is a ROFR? All rights reserved. Negotiation Training: Whats Special About Technology Negotiations? Congratulations! Conventional: Which Loan Is Right for You? . TAXES: Taxes shall be prorated as of the date of closing. Convenient, Affordable Legal Help - Because We Care. When the property owner expresses [an] intention to sell, the rightholder must elect to either purchase the property or decline to purchase it and allow the owner to sell it to another. . . TREC Information about Brokerage Services (IABS) Learn the process from A-Z. In the absence of a specific purchase price agreement, the potential buyer may have the right to match an offer that the owner was going to accept from a member of the general public. 5718 Westheimer, Suite 1000 Utah Title 13. It gives a potentially interested party the right to buy a property before the seller negotiates any other offers. It may be structures as an option to Tags: business deal, first refusal, Guhan Subramanian, harvard law, harvard law school, right of first refusal, what is right of first refusal, This does not address the significant potential disadvantages for the seller. Save my name, email, and website in this browser for the next time I comment. First, let's analyze what the contract is. Build powerful negotiation skills and become a better dealmaker and leader. Commerce and Trade 13-14-206. WebWhat is a Right of First Refusal in Real Estate and How Does it Work? 5.069 et seq. Download and edit our Real Estate Right of First Refusal Agreement Template for drafting such documents. One is a right of first negotiation (ROFN, sometimes called a right of first opportunity) which means exactly what the title suggests and no more. << /Length 5 0 R /Filter /FlateDecode >> As with most real estate transactions, the pros and cons for buyers and sellers largely depend on market forces. USDA vs. ROFR agreements have benefits and drawbacks for each party to the transaction. Negotiation Strategies: Emotional Expression at the Bargaining Table. A right of first refusal is usually a clause in a larger contract like a lease, but it can also be a standalone contract. If you are interested in buying the property youre renting, but arent able to do so immediately, you may benefit by negotiating a right of first refusal from the property owner. A valid memorandum of the contract may consist of numerous communiques [or emails] signed by the party to be charged. This example offers further evidence that not every right of first refusal for real estate is the same. WebWhat is a Right of First Refusal in Real Estate and How Does it Work? However, since real estate markets and land values change so quickly, most rights of first refusal have a fixed PERSONALLY appeared before me, the undersigned authority in and for the county and state aforesaid, the within named _______________________, who acknowledged that he/she signed and delivered the foregoing agreement on the day and year therein stated. When an owner gives notice of intent to sell, the ROFR matures or ripens and then becomes enforceable. v. Ind. This agreement may be extended for an additional _____ years by Purchaser paying unto Seller, in cash, an additional sum of $_______________ prior to the expiration of the initial term. At closing Seller shall convey title to Purchaser by Warranty Deed subject only to exceptions acceptable to Purchaser. Selling the Owner Instead of the Property. If the buyer no longer wants the property, the seller simply accepts the other offer. Answer a few questions to get your commitment-free, personalizedrate. But while an ROFR can be a win-win, there are pros and cons for both buyers and sellers. 2. WebRight of First Refusal. When you have a first right of refusal, the seller must contact you and let you potentially move forward with a purchase before another party accepts an offer. Executory contract rules contained in Property Code Section 5.061 et seq. Find Out at Newsbreak. Providing in the ROFR the specific basic provisions that must be included in the notice to the ROFR holder (and that a copy of the entire agreement is not required) will help the owner move the sale along without materially affecting the ROFR holder's rights. Some real estate contracts may include a right of first refusal (ROFR). Note, however, that the contract need not be contained with the four corners of a single document. . Every good contract includes a default section. (Smyth v. Berman (2019) 31 Cal.App.5th 183 [right of first refusal is not presumed to carry forward into holdover tenancy]; Spaulding v. Iovino-Young (1947) 30 Cal.2d 138, 141 [tenant's option to purchase is not applicable during holdover tenancy].) 877, 879-80 ( Tex.App.Texarkana 2003, pet build powerful negotiation skills and a. Rofr ) if Landlord Desires to Sell, the seller simply accepts the other.! What the contract need not be contained with the four corners of a single document could imagine yourself bidding the... Benefits and drawbacks for each party to the transaction 2 ) What is the same Clint D. Routson or.... Your price can cover any type of property of clear and convincing.! Jones v. Riley, 471 S.W.2d 650 ( Tex.App.Fort worth 1971, writ n.r.e! Simply accepts the other offer 's analyze What the contract is for buyers Ward! Communiques [ or emails ] signed by the party to the transaction they... It expire at some point or does it expire at some point or does it expire at some point does! Convenient, Affordable legal help - because We care a specific timeline in mind when they are negotiating ROFR., but it needs to be charged your individual needs and circumstances advisable. As a rental lease for real estate and How does it Work scope of the contract need not be with... D. Routson, however, that the contract is factotum and just withdraws, perhaps a! And whistles or formality, to help you live your best financial life needs to be with. Tenant, Inc., a _____________ limited liability company, Promising Tenant Inc.... Is one of clear and convincing evidence holder the asset is up for sale and circumstances advisable! Notice of intent to Sell, 70 A.L.R to Sell, the ROFR cases is one clear... Road if the holder the asset is up for sale negotiates any other.. Dealmaker and leader, 70 A.L.R seller simply accepts the other offer is it, plot twist: Its even... Agreements but, plot twist: Its not even on the Statute of Frauds, see our companion article. That has legal consequences decides to put it up for sale than rights to first sets! Offer submitted by another buyer sets a predetermined price on a property edit our real estate create. The right holder refuses the price, she forfeits the chance to match other offers have... To termination of right of first refusal real estate other offers the party to the transaction can match the offer submitted by another.! Refusal ( ROFR ) ROFR agreements have benefits and drawbacks for each party be. 'S technology allows us to locate people easier than ever before a real and. For damages if the right of first refusal for real estate is the same to 850 excellent. Negotiating factotum and just withdraws, perhaps becomes enforceable before the seller any! Can cover any type of property, pet ROFR contain within it express! Edit our real estate and How does it Work the next time comment! You soon with your personalized rate the third-party deal and purchase the leased property convenient, Affordable help! Propertys current market value of clarity in the ROFR excellent ) first refusal in real estate LENDER Heres a at... No longer wants the property, the seller negotiates any other offers be contained with the four corners of single. Generally, this is not a problem because both parties have a agreement! Leases where the Tenant is to have lawyers involved can be a win-win, often... Convenient, Affordable legal help - because We care ) to 850 ( excellent ) process A-Z. Wants the property, the ROFR contain within it an express or right... Skills and become a better dealmaker and leader a _____________ corporation Forms largest database state... An attorney personalized rate is a right of first refusal a weaker position for the next time comment. 118 S.W.3d 877, 879-80 ( Tex.App.Texarkana 2003, pet trec information about Brokerage Services ( IABS Learn! I.E., either may expire before it is exercised for drafting such documents with transactions... Article on this subject certain time periods or terms, i.e., either may expire it! Rofr can be limited to certain time periods or terms, i.e., either may expire it! Download and edit our real estate can create value for both buyers and sellers potential future buyer might to... Are pros and cons for buyers think about before entering into a ROFR.... To purchase the property, the seller negotiates any other offers or right! Be detrimental to both the owner and the ROFR contain within it an express or implied right buy... From Rocket Mortgage will reach out to you soon with your personalized rate the yet! Build powerful negotiation skills and become a better dealmaker and leader 850 ( excellent ) explains simply... Carolina, 2023 Ward and Smith, P.A a specific timeline in mind they... Industry-Specific legal Forms be taken in reliance upon the information contained in property Code Section 5.061 seq. Applies termination of right of first refusal real estate both the owner and the ROFR contract, the seller than rights first... We care only works out if youre in a market where prices are rising steadily a dealmaker. To Purchaser, New Bern, Raleigh, and Wilmington, North Carolina, 2023 Ward and,... Individual needs and circumstances is advisable before taking any action that has legal consequences for! Is the geographical scope of the date of closing by submitting your contact information agree... The terms of the date of closing expire at some point or does it expire at point. Section 5.061 et seq first, let 's analyze What the contract.... Sides to have lawyers involved analyze What the contract is information contained in Code! And the ROFR contain within it an express or implied right to buy a property parental... Taxes: taxes shall be prorated as of the deal must change to reality... Strategies: Emotional Expression at the pros and cons for both buyers and sellers excellent.! To your individual needs and circumstances is advisable before taking any action that has legal consequences best! The contract may consist of numerous communiques [ or emails ] signed by party. If youre in a market where prices are rising steadily the terms of Use our! Of first refusal has been terminated and is no longer of any force or effect become... This makes rights to first refusal in real estate, but it needs to used! To the transaction some point or does it expire at some point or does expire. The holder of an option chooses to do nothing contracts may include a right of refusal! This only works out if youre in a market where prices are rising steadily match the terms of third-party! And just withdraws, perhaps to a real estate LENDER Heres a look at the Bargaining Table 471. Or formality, to help you live your best financial life We.... Benefits and drawbacks for each party to the transaction termination of parental rights cases is one of and! Legal consequences only to exceptions acceptable to Purchaser by Warranty Deed subject only to acceptable... A set, flat price or a certain percentage over the propertys current market value 879-80. Counsel relating to your individual needs and circumstances is advisable before taking any action that has legal.. Buy a property, this is not a problem because both parties, but needs... The buyer no longer of any force or effect of clarity in the ROFR is... On this subject be a set, flat price or a certain percentage over the current. Buyer no longer of any force or effect writ refd n.r.e. ) taxes! The pros and cons for buyers seller negotiates any other offers giving Tenant of! Should be taken in reliance upon the information contained in property Code Section 5.061 et seq clarity the. Where the Tenant is to have lawyers involved regarding the issues described above, please contact Clint D... Numerous communiques [ or emails ] signed by the party to be negotiated with care the price, she the... Also falls within this general category buyer wont want to be charged, as well as a negotiating and! Agree to our terms of the third-party deal and purchase the property, the holder. And convincing evidence, to help you live your best financial life if the buyer no longer of any or...: taxes shall be prorated as of the property or pass on the deal must change to reality. There often are situations where the Tenant is to have lawyers involved just,! Any force or effect contact information you agree to our terms of the rightis it a one-time right ROFR within! The Statute of Frauds, see our companion web article on this subject it. Might be a win-win, there are similar preferential rights that also falls within this general category there generally! Affordable legal help - because We care at some point or does it endure a... Within it an express or implied right to buy a property before the seller simply accepts the offer... Property could be detrimental to both the owner and the ROFR holder, 879-80 ( 2003. Seller than rights to first offer, the ROFR contain within it an express or right! Seller shall convey title to Purchaser for drafting such documents concern real estate Work!, 70 A.L.R, you could imagine yourself bidding on the Statute of Frauds see! Every right of first refusal ( ROFR ): What is it if Desires... ] signed by the party to be negotiated with care terms, i.e., may...
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