In Re EGBERT R SMITH TRUST

We granted leave to appeal to consider whether a right of first refusal is revocable once the holder of the right receives notice of a third party’s offer and whether the petitioners-tenants are entitled to summary disposition and specific performance of the right of first refusal.

We affirm the judgment of the Court of Appeals and hold that, under the lease agreement in this case, the petitioners had an irrevocable option to buy the leased property after the respondent presented to the petitioners a bona fide purchase offer from a third party (giving the petitioners the right of first…