Released for Publication August 5, 2015.
Appeal from Jefferson Circuit Court. (CV-13-902464). Caryl P. Privett, Trial Judge.
REVERSED AND REMANDED.
For Appellants: James A. Harris, Jr., Clyde " Tres" O'Neal Westbrook III, Harris & Harris, LLC, Birmingham.
For Appellee: John C. Neiman, Jr., Robert H. Fowlkes, Jayna Partain Lamar, Maynard, Cooper & Gale P.C., Birmingham.
MOORE, Judge. Thompson, P.J., and Pittman and Thomas, JJ., concur. Donaldson, J., recuses himself.
P& N Kissimmee I, LLC, and Kent Lee Holloway appeal from a summary judgment entered by the Jefferson Circuit Court (" the trial court" ) in favor of Regions Bank (" Regions" ). We reverse the judgment and remand the cause.
P& N and Regions entered into a loan agreement (" the loan" ), which was
amended on June 30, 2010, to provide P& N " a very limited right of first refusal" pursuant to which
" [i]f [Regions] obtains an offer to purchase the Loan on terms that it deems acceptable, [Regions] agrees to extend to a third party of [P& N's] designation (the 'Third Party Purchaser'), under conditions acceptable to [Regions] in its sole discretion, a very limited right of first refusal to purchase the Loan on the same terms." 
" 'A " right of first refusal" is a conditional option empowering its holder with a preferential right to purchase a property on the same terms offered by or to a bona fide purchaser.'" Starr v. Wilson,11 ...