Art. 2628.  Time limitation for option and right of first refusal

An option or a right of first refusal that concerns an immovable thing may not be granted for a term longer than ten years.  If a longer time for an option or a right of first refusal has been stipulated in a contract, that time shall be reduced to ten years.  Nevertheless, if the option or right of first refusal is granted in connection with a contract that gives rise to obligations of continuous or periodic performance, an option or a right of first refusal may be granted for as long a period as required for the performance of those obligations.

Acts 1993, No. 841, §1, eff. Jan. 1, 1995; Acts 2003, No. 1005, §1, eff. July 2, 2003.

NOTE:  See Acts 2003, No. 1005, §2, relative to application.

NOTE:  See Acts 2004, No. 24, §§2 and 3, relative to application.