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24-856: The former owner of the land that the Paskuhan Village now occupies, Jesus Lazatin, sold the land to the Philippine Tourism Authority (now the Tourism Infrastructure and Enterprise Zone Authority or TIEZA) in 1989 so that it could be used to showcase the San Fernando 's lantern-making tradition. The theme park was conceptualized by then-Pampanga Governor Bren Guiao, then- Tourism Secretary Jose Antonio Gonzalez, and then-Center for International Trades, Expositions and Missions Director Mina Gabor Opened on December 11, 1990 by then-president Corazon Aquino ,

48-500: A Right of First Offer (ROFO, also known as a Right of First Negotiation) in that the ROFO merely obliges the owner to undergo exclusive good faith negotiations with the rights holder before negotiating with other parties. A ROFR is an option to enter a transaction on exact or approximate transaction terms. A ROFO is merely an agreement to negotiate. ROFR: Abe owns a house and Bo offers to buy that house for $ 1 million. However, Carl holds

72-406: A call option . A ROFR can cover almost any sort of asset , including real estate , personal property , a patent license, a screenplay , or an interest in a business. It might also cover business transactions that are not strictly assets, such as the right to enter a joint venture or distribution arrangement. In entertainment, a right of first refusal on a concept or a screenplay would give

96-437: A ROFR may require a custodial parent to offer parenting time to the non-custodial parent (rather than having a child supervised by a third party) any time that the custodial parent or their family is unable to exercise their right to parenting time (such as if the custodial parent needs to travel out of town). Under these circumstances a breach may result in a finding of contempt and any remedies for contempt. An ROFR differs from

120-634: A groundbreaking ceremony was held at the former site for the construction of a Giant Lantern Festival -themed tourism and information center. On May 27, 2023, the City of San Fernando Giant Lantern and Tourist Information Center was inaugurated by Mayor Edwin "EDSA" David Santiago as testament to Kapampangan heritage and realization of SFP as Home of the Giant Lanterns . The center’s lantern heritage exhibits are curated by Raphaelle Kalaw and Tourism officer Ma. Lourdes Carmella Jade “Ching” Pangilinan;

144-706: A resolution as early as 2009 to start the process to come to an agreement with the Department of Tourism so that the Mayors' League could acquire management and jurisdiction over Paskuhan. As of 2012, the Village was under significant financial strain; all shops, restaurants and other features were practically closed, with a budget of only 800 thousand pesos a month and only 24 workers left. By that time Paskuhan had discarded its Northern Luzon theme. The Commission on Audit advised TIEZA to rehabilitate, privatize or handover

168-418: A right of first refusal to purchase the house. Therefore, before Abe can sell the house to Bo, he must first offer it to Carl for the $ 1 million that Bo is willing to buy it for. If Carl accepts, he buys the house instead of Bo. If Carl declines, Bo may now buy the house at the proposed $ 1 million price. ROFO: Carl holds a ROFO instead of a ROFR. Before Abe can negotiate a deal with Bo, he must first try to sell

192-669: Is a term sheet provision permitting existing investors in a company to accept or refuse the purchase of equity shares offered by the company, before third parties have access to the deal. The main goal of the provision is to allow investors to prevent ownership dilution as the company raises additional capital. Typically, the provision will exempt certain types of shares, such as those in an employee pool, or shares issued to equipment loaners or lessors. Startup companies are advised to attempt negotiating out this right, because it enables existing investors to send stronger (potentially negative) signals to new investors, and consequently drive down

216-529: The compromise agreement between San Fernando City and Premier Central, Inc.'s P939 million sale of Paskuhan Village. The "deed of donation" transferred 5,000 square meters of the 9.3 hectares sold to Premier Central, Inc. and a 2-story building to San Fernando, and a company would construct an amphitheater . Gonzales was granted the right to file complaints on the Tourism Infrastructure and Enterprise Zone Authority sale decision of Paskuhan Village to Premier Central Inc. (PCI) in 2014 for P939 million. Following

240-479: The Paskuhan Village on December 17, 2014. The Pampanga provincial government had offered to buy the facility at book value or acquire administration and operational rights over the property three days earlier. The San Fernando city government also filed a counter-proposal to the bid initially contested among the five firms. Premier Central Inc. won the bid and purchased two lots of the Paskuhan Village in May 2015 so that

264-605: The Paskuhan Village showcased small and giant lanterns and other Christmas-related items inan effort to support local craftsmen and entrepreneurs. An "Environmental Consciousness Week" was held at the park in March 1993 to promote environmental awareness; proceeds were directed toward the Pinatubo Trust Fund and the Bahay Pag-Ibig nursing home . During 1998, then-First Lady Amelita Ramos attempted to recreate

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288-498: The Wikimedia System Administrators, please include the details below. Request from 172.68.168.226 via cp1108 cp1108, Varnish XID 219988630 Upstream caches: cp1108 int Error: 429, Too Many Requests at Thu, 28 Nov 2024 07:43:04 GMT Right of first refusal Right of first refusal ( ROFR or RFR ) is a contractual right that gives its holder the option to enter a business transaction with

312-615: The annullment of the sale to Premier Central, San Fernando Mayor Edwin Santiago advocatedrged for the revival of the Paskuhan as a Christmas-themed park and the return of the Giant Lantern Festival to the venue; the city's plan to acquire the property was still being deliberated at the time. As of July 2020, themajority of Paskuhan Village property was given back to the local government of San Fernando. In February 2021,

336-472: The case of valuable or complex transactions it is subject to negotiation and review by business transaction attorneys. However, many ROFR are not completely specified. Even the best drafted ROFR agreements suffer a high risk of dispute and litigation because they are anticipating future transactions and contingencies that are unknowable when the ROFR originates. In venture capital deals, the right of first refusal

360-537: The exhibits showcase works of art by Jude Pangilinan, Don De Dios, Rafael Maniago, Alvaro Jimenez, Noel Lopez Catacutan and Joel Mallari. The center also showcases the capiz lantern chandeliers, interpretations of Cesar Legaspi ’s mural “Bayanihan” and drafts of award-winning giant lanterns from Teddy Aguilar, Efren Tiodin, and Cesareo Sason. [REDACTED] Media related to Paskuhan Village at Wikimedia Commons Tourism Infrastructure and Enterprise Zone Authority Too Many Requests If you report this error to

384-490: The facility could be redeveloped; however, the Village decayed further due to a sales dispute. House Resolution 654, which was filed by Pampanga Third District Representative Aurelio Gonzales Jr. , called for an. investigation on Paskuhan's sale. The sale was declared void on October 2, 2017 by Solicitor General Jose Calida. The Committee on Good Government And Public Accountability of the House of Representatives had recommended

408-612: The facility to the local government in a 2012 circular. In the same year, the Sangguniang Panlalawigan ( lit.   ' Provincial Council ' ) of Pampanga filed a resolution to establish a branch of Casino Filipino within Paskuhan, a plan opposed by the religious sector, militant organizations, and a parent–teacher association . Four SM Group affiliates (SM Development Corp., Premier Central Inc., SM Prime Holdings and SEJ North Premier Holding Corp.) and Robinsons Land Corp. engaged in an open bidding for purchase of

432-460: The holder the right to make that movie first while in real estate, a right of first refusal would create incentive for the tenant to take better care of their leased apartment in case the opportunity to purchase arises in the future. Only if the holder turns it down may the owner then shop it around to other parties. Because a ROFR is a contract right, the holder's remedies for breach are typically limited to recovery of damages . In other words, if

456-400: The house to Carl on whatever terms Abe is willing to sell. If they reach an agreement, Abe sells the house to Carl. However, if they fail, Abe is free to start fresh negotiations with Bo without any restriction as to price or terms. The following are all variations on the basic ROFR: Many other variations are possible. A fully drafted ROFR addresses all of the types of issues and more, and in

480-676: The nullification of the sale for violating the Tourism Act of 2009, which prohibits the sale of state-owned cultural treasures and heritage sites. The body also cited their findings that the right of first refusal entitled to the local governments of Pampanga and San Fernando was ignored. The Court of Appeals of the Philippines ' Fourth Division Decision, dated May 23, 2024, granted Aurelio Gonzales Jr. 's certiorari annulling Regional Trial Court, Branch 42, San Fernando, Pampanga 's judgment. The ruling allowed Gonzalez' intervention in

504-409: The owner of something, according to specified terms, before the owner is entitled to enter into that transaction with a third party. A first refusal right must have at least three parties: the owner, the third party or buyer, and the option holder. In general, the owner must make the same offer to the option holder before making the offer to the buyer. The right of first refusal is similar in concept to

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528-432: The owner sells the asset to a third party without offering the holder the opportunity to purchase it first, the holder can then sue the owner for damages but may have a difficult time obtaining a court order to stop or reverse the sale. However, in some cases, the option becomes a property right that may be used to invalidate an improper sale. ROFR also arises in visitation agreements/orders in divorce cases. In such cases,

552-622: The village as part of the " Florikultura '98 " project of the Department of Tourism , but the plants withered and died the year after. Paskuhan Village also served as the venue of the Ligligan Parul or the Giant Lantern Festival from 1990 until 1998. The 1991 eruption of Mount Pinatubo as well as the establishment of shopping malls in Pampanga contributed to the decline of Paskuhan. The Ligligan Parul festivities

576-591: Was moved to SM City Pampanga in 2000 and to Robinsons Starmills sometime after 2007. The Department of Foreign Affairs used to host a consular office which issues passports in Paskuhan until 2002. Paskuhan was converted to the North Philippines Cultural and Historical Village known as WOW Philippines in 2003, which showcased the culture of the Ilocos , Cagayan Valley , Central Luzon and Cordillera regions. The Pampanga Mayors' League issued

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