Article 1146. Exercise of a preemption right

(1) A preemption right is exercised by way of a declaration made to the obliged person. For the validity of the declaration it is not necessary to observe the form required by law with respect to the sale and purchase contract.
(2) After the receipt by the holder of the preemption right of the offer under Article 1145 (1) or of the counterpart of the contract under Article 1145 (2), the preemption right may be exercised within one month in case of immovable property and in case of 10 days in case of other property.  If the right of preemption is established by law, any clause amending the period for exercising the right of preemption is null and void.
(3) Where a preemption right is exercised following communication of an offer under Article 1145 (1), the exercise declaration amounts to an acceptance of the offer of sale.   If for the validity of the sale and purchase contract the law requires the observance of a certain form, the obliged person and the holder of the preemption right are mutually obligated to conclude the contract in such form.  In case of unexcused non-performance of this obligation by one of the parties, the other party may request the court to issue a judgment taking the place of the contract.
(4) Where a preemption right is exercised after the conclusion of the sale and purchase contract between the obligated person and the third party, then between the obligated person and the holder of the preemption right a sale and purchase contract is deemed to have been concluded under the terms and conditions agreed by the obligated person and the third party.  However, the seller is liable to the good faith third party for the legal defect resulting from the exercise of the preemption.
(5) If either the obligated person or the third party fails to recognize the effect of the provisions of paragraph (4), the holder of the preemption right may request the court to issue a decision holding that a contract has been concluded under paragraph (4) and that the holder of the preemption right has acquired the rights and obligations of a buyer.  The right of action provided for in this paragraph or in paragraph (3) is subject to a limitation period of 6 months.