Available ROFO Space Sample Clauses

The 'Available ROFO Space' clause defines the specific areas within a property that are subject to a Right of First Offer (ROFO) provision. This clause typically outlines which portions of the premises, such as vacant units or spaces becoming available, the tenant has the first opportunity to lease before the landlord offers them to third parties. For example, if a neighboring office suite becomes vacant, the tenant covered by the ROFO clause would be notified and given the chance to lease it under predetermined terms. The core function of this clause is to provide tenants with expansion opportunities while giving landlords a clear process for offering available space, thereby reducing uncertainty and potential disputes over leasing priorities.
POPULAR SAMPLE Copied 2 times
Available ROFO Space. For the purposes hereof, the “Available ROFO Space” shall be defined as any and all blocks of space consisting of between 5,000 and 10,000 square feet of rentable floor area located on the third (3rd) through sixteenth (16th) floors of the Building as and when such space becomes available for reletting (as hereinafter defined). Available ROFO Space shall be deemed “available for reletting” when Landlord, in its sole judgment, determines that the then current tenant of the applicable Available ROFO Space will vacate the Available ROFO Space at the expiration or earlier termination of such tenant’s lease and any applicable Prior Rights have lapsed or been waived.
View Source
Available ROFO Space. For the purposes hereof, the “Available ROFO Space” shall be defined as any and all space in the Building as and when such space becomes available for reletting (as hereinafter defined). Available ROFO Space shall be deemed “available for reletting” when Landlord, in its sole judgment, determines that the then current tenant of the applicable Available ROFO Space will vacate the Available ROFO Space at the expiration or earlier termination of such tenant’s lease and any applicable Prior Rights have lapsed or been waived. Tenant acknowledges and agrees that the Available ROFO Space in the Building is currently available and being marketed for lease by Landlord and the term “Initial Lease Up” shall refer to the initial leases (and any extensions or renewals thereof) entered into by Landlord with third party tenants for all or any portion of the Available ROFO Space following the date of this Lease. The parties agree that the provisions of this Article XII shall not apply to any space in the Building until after the applicable space has been leased by Landlord to third party tenants as part of the Initial Lease Up thereof and the tenants or occupants of such space have either not exercised any extension options therefore or not otherwise agreed with Landlord to renew the term of its lease or other occupancy agreement and Landlord determines such space will become available for reletting. In addition, Tenant acknowledges and agrees that Tenant’s rights under this Article XII shall not apply to (i) any space that would otherwise constitute Available ROFO Space and that Landlord leases on a short term basis in order for such space to be available to satisfy Tenant’s expansion option under Section 11.1 (and Tenant expressly agrees that Landlord shall have the right to renew or extend the terms of any such short term leases if Tenant fails to exercise the expansion option under Section 11.1), (ii) the Expansion Premises (as defined in Section 11.1) identified in Landlord’s Expansion Response if Tenant fails to timely exercise Tenant’s expansion option under Section 11.1 until following Landlord’s subsequent lease-up of the applicable Expansion Premises, as the case may be, and the tenants or occupants of such space have either not exercised any extension options therefore or not otherwise agreed with Landlord to renew the term of its lease or other occupancy agreement for such expansion premises and Landlord determines such expansion premises will become available...
View SourceView Similar (2)
Available ROFO Space. For the purposes hereof, the “Available ROFO Space” shall be defined as all or any portion of that certain premises consisting of approximately 4,000 square feet of rentable floor area on the third (3rd) floor of the Building and approximately as shown as the “ROFO Premises” shown on Exhibit D attached hereto and incorporated herein by reference as and when such space becomes available for reletting. In connection therewith, it is acknowledged and agreed that (i) the Available ROFO Space is vacant as of the date hereof, and (ii) Landlord shall have the right to initially lease the Available ROFO Space to third parties as Landlord deems appropriate in its sole discretion, prior to triggering Tenant’s right of first offer under this Section 2.9. Such initial leases and the terms thereof (including, but not limited to, the original terms, any options to extend the terms, any expansion rights or options and any amendments thereto) are hereinafter called the “Initial Leases” and the tenants under the Initial Leases are hereinafter called the “Initial Tenants.” Available ROFO Space shall be deemed “available for reletting” when Landlord reasonably determines that the then current tenant of the applicable Available ROFO Space will vacate the Available ROFO Space at the expiration or earlier termination of such tenant’s lease and any applicable Prior Rights (as defined below) have lapsed or been waived.
View Source

Related to Available ROFO Space

  • Parking Space The address required to find and physically park the Lessee’s vehicle is mandatory for this agreement to be valid. Section II. Term (7)

  • Expansion Space As used in this paragraph, the term “Expansion Space” means any space in the Building which, at any time during the Lease Term, is occupied by a Person other than Landlord under a written lease with Landlord, and the term “Tenant’s Expansion Space” means Expansion Space which Tenant has elected to lease as provided in this paragraph. Landlord agrees to notify Tenant promptly after Landlord learns that any Expansion Space is or will become available. Subject to the prior rights of other tenants to whom Landlord has granted substantially similar rights, Tenant has the option to lease any Expansion Space which Landlord notifies Tenant is or will become available. If Tenant gives Landlord notice of its exercise of this option within thirty (30) days after notification from Landlord of the availability of the Expansion Space and if no Event of Default exists when Tenant’s notice is given, this Lease will be deemed to be amended to include Tenant’s Expansion Space as part of the Premises for the remainder of the Lease Term upon all of the same terms contained in this Lease except that (i) the Rentable Area of the Premises will be amended to include Tenant’s Expansion Space; (ii) Tenant’s Share will be increased to include the rentable area of Tenant’s Expansion Space; (iii) the Term Commencement Date with respect to Tenant’s Expansion Space will be the earlier of sixty (60) days after the date on which Tenant’s Expansion Space becomes vacant and ready for occupancy (provided that date is at least sixty (60) days after Tenant exercises its option to lease the Expansion Space), or the date on which the Expansion Space is first occupied by Tenant; (iv) if Tenant’s Expansion Space contains a rentable area of 10,000 square feet or more, and if there are less than three (3) Lease Years remaining in the Lease Term, the Lease Term will be extended to include three (3) full years from the Term Commencement Date with respect to Tenant’s Expansion Space; and (v) subject to adjustment during each Fixed Rental Period as provided in Exhibit E, Basic Rent for each year of the remaining Lease Term (as it may be extended) will be the greater of (a) the Basic Rent last paid by the Person most recently occupying Tenant’s Expansion Space or (b) Market Rent determined as provided in the Rent Rider attached as Exhibit E. If Tenant exercises this option, Tenant’s Expansion Space will be leased to Tenant in its “as is” condition and Tenant will, at its expense and in compliance with the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this option.

  • Adjacent Premises If the Premises are part of a larger building, or of a group of buildings owned by Lessor which are adjacent to the Premises, the Lessee shall pay for any increase in the premiums for the property insurance of such building or buildings if said increase is caused by Lessee's acts, omissions, use or occupancy of the Premises.

  • Expansion Premises In addition to the Original Premises, commencing on the Expansion Premises Commencement Date (as defined below), Landlord leases to Tenant, and Tenant leases from Landlord, the Expansion Premises.

  • Additional Space Commencing on May 1, 2001, Sublessor herein grants unto the Sublessee a Right of First Refusal on any space that shall be and/or becomes available in the building during the remaining Term of this Sublease. Prior to May 1, 2001 and thereafter prior to the first day of May of any calendar year during the remaining Term hereof, Sublessor shall notify Sublessee by written notice of the availability of any such space in the building. Should Sublessee desire to exercise its Right of First Refusal and sublease such available space, Sublessee must notify Sublessor in writing of its desire to sublease the available space within seven (7) calendar days of Sublessee's receipt of Landlord's notice of availability. Within thirty (30) days of the receipt of Sublessee's notice exercising the right to sublease such available space, Sublessee and Sublessor shall enter into an amendment of this agreement setting forth the terms under which the additional space is subleased to Sublessee. The Base Rental shall be at a rental mutually agreed between Sublessee and Sublessor. Failure by Sublessee to exercise its Right of First Refusal within said seven (7) calendar day period, or if exercised, failure to enter into an amendment of this agreement within thirty (30) days of Sublessor's receipt of Sublessee's notice, shall be deemed a waiver of such right and Sublessor shall thereafter be free of any obligation under this Article 2.04 for a period of 12 months. Any exercise by Sublessee of this Right of First Refusal shall be for a minimum of 5,000 rental square feet.