Common use of Exercise of Lease ROFR Clause in Contracts

Exercise of Lease ROFR. Tenant shall exercise the Lease ROFR by giving Landlord a written notice thereof on or before the date (the “ROFR Exercise Date”) which is ten (10) business days after the date Landlord gives Landlord’s Lease ROFR Notice to Tenant. If Tenant fails to timely exercise the Lease ROFR or if Tenant elects not to exercise the Lease ROFR, then: (A) As of the date (the “ROFR Termination Date”) which is one (1) business day after the ROFR Exercise Date, Tenant shall have no further right in the ROFR Space, it being understood that the Lease with respect to the ROFR Space shall terminate and shall be of no further force or effect and all references in the Lease to the “Premises” shall be deemed to mean the remaining 22,000 square feet of the Premises; (B) On or before ROFR Termination Date, Tenant shall deliver the ROFR Space to Landlord in accordance with Section 15.5 of the Original Lease; (C) As of ROFR Termination Date, Fixed Rent shall be as follows: Period Square Footage of the Premises Annual Fixed per square foot Monthly Fixed Rent Annual Fixed Rent As of ROFR Termination Date 22,000 $ 7.40 $ 13,566.67 $ 162,800.00 - Second Amendment Extension Term Termination Date (D) Tenant shall continue to pay Additional Rent, together will all other sums due, owing or payable under the Lease.