First Offer Space. (a) Subject to the provisions of this Section 5.5, Landlord shall not lease any portion of the Building ("First Offer Space") unless Landlord shall notify Tenant in writing ("First Offer Notice") of (A) the rentable area and location of such space proposed to be leased, (B) the prevailing market rental for such space, and (C) the proposed commencement date (the "First Offer Space Occupancy Date") for the lease of such space. Landlord agrees that the First Offer Space Occupancy Date for any such space shall occur not earlier than ninety (90) days after the end of Tenant's Refusal Period (as hereinafter defined) for such space. Upon receipt of a First Offer Notice, Tenant may, within thirty (30) consecutive days thereafter ("Refusal Period") by written notice given to Landlord, elect to exercise its option to lease the space described in Landlord's First Offer Notice. Tenant's notice shall also specify whether or not Tenant agrees with Landlord's determination of the prevailing market rental for such space and failure to so specify shall be deemed Tenant's acceptance of Landlord's determination of the prevailing market rental. If Tenant does not exercise its option to lease the space described in any First Offer Notice, then Landlord shall be free to lease such space on any terms and conditions.
(b) Tenant's rights under this Section S.5 are subject to the following conditions:
(i) Tenant's rights to lease First Offer Space shall not apply to any leasing of space during the last three (3) years of the initial Term unless (A) Tenant has exercised or simultaneously exercises its right to extend the Lease pursuant to Section S.6 herein, or (B) if Tenant does not exercise its right to extend the initial Term pursuant to Section S.6, Tenant shall agree that the term of this Lease as to such First Offer Space shall be a period equal to the term contained in Landlord's First Offer Notice but in no event shall such term be greater than five (5) years;
(ii) Tenant's rights to lease First Offer Space shall not apply to any leasing of space during the last three (3) years of the first extension term unless (A) Tenant has exercised or simultaneously exercises its right to extend the Lease for the second extension term pursuant to Section S.6 herein, or (B) if Tenant does not extend the term for the second extension term pursuant to Section S.6 herein, Tenant shall agree that the term of this Lease as to the First Offer Space shall be a period equal to the term contained...
First Offer Space. Subject to the terms and conditions set forth in this Paragraph 58, effective beginning December 1, 2020 Tenant shall have an ongoing right of first offer (“Right of First Offer”) to lease space within the Project that consists ten thousand (10,000) or more contiguous rentable square feet (a “First Offer Space”), if and when any such First Offer Space becomes available for lease to third parties. For purposes of this Paragraph 58, the First Offer Space shall be “available for lease to third parties” if such space becomes vacant and (i) Landlord is free to lease such space to the general public, unencumbered by any renewal rights, expansion rights, rights of first offer or other similar rights of other tenants in the Building that are contained in existing leases as of the Lease Date, and (ii) the First Offer Space will not be occupied by Landlord or Landlord’s property manager (all of the foregoing are herein referred to as “Superior Rights”). Landlord shall have no obligation to offer the First Offer Space to Tenant, and Tenant shall have no right to lease the First Offer Space pursuant to this Paragraph, until all of the Superior Rights have expired or are otherwise terminated. Nothing contained in this Paragraph 58 shall be deemed to impose any obligation on Landlord to refrain from negotiating with an existing tenant or subtenant of the First Offer Space in order to make the First Offer Space available to Tenant. In addition, Landlord shall have no obligation to offer the First Offer Space to Tenant if the First Offer Space does not become available for lease to third parties during the final nine (9) months of the Term )as may be extended).
First Offer Space. Notwithstanding anything in Section 1.2 (B) of the Lease to the contrary, the First Offer Space shall be comprised of all of the space located on floors 41, 45, 46, 48, 49 and 50 of the Building and the Landlord Designated First Offer Floors. In connection with the Landlord Designated First Offer Floors, as applicable, the Load Factors shall be as follows:
First Offer Space. The “First Offer Space,” as that term is defined in Section 1.3 of the Original Lease, shall mean (i) the remaining leasable space in Building B (i.e., all of the leasable space in Building B except the Building B Substitute Premises) (the “Building B First Offer Space”), and (ii) the entire first (1st) floor of Building C (the “Building C First Offer Space”).
First Offer Space. The Base Rental for First Offer Space leased by Tenant pursuant to the First Offer Right shall be at a per annum rate equal to the product obtained by multiplying (a) the Market Base Rental Rate as of the Rent Determination Date for the First Offer Space in question by (b) ninety percent (90%). Such rate shall apply until the Base Rental rate for such space is determined and becomes effective pursuant to Section 6.1.2 in connection with the next occurring Extension Term, if any. In determining the Market Base Rental for any First Offer -28- Space applicable to the period, if any, from the commencement of accrual of Base Rental for such First Offer Space to the commencement of the next occurring Extension Term, if any, the following adjustments shall be made; (y) if the time period that such rate applies is less than five (5) years, such time period shall be deemed to be five (5) years; and (z) there shall be taken into consideration the effect on the Market Base Rental Rate of any Superior Rights, if any, applicable to such space, including the Expansion Options, if any, held by Tenant with respect to such space which have a scheduled delivery date under Section 8.1 either prior to the commencement of the next Extension Term or within any deemed five (5) year time period as provided in clause (y) above and, if the Market Base Rental Rate is reduced by any such Expansion Option held by Tenant, then the amount of such reduction shall also be determined and such Market Base Rental Rate shall be increased by the amount of such reduction for the period after the scheduled delivery date for such space under such Expansion Option, whether or not such Expansion Option is exercised. If Landlord and Tenant do not agree on the Market Base Rental Rate for any First Offer Space, then the Market Base Rental Rate shall be determined by Arbitration.
First Offer Space. Landlord hereby grants to Tenant a one-time right of first offer with respect to each of (A) Suite 900 of the Building, and (B) Suite 1200 of the Building (Suite 900 and Suite 1200 each being referred to, for the sake of convenience, as the “First Offer Space”), if the same becomes vacant and available following the Effective Date. The term of the Lease with respect to the applicable First Offer Space shall (x) commence only following the expiration or earlier termination of the existing lease (including renewals) of the applicable First Offer Space and after the applicable First Offer Space is actually vacated and becomes available for lease following the Effective Date, and (y) expire on the Termination Date. Tenant's right of first offer shall be on the terms and conditions set forth in this Section 12.
First Offer Space. 32 37. TENANT'S RIGHT TO PURCHASE THE BUILDING ........................... 34 38. ARBITRATION ......................................................... 35 39. NOTICES ............................................................. 35 40. BROKERAGE ........................................................... 35 41. FORCE MAJEURE ....................................................... 36 42. SUCCESSORS .......................................................... 36
First Offer Space. Subject to the terms and conditions of this Article 36, if, at any time after the Lease Date, Landlord determines to make the Seventh Floor Premises available for lease (such premises, a "First Offer Space"), Tenant shall have a right of first offer to lease such First Offer Space (each, a "Right of First Offer").
First Offer Space. Landlord hereby grants to Tenant an ongoing right of first offer with respect to each portion of the ground floor of the Building (except for that portion of the ground floor of the Building currently occupied by X. Xxxxxx) which Landlord reasonably determines will become vacant and available following the Commencement Date (each such portion of the Building being hereinafter referred to as the “First Offer Space”). The term of the Lease with respect to the First Offer Space shall (x) commence only following the expiration or earlier termination of the existing lease (including renewals) of the First Offer Space and after the First Offer Space is actually vacated and becomes available for lease, and (y) expire on the Termination Date. The right of first offer granted to Tenant herein shall be subordinate to the existing rights of expansion, rights of refusal or rights of first offer (collectively, the “Superior Right Holders”) with respect to the First Offer Space. Tenant’s right of first offer shall be on the terms and conditions set forth in this Article 24.
First Offer Space. 1. Reference is made to the fact that Tenant has exercised its right, pursuant to Paragraph C of the Eighth Amendment to Lease, to lease the First Offer Space. Reference is further made to the fact that, as a result of such exercise by Tenant, Tenant has demised the entirety of the fifth (5th) floor of the Building and that those portions of the fifth (5th) floor which were previously common areas shall now be included as a part of the First Offer Space. Therefore, notwithstanding anything to the contrary in said Paragraph C of the Eighth Amendment to Lease, the RFO Premises is hereby agreed to consist of 5,815 rentable square feet, provided however, that for the purposes of determining the rent and Tenant's Share in respect of the First Offer Space, the First Offer Space shall be deemed to be 3,298 rentable square feet.
2. Effective as of the "RFO Premises Commencement Date" (as defined in Section 3 hereof) the RFO Premises shall constitute a part of the "Premises" (as defined and used in the Lease), so that the Premises (as defined and used in the Lease) shall include the Initial Premises and the RFO Premises.
