First Offer Space Rent. The monthly Rent payable by Tenant for any First Offer Space leased by Tenant hereunder, including Base Rent and Additional Rent payable therefor and the parking charges, if any, for the parking spaces available for Tenant's use with respect to such First Offer Space as described in Section 1.6.7 below (the "FIRST OFFER SPACE RENT"), shall be determined as follows: 1.6.4.1 In the event the applicable First Offer Space Commencement Date specified by Landlord in Landlord's First Offer Notice is scheduled to occur prior to the first (1st) anniversary of the Lease Commencement Date as set forth in Landlord's First Offer Notice, (i) the Base Rent component of the First Offer Space Rent payable by Tenant for the First Offer Space leased by Tenant shall initially be equal to the product of $1.447 multiplied by the rentable square feet contained in the First Offer Space, (ii) Tenant shall pay Additional Rent for such the First Offer Space pursuant to the applicable provisions of this Lease (with Tenant's Share of Direct Expenses for such the First Offer Space calculated by dividing the number of rentable square feet of such First Offer Space by the total rentable square feet in the building in which such space is located, and stating such amount as a percentage), (iii) the refurbishment allowance for the First Offer Space shall be as set forth in Section 1.6.5(i) below, and (iv) Tenant shall not be obligated to pay any parking charges for the parking spaces used by Tenant for such the First Offer Space during the initial First Offer Space Term. Such Base Rent component of the First Offer Space Rent set forth in clause (i) hereinabove shall increase by the same dollar amount per rentable square foot of First Offer Space and at the same times as the Base Rent increases for the Initial Premises as set forth in Section 8:1 of the Summary. There shall be no abatement of the First Offer Space Rent, and the abatement provisions of Section 3.2 below shall not apply with respect to any First Offer Space. 1.6.4.2 In the event that the applicable First Offer Space Commencement Date specified by Landlord in Landlord's First Offer Notice is scheduled to occur after the first (1st) anniversary of the Lease Commencement Date as set forth in Landlord's First Offer Notice, the First Offer Space Rent payable by Tenant for the First Offer Space leased by Tenant shall be as determined pursuant to Section 1.6.3 above (i.e., upon the Terms set forth in the First Offer Notice if Tenant elects the option in Section 1.6.3.1 above, at the Fair Market Rental Rate for such First Offer Space if Tenant elects the option in Section 1.6.3.2 above, or upon Tenant's Proposed Terms if Tenant elects the option in Section 1.6.3.3 above and Landlord elects the option in clause (i) of Section 1.6.3.3 above),and the abatement provisions of Section 3.2 below shall not apply with respect to any First Offer Space.
Appears in 2 contracts
Samples: Office Lease (Websense Inc), Office Lease (Websense Inc)
First Offer Space Rent. The monthly Rent payable by Tenant for any First Offer Space leased by Tenant hereunder, including Base Rent and Additional Rent payable therefor and the parking charges, if any, for the parking spaces available for Tenant's use with respect to such First Offer Space "Rent," as described that term is defined in Section 1.6.7 below (the "FIRST OFFER SPACE RENT")4.1 of this Lease, shall be determined as follows:
1.6.4.1 In the event the applicable First Offer Space Commencement Date specified by Landlord in Landlord's First Offer Notice is scheduled to occur prior to the first (1st) anniversary of the Lease Commencement Date as set forth in Landlord's First Offer Notice, (i) the Base Rent component of the First Offer Space Rent payable by Tenant for the First Offer Space leased by Tenant (the "First Offer Rent") shall initially be equal to the product lesser of $1.447 (i) the "Market Rent," as that term is defined in, and determined pursuant to, Exhibit H attached hereto, for the First Offer Space, and (ii) the Monthly Rental Rate per rentable square foot of the Premises set forth in the Base Rent schedule in Section 4 of the Summary at the time of the First Offer Commencement Date multiplied by the rentable square feet contained in of the First Offer Space, (ii) Tenant shall pay Additional Rent for and such the First Offer Space pursuant Rent shall increase by three percent (3%) annually. Notwithstanding the foregoing, and regardless of otherwise applicable Market Rents, with respect to the applicable provisions of this Lease (with Tenant's Share of Direct Expenses for such the First Offer Space calculated by dividing the number of 20,751 rentable square feet of such First Offer Space by premises on the total rentable square feet in the building in which such space is located, and stating such amount as a percentage), fifth (iii5th) the refurbishment allowance for the First Offer Space shall be as set forth in Section 1.6.5(i) below, and (iv) Tenant shall not be obligated to pay any parking charges for the parking spaces used by Tenant for such the First Offer Space during the initial First Offer Space Term. Such Base Rent component floor of the First Offer Space Rent set forth in clause Building (i) hereinabove shall increase by the same dollar amount per rentable square foot of First Offer Space and at the same times as the Base Rent increases for the Initial Premises as set forth in Section 8:1 of the Summary. There shall be no abatement of the First Offer Space Rent, and the abatement provisions of Section 3.2 below shall not apply with respect to any "Fifth Floor First Offer Space.
1.6.4.2 In the event that the applicable First Offer Space Commencement Date specified by Landlord in Landlord's First Offer Notice is scheduled to occur after the first (1st) anniversary of the Lease Commencement Date as set forth in Landlord's First Offer Notice"), the First Offer Space Rent payable by Tenant for the Fifth Floor First Offer Space leased by Tenant space shall be equal the then applicable Monthly Rental Rate per rentable square foot of the Premises, with all scheduled increases, as determined pursuant to Section 1.6.3 above (i.e., upon the Terms set forth in the Rent Schedule in Section 4 of the Summary at the time of the First Offer Notice if Tenant elects Commencement Date multiplied by the option in Section 1.6.3.1 above, at rentable square feet of the Fair Market Rental Rate for such First Offer Space if Tenant elects the option in Section 1.6.3.2 above, or upon Tenant's Proposed Terms if Tenant elects the option in Section 1.6.3.3 above and Landlord elects the option in clause (i) of Section 1.6.3.3 above),and the abatement provisions of Section 3.2 below shall not apply with respect to any Fifth Floor First Offer Space. If Tenant exercises the right of first offer in accordance with Section 1.4.2 above, but concurrently with such exercise, in good faith objects to Landlord's determination of the First Offer Rent, then Landlord and Tenant shall, within thirty (30) days after Landlord's receipt of Tenant's exercise notice, meet and attempt to agree upon the First Offer Rent (the "First Offer Meeting"). If Landlord and Tenant do not reach agreement as to the First Offer Rent, within thirty (30) days after the First Offer Meeting (the "First Offer Rent Outside Agreement Date"), then each party shall, within ten (10) business days following the First Offer Rent Outside Agreement Date, make a separate determination of the First Offer Rent and such determinations shall be submitted to arbitration in accordance with Sections 2.2.4.1 through 2.2.4.4, below.
Appears in 1 contract
Samples: Office Lease (Retrophin, Inc.)
First Offer Space Rent. The monthly Rent payable by If Tenant for any First Offer Space leased by Tenant hereunder, including Base Rent and Additional Rent payable therefor and the parking charges, if any, for the parking spaces available for fails to deliver a Tenant's use with respect to such First Offer Space as described in Section 1.6.7 below (the "FIRST OFFER SPACE RENT"), shall be determined as follows:
1.6.4.1 In the event the applicable First Offer Space Commencement Date specified by Landlord in Landlord's First Offer Notice is scheduled to occur prior to the first (1st) anniversary of the Lease Commencement Date as set forth in Landlord's First Offer Notice, (i) the Base Rent component of the First Offer Space Rent payable by Tenant for the First Offer Space leased by Tenant shall initially be equal to the product of $1.447 multiplied by the rentable square feet contained in the First Offer Space, (ii) Tenant shall pay Additional Rent for such the First Offer Space pursuant to the applicable provisions of this Lease (with Tenant's Share of Direct Expenses for such the First Offer Space calculated by dividing the number of rentable square feet of such First Offer Space by the total rentable square feet in the building in which such space is located, and stating such amount as a percentage), (iii) the refurbishment allowance for the First Offer Space shall be as set forth in Section 1.6.5(i) below, and (iv) Tenant shall not be obligated to pay any parking charges for the parking spaces used by Tenant for such the First Offer Space during the initial First Offer Space Term. Such Base Rent component of the First Offer Space Rent set forth in clause (i) hereinabove shall increase by the same dollar amount per rentable square foot of First Offer Space and at the same times as the Base Rent increases for the Initial Premises as set forth in Section 8:1 of the Summary. There shall be no abatement of the First Offer Space Rent, and the abatement provisions of Section 3.2 below shall not apply with respect to any First Offer Space.
1.6.4.2 In the event that the applicable First Offer Space Commencement Date specified by Landlord in Landlord's First Offer Notice is scheduled to occur after the first (1st) anniversary of the Lease Commencement Date as set forth in Landlord's First Offer NoticeCalculation, the First Offer Space Rent payable by Tenant for the First Offer Space leased by Tenant shall be as determined pursuant to Section 1.6.3 above (i.e., upon the Terms set forth in the First Offer Notice if delivered by Landlord. If Tenant elects the option in Section 1.6.3.1 above, at the Fair Market Rental Rate for such delivers a Tenant’s First Offer Space if Rent Calculation to Landlord concurrent with Tenant’s delivery of the First Offer Exercise Notice, the First Offer Rent for the subject First Offer Space shall be equal to the Market Rent as determined pursuant to this Section 1.3.3, and Landlord shall deliver notice (the "Landlord First Offer Rent Notice") to Tenant elects on or before the option date which is ten (10) business days after Landlord's receipt of Tenant's First Offer Space Rent Calculation, stating that (a) Landlord is accepting Tenant's First Offer Space Rent Calculation as the Market Rent, or (b) rejecting Tenant's First Offer Space Rent Calculation and setting forth Landlord's calculation of the Market Rent assuming that all other applicable Economic Terms for the subject First Offer Space are as provided in the First Offer Notice (subject to the requirements of this Section 1.3) and are used in Landlord’s calculation of Market Rent (the "Landlord's First Offer Space Rent Calculation"). Within ten (10) business days of its receipt of the Landlord First Offer Rent Notice, Tenant may, at its option, accept the Market Rent contained in the Landlord's First Offer Space Rent Calculation. If Tenant does not affirmatively accept or Tenant rejects the Market Rent specified in the Landlord's First Offer Space Rent Calculation, the parties shall follow the same procedure set forth in Section 1.6.3.2 above2.2.4 below, or upon Tenant's Proposed Terms if Tenant elects the option provided that all references in Section 1.6.3.3 above and Landlord elects the option in clause 2.2.4 to (i) “Option Rent” shall be deemed to mean the “First Offer Rent”, (ii) “Option Term” shall be deemed to mean the applicable First Offer Space Term, and (iii) the “Outside Agreement Date” shall be deemed to mean the date that is forty-five (45) days after the date Landlord delivers the applicable Landlord’s First Offer Rent Notice to Tenant, and the Market Rent shall be determined in accordance with the terms of Section 1.6.3.3 above),and 2.2.4 below assuming that all other applicable Economic Terms for the abatement provisions subject First Offer Space are as provided in the First Offer Notice (subject to the requirements of this Section 1.3) and are used in the calculation of Market Rent. The terms of Section 3.2 below of this Lease shall not apply be inapplicable in connection with respect to any the subject First Offer Space.
Appears in 1 contract
Samples: Office Lease (Okta, Inc.)
