FIRST RIGHT OF OFFER. Subject to the terms and conditions set forth in this Article XXXVI, Lessor hereby grants to Lessee the first right ("First Right") to be offered by Lessor the opportunity to lease the approximately 1,100 rentable square feet of space shown as designated on Exhibit D attached hereto and incorporated herein by this reference. If, at any time while this First Right is in effect, Lessor should intend to lease such space to a third party tenant, then Lessor shall first offer to lease such space to Lessee. In the event Lessor offers to Lease such space to Lessee pursuant to this Article XXXVI, Lessee shall notify Lessor in writing within five (5) days of its receipt of Lessor's notice whether Lessee desires to offer to lease such space from Lessor. If Lessee notifies in writing within such five-day period that Lessee does not desire to lease such space, or if Lessee does not respond in writing to Lessor's notice within such five-day period, then, in either of the above instances, Lessor's obligations under this Article XXXVI shall automatically terminate and be of no further force or effect and Lessor shall thereafter be entitled to lease such space. If Lessee notifies Lessor in writing within such five-day period that Lessee desires to lease such space from Lessor, the parties shall thereafter negotiate for 44 Lessee's lease of the space from Lessor; provided, however, that if Lessor and Lessee fail to mutually agree upon the terms of Lessee's lease of such space and to execute a written amendment to this Lease within seven (7) days of the date of Lessee's receipt of written notice (which amendment shall contain the terms mutually agreed to by the parties for Lessee's lease of such space), then Lessor's obligations under this Article XXXVI shall automatically terminate and be of no further force or effect at the end of such seven-day period. Notwithstanding anything to the contrary contained in this Article XXXVI, in this event Lessee's First Right as set forth in this Article XXXVI is still in effect at the end of the initial five (5) year, zero (0) month term of this Lease, such First Right shall automatically terminate on the last day of the initial five (5) year, zero (0) month term of this Lease. The purpose of this Article is to provide notice to Lessee so that Lessee may be in a position to offer to lease such space on a competitive basis with others, and, notwithstanding anything to the contrary contained in this Article XXXVI, nothing in this Article ...
FIRST RIGHT OF OFFER. Provided no Event of Default by Tenant occurs, and no circumstances then exist which, the lapse of time, the giving of notice or both, would constitute an Event of Default, Tenant shall have a First Right of Offer on any contiguous space on any floor partially occupied by Tenant that may become available during the term of this Lease and any extensions thereof (“Expansion Space”). Such right excludes uses by Landlord and its affiliates. Landlord shall give written notice to Tenant of any Expansion Space that is anticipated to become available and the anticipated date of availability, Tenant shall have five (5) business days to provide written notice to Landlord that Tenant intends to accept the Expansion Space. If Tenant provides notice to Landlord that it desires to accept or lease the Expansion Space, then Landlord and Tenant shall promptly execute an amendment to the Lease to incorporate the Expansion space upon it becoming available. The terms for the Lease of the Expansion Space shall be the then current market rate (for comparable buildings in the general vicinity of the Building) but no less then the then current rental rate applicable under this Lease.
FIRST RIGHT OF OFFER. Following the initial leasing of the entire Building, at any time thereafter during (the term of the Lease, upon Landlord's determination to lease any Vacant Space within the Building, Landlord shall first deliver to Tenant a written notice of such availability ("VACANT SPACE NOTICE"). For a period of fifteen (15) days following Tenant's receipt of the Vacant Space Notice, Tenant shall have the right to negotiate with Landlord regarding the lease of the Vacant Space; provided, however, Landlord makes no representation or warranty regarding the then market rate which Landlord would be willing to accept or the likelihood of reaching agreement upon any lease documentation. In the event that Landlord and Tenant do not reach agreement upon such terms and conditions regarding such vacant space within such fifteen (15) day period for any reason, Landlord shall be free to negotiate with any third party the lease of such space, and Tenant shall have no further obligation with regard thereto, except as provided in Section 31 of this Lease. For the purpose of this Section, "VACANT SPACE" shall mean (1) no bona fide written lease agreement exists relative to such space, or (2) such space is due to become vacant because a tenant's lease has or will expire with no renewal provision.
FIRST RIGHT OF OFFER. Tenant shall have a one time First Right of Offer on the space which is directly adjacent to the demised premises upon the current lease for said space expiring. The First Right of Offer shall be at the current lease rate that would be offered to a new tenant; however it will never be less than the current lease rate that the existing Tenant is paying at the termination of the lease. Tenant shall have five (5) business days from notice of space availability to accept or decline the additional space.
FIRST RIGHT OF OFFER. In the event that Landlord intends to offer the Property for sale and such offer shall be for an ownership interest in excess of fifty percent (50%) ("Ownership Interest"), then Landlord shall, prior to agreeing to sell the Ownership Interest, deliver to Tenant written notice of the purchase price which Landlord intends to accept for said Ownership Interest ("Offer Notice"). Tenant shall have ten (10) business days ("Acceptance Period") to deliver to Landlord a written notice of acceptance of the purchase price and a signed offer containing the purchase price using the standard purchase and sale agreement and/or deposit receipt used by CB Commercial in California ("Acceptance Notice"). All closing costs shall be divided equally. The parties shall agree to cooperate in an Internal Revenue Code, Section 1031, tax deferred exchange, including without limitation the right to assign the purchase and sale agreement to a qualified tax deferred intermediary. The closing date shall be no later than sixty (60) days following the delivery of the Acceptance Notice. The closing shall be for cash in United States dollars in the total amount of the purchase price plus Tenant's share of the closing costs. In the event that Tenant fails to deliver the Acceptance Notice within the Acceptance Period, Tenant shall have no further right to receive notice of any sale or offer to sell for a purchase price equal to or greater than the purchase price set forth in the Offer Notice. Thereafter Tenant shall be deemed to have waived its right to buy the Property for said purchase price, provided that Landlord shall not sell or offer to sell the Property at a purchase price lower than that purchase price contained in the Offer Notice without delivering to Tenant a new Offer Notice. If Tenant fails to accept such purchase price, then Landlord may sell the Ownership Interest to a third party on terms and conditions acceptable to Landlord, provided that the purchase price is the same or greater than the purchase price contained in the Offer Notice.
FIRST RIGHT OF OFFER. For so long as Tenant is owned and/or operated by either Xxxxxxxxxxx Xxxxxxxx or Xxxxxxx Xxxxxx the Landlord shall make reasonable efforts to accommodate Tenant's expansion needs by providing Tenant the first opportunity to lease any additional space that becomes available in the Building on the same terms as are applicable hereunder at that time, however, Tenant shall not have any right to any additional space in the Building and Landlord shall not be required to provide any such space to Tenant unless Tenant enters into an amendment to this Agreement within fifteen (15) Business Days of the date of Landlord's written notice to Tenant that additional space is, or will become, available in the Building, such amendment incorporating the additional space into this Agreement.
FIRST RIGHT OF OFFER. Provided no uncured Event of Default then exists -------------------- under this Lease, Tenant shall have a first right of offer on the leasing of all of any building that Landlord may construct on that certain parcel of land currently owned by The Washington Suburban Sanitary Commission ("WSSC") and located on Xxxxxxxx Xxxx just north of the Building (the "WSSC Site"), provided --------- that Landlord shall acquire the same. Landlord shall notify Tenant at such time as Landlord elects to lease space in any building constructed by Landlord on the WSSC Site. Tenant shall have ten (10) Business Days of receipt of such notice to exercise its right to lease such space at the then Current Market Rental Rate as determined pursuant to the section captioned "Current Market Rental Rate" and -------------------------- otherwise on all the terms and conditions of this Lease and an additional fifteen (15) calendar days within which to execute such lease. If Tenant does not exercise this First Right of Offer or execute such Lease within such times, this First Right of Offer shall terminate.
FIRST RIGHT OF OFFER. PGI agrees that Amarantus shall have the first right to offer to buy out PGI’s rights in Eltoprazine and Licensed Technology in the Territory under terms to be negotiated in good faith subject to the restrictions in applicable license agreements including the Solvay License, the VA License and 2nd Restated and Amended Agreement Between PsychoGenics Inc. and ReqMed Company, Ltd. dated August 31, 2003 concerning the Asian Territory.
FIRST RIGHT OF OFFER. For so long as Tenant is owned and/or operated by either Xxxxxxxxxxx Xxxxxxxx or Xxxxxxx Xxxxxx the Landlord shall make reasonable efforts to accommodate Tenant's expansion needs by providing Tenant the first opportunity to lease any additional space that becomes available in the Building, however, Tenant shall not have any right to any additional space in the Building and Landlord shall not be required to provide any such space to Tenant unless Tenant enters into a lease for such additional space within fifteen (15) Business Days of the date of Landlord's written notice to Tenant that additional space is, or will become, available in the Building. Landlord: The Landlord named herein, its successors or assigns and any subsequent owner, lessees, or transferees, from time to time, of the Landlord's interest in the Building and their respective successors and assigns (subject to the provisions of Paragraph 31 hereof.
FIRST RIGHT OF OFFER. 4. Since the Premises will now include Suite 175, Paragraph 47, Xxxxx Xxxxx Xxxxx, page 16 of the lease, is hereby deleted and is of no further force and effect.
