First Right of Offer Sample Clauses
First Right of Offer. (a) If at any time during the term of this Amended Lease, Landlord determines to sell any of the individual properties listed on Exhibit "A" hereof or any portion thereof (the "Offered Property"), then Landlord will first offer ("First Offer") to Tenant the right and option to purchase the Offered Property (the "First Offer Right"). Such First Offer to Tenant shall be made in writing (the "Notice of Offer"), and shall set forth the price and other key economic and other terms upon which Landlord is prepared to sell the Offered Property ("Offered Terms"). The Notice of Offer shall also include the adjusted Base Rent for each of the Properties, if any, that remains subject to this Amended Lease following such proposed purchase by Tenant, which Base Rent shall be adjusted to reflect its then current fair market rental value in accordance with the valuation procedures set forth in Section 2.3 above. Tenant shall have the right, for a period of thirty (30) days after Tenant's receipt of the Notice of Offer, to elect, by written notice to Landlord ("Offer Acceptance Notice"), to purchase and take title to the Offered Property, at the price and upon the other terms set forth in the Notice of Offer. Tenant recognizes that Landlord may elect to offer the property to others at terms less favorable than those offered to Tenant; accordingly, Tenant agrees to treat the terms of such offer as confidential information and not to disclose the terms except Tenant may deliver copies thereof to its advisors, lenders, buyers, investors, attorney, and accountants if such persons are advised of the confidential nature of the offered terms and the obligation to hold such documents and information in strict confidence.
(b) If Tenant elects to accept the First Offer, the parties will reasonably and diligently negotiate to develop, sign and deliver a definitive Purchase and Sale Agreement, and related documentation, based on the Offered Terms ("Definitive Documents") within thirty (30) days after Landlord's receipt of the Offer Acceptance Notice. If Landlord does not receive the Offer Acceptance Notice within the required thirty (30) day period, or Landlord and Tenant are unable to reach agreement on and sign and deliver the Definitive Documents within the required thirty (30) day period, then Landlord will be free for a period of one (1) year to sell and transfer the Offered Property to any other third party unaffiliated with Landlord, provided it does so for an aggregate purchase...
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 onetime 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 three (3) business days from notice of space availability to accept or decline the additional space.
First Right of Offer. No later than 30 days prior to commencing marketing for releasing (as defined below) the balance of the space in the Building that becomes available (as defined below) (the "Offer Space"), Lessor shall first offer to lease such space to Lessee by a written notice (a "First Offer Notice") Lessee thereupon shall have the right ("ROFO") to lease all of the Offer Space at the ROFO Fair Market Rent (as defined below) for the remaining term of the Lease (including the option to extend pursuant to Paragraph 54 at the Monthly Base rent as determined therein for the application Extension Period). The ROFO shall be exercised by Lessee notifying Lessor, within ten days after Lessee's receipt of the First Offer Notice, of Lessee's exercise of its right to lease such Offer Space upon the terms set forth herein. If Lessee so notifies Lessor, Lessor shall deliver the Offer Space to Lessee upon the date such space is available and shall prepare an amendment to this Lease adding the Offer Space to the Premises on the date of delivery on the terms set forth herein, which amendment shall be delivered to Lessee promptly after exercise and executed by Lessee within 15 days after Lessee's receipt of same from Lessor. For purposes of this Paraxxxxx 00, XXXX Xxxx Xxxxxx Xxxt shall mean the monthly Base Rent then being charged for comparable space and comparable deals in buildings of similar size and construction in Anaheim, Yorbx Xxxxx xxx Fullxxxxx. Xx determining comparable space, appropriate consideration shall be given to the level and type of improvements contained in the Offer Space. "
First Right of Offer. Subject to the terms and conditions set forth in this Section, Landlord hereby grants to Tenant the first right ("First Right") to be offered by Landlord the opportunity to lease the approximately 1,400 rentable square feet of space located on the second floor of the Building and designated on EXHIBIT "C" attached hereto and incorporated herein by this reference If, at any time while this First Right is in effect, Landlord should intend to lease such space to a third party lessee, then Landlord shall first offer to lease such space to Tenant. If Landlord offers to Lease such space to Tenant pursuant to this Section and Tenant desires to lease such space, Tenant will, within five (5) Business Days of its receipt of Landlord's notice, prepare and provide to Landlord a letter of intent describing the terms on which Tenant desires to lease such space from Landlord, and Tenant will, within ten (10) Business Days of its receipt of Landlord's notice, prepare and provide to Landlord a space plan for such space. If Tenant notices Landlord in writing within such five-day period that Tenant does not desire to lease such space, or if Tenant does not provide Landlord with a letter of intent within such five-day period, then, in either of the above instances, Landlord's obligations under this Section will automatically terminate and Landlord will thereafter be entitled to lease such space. If Tenant provides Landlord with a letter of intent within such five-day period, the parties shall thereafter negotiate for Tenant's lease of the space from Landlord; provided, however, that if Landlord and Tenant are unable to mutually agree upon the terms of Tenant's lease of such space and to execute a written amendment to this Lease within the ten-day period referenced above (which amendment shall contain the terms mutually agreed to by the parties for Tenants lease of such space), then Landlord's obligations under this Section shall automatically terminate at the end of such ten-day period. Notwithstanding anything to the contrary contained in this Section, if Tenant's First Right as set forth in this Section is still in effect at the end of the initial five-year Term, such First Right will automatically terminate on the last day thereof. The purpose of this Section is to provide notice to Tenant so that Tenant 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 Section, nothing in t...
First Right of Offer. During the first five (5) years of the term of this Lease Agreement, if any rentable area comprised of more than 50,000 feet or more in the Crownsville Hospital Complex is offered by the County for lease, County shall so notify the Lessee, and shall identify the space available (the “Offered Space”) together with the rental rate and other terms and conditions (collectively, the “Offered Terms”) under which in good faith County intends to offer such space to third parties and the date on which such Offered Space is expected to be vacant, and the Lessee may, by giving notice to County within five
First Right of Offer fifteen (15) 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 with respect to the space proposed to be leased and be of no further force or effect at the end of such fifteen-day period. If Lessor becomes entitled to lease such space (or any portion thereof) to a third party and does not within ninety (90) days thereafter lease such space to a third party, or if Lessor leases all or any portion of such space to a third party and the lease between Lessor and such third party thereafter expires and the third party then has no further rights to such space, Lessee shall once again have the First Right to lease such space, as set forth in this Article, and Lessor shall once again be required to comply with the provisions of this Article prior to leasing such space to another tenant. Notwithstanding anything to the contrary contained in this Article XXXVI, in the event Lessee's First Right as set forth in this Article XXXVI is still in effect at the end of the initial ten-year term of this Lease, such First Right shall automatically terminate on the last day of the initial ten-year 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 XXXVI shall be deemed to be an option or right of first refusal.
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. Commencing on the Commencement Date and thereafter during the Term, Tenant shall have a continuing first right of first refusal with respect to the space on the second and third floor adjacent to the Leased Premises identified as “Future Expansion" on the layouts in Exhibit B-1 available for lease during the Term (the “FRO Space") upon and subject to the terms and conditions set forth in this Section 3.9 (the "First