Common use of First Right Space Clause in Contracts

First Right Space. For the purposes of this Article 32, the “First Right Space” shall mean one full floor of the Building other than the Premises. In the event that at any time and from time to time during the Term of this Lease, and so long as there does not exist an Event of Default, any First Right Space becomes available for lease and Landlord and a prospective tenant have agreed upon a lease which is acceptable to both parties, under which such prospective tenant will rent such First Right Space, Landlord shall deliver to Tenant a notice that such First Right Space is available on a particular date along with a copy of the agreed upon lease between Landlord and such prospective tenant (such notice and lease are, collectively, the “First Right Notice”), and shall offer Tenant the opportunity to lease the First Right Space under the same terms and conditions as had been agreed to with such prospective tenant, including all Base Rent, Escalation Rent, and other payments payable by such prospective tenant to Landlord under such lease. Tenant shall have ten (10) days from receipt of the First Right Notice to accept the offer, reject the offer, or state that Tenant does not desire to lease such First Right Space. In the event Landlord does not receive written notice of Tenant’s exercise of the right herein granted within said 10-day period, there shall be a conclusive presumption that Tenant has rejected such offer. If Tenant rejects such offer or states that it does not desire to lease such First Right Space, Landlord, in its sole discretion, may lease said First Right Space to third party tenants at rates, terms and conditions which are not more favorable to such tenants than the rates, terms and conditions upon which Landlord had offered the First Right Space to Tenant. Further, in the event that Landlord reaches an agreement with a prospective tenant to lease such First Right Space at rates, terms or conditions that Landlord may deem acceptable but which rates, terms and conditions are more favorable to such prospective tenant than the rates, terms and conditions which were contained in the original First Right Notice to Tenant covering the First Right Space in question, Landlord shall deliver to Tenant a new First Right Notice and offer Tenant the opportunity to lease the First Right Space at the same rates, terms and conditions as are contained in such new third party lease. Any failure of Tenant to elect to lease any First Right Space pursuant to this right of first refusal shall not be deemed a waiver of any future right of first refusal as to any subsequent First Right Space.

First Right Space. For Subject to all of the purposes of terms and conditions set forth in this Article 32Section 2.5, and subject to the Superior Rights, Landlord hereby grants to Tenant, the ongoing first right to lease for the Applicable Term the Additional Space (the “First Right SpaceRight”). The “Applicable Term” for which any such Additional Space shall mean one full floor of be the Building other than term set forth in the PremisesRefusal Offer Notice (hereinafter defined). In the event that at any time and from time to time during less than three years remains in the initial Term of this Lease, and so long as there does not exist an Event of Default, any First Right Space becomes available for lease and Landlord and a prospective tenant have agreed upon a lease which is acceptable Tenant will be required to both parties, under which such prospective tenant will rent such First Right Space, Landlord shall deliver to Tenant a notice that such First Right Space is available on a particular date along with a copy of exercise the agreed upon lease between Landlord and such prospective tenant (such notice and lease are, collectively, the “First Right Notice”), and shall offer Tenant the opportunity Renewal Option in order to lease the First Right Space under the same terms and conditions as had been agreed to with such prospective tenant, including all Base Rent, Escalation Rent, and other payments payable by such prospective tenant to Landlord under such lease. Tenant shall have ten (10) days from receipt of the First Right Notice to accept the offer, reject the offer, or state that Tenant does not desire to lease such First Right subject Additional Space. In the event less than three years remains in the Renewal Term, this First Right shall be deemed to have expired and be null, void and of no further effect. If, at any time while the First Right is in effect, any Additional Space is Available to Lease, Landlord does not receive written notice will, prior to binding itself to a lease of Tenant’s exercise such space to any third party, notify Tenant of the right herein granted within said 10-day periodportion of the Additional Space which is Available for Lease and shall provide Tenant with a copy of all the material terms and conditions of a bona fide offer Landlord wishes to accept, there shall be either in form of a conclusive presumption proposal or a letter of intent signed by or on behalf of a third party (a “Refusal Offer Notice”). Tenant will have until 5:00 p.m. on the seventh (7th) Business Day after Landlord’s delivery of a Refusal Offer Notice (the “Acceptance Deadline”) to notify Landlord that Tenant has rejected such offerwill lease all of the portion of the Additional Space described in the Refusal Offer Notice (an “Acceptance Notice”). If Tenant rejects delivers its Acceptance Notice prior to the Acceptance Deadline, then Landlord and Tenant will execute an amendment to this Lease that incorporates the applicable portion of the Additional Space into the Premises for the Applicable Term, increases Tenant’s Share of Expenses Percentage to reflect the increase in rentable area of the Premises, provides for the Basic Rent to be paid by Tenant for such portion of the Additional Space for the Applicable Term and for a tenant improvement allowance for improvements to such portion of the Additional Space per the Refusal Offer Notice. If Tenant fails to deliver its Acceptance Notice prior to the Acceptance Deadline, then, for a period of 120 days from and after the subject Acceptance Deadline (a “Leasing Period”), Landlord will be free, without further restriction, to enter into a lease with the third-party tenant (or an affiliate) who submitted the offer or states that it does not desire to Landlord for the portion of the Additional Space described in the subject Refusal Offer Notice. Except as provided in the immediately preceding sentence, Tenant’s failure to exercise the first right to lease such First Right Space, Landlord, in any one or more instances shall not affect its sole discretion, may lease said First Right Space to third party tenants at rates, terms and conditions which are not more favorable to such tenants than the rates, terms and conditions upon which Landlord had offered the First Right Space to Tenant. Further, in the event that Landlord reaches an agreement with a prospective tenant to lease such First Right Space at rates, terms or conditions that Landlord may deem acceptable but which rates, terms and conditions are more favorable to such prospective tenant than the rates, terms and conditions which were contained in the original First Right Notice to Tenant covering the First Right Space in question, Landlord shall deliver to Tenant a new First Right Notice and offer Tenant the opportunity rights thereafter to lease the First Right Additional Space at under the same rates, terms and conditions as are contained in such new third party lease. Any failure of Tenant to elect to lease any First Right Space pursuant to this right of first refusal shall not be deemed a waiver of any future right of first refusal as to any subsequent First Right SpaceSection 2.5.1.

First Right Space. For the purposes of this Article 32, the “First Right Space” shall mean one up to three (3) full floor floors of the Building other than the Premises. The intent is that the First Right Space will be three (3) full floors, so if the first space to become available is only ½ of a floor, Tenant will still have 2 1/2 floors of First Right Space. In the event that at any time and from time to time during the Term of this Lease, and so long as there does not exist an Event of Default, any First Right Space becomes available for lease and Landlord and a prospective tenant have agreed upon a lease which is acceptable to both parties, under which such prospective tenant will rent such First Right Space, Landlord shall deliver to Tenant a notice that such First Right Space is available on a particular date along with a copy of the agreed upon lease between Landlord and such prospective tenant (such notice and lease are, collectively, the “First Right Notice”), and shall offer Tenant the opportunity to lease the First Right Space under the same terms and conditions as had been agreed to with such prospective tenant, including all Base Rent, Escalation Rent, and other payments payable by such prospective tenant to Landlord under such lease. Tenant shall have ten (10) days from receipt of the First Right Notice to accept the offer, reject the offer, or state that Tenant does not desire to lease such First Right Space. In the event Landlord does not receive written notice of Tenant’s exercise of the right herein granted within said 10-day period, there shall be a conclusive presumption that Tenant has rejected such offer. If Tenant rejects such offer or states that it does not desire to lease such First Right Space, Landlord, in its sole discretion, may lease said First Right Space to third party tenants at rates, terms and conditions which are not more favorable to such tenants than the rates, terms and conditions upon which Landlord had offered the First Right Space to Tenant. Further, in the event that Landlord reaches an agreement with a prospective tenant to lease such First Right Space at rates, terms or conditions that Landlord may deem acceptable but which rates, terms and conditions are more favorable to such prospective tenant than the rates, terms and conditions which were contained in the original First Right Notice to Tenant covering the First Right Space in question, Landlord shall deliver to Tenant a new First Right Notice and offer Tenant the opportunity to lease the First Right Space at the same rates, terms and conditions as are contained in such new third party lease. Any failure of Tenant to elect to lease any First Right Space pursuant to this right of first refusal shall not be deemed a waiver of any future right of first refusal as to any subsequent First Right Space.

First Right Space. For Subject to any Superior Rights, and provided that Tenant is not then in default under the purposes terms of this Article 32Lease and that the Original Tenant is then in possession of the entire Premises, Tenant shall have the right to lease any space (a) on the ground floor of either of the buildings located at 0000 Xxxxxxxx Xxxxxxxxx or 0000 Xxxxxxxx Xxxxxxxxx (“Ground Floor Space”), or (b) on the third (3rd), fifth (5th) or ninth (9th) floor of the Building (collectively, the “Contiguous Floor Space”; Ground Floor Space and the Contiguous Floor Space are hereinafter collectively referred to as the “First Right Space” shall mean one full floor ”), if all or any portion of the Building other than the Premises. In the event that at any time and from time to time Ground Floor Space comes available for lease during the Lease Term, as the same may be extended, or all or any portion of the Contiguous Floor Space comes available for lease during the period beginning on the first (1st) anniversary of the Rent Commencement Date and continuing through the Lease Term, as the same may be extended. Upon all or any portion of the First Right Space coming available during the applicable time periods described above, Landlord shall give Tenant a one-time written notice (“Offer Notice”) of the availability of all or such portion of the First Right Space, which Offer Notice shall include a summary of the economic terms for which Landlord is willing to enter into a lease of the available portion of the First Right Space. The parties acknowledge and agree that except with respect to such economic terms, all of the terms and provisions of this Lease shall apply to any lease by Tenant of any portion of the First Right Space, except Tenant shall be permitted to use the Ground Floor Space for retail banking purposes, other financial retail services and office use incidental thereto and for any other retail use approved by Landlord, such approval not to be unreasonably withheld. Subject to Tenant’s options to extend the Lease Term under Section 2.2 of this Lease, and so long as there does not exist an Event the lease term of Default, any First Right Space becomes available for lease and Landlord and a prospective tenant have agreed upon a lease which is acceptable to both parties, under which such prospective tenant will rent such First Right Space, Landlord shall deliver to Tenant a notice that such First Right Space is available on a particular date along with a copy of the agreed upon lease between Landlord and such prospective tenant (such notice and lease are, collectively, the “First Right Notice”), and shall offer Tenant the opportunity to lease the First Right Space under shall expire on the same terms and conditions as had been agreed to with such prospective tenant, including all Expiration Date. The Base Rent, Escalation Rent, and other payments payable by such prospective tenant to Landlord under such lease. Tenant shall have ten (10) days from receipt of Year for the First Right Notice to accept the offer, reject the offer, or state that Tenant does not desire to lease such First Right Space. In the event Landlord does not receive written notice of Tenant’s exercise of the right herein granted within said 10-day period, there Space shall be a conclusive presumption that Tenant has rejected such offer. If Tenant rejects such offer or states that it does not desire to lease such First Right Space, Landlord, the calendar year in its sole discretion, may lease said First Right Space to third party tenants at rates, terms and conditions which are not more favorable to such tenants than the rates, terms and conditions upon which Landlord had offered the delivers possession of such First Right Space to Tenant. Further, unless such delivery date occurs in the fourth quarter of a calendar year, in which event the event that Landlord reaches an agreement with a prospective tenant to lease Base Year for such First Right Space at rates, terms or conditions that Landlord may deem acceptable but which rates, terms and conditions are more favorable to such prospective tenant than shall be the rates, terms and conditions which were contained in the original First Right Notice to Tenant covering the First Right Space in question, Landlord shall deliver to Tenant a new First Right Notice and offer Tenant the opportunity to lease the First Right Space at the same rates, terms and conditions as are contained in such new third party lease. Any failure of Tenant to elect to lease any First Right Space pursuant to this right of first refusal shall not be deemed a waiver of any future right of first refusal as to any subsequent First Right Spacenext calendar year.