Common use of Landlord's Right of First Refusal to Provide Financing for Capital Additions Clause in Contracts

Landlord's Right of First Refusal to Provide Financing for Capital Additions. In the event that at any time during the Term Tenant shall elect to obtain construction financing in excess of $1,000,000 for any Capital Additions, Tenant shall give Notice thereof to Landlord, which notice shall set forth in reasonable detail the terms of such financing, shall identify the source thereof and shall include a copy of a final form of commitment letter therefor. Landlord shall have the right, exercisable by the giving of Notice to Tenant within thirty (30) days after such notice from Tenant, to provide a final form of commitment for such financing on the same terms and conditions as described in the Notice given to Landlord. In the event that Landlord shall exercise such option, Tenant shall be obligated to obtain such financing from Landlord on the terms and conditions set forth in the Notice to Landlord. In the event that Landlord shall decline to provide such financing or shall fail to give such notice to Tenant, Tenant shall be free to obtain such financing from the party identified in, and on the terms and conditions set forth in, the Notice given to Landlord with respect thereto.