Common use of Lease of First Offer Space Clause in Contracts

Lease of First Offer Space. If Tenant timely exercises this First Offer Right as set forth herein, Tenant shall provide Landlord a non-refundable deposit, equivalent to twice the last month’s Base Rent for the First Offer Space, and the parties shall have thirty (30) days after Landlord receives Tenant’s Election Notice and deposit from Tenant in which to execute an amendment to the Lease adding such First Offer Space to the Leased Premises on all of the terms and conditions as applicable to the initial Leased Premises, as modified to reflect the terms and conditions as set forth in Landlord’s First Offer Notice. Upon full execution of an amendment for the First Offer Space, one half of the non-refundable deposit shall be credited toward Base Rent for the first complete month for which Rent shall be due therefore and the remaining portion shall be added to Tenant’s security deposit under the Lease (or if none exists, the same shall held as a security deposit under the Lease). Notwithstanding anything to the contrary contained herein, Tenant must elect to exercise its First Offer Right provided herein, if at all, with respect to all of the space offered by Landlord to Tenant in Landlord’s First Offer Notice, and Tenant may not elect to lease only a portion thereof.

Lease of First Offer Space. If Tenant timely exercises this First Offer Right as set forth herein, Tenant shall provide Landlord a non-refundable deposit, equivalent to twice the last month’s Base Rent for the First Offer Space, Space and the parties shall have thirty ten (3010) business days after Landlord receives Tenant’s Election Notice and deposit from Tenant in which to execute an amendment to the Lease adding such First Offer Space to the Leased Premises on all of the terms and conditions as applicable to the initial Leased Premises, as modified to reflect the terms and conditions as set forth in Landlord’s First Offer Notice. Upon full execution of an amendment for the First Offer Space, one half of the non-refundable deposit shall be credited toward Base Rent or the security deposit for the first complete month for which Rent shall be due therefore and First Offer Space, as agreed between the remaining portion shall be added to Tenant’s security deposit under the Lease (or if none exists, the same shall held as a security deposit under the Lease)parties. Notwithstanding anything to the contrary contained herein, Tenant must elect to exercise its First Offer Right provided herein, if at all, with respect to all of the space offered by Landlord to Tenant in Landlord’s First Offer NoticeNotice at any particular time, and Tenant may not elect to lease only a portion thereof.