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Common use of Procedure for Acceptance Clause in Contracts

Procedure for Acceptance. If Tenant wishes to exercise Tenant’s right of first offer with respect to the space described in the First Offer Notice, then within five (5) business days of delivery of the First Offer Notice to Tenant, Tenant shall deliver notice to Landlord of Tenant’s election to exercise its Right of First Offer with respect to the entire space described in the First Offer Notice on the terms contained in such Notice. If Tenant does not so notify Landlord within the five (5) business day period, then Landlord shall be free to lease the applicable First Offer Space to anyone to whom Landlord desires on any terms Landlord desires. In the event that Landlord fails to lease the applicable First Offer Space to a third party within six (6) months of the date of the First Offer Notice, the provisions of this Section 1.3 shall again be in effect with respect to the applicable First Offer Space. Notwithstanding anything to the contrary contained herein, Tenant must elect to exercise its Right of First Offer, if at all, with respect to all of the space offered by Landlord to Tenant at any particular time, and Tenant may not elect to lease only a portion thereof.

Appears in 2 contracts

Samples: Sublease (Jounce Therapeutics, Inc.), Sublease (Jounce Therapeutics, Inc.)

Procedure for Acceptance. If Tenant wishes to exercise Tenant’s right of first offer with respect to the space described in the First Offer Notice, then within five ten (510) business days of delivery of the First Offer Notice to Tenant, Tenant shall deliver notice to Landlord of Tenant’s election to exercise its Right right of First Offer first offer with respect to the entire space described in the First Offer Notice on the terms contained in such Noticenotice. If Tenant does not so notify Landlord within the five ten (510) business day period, then Landlord shall be free to lease the applicable First Offer Space to anyone to whom Landlord desires on any terms Landlord desires. In the event that Landlord fails to lease the applicable First Offer Space to a third party within six (6) months of the date of the First Offer Notice, desires and the provisions of this Section 1.3 shall again be in effect with respect to the applicable First Offer Spaceterminate. Notwithstanding anything to the contrary contained herein, Tenant must elect to exercise its Right right of First Offerfirst offer, if at all, with respect to all of the space offered by Landlord to Tenant at any particular time, and Tenant may not elect to lease only a portion thereof.

Appears in 2 contracts

Samples: Sublease (Jounce Therapeutics, Inc.), Sublease (Jounce Therapeutics, Inc.)