Common use of Right of First Offer on Sale Clause in Contracts

Right of First Offer on Sale. (a) During the Initial Term, with respect to all Properties that are not Major Properties, and during each and any Renewal Term, with respect to all Properties for which Tenant shall have renewed the term hereof in accordance with the provisions of Section 1.4 of this Lease (as applicable, a “ROFO Eligible Property”), so long as no Event of Default shall have occurred hereunder and be continuing, and for so long as the herein named Tenant, or its Affiliates, shall remain in possession of at least thirty-five percent (35%) of the Net Rentable Area of such ROFO Eligible Property (together, the “ROFO Eligible Conditions”), Tenant shall have the right of first offer to purchase such Properties should Landlord determine to sell such ROFO Eligible Property, as more fully provided below. In no event shall the right of first offer provided in this Section 9.2 apply to any foreclosure of any Property or the delivery of any deed-in-lieu of foreclosure and such right of first offer shall terminate and be of no further force or effect upon and following a foreclosure or the delivery of a deed-in-lieu of foreclosure. (b) For so long as the ROFO Eligible Conditions persist, Landlord shall notice Tenant as to the offer price as well as other economic terms upon which Landlord wishes to sell the ROFO Eligible Property, specifying the last date upon which Landlord will agree to make settlement on such sale. Tenant shall have thirty (30) days following Landlord’s delivery of such notice within which to respond to such notice. If Tenant does not accept Landlord’s offer within such thirty (30) day period, Tenant’s rights under this Section shall lapse and Landlord shall thereafter be free to market and sell the ROFO Eligible Property upon the same economic terms and for the price stated in the offer for a period of nine (9) months; provided that if Landlord fails to execute a definitive agreement to sell the ROFO Eligible Property within nine (9) months following the date of Landlord’s original notice to Tenant or, within such nine (9) month period, Landlord desires to sell the ROFO Eligible Property for a purchase price or on economic conditions that are less than the offer price and conditions previously identified to Tenant, Landlord shall re-offer the ROFO Eligible Property to Tenant as set forth above.

Right of First Offer on Sale. (a) During the Initial Term, with respect to all Properties Projects that are not Major Properties, and during each and any Renewal Term, with respect to all Properties Projects for which Tenant shall have renewed the term hereof in accordance with the provisions of Section 1.4 of this Lease (as applicable, a “"ROFO Eligible Property”"), so long as no Event of Default shall have occurred hereunder and be continuing, and for so long as the herein named Tenant, or its Affiliates, shall remain in possession of at least thirty-five percent (35%) of the Net Rentable Area of such ROFO Eligible Property (together, the “"ROFO Eligible Conditions”"), Tenant shall have the right of first offer to purchase such Properties Projects should Landlord determine to sell such ROFO Eligible Property, as more fully provided below. In no event shall the right of first offer provided in this Section 9.2 apply to any foreclosure of any Property Project or the delivery of any deed-in-lieu of foreclosure and such right of first offer shall terminate and be of no further force or effect upon and following a foreclosure or the delivery of a deed-in-lieu of foreclosure. (b) For so long as the ROFO Eligible Conditions persist, Landlord shall notice Tenant as to the offer price as well as other economic terms upon which Landlord wishes to sell the ROFO Eligible Property, specifying the last date upon which Landlord will agree to make settlement on such sale. Tenant shall have thirty (30) days following Landlord’s 's delivery of such notice within which to respond to such notice. If Tenant does not accept Landlord’s 's offer within such thirty (30) day period, Tenant’s 's rights under this Section shall lapse and Landlord shall thereafter be free to market and sell the ROFO Eligible Property upon the same economic terms and for the price stated in the offer for a period of nine (9) months; provided that if Landlord fails to execute a definitive agreement to sell the ROFO Eligible Property within nine (9) months following the date of Landlord’s 's original notice to Tenant or, within such nine (9) month period, Landlord desires to sell the ROFO Eligible Property for a purchase price or on economic conditions that are less than the offer price and conditions previously identified to Tenant, Landlord shall re-offer the ROFO Eligible Property to Tenant as set forth above.

Right of First Offer on Sale. (a) During the Initial Term, with respect to all Properties that are not Major Properties, and during each and any Renewal Term, with respect to all Properties for which Tenant shall have renewed the term hereof in accordance with the provisions of Section 1.4 of this Lease (as applicable, a “ROFO Eligible Property”), so long as no Event of Default shall have occurred hereunder and be continuing, and for so long as the herein named Tenant, or its Affiliates, shall remain in possession of at least thirty-five percent (35%) of the Net Rentable Area of such ROFO Eligible Property the Building (together, the “"ROFO Eligible Conditions”"), Tenant shall have the right of first offer to purchase such Properties the Building should Landlord determine to sell such ROFO Eligible Propertyit, as more fully provided below. In no event shall the right of first offer provided in this Section 9.2 apply to any foreclosure of any Property the Building or the delivery of any deed-in-lieu of foreclosure and such right of first offer shall terminate and be of no further force or effect upon and following a foreclosure or the delivery of a deed-in-lieu of foreclosure. (b) For so long as the ROFO Eligible Conditions persist, Landlord shall notice Tenant as to the offer price as well as other economic terms upon which Landlord wishes to sell the ROFO Eligible PropertyBuilding, specifying the last date upon which Landlord will agree to make settlement on such sale. Tenant shall have thirty (30) days following Landlord’s 's delivery of such notice within which to respond to such notice. If Tenant does not accept Landlord’s 's offer within such thirty (30) day period, Tenant’s 's rights under this Section shall lapse and Landlord shall thereafter be free to market and sell the ROFO Eligible Property Building upon the same economic terms and for the price stated in the offer for a period of nine (9) months; provided that if Landlord fails to execute a definitive agreement to sell the ROFO Eligible Property Building within nine (9) months following the date of Landlord’s 's original notice to Tenant or, within such nine (9) month period, Landlord desires to sell the ROFO Eligible Property Building for a purchase price or on economic conditions that are less than the offer price and conditions previously identified to Tenant, Landlord shall re-offer the ROFO Eligible Property Building to Tenant as set forth above.