Right of First Offer to Lease. Upon the expiration of the Lease Term and provided that Tenant has exercised each Extended Term and no Event of Default then exists beyond any applicable notice and cure period, Tenant shall have a right of first offer ("Tenant's Right of First Offer to Lease") to lease the Property upon the same terms and conditions as Landlord, at its election, intends to offer to lease the Property to a third party. Tenant shall be entitled to exercise Tenant's Right of First Offer to Lease only if at the time of the giving of such notice and at the time of the commencement of the applicable term no Event of Default shall then exist and only if Landlord elects to lease the Property at the expiration of the Lease Term. Not more than nine (9) months and not less than three (3) months prior to the expiration of the Lease Term, Landlord shall, if applicable, give Tenant written notice of its intent to lease the Property and shall indicate the terms and conditions upon which Landlord intends to lease the Property. Tenant shall thereafter have a period of thirty (30) days to elect by unequivocal written notice to Landlord to lease the Property on the same terms and conditions as Landlord intends to offer to a third party; provided prior to Tenant's acceptance Landlord shall retain the right to elect not to lease the Property by giving Tenant written notice thereof. If Tenant elects not to lease the Property, then Landlord shall be free to lease the Property to a third party. However, if the Base Rent for such proposed lease is reduced by five percent (5%) or more as compared to the Base Rent included in the lease that Tenant rejected, then Landlord shall again offer Tenant the right to acquire the Property upon the same terms and conditions, provided that Tenant shall have only fifteen (15) days to accept such offer.
Right of First Offer to Lease. So long as this Lease is in full force and effect and no Event of Default has occurred and is continuing, Landlord hereby grants to Tenant a right of first offer (“ROFO” or “Right of First Offer”) to expand the Demised Premises to include any space in the Building which directly adjoins the Demised Premises (the “Offer Space”) and which becomes Available Offer Space from time to time during the Term, subject to the terms and conditions hereinafter set forth in this Special Stipulation 1. For the purposes of this Special Stipulation 1, the term “directly adjoins” means space which is actually physically contiguous with the Demised Premises without any intervening vacant space. No other space in the Building is subject to the Right of First Offer.
(a) The term of the Right of First Offer shall commence on the Lease Date and continue throughout the Term (the “First Offer Period”), unless sooner terminated pursuant to the terms hereof.
(b) Subject to the other terms of this Right of First Offer, after any part of the Offer Space has or will “become available” (as defined herein) for leasing by Landlord, Landlord shall not, during the First Offer Period, lease to another tenant the portion of the Offer Space which has become available (the “Available Offer Space”) without first offering Tenant the right to lease such Available Offer Space as set forth herein.
(c) Space shall be deemed to “become available” when Landlord desires to lease all or a portion of the Offer Space to a third party who is not then a tenant in the space becoming available. Accordingly, Offer Space will not “become available” if the Offer Space is re-let by the current tenant of the space by renewal, extension or renegotiation. Further, Offer Space will not “become available” if the space is assigned or sublet by the current tenant.
(d) Consistent with subsection (b), Landlord shall not lease any such Available Offer Space to another tenant unless and until Landlord has first offered the Available Offer Space to Tenant in writing (the “ROFO Offer”). The ROFO Offer shall contain (i) a description of the Available Offer Space (which description shall include the square footage amount and location of such Available Offer Space) and an attached floor plan that shows the Available Offer Space; (ii) the date on which Landlord expects the Available Offer Space to become available; (iii) the base rent for the Available Offer Space and the amount of allowances, if any, for the Available Offer Space...
Right of First Offer to Lease. 14 ARTICLE 4
Right of First Offer to Lease. Paragraph 11 of the First Amendment is deleted in its entirety and replaced with this Paragraph 7. In connection therewith, Schedule 11(c) to the First Amendment is deleted in its entirety and replaced with Schedule 7(c) attached hereto. Lessor hereby grants to Lessee a right of first offer with respect to office space that has Become Available (as hereinafter defined) in either the building located at 0000 Xxxxxxx Xxxxxx, Xxx Xxxxxxxxx, Xxxxxxxxxx (the “Xxxx Building”) or the building located at 0000 Xxxxxxx Xxxxxx, Xxx Xxxxxxxxx, Xxxxxxxxxx (the “Xxxxx Building”) (such space within the Xxxx Building or the Xxxxx Building, herein the “First Offer Space”). Lessee’s right of first offer as provided in this Paragraph 7 shall be personal to Lessee and shall not be assignable by Lessee nor included in any rights of any sublessee from Lessee (provided, however, that Lessee may assign its right of first offer in connection with an assignment of the Lease to an Affiliate of Lessee or a Permitted Assignee, and Lessee may grant a sublessee an option to expand contingent upon Lessee’s exercise of its right of first offer with respect to First Offer Space as provided hereunder), and shall be subject to the following terms and conditions:
Right of First Offer to Lease. Subject to the terms and conditions of the Lease, Tenant shall have a one-time right to lease certain space on the third (3rd) floor and the first (1st) floor of the Building if it becomes available for lease. This Notice of Lease has been executed to give notice of the Lease. This Notice of Lease is not intended to, and shall not, modify or vary any of the provisions of the Lease, and in the event of any inconsistency the terms of the Lease shall govern. Capitalized terms used but not defined herein are used with their meanings set forth in the Lease. This Notice of Lease may be executed in one or more counterparts, each of which shall be deemed an original, but all of which shall constitute the same instrument. WITNESS the execution hereof under seal by said parties to said Lease. LANDLORD: DIV 35 CPD, LLC, a Delaware limited liability company By: Name: Title: TENANT: CODIAK BIOSCIENCES, INC., a Delaware corporation By: Name: Title: [Signature page to Notice of Lease] COMMONWEALTH OF MASSACHUSETTS ) ) COUNTY OF ) On this day of , 2019, before me, the undersigned notary public, personally appeared , as of DIV 35 CPD, LLC, a Delaware limited liability company, proved to me through satisfactory evidence of identification, which was a Massachusetts Driver’s License or personal knowledge, to be the person whose name is signed on the preceding or attached document and acknowledged to me that s/he signed it voluntarily on behalf of the DIV 35 CPD, LLC for its stated purpose. Notary Public My Commission Expires: Printed Name of Notary: [SEAL] COMMONWEALTH OF MASSACHUSETTS ) ) COUNTY OF ) On this day of , 2019, before me, the undersigned notary public, personally appeared , as of CODIAK BIOSCIENCES, INC., a Delaware corporation, proved to me through satisfactory evidence of identification, which was a Massachusetts Driver’s License or personal knowledge, to be the person whose name is signed on the preceding or attached document and acknowledged to me that s/he signed it voluntarily on behalf of CODIAK BIOSCIENCES, INC. for its stated purpose. Notary Public My Commission Expires: Printed Name of Notary: [SEAL] A certain tract of land in Cambridge, Massachusetts, with all the improvements thereon, which is shown on the plan entitled “Plan of Property of Bethlehem Steel Corp.,” dated September 26, 1979, and recorded in the Middlesex South District Registry of Deeds as Plan No. 1380 of 1979 in Book 13841, Page End, and described as follows (all compass bearings are ...
Right of First Offer to Lease. Subject to the terms of this Section 1.6 and the rights of existing tenants in the Building as of the Date of Lease, Landlord grants to Tenant a continuous right of first offer (“Right of First Offer”) to lease any additional space on the ninth (9th) floor of the Building (“ROFO Space”) that is “Available for Direct Lease” (as defined below), at the proposed economic terms determined by Landlord in its good faith determination (the “Market Terms”).
Right of First Offer to Lease. Lessor shall not offer 5365 Xxxxxxx for Lease until it has Leased all developable sites owned by Lessor North of Silver Creek that will support 100,000 square feet or more. Prior to Lessor accepting any offer to lease that certain building and improvements of approximately 150,000 square feet to be constructed at 0000 Xxxxxxx Xxxxxx, or prior to Lessor making any offer to lease the future building and improvements at 0000 Xxxxxxx Xxxxxx, Lessor shall give Lessee written notice of such offer and Lessee shall have the opportunity to lease 0000 Xxxxxxx Xxxxxx or the part thereof offered for lease on the terms and conditions set forth in notice of offer (“Lessor’s First Notice”). Lessee shall have the option, which may be exercised by written notice to Lessor at any time within thirty (30) days from the receipt of the Lessor’s notice to agree to lease the building and improvements on the terms and conditions specified in the notice to Lessee. If Lessee fails to exercise its option within the 30-day period, Lessor shall have 270 days thereafter to lease 0000 Xxxxxxx Xxxxxx on terms at least as favorable to Lessor as these specified in the notice to Lessee, but in no case on terms more favorable than those offered to Lessee. If Lessor elects, within 270 days of Lessor’s notice, to lease 0000 Xxxxxxx Xxxxxx to a third party on terms more favorable to the third party lessee than the terms set forth in Lessor’s First Notice, then Lessor must re-offer 0000 Xxxxxxx Xxxxxx to Lessee on the same terms and conditions offered to the third party buyer (“Lessor’s Second Notice to Lease”). Lessee shall have five (5) business days from Lessee’s receipt of Lessor’s Second Notice to Lease to elect to lease 0000 Xxxxxxx Xxxxxx. If Lessee does not respond in writing accepting all terms and conditions, Lessor shall thereafter be entitled to lease 0000 Xxxxxxx Xxxxxx to the third party on the terms and conditions set forth in Lessor’s Second Notice to Lease or on other terms and conditions at least as favorable to Lessor as said terms and conditions in Lessor’s Second Notice to Lease for a period of 270 days after which Lessee’s Right of First Offer to Lease shall again be in effect for 0000 Xxxxxxx Xxxxxx. If Lessor does not Lease 0000 Xxxxxxx Xxxxxx during the periods stated above, Lessor will reoffer the property to Lessee before leasing to a third party.
Right of First Offer to Lease. During the initial Lease Term, subject and subordinate to the now-existing rights of first offer of any existing tenants of the Project, Tenant shall have a right of first offer to Lease space within the Building that is continguous to the Premises. The space presently available and continguous to the Premises is Suite 103, consisting of Three Thousand Five Hundred Eighty Eight (3,588) square feet (the “First Offer Space”) as further outlined on Exhibit “A-1” to the Lease. Notwithstanding the foregoing (i) such first offer right of Tenant shall commence only following the expiration or earlier termination of any existing lease pertaining to each such particular First Offer Space, and the first lease pertaining to each such First Offer Space entered into by Landlord after the date of this Lease (collectively, the “Superior Leases”), including any renewal of such existing or future lease, whether or not such renewal is pursuant to an express written provision in such lease, and regardless of whether any such renewal is consummated pursuant to a lease amendment or a new lease, and (ii) such first offer right shall be subordinate and secondary to all rights of expansion, first refusal, first offer or similar rights granted to the tenants of the Superior Leases (the rights described in items (i) and (ii), above to be known collectively as “Superior Rights” and, each individually, a “Superior Right”). Tenant’s right of first offer shall be on the terms and conditions set forth in this Right of First Offer to Lease. Tenant’s right of first offer shall only be in effect during the initial Lease Term.
Right of First Offer to Lease. (a) During the Original Term of this Lease, Tenant shall have an ongoing right of first offer to lease the ROFO Space (hereinafter defined) as it becomes available for lease, subject to the terms and conditions contained below.
Right of First Offer to Lease. Provided that Tenant is not in default, beyond applicable notice and cure periods, under any provision of this Lease, either at the time of the delivery of “Landlord’s Notice” (as hereafter defined) or at the time of the delivery of “Tenant’s Notice” (as hereinafter defined), Landlord hereby grants Tenant a right (“First Right”) to lease the 00 Xxxxxxxx Xxxxxx building and related excess land from the date immediately following the Expiration Date and/or Non- Renewal of the existing Tenant (ARCH Drafting Supply, Inc. expiry: 08/31/2021 with 30 days notice prior) for a period not to exceed August 31, 2025 in accordance with and subject to the provisions outlined herein.
