Common use of Right of First Refusal to Lease Space Clause in Contracts

Right of First Refusal to Lease Space. Provided Tenant is not default under the Lease and has otherwise performed all of its covenants and obligations thereunder, in the event that any space on the property becomes available for rent for any reason, Tenant shall have the opportunity to lease the vacant space upon the same terms and conditions hereof, except that the rent shall be equal to then-current market rent for the vacant space. Landlord is free to market the vacant space for rent but in the event that Landlord signs a letter of intent, Landlord shall immediately provide written notice to Tenant and Tenant shall have 10 days to exercise its right of first refusal by delivering written notice to Landlord of its intention to rent such vacant space upon the same terms and conditions as outlined in the letter of intent. If Tenant fails to deliver such written notice of intent within 10 days, Tenant shall be deemed to have waived its right of first refusal, and Landlord may enter into a lease with the new tenant without any further obligation to Tenant until such space again becomes vacant space.