Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 6 contracts
Samples: Sublease Agreement (Atara Biotherapeutics, Inc.), Lease (CareDx, Inc.), Lease (CareDx, Inc.)
Right of First Refusal. During (a) Prior to any intended Transfer of any Restricted Securities that is otherwise permitted by the provisions of this Article V, a Restricted Stockholder shall first (1st) three (3) years after the Term Commencement Date, Tenant shall have a right of first refusal give written notice (“ROFROffer Notice”) as to any rentable premises in Company specifying (i) such Restricted Stockholder’s bona fide intention to sell or otherwise transfer such Restricted Securities, (ii) the Building for which Landlord is seeking a tenant name and address of the proposed purchaser(s) or transferee(s) and their beneficial owners (if different from the proposed purchaser(s) or transferee(s), (iii) the number of Restricted Securities the Restricted Stockholder proposes to sell (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of OfferOffered Securities”), specifying (iv) the price for which such Restricted Stockholder proposes to sell the Offered Securities, and (v) all other material terms and conditions of the proposed sale or other transfer. Notwithstanding the foregoing, if such Restricted Stockholder proposes to Transfer Restricted Securities pursuant to a proposed lease to Tenant Proposed Public Transfer, the name, address and price of the Available PremisesOffered Securities may not be applicable or available. In case of a Proposed Public Transfer under Rule 144, which the Offer Notice shall include only the information specified in items (i), (iii) and (v) above, and in the case of a demand pursuant to Section 4.1 or request for registration pursuant to Section 4.2 such Restricted Stockholder’s demand or request will constitute its Offer Notice. In the case of any Proposed Public Transfer, the purchase price for purposes of this Section 5.3 will be the same as the terms volume-weighted average closing price of the bonafide offer, except that Common Stock (or the term volume-weighted average closing price of any lease entered the amount of Common Stock into by Tenant with respect to which the Available Premises shall be coterminous with Capital Stock is convertible) over the Termthirty 30 days preceding Restricted Stockholder’s delivery of the Offer Notice.
43.1. (b) Within five (5) business days following its the applicable Reply Period after receipt of a Notice the Offer Notice, Company or its nominee(s) may elect to purchase all (but not less than all) of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises Offered Securities at the price and on the terms and conditions set forth in the Offer Notice by delivery of Offerwritten notice (“Acceptance Notice”) to such Restricted Stockholder. Within fifteen (15) days after delivery of the Acceptance Notice to such Restricted Stockholder, Company and/or its nominee(s) shall deliver a check or wire transfer (or, at the discretion of Company, such other form of consideration set forth in the Offer Notice) in the amount of the purchase price of the Offered Securities to be purchased pursuant to this Section 5.3, against delivery by such Restricted Stockholder of a certificate or certificates representing the Offered Securities (or book-entry account transfer instructions) to be purchased, duly endorsed for transfer to Company or such nominee(s), as the case may be. If Tenant fails Company and/or its nominee(s) do not elect to notify Landlord of Tenant’s election within said five (5) business day periodpurchase the Offered Securities, then Tenant such Restricted Stockholder shall be deemed entitled to have elected not sell the Offered Securities to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease purchaser(s) named in the Available Premises Offer Notice or in accordance with the Proposed Public Transfer at the price specified in the Offer Notice or at a higher price and substantially on the same terms and conditions set forth in the Notice of OfferOffer Notice, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlorda private sale or a Proposed Public Transfer under Rule 144 must be consummated within sixty (60) days from the date of the earlier of (i) expiration of the applicable Reply Period for the Offer Notice and (ii) if applicable, the Company’s consent election not to exercise its right of first refusal, and any proposed sale after such sixty (60) day period may be made only by again complying with the procedures set forth in this Section 5.3; and provided, further, that a Proposed Public Transfer under Section 4.1 or 4.2 herein shall be conducted in accordance with the terms described in Article IV, and shall not be required for Tenant’s assignment subject to the above sixty-day limitation.
(c) The right of first refusal set forth in this Section 5.3 shall terminate upon the later of (i) the expiration of the ROFR in connection with an Allowed TransferStock Restrictions Period; and (ii) such time as the Restricted Stockholders and all of their Affiliates and Associates, individually and as a group, Beneficially Own less than 4.9% of the Company’s outstanding Common Stock (including any amount of Common Stock into which any Capital Stock Beneficially Owned could, under any circumstance, be convertible).
Appears in 5 contracts
Samples: Stockholder Agreement (Autobytel Inc), Stockholder Agreement (Autobytel Inc), Stockholder Agreement (Autobytel Inc)
Right of First Refusal. During In the first (1st) three (3) years after event the Term Commencement Additional Premises is not delivered to Tenant by the Additional Premises Delivery Date, for so long as Tenant still leases and occupies the entire Premises, Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available ROFR Premises”); provided, however, that in no event shall Landlord be required to lease any Available ROFR Premises to Tenant for any period past the date on which this Lease expires or is terminated pursuant to its terms. In the event Landlord receives a bonafide offer intends to lease from a third party tenant the Available ROFR Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available ROFR Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. 7.1 Within five ten (510) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease all (not just a portion) of the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five ten (510) business day period, then Tenant shall be deemed to have elected not to lease the Available ROFR Premises.
43.2. 7.2 If Tenant timely notifies Landlord that Tenant elects to lease the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available ROFR Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. 7.3 If Tenant notifies Landlord that Tenant elects not to lease the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five ten (5) business day 10)-day period described above, then Landlord shall have the right to consummate the lease of the Available ROFR Premises on the same terms as set forth in the Notice of Offer following Tenant’s election (or deemed election) not to a third party tenantlease the Available ROFR Premises.
43.4. 7.4 Notwithstanding anything in this Section 43 Article to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Landlord has given Tenant has committed a Default two (2) or more times notices of default under this Lease, whether or not the defaults are cured, during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. 7.5 Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Allowable Transfer.
7.6 If Tenant exercises the ROFR, Landlord does not guarantee that the Available ROFR Premises will be available on the anticipated commencement date for the Lease as to such Premises due to a holdover by the then-existing occupants of the Available ROFR Premises or for any other reason beyond Landlord’s reasonable control.
Appears in 5 contracts
Samples: Lease (CareDx, Inc.), Lease (CareDx, Inc.), Lease (CareDx, Inc.)
Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Tenant Sublessee shall have a right an ongoing Right of first refusal First Refusal (“ROFR”) as to any rentable premises in on the Building for which Landlord is seeking a tenant balance of the second floor of the Premises (the “Available PremisesRefusal Space”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord Sublessee shall have the right to consummate lease the lease Refusal Space on terms identical to those in a bona fide letter of intent from a third-party which Sublessor is willing to accept (the “Offer”). Upon notification in writing by Sublessor of the Available Premises receipt of an Offer (the “Refusal Space Notice”) on the Refusal Space, Sublessee shall have seven (7) business days in which to notify Sublessor in writing of its election to lease the Refusal Space on the same terms and conditions as those contained within the Refusal Space Notice. Sublessee’s rejection of the ROFR on any portion of the Refusal Space shall not affect or inhibit Sublessee’s ROFR on any other portion of the Refusal Space or the rejected portion should that lease terminate or expire for any reason. In the event Sublessee rejects the ROFR on any portion of the Refusal Space and the terms of the Refusal Space Notice materially change, Sublessor shall be required to present such ROFR to Sublessee again under the same conditions as provided above. The terms of a proposed sublease of the Refusal Space will be deemed to be materially different from the terms of the Refusal Space Notice if the financial terms (excluding the security deposit, but including, among other things, base rent, escalations and pass throughs of operating expenses, insurance, utilities and taxes, concession packages, free rent, free parking, leasing concessions, construction costs, improvement allowances, moving and other allowances, and commissions) of such proposed sublease have been reduced by more than ten percent (10%), in the aggregate, from the terms set forth in the Notice of Offer to a third party tenantRefusal Space Notice.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 4 contracts
Samples: Sublease Agreement (YETI Holdings, Inc.), Consent to Second Sublease Amendment (YETI Holdings, Inc.), Consent to Second Sublease Amendment (YETI Holdings, Inc.)
Right of First Refusal. During (a) If this Lease shall be in full force and effect Landlord shall, at such time as Landlord receives its first counter offer to or acceptance of a lease proposal (the first “Counter Offer”) from a prospective tenant to lease any portion of the fourth floor of the Building (1st) three (3) years after the Term Commencement Date“Right of First Refusal Space”), notify Tenant of the Counter Offer. Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premisesoption, which offer is acceptable exercisable by notice to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within within five (5) business days following its after receipt of a Notice of OfferLandlord’s notice (the “Offer Notice”), Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on Right of First Refusal Space so offered (the “Offered Space”) upon such terms and conditions set forth as are contained in this Lease except that (i) the Security Deposit shall be proportionately increased and (ii) the per square foot Tenant Work Allowance for the Offered Space shall be obtained by multiplying the per square foot Tenant Work Allowance by a fraction, the numerator of which is the number of months remaining in the Notice initial term of Offerthis Lease at the time that Monthly Rent will commence on the Offered Space and the denominator of which is the total number of months in the initial term. If Promptly after Tenant fails exercises this option (but in no event later than twenty (20) days after the Offer Notice), the parties shall enter into a supplemental agreement to notify Landlord this Lease incorporating the Offered Space as part of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. (b) If Landlord has submitted to Tenant timely notifies an Offer Notice and Tenant shall notify Landlord that Tenant elects waives its right of first refusal as to lease the Available Premises on the terms and conditions set forth such Offered Space identified in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of OfferOffer Notice, or if Tenant fails is deemed to notify Landlord of Tenant’s election have waived such right by failure to respond within the aforesaid five (5) business day period described above(collectively, a “Waiver”), then Landlord shall have a period of nine (9) months from the right date of such Waiver to consummate the a lease in respect of the Available Premises on Offered Space. If a lease for the same terms as set forth in Offered Space is not executed within the Notice nine month period aforesaid, then the rights of Offer first refusal accorded to a third party tenant.
43.4. Notwithstanding anything Tenant in this Section 43 shall be deemed revived and reinstated with respect to any subsequent desire of Landlord to lease the Offered Space subsequent to the expiration of the nine month period aforesaid.
(c) Landlord shall also keep Tenant fully informed as to (i) leasing activity as to any other space within the Building, including written notice of lease proposals issued to other tenants or prospective tenants, and (ii) the progress of negotiations as to the same.
(d) Notwithstanding anything herein contained to the contrary, Tenant shall not exercise have any of the ROFR during such period of time that rights contained in this Section for so long as Tenant is shall be in default under beyond the expiration of applicable grace or cure periods of any provision of the terms, conditions, covenants or provisions of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 4 contracts
Samples: Consent to Sublease (Editas Medicine, Inc.), Sublease (Editas Medicine, Inc.), Sublease (Editas Medicine, Inc.)
Right of First Refusal. During If the first (1st) three (3) years after the Term Commencement DateLease is then in full force and effect and there is no Default hereunder, Tenant shall have a the right of first refusal to lease an additional 6,917 square feet of rentable area located on the third (“ROFR”3rd) floor identified as such on Exhibit 2 attached hereto and incorporated herein for all purposes and all of the rentable area on the tenth (10th) and thirteenth (13th) floors of the Building ("ROFR Area").Such right of first refusal shall be exercisable at the following times and upon the following conditions:
(a) If Landlord receives a bona fide offer from a prospective tenant (the "Prospective Tenant") to any rentable lease premises (the "Offered Premises") in the Building for which Landlord is seeking a tenant containing all or any part of the ROFR Area (“Available Premises”). In the event Landlord receives a bonafide other than an offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that renew the term of any lease entered into by Tenant with respect to or expand the Available Premises premises demised under an existing lease, as Tenant's right of first refusal shall be coterminous with subordinate to any renewal of the Term.
43.1term of and any expansion of premises demised under an existing lease) and Landlord desires to accept such offer, then Landlord shall notify Tenant of such fact. Within Tenant shall have a period of five (5) business days following its receipt from the date of a Notice delivery of Offer, Tenant shall advise such notice to notify Landlord in writing whether Tenant elects to exercise the right granted hereby to lease the Available Premises on the terms and conditions set forth in the Notice of OfferOffered Premises. If Tenant fails to notify give any notice to Landlord of Tenant’s election within said the required five (5) business day period, then Tenant shall be deemed to have elected not refused its right to lease all or any portion of the ROFR Area.
(b) If Tenant refuses its right to lease the Available Offered Premises.
43.2. If Tenant timely notifies , either by giving written notice thereof or by failing to give any notice, Landlord that Tenant elects shall thereafter have the right to lease the Available Offered Premises to the Prospective Tenant on such terms and provisions as may be acceptable to Landlord, provided such terms and provisions are not materially more favorable to the Prospective Tenant than the terms and conditions provision set forth in the Notice of Offer, then notice from Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3Tenant. If Landlord and the Prospective Tenant notifies Landlord that fail to enter into a lease, Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right of first refusal described herein with respect to consummate any subsequent bona fide offers from other prospective tenants.
(c) If Tenant exercises its right to lease the Offered Premises, Landlord and Tenant shall, within thirty (30) days after Tenant delivers to Landlord notice of its election, enter into a lease agreement with respect to the Offered Premises on the same terms, covenants, and conditions as are contained in this Lease, except as follows:
(i) The rentable area of the Offered Premises shall be equal to the area offered to be leased by the Prospective Tenant.
(ii) The Monthly Base Rent rate to be paid for the Offered Premises shall be equal to the Monthly Base Rent offered to be paid by the Prospective Tenant, including any offered increases from time to time in such rental rate.
(iii) The additional rental relating the Operating Expenses for the Offered Premises shall be equal to the additional rental relating Operating Expenses offered to be paid by the Prospective Tenant, including any offered increases from time to time in such rate.
(iv) The payment of monthly installments of Monthly Base Rent with respect to the Offered Premises shall continence on the effective date of the lease of the Available Offered Premises as offered to the Prospective Tenant, or in the event no specific effective date was so offered on the date mutually acceptable to Landlord and Tenant, and rent for any partial month shall be prorated.
(v) Possession of such portion of the Offered Premises shall be delivered to Tenant on the basis offered to the Prospective Tenant, subject to paragraph (vii) below. Landlord will use reasonable diligence to make the Offered Premises available to Tenant as soon after the effective date stated above as it can, Landlord shall not be liable for the failure to give possession of the Offered Premises on said date by reason of the same terms as set forth in holding over or retention of possession of any tenant, tenants, or occupants, nor shall such failure impair the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision validity of this Lease. Any attempted exercise , nor extend the term hereof, but the rent for the Offered Premises shall be abated until possession is delivered to Tenant and such abatement shall constitute full settlement of all claims that Tenant might otherwise have against Landlord by reason of said failure to give possession of the ROFR during a period Offered Premises to Tenant on the scheduled effective date.
(vi) The term of time in which Tenant is so in Default the lease of the Offered Premises shall be void commence on the date determined pursuant to subparagraph (c)(iv) above, and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to continue thereafter until the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure periodinitial Term terminates.
43.5. Notwithstanding anything in this Lease (vii) If the term of the lease offered to the contraryProspective Tenant exceeds the remainder of the then current Term, any and all allowances and credits offered to the Prospective Tenant (including, without limitation, any leasehold improvement allowances and expenses) shall not assign or transfer be multiplied by a fraction, the ROFRnumerator of which shall be the total number of months remaining in the then current Term, either separately or and the denominator of which shall be equal to the number of months in conjunction with an the term offered to the Prospective Tenant.
(d) Any assignment or transfer subletting of the Premises by Tenant’s interest in , or any termination of the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment terminate the refusal right of the ROFR in connection with an Allowed TransferTenant hereby granted.
Appears in 4 contracts
Samples: Office Lease (Pegasus Systems Inc), Office Lease (Pegasus Systems Inc), Office Lease (Pegasus Systems Inc)
Right of First Refusal. During If during the first Term, including any Extension Term, of this Lease, Landlord shall have received a bona fide arm’s length offer to purchase the Premises which is acceptable to Landlord (1stthe “Offer”) three from any third party (3the “Transferee”), Landlord shall send a notice (herein referred to as the “Transfer Notice”) years after to Tenant. The Transfer Notice shall set forth the Term Commencement Dateexact terms of the Offer so received, together with a copy of the Offer, and shall state the desire of Landlord to sell the Premises on such terms and conditions. Thereafter, Tenant shall have a the right of first refusal (“ROFR”) as and option to any rentable premises in purchase the Building for which Landlord is seeking a tenant (“Available Premises”). In Premises at the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole price and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth specified in the Notice Offer, provided that Tenant is not in material default of Offer.
43.3this Lease beyond all applicable notice and cure periods hereunder. If Tenant notifies desires to exercise its option, it shall give notice (the “Counter Notice”) to that effect to Landlord that Tenant elects not within twenty (20) days after receipt of the Transfer Notice. Such Counter Notice shall be accompanied by a letter acknowledging Tenant’s agreement to lease the Available Premises on be bound by the terms and conditions of the Offer. Such Counter Notice shall set forth in a date not later than sixty (60) days from the service of the Counter Notice on which the closing shall be held. The Tenant’s failure to give a timely Counter Notice (or notice of its refusal to purchase) shall be deemed a waiver of its option to purchase the Premises pursuant to the Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant but shall not be entitled deemed a waiver of its option to exercise purchase the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior Premises pursuant to any modification to the date on Offer or any future offers. Tenant’s rights under this Section 13 are assignable to any person or entity which Tenant seeks is or would be a permitted assignee pursuant to Section 9 hereof. Tenant’s failure to, or its election not to, exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant its right of first refusal hereunder shall not assign or transfer affect the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment continued enforceability of the ROFR option to purchase provided in connection with an Allowed TransferSection 12 hereof.
Appears in 4 contracts
Samples: Lease Agreement (Nationsrent Inc), Lease Agreement (Nationsrent Inc), Lease Agreement (Nationsrent Inc)
Right of First Refusal. During (a) So long as the first Lease is in full force and effect, and so long as Tenant is not in default in the performance of its obligations under the Lease beyond any applicable notice, grace, or cure period at the time of exercise of the right set forth herein, if Landlord receives from a third party an acceptable bona fide offer to lease all or a portion of the remaining space located on the north side of the second floor of the Building (1st) three (3) years after the Term Commencement Date“Expansion Space”), Landlord shall notify Tenant of such availability in writing, in accordance with the notices provision of this Lease, and Tenant shall have a right of first refusal to lease the same (the “ROFRRight of First Refusal”) as ). Notwithstanding anything contained herein to the contrary, the parties acknowledge and agree that the Right of First Refusal shall be subordinate to any rentable premises existing expansion rights of Crew Carwash, Inc.’s to lease additional space in the Building Building.
(b) Tenant shall exercise the Right of First Refusal, if at all, by delivering written notice thereof to Landlord within fifteen (15) business days of Tenant's receipt of Landlord's notice. If such right is exercised by Tenant, such Expansion Space shall be leased on the same terms and conditions, including but not limited to rent and length of term, as reflected in such bona fide third party offer to lease the Expansion Space.
(c) In the event that Tenant exercises the right-of-first refusal granted herein, Landlord and Tenant shall enter into either an amendment to this Lease or a new lease agreement for which the Expansion Space within thirty (30) calendar days of receipt by Landlord is seeking a tenant (“Available Premises”)of Xxxxxx's notice exercising said right-of-first refusal. In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”)i) declines to exercise its right as above-provided, specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5ii) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election deliver notice thereof within the five (5) business day period described abovecalendar period, or (iii) Tenant fails to execute a lease agreement or an amendment to this Lease for the Expansion Space within said thirty (30) day period, then in any of such events, Landlord shall have may lease the right Expansion Space to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a such third party tenant.
43.4. Notwithstanding anything in this Section 43 whereupon Tenant's right-of-first refusal as to the contrary, Tenant Expansion Space shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall terminate and be void and of no further force or effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 4 contracts
Samples: Office Lease (Telix Pharmaceuticals LTD), Office Lease (Telix Pharmaceuticals LTD), Office Lease (Telix Pharmaceuticals LTD)
Right of First Refusal. During For so long as Tenant leases and personally occupies the first entire Premises (1st) three and the size of the then-current Premises is no smaller than size of the Premises as of the Execution Date), and subject to any other parties’ pre-existing rights and/or encumbrances with respect to Available ROFR Premises (3) years after the Term Commencement Dateas defined below), Tenant shall have a one-time right of first refusal (“ROFR”) as to any that certain rentable premises in the Building for which commonly known as Suite 150 (as more particularly shown on the floor plan attached hereto as Exhibit J, “Suite 150”) at such time as Landlord is seeking a tenant for such space (“Available ROFR Premises”); provided, however, that in no event shall Landlord be required to lease any Available ROFR Premises to Tenant for any period past the date on which this Lease expires or is terminated pursuant to its terms. In the event Landlord receives a bonafide offer to lease from a third party tenant the a bona fide offer to lease Available Premises, which offer ROFR Premises that Landlord is acceptable willing to Landlord in its sole and absolute discretionaccept, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available ROFR Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five seven (57) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease all (not just a portion) of the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five such seven (57) business day period, then Tenant shall be deemed to have elected not to lease the Available ROFR Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available ROFR Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five seven (57) business day period described above, then Landlord shall have the right to consummate the lease of the Available ROFR Premises on the same economic terms as substantially similar to those set forth in the Notice of Offer following Tenant’s election (or deemed election) not to a third party tenantlease the Available ROFR Premises.
43.4. Notwithstanding anything in this Section 43 Article to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Landlord has given Tenant has committed a Default two (2) or more times notices of default under this Lease, whether or not the defaults are cured, during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; providedprovided that, however(without limiting anything in Article 29) (a) in the event of an Exempt Transfer of Tenant’s full interest in the Lease or (b) if Landlord approves (in writing) an assignment or transfer of Tenant’s full interest in the Lease from Tenant to Tenant’s Affiliate, then, in conjunction with (and not separate from) such Exempt Transfer or assignment or transfer, as applicable, and upon prior written notice to Landlord, Tenant may assign or transfer the ROFR to the transferee of such Exempt Transfer or such Tenant’s Affiliate, as applicable. If Tenant (y) provides written notice to Landlord that Landlord’s consent shall Tenant will not be required for assigning or transferring the ROFR to the transferee of such Exempt Transfer or such Tenant’s Affiliate, as applicable, or (z) does not provide written notice of the assignment or transfer of the ROFR to the transferee of such Exempt Transfer or such Tenant’s Affiliate, as applicable, prior to the effective date of such Transfer, then the ROFR shall automatically be null and void and of no further force or effect.
43.6. If Tenant exercises the ROFR, Landlord does not guarantee that the Available ROFR Premises will be available on the anticipated commencement date for the Lease as to such Premises due to a holdover by the then-existing occupants of the Available ROFR Premises or for any other reason beyond Landlord’s reasonable control.
43.7. Notwithstanding anything in connection with an Allowed Transferthis Lease to the contrary, the ROFR shall expire on the date that is thirty-six (36) months following the Term Commencement Date.
Appears in 4 contracts
Samples: Lease (Erasca, Inc.), Lease Agreement (Erasca, Inc.), Lease (Erasca, Inc.)
Right of First Refusal. During In the first (1st) three (3) years event that Landlord shall receive a Bona Fide Offer to purchase the Leased Premises at any time and from time to time on or after the date hereof and during the Term Commencement Dateof this Lease from any person or entity, Landlord shall so notify Tenant in writing, together with a true and correct copy of said Bona Fide Offer. For purposes hereof, a “Bona Fide Offer” shall be deemed to be one made in writing (including a letter of intent, memorandum of understanding or document of similar import) by a person or entity that is not related or affiliated with Landlord which Landlord intends to accept (subject to this Article). In submitting the Bona Fide Offer to Tenant, Landlord shall segregate the price and the terms of the offer for the Leased Premises from the price and other terms connected with any additional property or properties that such person or entity is offering to purchase from Landlord. Tenant may, at Tenant’s option and within fifteen (15) days after receipt of Landlord’s notice of said Bona Fide Offer and receipt of a copy thereof, offer to purchase the Leased Premises at the price and upon the terms and conditions as are contained in said Bona Fide Offer, in which event, Landlord shall sell the Leased Premises to Tenant upon said terms and conditions and said price; furthermore, in such event, Landlord shall convey the Leased Premises to Tenant by special warranty deed. Notwithstanding the foregoing, the price that Tenant shall pay for the Leased Premises shall be reduced by (i) an amount equal to broker’s fees or commissions that would have been payable by either the purchaser or Landlord if the Leased Premises were sold pursuant to a Bona Fide Offer; and (ii) the amount of any payment(s) to be made by the proposed purchaser to any entity owned or controlled by, or affiliated with, the proposed purchaser. Landlord shall provide Tenant evidence of the amount of broker’s fees or commissions payable in connection with any such Bona Fide Offer. Landlord covenants that it shall accept no such Bona Fide Offer or convey the premises until it has complied with the terms of this Article. Any conveyance of the Leased Premises made in the absence of full satisfaction of this Article shall be void. Tenant may enforce this Article, without limitation, by injunction, specific performance or other equitable relief. The failure of Tenant to exercise the right of first refusal contained herein within the aforesaid fifteen (15) day period shall be a waiver of Tenant’s right of first refusal contained in this Article 29. Tenant’s election not to exercise its right of first refusal shall not prejudice Tenant’s rights hereunder as to any further Bona Fide Offer. The terms and conditions contained in this Article shall be binding upon the heirs, successors and assigns of Landlord. It is understood by Landlord and Tenant that an offer to acquire the Leased Premises from a person or entity that is related or affiliated with Landlord is not a Bona Fide Offer and thus Tenant does not have a right of first refusal (“ROFR”) as to such offer and therefore shall not prejudice Tenant’s rights hereunder as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of further Bona Fide Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 4 contracts
Samples: Lease (Natural Grocers by Vitamin Cottage, Inc.), Lease (Natural Grocers by Vitamin Cottage, Inc.), Lease (Natural Grocers by Vitamin Cottage, Inc.)
Right of First Refusal. During If Nucryst receives from a competitor of S&N in the first (1st) three (3) years after the Term Commencement Date, Tenant shall have wound care market a right of first refusal bona fide offer (“ROFRQualifying Offer”) as to any rentable premises in purchase the Building for which Landlord is seeking a tenant (“Available Premises”). In Technology Assets and Nucryst desires to accept the event Landlord receives a bonafide offer to lease from a third party tenant the Available PremisesQualifying Offer, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord Nucryst shall provide give written notice thereof to Tenant (the “First Refusal Transfer Notice”) to S&N of that desire. The First Refusal Transfer Notice of Offershall describe the Technology Assets and the proposed price (“Offered Purchase Price”), specifying ) for the material terms and conditions of a proposed lease to Tenant sale of the Available Premises, which shall be Technology Assets and the same as the proposed terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5“Offered Purchase Terms”) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms for such sale as set forth in the Qualifying Offer. Nucryst shall not be obligated to provide to S&N a copy of the Qualifying Offer or disclose the name of the competitor of S&N that made the Qualifying Offer. S&N shall have the option (the “Purchase Option”) to purchase all of the Technology Assets for the Offered Purchase Price and on the Offered Purchase Terms. The Purchase Option shall be and remain irrevocable for a period (the “First Refusal Transfer Period”) ending on the earlier of (i) 11:59 p.m. Calgary time on the [***] following the date the First Refusal Transfer Notice is given by Nucryst to S&N; and (ii) 11:59 p.m. Calgary time on the business day prior to the day the Qualifying Offer expires pursuant to its terms. S&N may elect to exercise the Purchase Option by giving written notice of its election to Nucryst, which exercise shall be maintained in confidence by Nucryst. If S&N elects to exercise the Purchase Option, S&N’s notice of election shall fix a closing date (the “First Refusal Transfer Closing Date”) for the purchase of the Technology Assets, which shall not be later than the business day prior to the expiry of the Qualifying Offer. The Offered Purchase Price shall be paid in cash by S&N on the First Refusal Transfer Closing Date. If S&N does not exercise the Purchase Option or if the Purchase Option is exercised but the transition does not close by the expiry of the First Refusal Transfer Period for any reason other than the default of Nucryst, Nucryst shall be permitted to accept the Qualifying Offer or another offer on substantially similar or better terms at any time during the period ending [***] (the “First Refusal Free Transfer Period”) after the expiry of the First Refusal Transfer Period. If Nucryst does not transfer the Technology Assets pursuant to the Qualifying Offer or another offer on substantially similar or better terms within a First Refusal Free Transfer Period, Nucryst’s right to transfer the Technology Assets pursuant to this Section 13.7 shall cease and terminate. Any transfer of the Technology Assets made after the last day of the First Refusal Free Transfer Period without strict compliance with the terms, provisions and conditions of this Section 13.7 and the other terms, provisions and conditions of this Agreement, shall be null, void and of no force or effect. Any assignment of this Agreement to a third party tenant.
43.4. Notwithstanding anything in as part of the transfer of the Technology Assets pursuant to this Section 43 to 13.7, whether as a result of S&N not exercising the contrary, Tenant shall Purchase Option or as a result of S&N exercising the Purchase Option but the transaction not exercise closing by the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise expiry of the ROFR during a period First Refusal Transfer Period for any reason other than the default of time in which Tenant is so in Default Nucryst, shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with considered an assignment or transfer to a permitted assignee for purposes of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed TransferSection 13.5.
Appears in 3 contracts
Samples: License and Development Agreement (NUCRYST Pharmaceuticals Corp.), License and Development Agreement (NUCRYST Pharmaceuticals Corp.), License and Development Agreement (NUCRYST Pharmaceuticals Corp.)
Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a continuing right of first refusal (“ROFR”) as to any rentable premises in on the first and third floors of the Building for which Landlord is seeking a tenant (“Available Premises”)) from time to time during the Term and extensions thereof. To the extent that Landlord renews or extends a then-existing lease with any then-existing tenant of any space, or enters into a new lease with such then-existing tenant for the same premises, the affected space shall not be deemed to be Available Premises. In addition, space that has not been rented since the completion of the Building shall be Available Premises. In the event Landlord makes to a third party, or receives from a bonafide third party, a offer to lease from a third party tenant the Available Premises, which offer Premises that Landlord is acceptable willing to Landlord in its sole and absolute discretionaccept, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. 43.1 Within five ten (510) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the such Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five ten (510) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. 43.2 If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. 43.3 If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five ten (5) business day 10)-day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as are in the Notice of Offer, or on terms that, in Landlord’s reasonable, good faith judgment, are more favorable to Landlord or on other terms than are set forth in the Notice of Offer (provided that each of (a) the size of any prospective subject space to a third party tenantbe let, (b) the aggregate economic value based on the discounted present value (to be calculated with an eight percent (8%) annual interest factor) of the net rent and other amounts to be paid by the tenant and the Landlord over the term of the lease of such space and the amount of the tenant improvement allowance, and (c) the length of the term of such prospective lease does not vary by more than seven and one-half percent (7.5%) from those set forth in the Notice of Offer), within one hundred twenty (120) days following Tenant’s election (or deemed election) not to lease the Available Premises. If Landlord does not lease the Available Premises within said one hundred twenty (120)-day period, then Tenant’s ROFR shall be fully reinstated with respect to the specific Available Premises, and Landlord shall not thereafter lease the Available Premises without first complying with the procedures set forth in this Article 43.
43.4. 43.4 Notwithstanding anything in this Section Article 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default beyond applicable notice and cure periods under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default been in default (beyond applicable notice and cure periods) two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. 43.5 Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; providedprovided that this ROFR shall be exercisable by Tenant’s Affiliate to which this Lease has been assigned in accordance with the terms hereof.
43.6 If Tenant exercises the ROFR, howeverLandlord does not guarantee that the Available Premises will be available on the anticipated commencement date for the lease thereof if the then-existing occupants of the Additional Space shall hold over, that or for any other reason beyond Landlord’s consent shall not be required for Tenant’s assignment reasonable control.
43.7 Notwithstanding anything in this Lease to the contrary, if the Available Premises consists of all or any portion of the first (1St) floor, Tenant at its sole discretion may elect to exercise this ROFR with respect to all of such space on the first (1st) floor or with respect to only such portion thereof as Tenant may elect (so long as the portion of the first (1st) floor that Tenant does not elect to lease is, in connection with an Allowed TransferLandlord’s reasonable judgment, reasonably marketable).
Appears in 3 contracts
Samples: Lease (NanoString Technologies Inc), Lease (NanoString Technologies Inc), Lease (NanoString Technologies Inc)
Right of First Refusal. During In addition to the first (1st) three (3) years after Option to Purchase granted to Tenant in Section 18.01 above, Landlord does further agree that if at any time during the Term Commencement Dateterm of this Lease, provided Tenant is not in default hereunder, or any renewal term, Landlord shall receive any bona fide offer acceptable to Landlord for the sale of the Premises leased herein, Landlord, prior to acceptance thereof will give Tenant, with respect to each said offer, written notice thereof and a copy of said offer. In the event Tenant receives said notice, Tenant shall have a the option and first refusal for fifteen (15) days after receipt of such notice within which to elect to purchase the Premises on the terms of said offer. If Tenant shall elect to purchase the Premises pursuant to this right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premisesgranted herein, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord it shall provide Landlord with written notice thereof to Tenant of such election within the said fifteen (15) day period, and upon such notice having been given, the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which transaction shall be the same as closed on the terms of the bonafide offer, offer except that the term of any lease entered into by Tenant with respect to the Available Premises such closing shall be coterminous with at least sixty (60) days after the Term.
43.1date of Tenant's notice to Landlord. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects continue to lease pay the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior rentals specified herein up to the date on which Tenant seeks fee title to the property vests in Tenant. Tenant's right of first refusal set forth above shall be a continuing right during the existence of this Lease. Tenant's failure at any time to exercise the ROFR, whether or its right of first refusal shall not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in affect this Lease to and the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer continuation of Tenant’s interest in the 's right and options under this Lease, without Landlord’s prior written consent, except for the Purchase Option and the right of first refusal which consent Landlord may withhold in its sole shall both thereafter be null and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfervoid.
Appears in 3 contracts
Samples: Real Estate Lease (Wastequip Inc), Real Estate Lease (Wastequip Inc), Real Estate Lease (Wastequip Inc)
Right of First Refusal. During the first (1st) three (3) years From and after the Term Commencement Datedate hereof and during the Term, Tenant Landlord shall not sell, transfer or otherwise dispose of or convey all or part of Landlord’s fee interest in the Premises to any third party until and unless Landlord shall have obtained a bona fide offer therefor (the “Landlord’s Offer”), delivered written notice thereof to Tenant, which notice shall contain a true and accurate copy of Landlord’s Offer, and offered to sell, transfer or otherwise dispose of such fee interest to Tenant at the same price and, except as hereafter provided, upon the same terms and conditions as contained in Landlord’s Offer, and Xxxxxx has not elected to exercise its right of first refusal in accordance herewith. If Tenant shall either deliver written notice of rejection of Landlord’s Offer to Landlord or fail to deliver written notice of acceptance of Landlord’s Offer within thirty (“ROFR”30) as to any rentable premises days after the date of receipt of Landlord’s notice, Xxxxxxxx’s fee interest in the Building for which Landlord is seeking a tenant Premises may, during the one hundred eighty (“Available Premises”)180) days thereafter, be sold, transferred or otherwise disposed of to the original offeror at the same price and upon the same terms and conditions as contained in Landlord’s Offer. In the event Landlord receives a bonafide offer Tenant rejects Xxxxxxxx’s Offer or fails to lease from a third party tenant the Available Premisesaccept Xxxxxxxx’s Offer in accordance herewith, which offer is acceptable to Landlord in this Lease and all of its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions (including this right of a proposed lease to Tenant first refusal) shall nevertheless remain in full force and effect and Landlord and any purchaser or purchasers of the Available Premises shall be bound thereby. Failure of Tenant to exercise its right of first refusal on one or more occasions shall not affect Tenant’s right to exercise it on any subsequent occasion. Any sale or transfer of the Premises, which shall be the same as or any part thereof, other than in strict compliance with the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises this Section shall be coterminous with the Term.
43.1. Within five (5) business days following its receipt null and void and of a Notice of Offerno effect as to Tenant, and Tenant shall advise Landlord in writing whether Tenant elects be entitled to lease purchase the Available Premises on from the purchaser upon the same terms and conditions set forth and at the same price specified in Landlord’s Offer, provided Tenant notifies Landlord of its election thirty (30) days after receipt of notice that complies with the Notice requirements hereof. The making of Offer. If Tenant fails Lease Payments to notify such purchaser or otherwise treating such purchaser as Landlord shall not be deemed to be a waiver of Tenant’s election within said five (5) business day periodright of first refusal or any other right or privilege of Tenant and shall not create an estoppel with respect thereto. Any sale or transfer of Landlord’s interest in the Premises, then Tenant or any part thereof shall be deemed expressly made subject to have elected not to lease all of the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms terms, covenants and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise In the event Landlord’s Offer provides for the sale and purchase of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of TenantLandlord’s interest in the LeasePremises and other property, without Tenant shall only be required to purchase all the Premises in the event it desires to exercise its right of first refusal hereunder. In the event Tenant exercises its right of first refusal then, notwithstanding the terms of Landlord’s prior written consentOffer (i) Landlord shall convey title to the Premises by warranty deed approved by Tenant and the title company; (ii) title to the Premises shall be free and clear of any liens and encumbrances except the lien for current taxes which are not delinquent at the time of closing and such other exceptions to title as may have been created by Tenant during the Term or as existed on the date hereof and/or were approved by Tenant thereafter; and (iii) title to the Premises shall otherwise comply with the terms of this Lease as they pertain to condition of title. Upon such election by Xxxxxx, which consent Landlord may withhold and Xxxxxx agree to act in its sole and absolute discretion; provided, however, that good faith to consummate a purchase agreement for the Premises incorporating the express terms of Landlord’s consent shall not be required Offer and other customary terms and provisions for Tenant’s assignment similar transactions of similar property located in the ROFR in connection with an Allowed Transfersame geographic area as the Premises.
Appears in 3 contracts
Samples: Ground Lease, Ground Lease, Ground Lease
Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises Suite 210 located in the Building (as more particularly described on Exhibit D hereto, “Available ROFR Premises”) in the event that such Available ROFR Premises becomes available for which lease and Landlord is seeking a new tenant (“for such Available ROFR Premises”); provided, however, that in no event shall Landlord be required to lease any Available ROFR Premises to Tenant for any period past the date on which this Lease expires or is terminated pursuant to its terms. To the extent that Landlord renews or extends a then-existing lease with any then-existing tenant or subtenant of any space, or enters into a new lease with such then-existing tenant or subtenant, the affected space shall not be deemed to be Available ROFR Premises. In the event Landlord receives a bonafide offer desires to lease from Available ROFR Premises to a third third-party tenant the Available Premises, which offer is acceptable to Landlord in its sole upon terms and absolute discretionconditions offered or accepted by such third-party tenant, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a such proposed lease (including, without limitation, any additional space Landlord desires to Tenant of lease with the Available ROFR Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term).
43.1. Within five seven (57) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease all (not just a portion) of the Available Premises space described in the Notice of Offer on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five such seven (57) business day period, then Tenant shall be deemed to have elected not to lease the Available ROFR Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease all (not just a portion) of the Available Premises space described in the Notice of Offer on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises such space to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises space described in the Notice of Offer on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five seven (5) business day 7)-day period described above, then Landlord shall have the right to consummate the lease of the Available ROFR Premises to any other party on the same any terms as set forth in the Notice of Offer to a third party tenantand conditions that Landlord desires.
43.4. Notwithstanding anything in this Section 43 Article to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Landlord has given Tenant has committed a Default two (2) or more times notices of default under this Lease, whether or not the defaults are cured, during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided.
43.6. If Tenant exercises the ROFR, however, Landlord does not guarantee that the Available ROFR Premises will be available on the anticipated commencement date for the Lease as to such Premises due to a holdover by the then-existing occupants of the Available ROFR Premises or for any other reason beyond Landlord’s consent shall not be required for Tenant’s assignment of reasonable control.
43.7. Notwithstanding anything in this Lease to the contrary, the ROFR in connection with an Allowed Transfershall expire on the Option Date.
Appears in 3 contracts
Samples: Sublease (Zentalis Pharmaceuticals, Inc.), Sublease (Zentalis Pharmaceuticals, LLC), Sublease (Zentalis Pharmaceuticals, LLC)
Right of First Refusal. During A. Providing the first (1st) three (3) years after Tenant has not committed an uncured Event of Default, the Term Commencement Date, Landlord hereby grants to the Tenant shall have a right of first refusal (“ROFR”) as to lease any rentable premises remaining space in the Building. When the Landlord has received a bona fide written proposal signed by a third party to lease any space in the Building for acceptable to the Landlord, the Landlord shall first send a Notice to the Tenant including a copy of the proposal, which shall include but not limited to, the location in the Building of the offered space (herein FIRST REFUSAL PREMISES), its rentable square feet, the rental, the term, tenant improvement allowances and rent allowances if any, the commencement and termination dates, rights to expansion space, renewal options, and any other special terms or conditions the Landlord is seeking a tenant deems pertinent. This Notice and copy of the proposal shall hereinafter be referred to as FIRST REFUSAL NOTICE. The Tenant shall have fifteen (“Available Premises”)15) days thereafter to elect, in writing, to agree to lease the First Refusal Premises upon the provisions set forth in the First Refusal Notice. In the event Landlord receives a bonafide offer the Tenant fails to lease from a third party tenant exercise its rights hereunder by notifying the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five fifteen (515) business day period described above, then the Landlord shall have the right to consummate enter into a lease with the said thirty party described in the First Refusal Notice but only upon substantially the same economic terms set forth therein. If the Landlord substantially and materially changes or alters the economic terms of the lease to the third party, the Landlord shall give the Tenant a new First Refusal Notice, and the Tenant shall again have the same rights as provided for above.
B. In the event the Tenant exercises its right of the first refusal provided in this Article XXI, the Landlord shall thereupon prepare a lease amendment to this Lease based upon the terms of said First Refusal Notice. If the Landlord and the Tenant, both acting reasonably and fairly, cannot agree upon the terminology of the said amendment within thirty (30) days after the delivery to the Tenant of the initial draft of the amendment, then the Landlord may elect, upon written Notice to the Tenant, to terminate this right of first refusal as to that particular First Refusal Premises and lease the First Refusal Premises to the third party upon the same economic terms and provisions as in the First Refusal Notice.
C. The Tenant's refusal or failure to exercise its rights under this Article XXI as to a particular set of terms for a particular First Refusal Premises, or the inability of the Tenant to agree on the terminology of a lease agreement, shall not terminate this right of first refusal as to any other spaces or the same space being offered for lease thereafter.
D. After the exercise of the rights provided in this Article XXI, and the entry by both parties into a lease agreement for the lease of the Available Premises on First Refusal Premises, the same terms term Leased Premises, as set forth applied in this Lease, shall also apply to the First Refusal Premises.
E. This Right of First Refusal shall not apply to any space in the Notice Building being leased by Motorola, Inc. and/or any of Offer to a third party tenantits subsidiaries or affiliates.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 3 contracts
Samples: Lease Agreement (Allscripts Inc /Il), Lease Agreement (Allscripts Inc /Il), Lease Agreement (Allscripts Inc /Il)
Right of First Refusal. During Except for Permitted Transfers, if Tenant shall desire to assign this Lease or sublease twenty-five percent (25%) or more of the first Premises for more than eighteen (1st18) three months or for the balance of the Term (3“Desired Transfer”), then Tenant shall give Landlord notice (“Intention to Transfer Notice”) years of such Desired Transfer. The Intention to Transfer Notice shall state that Tenant desires to assign the Lease or shall specify the portion and amount of rentable square feet of the Premises which Tenant intends to transfer (“Desired Transfer Space”) and shall specify the contemplated date of the commencement of the Contemplated Transfer (“Contemplated Effective Date”), which date shall be no sooner than one hundred fifty (150) days after the Term Commencement Datedate of the intention to Transfer Notice. In addition, Tenant the Intention to Transfer Notice shall state that it is being delivered to Landlord pursuant to this Section 14.5 in order to allow Landlord to elect to terminate this Lease as to the Desired Transfer Space. Thereafter, Landlord shall have a right the option, by giving written notice to Tenant within thirty (30) days after receipt of first refusal (“ROFR”) such Intention to Transfer Notice, to terminate this Lease as to any rentable premises in such Desired Transfer Space as of the Building for which Landlord is seeking a tenant (“Available Premises”)Contemplated Effective Date. In the event Landlord receives does not give such written recapture notice to Tenant within such thirty (30) day period, Tenant shall have one hundred eighty (180) days thereafter within which to effect the Transfer in accordance with the Intention to Transfer Notice, subject to compliance with the other provisions of this Lease. In the event Tenant does not complete the Transfer within such 180-day period, Tenant shall be required to deliver a bonafide offer new Intention to lease from a third party tenant the Available Premises, which offer is acceptable Transfer Notice to Landlord in its sole and absolute discretionrepeat the provisions of this section. In the event the recapture option is exercised by Landlord, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which this Lease shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant canceled and terminated with respect to the Available Premises Desired Transfer Space as of the Contemplated Effective Date. In the event of a recapture by Landlord of less than the entire Premises, Base Rent and Additional Rent shall be coterminous with prorated on the Term.
43.1basis of the number of rentable square feet retained by Tenant in proportion to the number of rentable square feet contained in the Premises prior to such recapture, and this Lease as so amended shall continue thereafter in full force and effect, and upon the request of either party, the parties shall execute written confirmation of the same. Within five (5) business days following its receipt In the event of a Notice of Offerpartial recapture, Tenant shall advise Landlord be responsible for all permitting and Alterations required to separately demise the recaptured space, and the reduction in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant Rent shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures effective until all such Defaults within any applicable cure periodwork is completed.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 3 contracts
Samples: Lease Agreement, Commercial Lease (Silver Spring Networks Inc), Commercial Lease (Silver Spring Networks Inc)
Right of First Refusal. During So long as the first Tenant is not in default under any of the terms and conditions contained within the Lease beyond any applicable notice and cure period, in the event Landlord enters into a contract for the sale of the Premises in response to a bona fide third-party offer (1stthe “Offer”) three (3) years after at any time during the Term Commencement DateTerm, Landlord hereby grants Tenant shall have a the right of first refusal (“ROFR”) as to any rentable premises in purchase the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth and conditions specified in the Notice Offer.
(a) Within ten (10) days of the execution of the Offer, Landlord shall deliver a complete copy of the Offer to a third party tenant.
43.4Tenant. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled have thirty (30) days to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, determine whether or not Tenant cures desires to exercise its right of first refusal on the Offer and shall provide written notice of such Defaults election within such thirty (30) day period (unless such thirty (30) day period ends on a non business day, then such notice will be due on the next business day). Tenant’s failure to deliver timely notice shall be deemed as Tenant’s waiver of its right of first refusal to that Offer (but not any applicable cure periodsubsequent Offer).
43.5. Notwithstanding anything (b) In the event Tenant exercises its right of first refusal, Landlord and Tenant shall enter into a contract (the “Contract”) on the same terms and conditions as the Offer with all time periods extended in this Lease relation to the contraryeffective dates of the Offer and the Contract. All terms and conditions of the Lease shall continue until the Closing under the Contract. Should Landlord fail to perform its obligations under the Contract, Tenant shall have all rights and remedies provided in the Contract. Should Tenant fail to perform its obligations under the Contract, Landlord shall not assign only have the rights and remedies provided in the Contract, but shall be entitled to revive the Offer and sell the Premises to the purchaser thereunder.
(c) In the event that either the Offer is terminated or transfer a material term in the ROFROffer is changed, either separately or in conjunction with an assignment or transfer of Tenant’s interest right of first refusal shall be reinstated as to any new offer and/or the modified Offer, respectively. However, should Landlord timely and properly close on the sale of the Premises to a party who is not affiliated with Radiation Therapy Services or Xxxxxxx Enterprises (where (i) Tenant was in default beyond any applicable notice and/or cure period, (ii) did not timely exercise its right of first refusal, or (iii) the LeaseContract was properly terminated), without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for then Tenant’s assignment right of the ROFR in connection with an Allowed Transferfirst refusal shall become null and void.
Appears in 3 contracts
Samples: Lease (Radiation Therapy Services Holdings, Inc.), Lease (Radiation Therapy Services Holdings, Inc.), Lease (Radiation Therapy Services Holdings, Inc.)
Right of First Refusal. During the first (1st) three (3) years If, at any time after the Term Commencement Datedate of this Lease and while this Lease is in full force and effect, Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease should receive from a third party tenant purchaser a written offer to purchase the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant Premises (the “Notice of "Third Party Offer”"), specifying and should Landlord desire to accept the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5) business days following its receipt of a Notice of Third Party Offer, it shall first make a written offer (the "Tenant shall advise Landlord in writing whether Tenant elects Offer") to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within sell said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant at the price and upon the terms and conditions set forth in the Notice Third Party Offer. The Tenant Offer shall be accompanied by a copy of the Third Party Offer.
43.3. Tenant may accept the Tenant Offer by service of notice of acceptance on Landlord on or before the thirtieth (30th) day following delivery of the Tenant Offer to Tenant. If the Tenant notifies Offer is accepted, the purchase and sale shall be closed at the principal office of Landlord that Tenant elects not to lease the Available Premises on the terms and conditions date set forth in the Notice Third Party Offer or at such other place, time and date as Landlord and Tenant may agree upon, by payment of the purchase price against conveyance of the Premises free and clear of liens and encumbrances of every kind and description except as permitted by the Tenant Offer, or if . If Tenant fails to notify fully and timely accept the Tenant Offer as herein provided, Landlord of Tenant’s election within may make the five (5) business day period described above, then Landlord shall have the right to consummate the lease sale of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise prospective purchaser making the ROFR during such period of time that Tenant is Third Party Offer in default under any provision of this Lease. Any attempted exercise of accordance with the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretionterms thereof; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment if Landlord fails to consummate the sale of the ROFR Premises on exactly the same terms and conditions as are set forth in connection with an Allowed Transferthe Third Party Offer, the Premises shall again be subject to Tenant's right of first refusal. Tenant's right of first refusal as set forth in this Article XXI shall be a continuing right and shall survive each sale of the Premises during the term hereof (as it may be extended as provided herein).
Appears in 3 contracts
Samples: Industrial Building Lease (LKQ Corp), Industrial Building Lease (LKQ Corp), Industrial Building Lease (LKQ Corp)
Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Landlord hereby grants Tenant shall have a right of first refusal to lease (the “ROFRRight of First Refusal”) any space in excess of 5,000 rentable square feet that is available as to any rentable premises in of the Building for which date this Lease has been fully executed or becomes available during the term of this Lease, the “Refusal Space”. If and at such time as Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from has received an expression of interest by a third party tenant in leasing the Available PremisesRefusal Space, Landlord shall notify Tenant in writing of such interest, stating the location, the rentable area, and the basic business terms under which offer Landlord proposes to lease the Refusal Space”, each a “First Refusal Notice”. Tenant shall have seven (7) days after receipt of a Refusal Notice to deliver to Landlord, in writing, its notice that it is acceptable to Landlord exercising its rights hereunder, the “Exercise Notice” on the terms set forth in its sole the First Refusal Notice. Notwithstanding the foregoing, in the event Tenant delivers an Exercise Notice, and absolute discretionTenant has at least four (4) years remaining on the term of this Lease, then notwithstanding the terms of the First Refusal Notice, Landlord shall provide written notice thereof Tenant with suite improvements comparable to those delivered to Tenant as of the Commencement Date (the “Notice e.g. similar carpet, quantities on a pro rata basis of Offer”walls, doors, hardware, lighting, electrical outlets and finishes), specifying the material terms and conditions rate of a proposed lease to Tenant of the Available Premises, which Base Rent shall be $26.00 per rentable square foot per annum, there shall be no free rent and the same as expiration date for the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises Refusal Space shall be coterminous with the Term.
43.1expiration date of this Lease. Within five In the event Tenant delivers an Exercise Notice and there is less than four (54) business days following its receipt years remaining on the term of a Notice this Lease then all of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the First Refusal Notice of Offershall be applicable on any Exercise Notice delivered by Tenant. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected does not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offerdeliver an Exercise Notice, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not be free to lease the Available Premises on Refusal Space to another party, provided, however, if Landlord fails to lease the Refusal Space within six (6) months of the delivery of the First Refusal Notice to Tenant or the economic terms and conditions set forth stated in the First Refusal Notice improve by a value of Offer, seven percent (7%) or if Tenant fails to notify Landlord more in favor of Tenant’s election within the five (5) business day period described aboveproposed tenant, then Landlord shall reoffer the Refusal Space to Tenant by sending another First Refusal Notice to Tenant stating the then-current terms. Landlord and Tenant have the right to consummate the lease of the Available Premises executed this Lease on the same terms as date and year set forth in at the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision beginning of this Lease. Any attempted exercise of the ROFR during a period of time in which 46,414 RSF Xxxxxx Ranch 8, Building P 0000 Xxxxxxxxx Xxxxxxx, Xxxxx 000 Xxx Xxxxx, XX 00000 Please Initial Tenant is so in Default shall be void and of no effect. In addition( ) Landlord ( ) ALEXANDER PROPERTIES COMPANY, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two AS LANDLORD, FIVE9, AS TENANT (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.“LEASE”)
Appears in 3 contracts
Samples: Building Lease (Five9, Inc.), Building Lease (Five9, Inc.), Building Lease (Five9, Inc.)
Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a right two (2) separate rights of first refusal (each a “ROFR”) ), the first of which is as to any rentable premises in that certain space in the Building commonly known as Suite 217B (as depicted in Exhibit B attached hereto) and the second of which is as to any rentable premises in that certain space in the Building commonly known as Suite 214A (as depicted in Exhibit B attached hereto), in each case for which Landlord is seeking a tenant (each an “Available ROFR Premises”); provided, however, that in no event shall Landlord be required to lease any Available ROFR Premises to Tenant for any period past the date on which the Amended Lease expires or is terminated pursuant to its terms. To the extent that Landlord renews or extends a then-existing lease with any then-existing tenant or subtenant of any space, or enters into a new lease with such then-existing tenant or subtenant, the affected space shall not be deemed to be Available ROFR Premises. In the event Landlord receives a bonafide offer intends to lease from a third party tenant the an Available ROFR Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the applicable Available ROFR Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.17.1. Within five ten (510) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease all (not just a portion) of the applicable Available ROFR Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five such ten (510) business day period, then Tenant shall be deemed to have elected not to lease the applicable Available ROFR Premises.
43.27.2. If Tenant timely notifies Landlord that Tenant elects to lease the applicable Available ROFR Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the applicable Available ROFR Premises to Tenant upon the terms and conditions set forth in the Notice of Offer, except that Base Rent for the applicable Available ROFR Premises shall be at the then-current Base Rent rate for the Premises (other than the Storage Premises).
43.37.3. If Tenant notifies Landlord that Tenant elects not to lease the applicable Available ROFR Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five ten (510) business day period described above, then Landlord shall have the right to consummate the lease of the applicable Available ROFR Premises on the same terms as set forth in the Notice of Offer following Tenant’s election (or deemed election) not to a third party tenantlease the applicable Available ROFR Premises.
43.47.4. Notwithstanding anything in this Section 43 Article to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this the Amended Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Landlord has given Tenant has committed a Default two (2) or more times notices of default under the Amended Lease, whether or not the defaults are cured, during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.57.5. Notwithstanding anything in this the Amended Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Amended Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided.
7.6. If Tenant exercises the ROFR, however, Landlord does not guarantee that the applicable Available ROFR Premises will be available on the anticipated commencement date for the Amended Lease as to such Premises due to a holdover by the then-existing occupants of the applicable Available ROFR Premises or for any other reason beyond Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transferreasonable control.
Appears in 3 contracts
Samples: Lease (Tocagen Inc), Lease (Tocagen Inc), Lease (Tocagen Inc)
Right of First Refusal. During the first (1st) three (3) years If, at any time after the Term end of the eighty fourth (84th) complete calendar month to occur after the Commencement Date and before the end of the one hundred twentieth (120th) complete calendar month to occur after the Commencement Date, Tenant shall have and while this Lease is in full force and effect, Landlord should receive from a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking bona fide, arm's-length purchaser a tenant (“Available Premises”). In the event Landlord receives a bonafide bona fide written offer to lease from purchase the Premises ("Bona Fide Offer"), and should Landlord desire to accept the Bona Fide Offer, it shall first make a third party tenant the Available Premises, which written offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of "Tenant Offer”), specifying the material terms and conditions of a proposed lease ") to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within sell said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant at the price and upon the terms and conditions set forth in the Notice Bona Fide Offer. The Tenant Offer shall be accompanied by a copy of the Bona Fide Offer.
43.3. Tenant may accept the Tenant Offer by service of notice of acceptance on Landlord on or before the thirtieth (30th) day following delivery of the Tenant Offer to Tenant. If the Tenant notifies Offer is accepted, the purchase and sale shall be closed at the principal office of Landlord that Tenant elects not to lease the Available Premises on the terms and conditions date set forth in the Notice Bona Fide Offer or at such other place, time and date as Landlord and Tenant may agree upon, by payment of the purchase price against conveyance of the Premises free and clear of liens and encumbrances of every kind and description except as permitted by the Tenant Offer, or if . If Tenant fails to notify fully and timely accept the Tenant Offer as herein provided, Landlord of Tenant’s election within may make the five (5) business day period described above, then Landlord shall have the right to consummate the lease bona fide sale of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise bona fide prospective purchaser making the ROFR during such period of time that Tenant is Bona Fide Offer in default under any provision of this Lease. Any attempted exercise of accordance with the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretionterms thereof; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment if Landlord fails to consummate the sale of the ROFR Premises on exactly the same terms and conditions as are set forth in connection with an Allowed Transferthe Bona Fide Offer, the Premises shall again be subject to Tenant's right of first refusal. Tenant's right of first refusal as set forth in this Article XXI shall be a continuing right and shall survive each sale of the Premises during the term hereof (as it may be extended as provided herein).
Appears in 3 contracts
Samples: Industrial Building Lease (LKQ Corp), Industrial Building Lease (LKQ Corp), Industrial Building Lease (LKQ Corp)
Right of First Refusal. During 6.20.1 Pursuant to the first (1st) three (3) years after the Term Commencement Dateterms, conditions and limitations set forth in this paragraph 6.20, Tenant shall have a right of first refusal (the “ROFRRight to First Refusal”) as with respect to any rentable premises in the remainder of the second (2nd) floor of the Building for which Landlord is seeking a tenant (the “Available PremisesSecond Floor Space”). In the event .
6.20.2 When Landlord receives a bonafide an offer to lease any Second Floor Space from any third party which Landlord desires to accept (expressly including such offers which Landlord has solicited and which a third party tenant the Available Premiseshas indicated it will accept) (each, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the an “Notice of Offer”), specifying the material terms Landlord shall first present such Offer, in writing, to Tenant, and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within thereafter have five (5) business days following its receipt Business Days in which to accept that Offer by delivery of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects written notice to lease the Available Premises on the terms and conditions set forth in the Notice of OfferLandlord. If Tenant fails to notify deliver to Landlord written acceptance of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election any Offer within the five (5) business day Business Day period described aboveset forth herein, then Tenant’s rights with respect to such Offer and the space referenced therein shall be void, and Landlord shall be free to lease the space that was the subject of such Offer to any third party.
6.20.3 In the event that the particular Offer from any third party includes space in the Building in addition to the applicable Second Floor Space, Landlord shall present such additional space to Tenant as part of the Offer (with any space presented to Tenant under this paragraph 6.20, whether Second Floor Space or other additional space, being “ROFR Space”). The Right of First Refusal shall apply to the entire portion of the ROFR Space that is the subject of any Offer that is presented to Tenant, and the Right of First Refusal may not be exercised by Tenant with respect to only a portion thereof (so that if the Offer includes Second Floor Space and other additional space, Tenant may only accept the entirety of the Second Floor Space and such additional space).
6.20.4 If Tenant declines to exercise such Right of First Refusal with respect to any particular Second Floor Space, and an offer from a different third party prospect is thereafter offered to Landlord with respect to the same Second Floor Space that Landlord desires to accept, Landlord shall have no obligation to re-offer such Second Floor Space to Tenant on the right terms offered by such different prospect (nor shall Landlord have any similar obligation with respect to consummate any additional offers from additional prospects received by Landlord with respect to the lease particular Second Floor Space).
6.20.5 If Tenant validly exercises the Right of First Refusal provided in this Lease, the Available parties shall execute an amendment to this Lease adding the ROFR Space to the Premises on the same terms as set forth in the Notice Offer. If the term of the ROFR Space included in the Offer to a third party tenant.
43.4. Notwithstanding anything in this Section 43 extends further than the Lease Term with respect to the contrarythen Premises, Tenant’s leasing of the ROFR Space shall be for the duration included in the Offer (on the economic terms applicable thereto set forth in the Offer). Except as otherwise set forth in the Offer, the terms applicable to the then existing Premises shall apply to the ROFR Space (provided that Tenant shall not exercise have any right to the Extension Option with respect to the ROFR during such period Space or any other extension right, nor shall Landlord have any obligation to make any improvements to the ROFR Space or provide any free rent, improvement allowance, or any other type of time that Tenant is allowance, in default under any provision of this Leaseeach case unless set forth in the Offer). Any attempted Notwithstanding the foregoing, an otherwise valid exercise of the ROFR during a period Right of time First Refusal contained in which Tenant is so in Default this Lease shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFRfully effective, whether or not Tenant cures such Defaults within any applicable cure periodconfirmatory documentation is executed, and Tenant’s tenancy of such ROFR Space shall be subject to all the rights and obligations of the parties under this Lease.
43.5. 6.20.6 Notwithstanding anything to the contrary in this Lease to the contraryLease, Landlord shall have no obligations, and Tenant shall not assign or transfer the ROFRhave no rights, either separately or in conjunction with under this paragraph 6.20 so long as an assignment or transfer Event of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole Default has occurred and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transferis continuing.
Appears in 2 contracts
Samples: Gross Lease (Endurance International Group Holdings, Inc.), Gross Lease (Endurance International Group Holdings, Inc.)
Right of First Refusal. During Tenant shall have a one-time right of first refusal to lease that certain space within the Property known and numbered as Suite 185 (the “Option Space”), pursuant to the following terms and conditions. Provided this Lease is in full force and effect and Tenant is not in Default hereunder, Landlord agrees to notify Tenant in writing the first (1st) three (3) years after the Term Commencement Datetime Landlord has a prospective third party tenant who in Landlord’s reasonable determination is ready, willing and able to occupy and lease all or any portion of said Option Space. Upon receipt of Landlord’s notice, Tenant shall have a right ten (10) days in which to notify Landlord in writing of first refusal (“ROFR”) as its election to any rentable premises lease not less than all of the Option Space set forth in the Building for which Landlord is seeking a tenant (“Available Premises”)Landlord’s notice. In the event Tenant does not notify Landlord receives a bonafide offer within said ten (10) days, Tenant’s rights with respect to the space identified in Landlord’s notice will be null and void, and Landlord may lease from a third party tenant the Available Premisessuch space to any prospective tenant, which offer is acceptable to at such rental and upon such terms and conditions as Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3judgement may desire. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord within said ten (10) days of Tenant’s election within to lease the five (5) business day period described abovespace identified in Landlord’s notice, then Landlord Tenant shall have lease the right to consummate the lease of the Available Premises on applicable Option Space upon the same terms and conditions as set forth in this Lease, except as follows:
(a) The term for the Notice Option Space shall commence on the first day of Offer the calendar month following Tenant’s notice of election to Landlord, and shall thereafter run concurrent with the term of this Lease with respect to the primary space.
(b) Tenant shall accept any said Option Space in its then “AS IS” condition; and, except to the extent that any interior finish construction or allowance is included as part of the determination of market rate pursuant to Section 32(c), Landlord shall have no obligation to perform any alterations or improvements within such space, other than to remove one (1) secretarial desk and repair or replace the carpet under such desk.
(c) The Base Rent for any said Option Space shall be based upon the Base Rent that Tenant is paying for the primary space at the time that Tenant wishes to take delivery of the applicable Option Space. Notwithstanding anything to the contrary in this Section, in no event shall the annual per square foot rate payable for any Option Space be less than the then current annual per square foot rate payable for the primary space then being leased by Tenant.
(d) Tenant’s proportionate share, for purposes of determining Tenant’s obligation for Additional Rent or any other charge payable to Landlord under this Lease shall be equitably increased to reflect the additional square footage of the applicable Option Space. WHEREFORE, Landlord and Tenant have respectively executed this Lease the day and year first above written. TENANT: LANDLORD: EARGO, INC. LAGOS PROPERTIES, LLC By: /s/ Xxxxxxxxx Xxxxxxx By: /s/ Xxxx Xxxxxx Print Name: Xxxxxxxxx Xxxxxxx Print Name: Xxxx Xxxxxx Title: CEO Title: CEO Tenant agrees to comply with the following rules and regulations, and any subsequent rules or regulations which Landlord may adopt or modify from time to time. Tenant shall be bound by such rules and regulations to the same extent as if such rules and regulations were covenants of (his Lease; and any non-compliance thereof shall constitute a third party Default tinder this Lease. Landlord shall not be liable to Tenant for the non-observance of any of said rules and regulations by any other tenant.
43.4(1) No sign or advertisement shall be displayed by Tenant on the outside or the inside (and visible from the outside) of the Premises without the prior written consent of Landlord. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under use any provision of this Lease. Any attempted exercise picture or likeness of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall Property many not be entitled to exercise the ROFR if Tenant has committed a Default two (2) ices or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Leaseadvertisements, without Landlord’s prior written consent.
(2) Landlord shall provide and install, at Tenant’s expense, such letters and/or numerals on the main entrance to the Premises, and on the building directory, to identify Tenant’s name. All such letters and numerals shall be of building standard graphics, and no other signage shall be used or permitted. All such signage so placed shall be at Tenant’s risk. Tenant shall cause the removal of all such signage from the Property at the end of Tenant’s term, or Landlord may cause such removal at Tenant’s expense,
(3) No additional locks shall be placed upon any door of the Premises, and Tenant shall not permit any duplicate keys to he made, without the prior consent of Landlord. Upon the expiration or earlier termination of this Lease, Tenant shall surrender to Landlord all keys to the Premises and Properly.
(4) Landlord retains the power to prescribe the weight and proper position of safes, mechanical equipment, and any other bulky or excessively weighty objects. All such objects shall be moved into or out of the Premises under the prior written consent and supervision of Landlord and at such times and according to such regulations as may be designated from time to time by Landlord. Notwithstanding such supervision, Tenant shall be responsible for all damage to the Property caused by moving such objects.
(5) Tenant shall not install any additional lighting, or use any data processing equipment which utilizes power other than 110 electrical current to the Premises. Tenant shall not use any other fuel source other than electricity to heat, cool or light the Premises. Tenant shall not install any air-conditioning apparatus in the Premises. Tenant shall not permit any animals or any foul or noxious gas, noise, odors and/or vibrations in the Premises which may obstruct or interfere with the rights of other tenant(s) in the Property.
(6) Tenant shall not permit within the Premises any animals other than service animals; nor shall Tenant create or allow any foul or noxious gas, noise, odors, sounds, and/or vibrations within the Premises, or create any interference with the operation of any equipment or radio or television broadcasting/reception from within or about the Property, which consent Landlord may withhold obstruct or interfere with the rights of any other tenant(s) in its sole and absolute discretion; provided, however, that the Property.
(7) Tenant shall not contract for any work or service to be performed to or within the Premises which might involve the employment of labor incompatible with Landlord’s consent employees or the employees of contractors doing work or performing services by or on behalf of Landlord.
(8) No sidewalks, loading areas, stairways, doorways, corridors, and other common areas shall be obstructed by Tenant or used for any purpose other than for ingress and egress.
(9) Tenant shall not install any window treatments other than existing treatments or otherwise obstruct the windows of the Premises without Landlord’s prior written consent.
(10) After normal business hours Tenant shall lock all doors and windows of the Premises; and, in the event the building is locked after normal business hours and Tenant allows its employees, agents, contractors, invitees or licensees to enter the building after such hours, Tenant shall be responsible that such persons lock the building upon exiting. Tenant shall be liable for all damages sustained by Landlord arising from such failure.
(11) Any person(s) other than Landlord’s selected janitorial service, who shall be employed by Tenant for the purpose of cleaning the Premises shall be employed at Tenant’s cost. Tenant shall indemnify and hold Landlord harmless from all losses, claims, liability, damages, and expenses for any injury to person or damage to property of Tenant, or third persons, caused by Tenant’s cleaning contractor,
(12) Tenant shall not canvass or solicit business, or allow any employee of Tenant to canvass or solicit business, from other tenants in the Property.
(13) Landlord reserves the right to place into effect a “no smoking” policy within all or selected portions of the common areas of the Property, wherein Tenant, its agents, employees and invitees shall not be required for Tenant’s assignment allowed to smoke. Tenant shall not be allowed to smoke in any common stairwells, elevators or bathrooms; nor shall Tenant dispose of any smoking material including, without limitation, matches, ashes and cigarette butts on the floors of the ROFR Property, about the grounds of the Property, or in connection with an Allowed Transferany receptacle other than a specifically designated receptacle for smoking.
Appears in 2 contracts
Samples: Standard Office Building Lease (Eargo, Inc.), Standard Office Building Lease (Eargo, Inc.)
Right of First Refusal. During (a) Except as otherwise provided in Paragraph 35(g), and provided an Event of Default does not then exist, if Landlord shall enter into a contract (the first “Sale Contract”) for the sale of the Leased Premises or any Related Premises (1stany such premises, a “Sale Premises”) three with a Third Party Purchaser (3and which may include other property owned by Landlord so long as a specific purchase price is allocated to the Leased Premises), which Sale Contract shall be conditioned upon Tenant’s failure to exercise its right under this Paragraph 35, then promptly following the execution thereof, Landlord shall give written notice to Tenant, together with a copy of the executed Sale Contract.
(b) years after the Term Commencement DateFor a period of fifteen (15) days following receipt of such notice, Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premisesright, which offer is acceptable exercisable by written notice to Landlord in its sole and absolute discretiongiven within said fifteen (15) day period, Landlord shall provide written notice thereof to Tenant elect to purchase the Sale Premises at the purchase price (the “Notice of Offer”), specifying the material terms and conditions of calculated on a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant comparable after-tax basis with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5capital gains, including depreciation) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on and upon all the terms and conditions set forth in the Notice Sale Contract except that no contingencies contained in such Sale Contract as to environmental assessments, engineering studies, inspection of Offer. the Sale Premises, availability of financing, sale of other property, state of the title to or encumbrances on the Sale Premises, or any other condition or contingency to the Third Party Purchaser’s obligation to purchase the Sale Premises which pertains to the condition of the Sale Premises, the Third Party Purchaser’s ability to take certain action or any other factor beyond the control of Landlord, shall apply to Tenant’s obligation to purchase the Sale Premises under this Paragraph 35, and Tenant shall be obligated to purchase the Sale Premises without any such condition or contingency.
(c) If at the expiration of the aforesaid fifteen (15) day period Tenant fails shall have failed to notify exercise the aforesaid option by written notice to Landlord, Landlord may sell the Sale Premises to such Third Party Purchaser upon the terms set forth in such contract.
(d) Except as otherwise specifically provided herein, the closing date for any purchase of the Sale Premises by Tenant pursuant to this Paragraph 35 shall be the earlier to occur of (i) ninety (90) days after the date of Tenant’s election within said five (5) business day period, then Tenant shall be deemed notice to have elected not Landlord of its intention to lease purchase the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Sale Premises on upon the terms and conditions set forth of the Sale Contract with a Third Party Purchaser or (ii) the closing date provided in the Notice of Offer, then such Sale Contract. At such closing Landlord shall lease convey the Available Sale Premises to Tenant upon in accordance with, and Tenant shall pay to Landlord the terms purchase price and conditions other consideration set forth in in, the Notice of Offerapplicable Sale Contract.
43.3. If (e) Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate during the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled Term to exercise the ROFR if Tenant has committed a Default two (2) foregoing right of first refusal upon each proposed sale of the Leased Premises or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFRany Related Premises. NOTWITHSTANDING ANYTHING TO THE CONTRARY, whether or not Tenant cures such Defaults within any applicable cure periodIF THE TERM OF THIS LEASE SHALL TERMINATE OR THIS LEASE SHALL EXPIRE, SUCH RIGHTS OF FIRST REFUSAL GRANTED PURSUANT TO THIS PARAGRAPH 35 SHALL TERMINATE AND BE NULL AND VOID AND OF NO FURTHER FORCE AND EFFECT. IN SUCH EVENT TENANT SHALL EXECUTE A QUITCLAIM DEED AND SUCH OTHER DOCUMENTS AS LANDLORD SHALL REASONABLY REQUEST EVIDENCING THE TERMINATION OF ITS RIGHT OF FIRST REFUSAL.
43.5. Notwithstanding anything in this Lease (f) If Tenant does not exercise its right of first refusal to purchase the contrarySale Premises and the Sale Premises are transferred to a Third Party Purchaser, Tenant will attorn to any Third Party Purchaser as Landlord so long as such Third Party Purchaser and Landlord notify Tenant in writing of such transfer. At the request of Landlord, Tenant will execute such documents confirming the agreement referred to above and such other agreements as Landlord may reasonably request, provided that such agreements do not increase the liabilities and obligations of Tenant hereunder.
(g) The provisions of this Paragraph 35 shall not assign apply to or transfer the ROFRprohibit (i) any mortgaging, either separately subjection to deed of trust or in conjunction with an assignment or transfer other hypothecation of TenantLandlord’s interest in the LeaseSale Premises, without (ii) any sale of the Sale Premises pursuant to a private power of sale under or judicial foreclosure of any Mortgage or other security instrument or device to which Landlord’s prior written consentinterest in the Sale Premises is now or hereafter subject, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that (iii) any transfer of Landlord’s consent shall not be required for Tenant’s assignment interest in the Sale Premises to a Lender, beneficiary under deed of trust or other holder of a security interest therein or their designees by deed in lieu of foreclosure, (iv) any transfer of the ROFR Sale Premises to any governmental or quasi-governmental agency with power of condemnation, (v) any transfer of the Sale Premises or any interest therein to any affiliate or holder of an interest in connection with an Allowed TransferLandlord, (vi) any Person to whom Corporate Property Associates I4 Incorporated transfers or sells all or substantially all of its assets, or (vii) any transfer of the Sale Premises to any of the successors or assigns of any of the Persons referred to in the foregoing clauses (i) through (iv).
Appears in 2 contracts
Samples: Lease Agreement (Tower Automotive, LLC), Lease Agreement (Tower Automotive, LLC)
Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). A. In the event Landlord receives shall receive a bonafide bona fide offer during the term hereof to lease from a third party tenant any space on the Available Premises24th floor in the building, which offer is acceptable to Landlord then, provided Tenant shall not then be in its sole default, beyond applicable periods of notice and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term grace of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within monetary or material non-monetary obligations hereunder and at least five (5) business days following its years is then remaining on the term of this Lease (including any then exercised extension option), Landlord shall send written notice thereof (the “First Refusal Notice”) to Tenant by hand or by certified mail, return receipt requested, which notice shall be accompanied by a brief description of a the material terms offered by the prospective tenant. Such description shall include the name of the prospective tenant, the space proposed to be leased by the prospective tenant, the square footage of the space, the term of the proposed lease (including the proposed commencement date thereof) and the method for determining electricity and, if the Option Commencement Date (as defined below) is expected to occur on or before the third (3rd) anniversary of the Commencement Date, such First Refusal Notice shall also include the proposed fixed annual rent, rent escalation terms, other scheduled additional rent (including base years), the number of Offermonths of free rent, if any, work to be performed by Landlord, if any, and tenant improvements contribution to be made by Landlord, if any. Notwithstanding anything to the contrary contained in this Article 53 or in Article 52, if at the time of Landlord’s First Refusal Notice there are more than 21 months remaining before the Expiration Date but less five (5) years remaining in the term hereof, Landlord shall permit Tenant shall advise Landlord in writing whether to extend the term of this lease prior to the date which is twenty-one (21) months prior to the Expiration Date provided, however, that simultaneously therewith Tenant elects to lease the Available Premises Option Space as contemplated in this Article.
B. Within ten (10) business days after Tenant receives the First Refusal Notice, time being of the essence, Tenant shall have the right to elect to lease the space which is the subject of such First Refusal Notice (the “Option Space”) on the same terms and conditions as are outlined in such First Refusal Notice and, if Tenant elects to lease such space on such terms and conditions, Landlord and Tenant shall promptly proceed to enter into a lease modification agreement on such terms and conditions; provided, however, if Tenant elects to lease such space, then (a) if the commencement date of the term with respect to the Option Space (the “Option Commencement Date”) is prior to the third (3rd) anniversary of the Commencement Date, the initial fixed annual rent shall be the product of (x) the rentable square footage of the Option Space and (y) the then per square foot escalated rent of the premises originally demised under this lease (i.e., the sum of the fixed annual rent, as escalated and all additional rent then being charged under this lease with respect to such space) (it being agreed that all other terms and conditions, other than fixed annual rent (which will be determined as set forth above), shall be as outlined in such First Refusal Notice including, for example, the number of months of free rent, if any, the work to be performed by Landlord, if any, and the tenant improvements contribution to be made by Landlord, if any) and (b) if the Option Commencement Date is on or after the third (3rd) anniversary of the Commencement Date, the initial fixed annual rent shall be the FMR of the Option Space as of the third (3rd) anniversary of the Option Commencement Date. Regardless of the expiration date set forth in the Notice of Offer. If Tenant fails to notify Landlord First Refusal Notice, the expiration date of Tenant’s election within said five (5) business day period, then Tenant lease of the Option Space shall be deemed the Expiration Date of this lease, as same may be extended pursuant to have elected not to lease the Available Premises.
43.2provisions of this lease. If Tenant timely notifies Landlord that Tenant elects to lease The FMR shall be determined in accordance with the Available Premises on the terms and conditions procedures set forth in Article 52 above. In either case, during the Notice term of Offerthe lease with respect to the Option Space, then Landlord shall lease the Available Premises to Tenant upon initial fixed annual rent for the terms and conditions Option Space (determined in the manner set forth above) shall be subject to operating expense and real estate tax escalations, at the same time and in the Notice same manner as applicable to the balance of Offer.
43.3the demised premises. If Tenant notifies Landlord that Tenant elects not In the event the Option Commencement Date is prior to lease the Available Premises on third (3rd) anniversary of the terms and conditions set forth in Commencement Date, the Notice $5.00 per square foot increase as of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described year five (5) month and one (1) week anniversary of the Commencement Date contemplated in Article 2 shall also be applicable to the Option Space. The additional security deposit required for the Option Space as of the Option Commencement Date shall be reasonably agreed to between Landlord and Tenant in the lease modification agreement.
C. In the event Tenant shall fail or elect not to exercise its option to lease such space within the time provided in Paragraph B above, then Landlord shall have the right be free to consummate the lease transaction summarized in the First Refusal Notice with the prospective tenant, it being agreed that the terms of the Available Premises on lease entered into between Landlord and the same terms prospective tenant identified in such First Refusal Notice only must be substantially similar to, but not identical to, the summary of the transaction as set forth provided in the First Refusal Notice, and further provided that if Landlord fails to consummate such a substantially similar transaction with the proposed tenant within ninety (90) days after delivery of its First Refusal Notice of Offer to a third party tenantTenant, the space shall again be offered to Tenant pursuant hereto.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 2 contracts
Samples: Lease Agreement (On Deck Capital Inc), Lease Agreement (On Deck Capital Inc)
Right of First Refusal. During (a) Provided that (i) no Default has occurred and is then continuing, (ii) the first creditworthiness of Tenant is then reasonably acceptable to Landlord, but at a minimum equal to or better than the third party offeror listed in the Bona Fide Offer (1stas defined below), and (iii) three Tenant originally named herein or its Permitted Transferee remains in possession of and has been continuously operating in the entire Leased Premises throughout the Lease Term, and subject to any rights of other tenants to the Refusal Space (3as defined herein) years after and Landlord’s right to renew or extend the Term Commencement Datelease term of any other tenant with respect to the portion of the Refusal Space now or hereafter leased by such other tenant, Tenant shall have a an on-going right of first refusal (“ROFRRefusal Option”) to lease any additional space located on the second (2nd) floor of the Building (“Refusal Space”). Notwithstanding the foregoing, in the event that Tenant exercises its option to reduce space set forth in Section 17.03 below, the “Refusal Space” shall be deemed to be only the approximately 10,000 rentable square feet of space that Tenant does not occupy by exercising such option and shall not include any space on the second (2nd) floor of the Building. Prior to entering into any lease that includes all or any portion of the Refusal Space, Landlord shall notify Tenant in writing (“Landlord’s Notice”) of Landlord’s receipt of an arms-length offer to lease such space that Landlord is willing to accept from a bona fide third party offeror (“Bona Fide Offer”) and setting forth the material terms of the Bona Fide Offer and such other terms as to any rentable premises are herein provided. If the Bona Fide Offer includes space in the Building for which Landlord is seeking a tenant (“Available Premises”). In in addition to the event Landlord receives a bonafide offer Refusal Space, then the Refusal Space shall be deemed to lease from a third party tenant the Available Premisesinclude, which offer is acceptable and this Refusal Option shall be deemed to Landlord in its sole and absolute discretionapply to, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant all of the Available Premises, which space included in the Bona Fide Offer. Tenant shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five have seven (57) business days following its receipt of a after Tenant receives Landlord’s Notice of Offer, Tenant shall advise in which to notify Landlord in writing whether Tenant elects of its election to lease the Available Premises on Refusal Space upon the terms and conditions set forth in the Notice of OfferLandlord’s Notice. If Tenant declines to exercise this Refusal Option or fails to notify Landlord of Tenant’s election give such written notice within said five (5) business day periodthe time period required, then Tenant shall be deemed to have elected not waived this Refusal Option, and thereafter, except as provided in (c) below, this Refusal Option shall be void and of no further force or effect, and Landlord shall be free to lease the Available PremisesRefusal Space to the bona fide offeror or any other third party.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease (b) The term for the Available Premises on Refusal Space shall be the terms and conditions term set forth in the Notice of Bona Fide Offer, then Landlord . The Refusal Space shall lease the Available Premises be offered to Tenant at the rental rate and upon such other terms and conditions as are set forth in the Bona Fide Offer and herein (but in no event shall such rental rate be less than the then current rental rate under this Lease).
(c) If Tenant shall exercise the Refusal Option, the parties shall enter into an amendment to this Lease adding the Refusal Space to the Leased Premises upon the terms and conditions set forth in herein and making such other modifications to this Lease as are appropriate under the Notice of Offer.
43.3circumstances. If Tenant notifies shall fail to enter into such amendment within thirty (30) days following Tenant’s exercise of the Refusal Option, solely due to Tenant delays (time being of the essence), then Landlord that may terminate this Refusal Option, by notifying Tenant elects not in writing, in which event this Refusal Option shall become void and of no further force or effect, and Landlord shall thereafter be free to lease the Available Premises on Refusal Space to the bona fide offeror or any other third party. If Landlord does not enter into a lease with a third party under the terms and conditions set forth contained in the Notice of OfferBona Fide Offer within one hundred eighty (180) days after Tenant declines or fails to exercise this Refusal Option, or if Tenant fails Landlord desires to notify Landlord materially alter or modify the terms and conditions of Tenant’s election within the five (5) business day period described aboveBona Fide Offer, then Landlord shall have be required to present the altered or modified Bona Fide Offer to Tenant pursuant to this Refusal Option, in the same manner that the original Bona Fide Offer was submitted to Tenant. This right of first refusal shall be an ongoing right of first refusal, which shall mean that if Tenant waives its right of first refusal pursuant to consummate the lease subsection (a) above and all of the Available Premises on the same terms as set forth in the Notice of Offer Refusal Space is subsequently leased to a third party tenant.
43.4. Notwithstanding anything (“New Tenant”), Landlord shall not lease the Refusal Space to a third party (other than the New Tenant) without notifying Tenant of the availability of the Refusal Space, in which case Tenant shall again have a right of first refusal to lease the Refusal Space in accordance with this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period17.02.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 2 contracts
Samples: Office Lease (MaxPoint Interactive, Inc.), Office Lease (MaxPoint Interactive, Inc.)
Right of First Refusal. During Subject and subordinate only to the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a continuing right of first refusal (“ROFR”) as offer granted to [***] Company with respect to any rentable premises in available space on the Building for which Landlord is seeking a tenant tenth (“Available Premises”10th) floor (as it exists as of the date of this Lease) and to [***] expansion rights covering the ROFO Encumbered Premises (as it exists as of the date of this Lease). In , if at any time during the event Right of First Refusal Period Landlord receives a bonafide offer to lease from a third party tenant bona fide proposal for any space comprising the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretionExpansion Premises (whether or not such space has been the subject of an Offer Notice), Landlord shall provide Tenant written notice thereof to Tenant along with the material terms of such offer (the “Notice of OfferRFR Notice”), specifying . Landlord may keep confidential the material terms and conditions of a proposed lease to Tenant identity of the Available Premises, which proposed tenant and Tenant shall be the same have no right to inquire as the terms of the bonafide offer, except that the term of any lease entered into by to such identity. Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five have four (54) business days following its after receipt of a RFR Notice of Offer, Tenant shall from Landlord to advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5the “RFR Acceptance”) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available subject Expansion Premises on the same terms and conditions as Landlord has specified in its RFR Offer Notice, provided that the term of this Lease for the Expansion Premises shall be co-terminous with the term of this Lease for the original Premises. If the RFR Acceptance is so given, then within promptly thereafter, Landlord and Tenant shall sign an amendment to this Lease, adding the Expansion Premises to the Premises and incorporating all of the terms and conditions originally contained in Landlord’s Offer Notice. If Tenant does not tender the RFR Acceptance of the RFR Offer Notice, within the time periods set forth herein, then Landlord may lease such portion of the Expansion Premises as is then available to any third party it chooses without liability to Tenant on all of the same material terms and conditions as those specified in Landlord’s RFR Offer Notice, subject to Tenant’s rights under this Section 24. With the express understanding that Xxxxxx’s expansion rights hereunder are a material inducement for Tenant to enter into this Lease, Landlord represents and warrants that, subject to [***] rights with respect to the ROFO Encumbered Premises as set forth in above, neither [***] nor any other party has a right superior to Tenant, or to which Tenant’s rights are subject and subordinate, covering any other space on the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything in this Section 43 to 11th floor, which representation and warranty shall survive the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision expiration or earlier termination of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect[***] = CONFIDENTIAL INFORMATION HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure periodCONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THIS OMITTED INFORMATION.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 2 contracts
Samples: Office Lease (Blackline, Inc.), Office Lease (Blackline, Inc.)
Right of First Refusal. During (A) As of the first (1st) three (3) years after Commencement Date and for the Term Commencement Datehereof, Tenant shall have a the right of first refusal (“ROFR”) as to any rentable premises lease additional space in the Building for which Landlord is seeking a tenant or hereafter shall become vacant (“Available Premises”the "Vacant Space"). In the event Landlord receives a bonafide bona fide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretionany Vacant Space, Landlord shall provide written notice thereof forward to Tenant (a written letter setting forth the “Notice of Offer”)proposed tenant for the Vacant Space, specifying the material all economic terms and conditions of a proposed lease to Tenant of the Available Premisesoffered, which shall be the same as the terms of the bonafide offer, except that the term of any the proposed lease entered into by Tenant with respect to and the Available Premises shall be coterminous with propsed commencement date of the Term.
43.1term of the proposed lease (the "Notice"). Within five seven (57) business days following its of Tenant's receipt of a Notice of Offerthe Notice, Tenant shall advise Landlord in writing whether if Tenant elects wishes to lease the Available Premises on Vacant Space.
(B) In the event Tenant exercises its option to lease any Vacant Space, this Lease shall be modified in writing to reflect that the Vacant Space shall be added to and become part of the Demised Premises. Such written modification shall contain, among other things, the following terms and conditions set forth conditions:
(i) The Vacant Space shall be leased to tenant in its "as is" condition and Landlord shall not be obligated to make any repairs or modifications to the Vacant Space prior to Tenant's taking occupancy except if the Notice contains provisions for Landlord's Work in the Notice of Offer. If Tenant fails Vacant Space or a work allowance or any other obligation Landlord agreed to notify Landlord of Tenant’s election within said five do in such bona fide offer.
(5ii) business day period, then Tenant The Fixed Basic Rent for the Vacant Space shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenantNotice.
43.4. Notwithstanding anything (iii) The Commencement Date for the Vacant Space shall be the Commencement Date of the term set forth in this Section 43 to the contrary, Tenant Notice.
(iv) The Termination Date for Tenant's occupancy of the Vacant Space shall not exercise be the ROFR during such period of time that Tenant is in default under any provision same as the Termination Date of this Lease. Any attempted exercise .
(C) In the event Tenant either fails to advise Landlord in writing if Tenant wishes to lease the Vacant Space within seven (7) business days of Tenant's receipt of the ROFR during Notice or fails to enter into a period Lease Modification Agreement within fourteen (14) days of time in which advising Landlord that Tenant is so in Default wishes to lease the Vacant Space, the right of first refusal contained herein shall be become null and void and of no further effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 2 contracts
Samples: Lease Agreement (Computer Outsourcing Services Inc), Lease Agreement (Infocrossing Inc)
Right of First Refusal. During the first (1st) three (3) years after Term, provided the Term Commencement DateTenant is Kinduct Technologies Inc. and is not in default, Tenant shall have a right and has not been in substantial or repetitive default under this lease, is itself in occupancy of first refusal (“ROFR”) as the whole Premises, and subject to any rentable premises existing rights of other tenants in the Building for Building, should the Landlord receive a bona fide third party offer to lease, which the Landlord is seeking a tenant (“Available Premises”). In prepared to accept with respect to any premises located on the event Landlord receives a bonafide offer to lease from a third party tenant 16th and 17th floors of the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant Building (the “Notice of OfferAvailable Space”), specifying the material Landlord shall notify the Tenant in writing of its intention to lease the Available Space and shall include a copy of said third party offer redacted so as to contain all, but only, the main business terms and conditions. The Tenant shall thereafter, subject to the following paragraph, have the opportunity to lease the Available Space under the same terms and conditions of a proposed lease to Tenant of the Available Premises, which said third party offer (the “ROFR”). The tenant shall be have the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall after receiving the Landlord’s written notice to advise the Landlord in writing whether Tenant elects that it wishes to lease the Available Premises Space. For greater certainty, it is agreed that the Tenant shall inform the Landlord of its total lack of interest in the Available Space in order to prevent any unnecessary disclosure of confidential information. Should the Tenant elect to lease such Available Space on the such terms and conditions (exactly as set forth out in the Notice third party offer), the Tenant shat forthwith enter into an agreement amending the lease to include the Available Space so leased. Should the Tenant elect not to lease such Available Space or should the Tenant fail to respond in accordance with the provisions of Offerthe foregoing paragraphs, the Landlord may, at its sole discretion accept the said third party offer and the tenant shall have no further rights pursuant to this ROFR to lease such Available Space. If Tenant fails The ROFR granted to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant the tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the be a personal right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled assignable or transferable by the Tenant nor shall it pass to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether devolve upon any assignee or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in transferee of this Lease to the contrary, Tenant shall not assign lease or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transferrights granted thereby or subtenant of the whole or a portion of the proposed Premises selected.
Appears in 2 contracts
Samples: Net Lease (Movella Holdings Inc.), Net Lease (Pathfinder Acquisition Corp)
Right of First Refusal. During (a) Subject to the terms of this Paragraph 37, during the first twenty-four (1st24) three (3) years after months of the Term Commencement Date(the “ROFR Period”), Landlord grants Tenant shall have a the right of first refusal (“ROFR”) as to any lease that portion of the subterranean floor of Building, containing approximately 8,000 rentable premises in square feet, located on the south side of the Building for which Landlord is seeking a tenant along 9”‘ Street (the “Available PremisesCovered Space”). In Tenant acknowledges that Landlord will market the event Landlord receives a bonafide offer Covered Space for lease to third parties during the ROFR Period and that Tenant’s sole right to lease from the Covered Space under this Paragraph arises if Landlord accepts or enters into a third party tenant letter of intent to lease all or any portion of the Available Premises, which offer is acceptable to Covered Space (a “Qualifying Letter of Intent”). If Landlord in its sole and absolute discretionenters into or accepts a Qualifying Letter of Intent during the ROFR Period, Landlord shall provide written notice thereof to Tenant thereof, Landlord agrees to give written notice to Tenant of Landlord’s intent to lease the Covered Space (the “Notice of OfferOffer Notice”), specifying . Tenant shall have seven (7) business days from delivery of the material Offer Notice to exercise the right granted Tenant hereunder to lease the Covered Space on all of the terms and conditions of a proposed this Lease, except as provided in this Paragraph 37 (the “Acceptance Notice”).
(b) If Tenant does not timely deliver an Acceptance Notice, Tenant’s right to lease to Tenant all or any portion of the Available PremisesCovered Space under this Paragraph 37 shall lapse and be of no further force and effect, which shall be notwithstanding any future availability of such space for lease by Landlord, and Landlord may lease the same as Covered Space or any portion thereof to any other person. If Tenant timely gives Landlord an Acceptance Notice, Landlord will prepare an amendment to this Lease adding the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect Covered Space to the Available Premises shall be coterminous with the Term.
43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five this Paragraph 37 (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises and otherwise on the terms and conditions set forth of this Lease). The failure of Tenant to execute the Amendment within seven (7) business days of presentation thereof by Landlord to Tenant, subject to minor clarifications and corrections not inconsistent with this Paragraph 37, shall result in a rescission of the Notice of Offer, then Landlord shall offer to lease the Available Covered Space, and Landlord may proceed to lease the Covered Space as if Tenant has not timely delivered an Acceptance Notice.
(c) If Tenant timely exercises its rights under this Paragraph 37, the Covered Space will be added to the Premises to Tenant upon on all of the terms and conditions set forth in of this Lease, but at a base rent of $3.75 per rentable square foot, per month. Landlord will build out and improve the Notice Covered Space with the same level of Offerimprovements as the Premises, at Landlord’s cost, based a standard office space configuration of the Covered Space.
43.3. If (d) The foregoing right of first refusal contained in this Paragraph 37 is personal to the named Tenant notifies under this Lease and any Permitted Transferee and shall not inure to the benefit of any assignee or subtenant of the named Tenant except for any Permitted Transferee hereunder of any person, and Tenant shall have no right to exercise the foregoing right of first refusal if at the time Landlord that is required to give Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice an Offer Notice, an Event of Offer, Default shall then exist under this Lease or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described aboveor any Permitted Transferee does not occupy for its own use, then Landlord shall have the right to consummate the lease more than 50% of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenantentire Premises.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 2 contracts
Samples: Office Lease (ThredUp Inc.), Office Lease (ThredUp Inc.)
Right of First Refusal. During the first (1sta) three (3) years after If at any time during the Term Commencement Dateof this Lease Landlord shall receive a bona fide offer from a third person for the purchase of Landlord’s right, title and interest in and to the Leased Premises, which offer Landlord shall desire to accept, Landlord shall promptly convey to Tenant the terms of such offer, Tenant shall have a an irrevocable, ongoing right of first refusal and may, within fifteen (“ROFR”15) as Business Days thereafter, TIME BEING OF THE ESSENCE, elect to any rentable premises purchase Landlord’s right, title and interest in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Leased Premises shall be coterminous with the Term.
43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise from Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as those set forth in the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretionoffer; provided, however, that (i) if the terms of such offer relate to Landlord’s consent right, title and interest in and to the Leased Premises and other property of Landlord, Tenant’s right to purchase shall be limited to Landlord’s right, title and interest in and to the Leased Premises only and, accordingly, the purchase price shall be prorated equitably to reflect that it only relates to Landlord’s right, title and interest in and to the Leased Premises, (ii) Tenant shall close its purchase within sixty (60) days of the date of its notice to Landlord electing to purchase Landlord’s right, title and interest in and to the Leased Premises, (iii) the Purchase Procedure shall apply to the conveyance of Landlord’s right, title and interest in and to the Leased Premises to Tenant herein and (iv) Tenant shall have no right of first refusal pursuant to this Paragraph 32 during any period that any Material Event of Default has occurred and is continuing. If Tenant shall not be required for accept such offer within the time herein specified therefor, said right of first refusal shall cease to exist with respect to the offer in question and any other subsequent third party offer which offer price is at least ninety-eight percent (98%) of the offer previously submitted to Tenant and which new offer is submitted within twelve (12) months and closed within eighteen (18) months after Tenant’s assignment rejection of the ROFR previously submitted offer, but this Lease shall continue otherwise on all the other terms, covenants and conditions in connection this Lease set forth. The right of first refusal as set forth in this Paragraph 32 shall be reinstated with an Allowed Transferrespect to any subsequent offer that is not described in the foregoing sentence.
(b) Notwithstanding anything to the contrary herein, the provisions of this Paragraph 32 shall not apply to (i) any sale or conveyance of the Leased Premises in foreclosure sale (or similar proceeding) of a bona-fide mortgage or deed of trust or to any conveyance in lieu of foreclosure of such a mortgage or deed of trust, or (ii) or any transfer, sale or other disposition of the Leased Premises to SunTrust Banks, Inc. or any Affiliate thereof. Notwithstanding anything to the contrary contained this Lease, so long as this Lease is in effect, Landlord shall not sell, assign, or otherwise transfer or convey its interest in this Lease to a Competitor of Tenant.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement (Chefs' Warehouse, Inc.)
Right of First Refusal. During (a) Except as otherwise provided in Paragraph 35(g), and provided an Event of Default does not then exist, if Landlord shall enter into a contract (the first “Sale Contract”) for the sale of the Leased Premises or any Related Premises (1stany such premises, a “Sale Premises”) three with a Third Party Purchaser (3and which may include other property owned by Landlord so long as a specific purchase price is allocated to the Leased Premises), which Sale Contract shall be conditioned upon Tenant’s failure to exercise its right under this Paragraph 35, then promptly following the execution thereof, Landlord shall give written notice to Tenant, together with a copy of the executed Sale Contract.
(b) years after the Term Commencement DateFor a period of fifteen (15) days following receipt of such notice, Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premisesright, which offer is acceptable exercisable by written notice to Landlord in its sole and absolute discretiongiven within said fifteen (15) day period, Landlord shall provide written notice thereof to Tenant elect to purchase the Sale Premises at the purchase price (the “Notice of Offer”), specifying the material terms and conditions of calculated on a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant comparable after-tax basis with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5capital gains, including depreciation) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on and upon all the terms and conditions set forth in the Notice Sale Contract except that no contingencies contained in such Sale Contract as to environmental assessments, engineering studies, inspection of Offer. the Sale Premises, availability of financing, sale of other property, state of the title to or encumbrances on the Sale Premises, or any other condition or contingency to the Third Party Purchaser’s obligation to purchase the Sale Premises which pertains to the condition of the Sale Premises, the Third Party Purchaser’s ability to take certain action or any other factor beyond the control of Landlord, shall apply to Tenant’s obligation to purchase the Sale Premises under this Paragraph 35, and Tenant shall be obligated to purchase the Sale Premises without any such condition or contingency.
(c) If at the expiration of the aforesaid fifteen (15) day period Tenant fails shall have failed to notify exercise the aforesaid option by written notice to Landlord, Landlord may sell the Sale Premises to such Third Party Purchaser upon the terms set forth in such contract.
(d) Except as otherwise specifically provided herein, the closing date for any purchase of the Sale Premises by Tenant pursuant to this Paragraph 35 shall be the earlier to occur of (i) ninety (90) days after the date of Tenant’s election within said five (5) business day period, then Tenant shall be deemed notice to have elected not Landlord of its intention to lease purchase the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Sale Premises on upon the terms and conditions set forth of the Sale Contract with a Third Party Purchaser or (ii) the closing date provided in the Notice of Offer, then such Sale Contract. At such closing Landlord shall lease convey the Available Sale Premises to Tenant upon in accordance with, and Tenant shall pay to Landlord the terms purchase price and conditions other consideration set forth in in, the Notice of Offerapplicable Sale Contract.
43.3. If (e) Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate during the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled Term to exercise the ROFR if Tenant has committed a Default two (2) foregoing right of first refusal upon each proposed sale of the Leased Premises or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFRany Related Premises. NOTWITHSTANDING ANYTHING TO THE CONTRARY, whether or not Tenant cures such Defaults within any applicable cure periodIF THE TERM OF THIS LEASE SHALL TERMINATE OR THIS LEASE SHALL EXPIRE, SUCH RIGHTS OF FIRST REFUSAL GRANTED PURSUANT TO THIS PARAGRAPH 35 SHALL TERMINATE AND BE NULL AND VOID AND OF NO FURTHER FORCE AND EFFECT. IN SUCH EVENT TENANT SHALL EXECUTE A QUITCLAIM DEED AND SUCH OTHER DOCUMENTS AS LANDLORD SHALL REASONABLY REQUEST EVIDENCING THE TERMINATION OF ITS RIGHT OF FIRST REFUSAL.
43.5. Notwithstanding anything in this Lease (f) If Tenant does not exercise its right of first refusal to purchase the contrarySale Premises and the Sale Premises are transferred to a Third Party Purchaser, Tenant will attorn to any Third Party Purchaser as Landlord so long as such Third Party Purchaser and Landlord notify Tenant in writing of such transfer. At the request of Landlord, Tenant will execute such documents confirming the agreement referred to above and such other agreements as Landlord may reasonably request, provided that such agreements do not increase the liabilities and obligations of Tenant hereunder.
(g) The provisions of this Paragraph 35 shall not assign apply to or transfer the ROFRprohibit (i) any mortgaging, either separately subjection to deed of trust or in conjunction with an assignment or transfer other hypothecation of TenantLandlord’s interest in the LeaseSale Premises, without (ii) any sale of the Sale Premises pursuant to a private power of sale under or judicial foreclosure of any Mortgage or other security instrument or device to which Landlord’s prior written consentinterest in the Sale Premises is now or hereafter subject, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that (iii) any transfer of Landlord’s consent shall not be required for Tenant’s assignment interest in the Sale Premises to a Lender, beneficiary under deed of trust or other holder of a security interest therein or their designees by deed in lieu of foreclosure, (iv) any transfer of the ROFR Sale Premises to any governmental or quasi-governmental agency with power of condemnation, (v) any transfer of the Sale Premises or any interest therein to any affiliate or holder of an interest in connection with an Allowed TransferLandlord, (vi) any Person to whom Corporate Property Associates 15 Incorporated transfers or sells all or substantially all of its assets, or (vii) any transfer of the Sale Premises to any of the successors or assigns of any of the Persons referred to in the foregoing clauses (i) through (iv).
Appears in 2 contracts
Samples: Lease Agreement (Tower Automotive, LLC), Lease Agreement (Tower Automotive, LLC)
Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a one-time right of first refusal (“ROFR”) as to any each rentable premises in the Building for which Landlord is seeking a tenant (“Available ROFR Premises”); provided, however, that in no event shall Landlord be required to lease any Available ROFR Premises to Tenant for any period past the date on which this Lease expires or is terminated pursuant to its terms unless Tenant simultaneously extends the Term with respect to the entire Premises. To the extent that Landlord renews or extends a then-existing lease with any then-existing tenant of any space, or enters into a new lease with such then-existing tenant, the affected space shall not be deemed to be Available ROFR Premises. In the event Landlord receives a bonafide offer intends to lease from a third party tenant the Available ROFR Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available ROFR Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five ten (510) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease all (not just a portion) of the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five ten (510) business day period, then Tenant shall be deemed to have elected not to lease the Available PremisesROFR Premises pursuant to such Notice of Offer.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available ROFR Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five ten (5) business day 10)-day period described above, then Landlord shall have the right to consummate the lease of the Available ROFR Premises on the same terms as set forth in the Notice of Offer following Tenant’s election (or deemed election) not to a third party tenantlease the Available ROFR Premises.
43.4. Notwithstanding anything in this Section Article 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Landlord has given Tenant has committed a Default two (2) or more times notices of default under this Lease, if the defaults were not cured within applicable notice and cure periods, during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, except for Exempt Transfers or other Transfers to a Tenant Affiliate to which Landlord consents in writing, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 2 contracts
Samples: Lease (Ardelyx, Inc.), Lease (Ardelyx, Inc.)
Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Tenant shall have have, until February 1, 2008, a one-time right of first refusal offer (“ROFRROFO”) as to any rentable premises in the Building up to five thousand (5,000) rentable square feet other than the Available ROFR Premises, in each case for which Landlord is seeking a tenant (“Available ROFO Premises”). In the event Landlord receives a bonafide offer intends to lease from a third party tenant make the Available Premises, which offer is acceptable ROFO Premises available to Landlord in its sole and absolute discretionlease, Landlord shall provide written notice thereof to Tenant (the “Notice of OfferAvailability”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. (a) Landlord will send Tenant a Notice of Availability within ten (10) days after Landlord determines to seek a tenant for any Available ROFO Premises.
(b) Within five fifteen (515) business days following its receipt of a Notice of OfferAvailability, Tenant shall advise Landlord in writing whether and on what material terms Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of OfferROFO Premises. If Tenant fails to notify Landlord of Tenant’s election within said five fifteen (515) business day period, then Tenant shall be deemed to have elected not to lease the Available ROFO Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. (c) If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of OfferROFO Premises, or if Tenant fails to notify Landlord of Tenant’s election within the five fifteen (5) business day 15)-day period described above, then Landlord shall have the right to consummate the lease of the Available ROFO Premises on the same terms as set forth in the Notice of Offer to a third party with another tenant.
43.4. (d) Notwithstanding anything in this Section 43 9 to the contrary, Tenant shall not exercise the ROFR ROFO during such period of time that Tenant is in default under any provision of the Lease, as modified by this LeaseAmendment. Any attempted exercise of the ROFR ROFO during a period of time in which Tenant is so in Default default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR ROFO if Landlord has given Tenant has committed a Default two (2) or more times notices of default under the Lease, as modified by this Amendment, whether or not the defaults are cured, during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure periodROFO.
43.5. (e) Notwithstanding anything in the Lease or this Lease Amendment to the contrary, Tenant shall not assign or transfer the ROFRROFO, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 2 contracts
Samples: Office/Laboratory Lease (Tetralogic Pharmaceuticals Corp), Office/Laboratory Lease (Tetralogic Pharmaceuticals Corp)
Right of First Refusal. During Provided the Tenant continuously and promptly pays the Annual and Additional Rent hereunder and fulfils its other obligations under the Lease, the Landlord hereby agrees, that if at any time during the Term, premises in the Building become vacant and available for lease, and the Landlord is in receipt of a bona fide offer to lease from a third party (“3rd Party Offer”) for all or a part of such premises (“Additional Space”), provided the Tenant is not then in default under the Lease prior to accepting such Offer, the Landlord shall first offer to lease the Additional Space to the Tenant by delivering notice, in writing, setting out the terms and conditions of the 3rd Party Offer and the Tenant shall have the right within two (1st2 ) three (3) years after business days of its receipt of such notice, to deliver to the Term Commencement DateLandlord written notice of its election to lease the Additional Space upon the same terms and conditions of the Lease, except for the rent, additional rent, tenant inducements or allowances, if any, and free-rent, if any, which shall be those contained in the 3rd Party Offer. The notice given by the Tenant to the Landlord, shall constitute a binding offer to lease and the Landlord and Tenant shall proceed diligently to amend the Lease in order to include the Additional Space and the terms and conditions related to it. If the Tenant does not so elect, the Landlord shall be free to, but not obligated to, lease the Additional Space to the third party.” Whether or not Tenant exercises its rights of first refusal on Additional Premises, Tenant shall have a right of first refusal (“ROFR”) as offer to lease any rentable premises space in the Building which is or shall become available for which leasing by the Landlord is seeking as a tenant (“Available Premises”). In the event Landlord receives discrete leased premises, subject to a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written prior notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5) business days following to that effect given by Tenant to Landlord (the “Vacant Premises”). Throughout the Term, at Tenant’s request, Landlord shall give Tenant a detailed list of all spaces then available for rent in the Building. Should Tenant exercise its receipt right to expand leasing of a Notice of Offer, Tenant the Vacant Premises shall advise Landlord in writing whether Tenant elects to lease the Available Premises on be under the terms and conditions set forth of this Lease which shall apply mutatis mutandis. including the expiration date of the Term, the Allowance except for the Annual Rent rate which shall the annual rent rate then being offered by the Landlord for the subject premises, Free Rent Period, which shall be a portion of the Free Rent Period under this Lease in the Notice proportion that the remaining period of Offerthe Term bears to the original Term and the value of all monetary inducements which as of the commencement of the term for the Vacant Premises shall be an amount per square foot equal to the value of the inducements under this Lease at the Commencement Date per square foot on a per month basis over the initial Term, multiplied by the remaining months of the Term. If Tenant fails to notify Landlord The Letter of Tenant’s election within said five (5) business day period, then Credit posted by the Tenant shall be deemed increased by the proportion that the total rent under this Lease including the rent for the Vacant Premises then is to have elected not the total rent prior to lease the Available Premises.
43.2leasing of the Vacant Premises by the Tenant. If Any inducements payable to the Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth shall be paid in the Notice of Offer, then Landlord shall lease same manner and corresponding times as the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default original inducements under any provision of this Lease. Any attempted exercise of the ROFR during The Tenant shall have a period of time in which Tenant is so in Default shall be void and one (1) months following vacant possession of no effect. In additionthe Vacant Premises, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest construct its improvements in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole Vacant Premises free of Annual Rent and absolute discretion; provided, however, that Landlord’s consent shall not be required Additional Rent for Tenant’s assignment of the ROFR in connection with an Allowed TransferVacant Premises.
Appears in 2 contracts
Samples: Lease Agreement (Coley Pharmaceutical Group, Inc.), Lease Agreement (Coley Pharmaceutical Group, Inc.)
Right of First Refusal. During In addition to the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a right of first refusal as set forth in Paragraph 60 of Original Lease (which right shall remain in full force and effect and shall be independent of the rights granted to Tenant under this Section 9), Tenant is hereby granted the prior right to lease the space currently available on the ground floor of the Building, containing approximately 18,267 rentable square feet, (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available PremisesROFR Ground Floor Space”). , in accordance with the following terms and conditions:
(i) In the event Landlord receives shall receive a bonafide bona fide third party offer to lease from the ROFR Ground Floor Space on terms which Landlord wishes to accept, or, in the event Landlord offers (subject to Tenant’s rights hereunder) to lease the ROFR Ground Floor Space on terms which a bona fide third party tenant the Available Premiseswishes to accept, which offer is acceptable to Landlord then, in its sole and absolute discretioneither such event, Landlord shall forthwith provide written notice thereof to Tenant, together with a true and correct copy of such offer. Tenant (shall have the “Notice of Offer”)right, specifying the material terms at Tenant’s option and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within within five (5) business days following its after receipt of a Notice of Offersuch notice from Landlord, Tenant shall advise Landlord in writing whether Tenant elects to exercise its right hereunder to lease the Available Premises on ROFR Ground Floor Space at the rent and upon the terms contained in such offer, in which event Landlord shall lease the ROFR Ground Floor Space to Tenant at said rent and conditions set forth in upon said terms. Landlord covenants that it shall not accept any such offer nor lease the Notice of Offer. ROFR Ground Floor Space to any third party until it has complied with the terms hereof.
(ii) If Tenant fails to notify Landlord exercise its right of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election first refusal hereunder within the five (5) business day notice period described aboveprovided for in the preceding subparagraph (a), then Landlord shall have one hundred fifty (150) days thereafter within which to lease the XXXX Xxxxxx Xxxxx Space at the price and upon the terms of such offer without resubmitting such offer to Tenant in accordance herewith. However, Tenant’s election not to exercise its right hereunder to consummate lease the lease XXXX Xxxxxx Xxxxx Space shall not prejudice Tenant’s rights hereunder as to any further offer, and in the event the price and/or other terms of the Available Premises on the same terms as set forth offer are modified in any material manner (including, but not limited to, any reduction in the Notice rent of Offer more than four percent [4%]), then such modification shall be deemed to constitute a third party tenantnew offer and shall be subject to Tenant’s right of first refusal hereunder.
43.4. Notwithstanding anything in (iii) The foregoing notwithstanding, (a) Tenant shall have no rights under this Section 43 to the contrary, Tenant shall not exercise the ROFR during such any period of time that Tenant it is in default under any provision of this Lease. Any attempted exercise Lease beyond applicable cure periods, and (b) Tenant’s rights in this Section shall become null and void, and Tenant’s rights with respect to all of the ROFR during a period Ground Floor Space shall terminate, upon the first to occur of time the following termination of this Lease (or Tenant’s right of possession of the Premises) by reason of Tenant’s default, or the termination of this Lease pursuant to other provisions of this Lease providing for termination (except that Landlord’s termination of this Lease as to the Expansion Premises as provided in which Section 8 above shall not impact Tenant’s rights under this Section 9). Upon the occurrence of any of the foregoing events, Tenant is so in Default shall be deemed to have forever waived its rights with respect to all of the ROFR Ground Floor Space, and Tenant’s rights hereunder shall thereafter automatically be deemed null and void and of no further force and effect. In additionNotwithstanding anything to the contrary in this Section 9, Tenant shall not be entitled acknowledges that in the event any other tenant of the Building or the Project with a prior right to lease the ROFR Ground Floor Space elects to exercise its right to lease the ROFR if Tenant has committed Ground Floor Space, Tenant’s rights set forth in this Section 9 shall be of no force or effect with respect to the ROFR Ground Floor Space. For the purposes of the foregoing sentence, a Default two “prior right to lease” shall mean any tenant occupying its premises directly or as an assignee (2but not as a subtenant, licensee, or concessionaire) or more times during the twelve under: (12a) month period a lease that was executed prior to the date on which Tenant seeks to exercise the ROFR, whether Effective Date (a “Prior Lease”); or not Tenant cures such Defaults within any applicable cure period(b) a renewal or extension of a Prior Lease.
43.5. Notwithstanding anything (iv) The rights granted to Tenant in this Lease Section 9 are personal to the contraryparty executing this First Amendment as Tenant and to any Permitted Assignee, but may not otherwise be assigned or transferred to or exercised by any other assignee, sublessee or other transferee. If Tenant shall not assign or transfer a Permitted Assignee assigns the ROFR, either separately Lease or sublets all or substantially all of the Premises in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without subletting that requires Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment under Article 38 of the ROFR Lease prior to the exercise of the rights granted to Tenant in connection with an Allowed Transferthis Section 9, then the rights granted to Tenant in this Section 9 shall lapse and therefore be of no further force or effect.
Appears in 2 contracts
Samples: Commercial Lease (Ziprecruiter, Inc.), Commercial Lease (Ziprecruiter, Inc.)
Right of First Refusal. During the first Initial Term (1st) three (3) years after but not any extensions or renewals thereof), Landlord shall not lease all or any part of the Term Commencement DateReserved Area specified in Paragraph 22 of the Basic Lease Information, Tenant shall have a right except as provided in this Section 43. Subject to the current rights of first refusal (“ROFR”) as to any rentable premises other tenants in the Building for which Building, if at any time during the Initial Term Landlord is seeking receives from a tenant bona fide third party an offer (or offers to a bona fide third party the right) to lease all or any part of the Reserved Area on terms acceptable to Landlord. Landlord agrees to deliver to Tenant a notice as set forth in this Section 43.a (the “Available PremisesAvailability Notice”). In Such Availability Notice shall set forth the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is rental rate and such other terms as are acceptable to Landlord in its sole discretion (consistent with the terms set forth in the offer received from or delivered to such bona fide third party), and absolute discretion, Landlord shall provide written notice thereof set forth the portion of the Reserved Area offered to Tenant the third party and any additional area in the Building included in such offer (the “Notice of OfferExpansion Area”). If Tenant, specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within within five (5) business days following its after receipt of a Notice of Offerthe Availability Notice, Tenant shall advise Landlord indicates in writing whether Tenant elects its agreement to lease the Available Premises Expansion Area on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day periodAvailability Notice, then Tenant the Expansion Area shall be deemed included within the Premises and leased to have elected not Tenant pursuant to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease terms and conditions of the Available Premises Availability Notice and otherwise on the terms and conditions set forth in of this Lease. Accordingly, the Notice Base Rent payable under this Lease shall be increased by the amount of OfferBase Rent attributable to the Expansion Area and Tenant’s proportionate share of Estimated Operating Costs and Actual Operating Costs shall be adjusted to reflect the addition of the Expansion Area. The parties shall promptly execute an amendment to this Lease stating the addition of the Expansion Area to the Premises, then Landlord shall lease the Available Premises to Tenant upon the terms rent adjustments and conditions set forth in the Notice of Offer.
43.3such other modifications described above. If Tenant notifies Landlord that Tenant elects does not to lease the Available Premises on the terms and conditions set forth in the Notice of Offerindicate, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described abovedays after receipt of the Availability Notice, then its agreement to lease the Expansion Area, Landlord thereafter shall have the right to consummate lease the lease of the Available Premises on the same terms as set forth in the Notice of Offer Expansion Area to a any third party tenant.
43.4. Notwithstanding anything in and Tenant shall no longer have any right to the Reserved Area, it being the agreement by the parties hereto that Tenant’s right to the Reserved Area pursuant to the terms of this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure periodone-time right only.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 2 contracts
Samples: Office Building Lease, Office Building Lease (E2open Inc)
Right of First Refusal. During 44.1 Provided that Tenant is not then in default under the first terms, covenants and provisions of this Lease, Landlord hereby grants to Tenant the right at any time during the term of this Lease to lease additional space on floors 3 and 4 in the Building (1sthereinafter "Expansion Space") three (3) years after which right is subject to the Term Commencement Dateprior rights of existing tenants. For purposes of this Section, Tenant "prior rights" of existing tenants shall have a include an existing tenant's right of first refusal refusal, an option to expand, an option to renew or a renewal of an existing lease whether or not pursuant to an option. The right of First Refusal is further subject to the following terms and conditions:
(“ROFR”a) Tenant shall deliver to Landlord written notice of its Section ("Tenant's Election") to lease the Expansion Space on or before thirty (30) calendar days after receipt of Landlord's Notice of Negotiation/Intent to Lease (as defined in Section (b) below).
(b) Landlord, within ten (10) days after receiving Tenant's written request and at Landlord's election, may either give Tenant written notice of (1) its intention to any rentable premises in negotiate with a third party for the Building for lease of such Expansion Space, which notice shall contain the terms and conditions upon which Landlord is seeking a tenant initially intends to offer the space to one or more third parties, or (“Available Premises”). In the event Landlord receives a bonafide 2) of an offer to lease received from a third party tenant the Available Premisesto lease, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord notice shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on contain the terms and conditions contained in said offer (collectively, "Landlord's Notice of Negotiation/Intent to Lease"). For purposes hereof the terms shall include rentable square footage and rate. If Tenant thereafter fails to deliver to Landlord written notice of its Section to lease such space within the applicable time periods set forth in Subsection (1) above and on the Notice same terms and conditions as contained in the Landlord's Notice, Landlord may proceed to lease such Expansion Space free and clear of Offerthis Right of First Refusal. If Tenant fails or refuses to notify Landlord so exercise its Rights of First Refusal within thirty (30) days after Landlord's written notice to Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not waived its option to lease such space, and this Article shall be null and void and have no further force and effect with respect to such portion of the Available PremisesExpansion Space.
43.2. If Tenant timely notifies (c) In the event Landlord that Tenant elects to lease does not demise the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer Expansion Space to a third party tenantupon substantially the same terms and conditions contained in Landlord's Notice of Intent to Lease, Landlord shall provide notice to Tenant as set forth above with respect to any subsequent negotiations or offer for said space.
43.4. Notwithstanding anything in (d) If Tenant exercises its Right of First Refusal then except for the rate, then all terms and conditions of this Section 43 Lease shall apply, except as to the contraryfixed rent and the term of to expansion space. As to such term, Tenant no such term shall not exercise be less than the ROFR during such period of time that Tenant is in default under any provision term of this Lease. Any attempted exercise If any such terms is in excess of this Lease, then the term of this Lease shall be deemed to have been extended commensurate with the term of the ROFR during a period Additional Space Lease pursuant to this Section.
44.2 Tenant acknowledges that its Right of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant First Refusal shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR apply in connection with an Allowed Transferthe Lease currently being negotiated between Landlord and AT&T for the balance of the 50,000 square feet of the Building.
Appears in 2 contracts
Samples: Lease Agreement (Globespan Semiconductor Inc), Lease Agreement (Paradyne Corp)
Right of First Refusal. During Provided Tenant is not then in default under the first (1st) three (3) years after the Term Commencement DateLease, Tenant shall have the right exercisable on seven (7) business days prior written notice to lease any space contiguous to the Premises on the same terms and conditions as the Landlord may receive in writing from and signed by a third party. Such right of first refusal (“ROFR”) as shall not apply to any rentable premises renewals or extensions of leases currently in effect in the Building for which Landlord is seeking a tenant (“Available Premises”)Building. In the event If Landlord receives a bonafide bona fide, arm’s length offer from some third party for the lease thereof which Landlord wishes to accept, Landlord shall furnish a copy of the offer to Tenant within seven (7) business days after receipt from the third party, and offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof space to Tenant (with the “Notice of Offer”), specifying same deposit on the material same terms and conditions of a proposed lease to Tenant of the Available Premisesconditions, which shall be using the same as the terms of the bonafide offer, except that the term of any lease entered into by form. Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five have seven (57) business days following its after receipt of a Notice of Offer, Tenant shall advise an offer from Landlord in writing whether Tenant elects within which to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails give written notice to notify Landlord of Tenant’s election within said five (5) business day periodto lease the space on the same terms and conditions and deliver the deposit to Landlord. Upon a timely election to lease, then Landlord and Tenant shall be deemed to have elected not to (i) entered into a written lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on with the same terms terms, conditions, and form as set forth in made by the Notice of Offer to a third third-party tenant.
43.4. Notwithstanding anything in this Section 43 to the contrary, and Landlord and Tenant shall not exercise thereafter execute and deliver a lease to that effect (the ROFR during such period “Expansion Space Lease”); and (ii) extended the then current term of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer ending date of the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Expansion Space Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent the then current term of this Lease shall not under any circumstances be required for Tenant’s assignment shortened even if the Expansion Space Lease ends prior to the Ending Date of this Lease. If Landlord does not receive the ROFR in connection with deposit and a timely written election to lease from Tenant within the seven (7) business days, it is an Allowed Transferelection by Tenant not to lease. All rights of first refusal end upon an election not to lease as provided above.
Appears in 2 contracts
Samples: Lease Agreement (Bancshares of Florida Inc), Lease (Bancshares of Florida Inc)
Right of First Refusal. During the first Subject to any other parties’ pre-existing rights with respect to Available ROFR Premises (1st) three (3) years after the Term Commencement Dateas defined below), Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant space described on Exhibit E attached hereto (the “Available PremisesROFR Space”), subject to the terms, conditions and provisions of this Article. In no event shall Landlord be required to lease any Available ROFR Premises to Tenant for any period past the date on which the Lease expires or is terminated pursuant to its terms. To the extent that Landlord renews or extends a then-existing lease with any then-existing tenant of any space, or enters into a new lease with such then-existing tenant, the affected space shall not be deemed to be Available ROFR Premises. In the event that (a) Landlord receives a bonafide offer to lease from a third party tenant a bona fide offer to lease all or any portion of the ROFR Space (together with any additional space that is the subject of such offer, “Available ROFR Premises”), which offer and (b) Landlord is acceptable willing to Landlord in its sole and absolute discretionaccept such offer, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available ROFR Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. I 0.1 Within five seven (57) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease all (not just a portion) of the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five such seven (57) business day period, then Tenant shall be deemed to have elected not to lease the Available ROFR Premises.
43.2. I 0.2 If Tenant timely notifies Landlord that Tenant elects to lease the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available ROFR Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. I 0.3 If Tenant notifies Landlord that Tenant elects not to lease the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five seven (57) business day period described above, then Landlord shall have the right to consummate the lease of the Available ROFR Premises on any terms Landlord desires; provided, however, if Landlord desires to enter into a lease for the same Available ROFR Premises on economic terms as and conditions (i.e., base rent rate, base rent abatement (if applicable), tenant improvement allowance) that are more favorable than those set forth in the Notice of Offer, then Landlord shall deliver a second Notice of Offer (“Second Offer Notice”) to Tenant containing the improved economic terms and conditions upon which Landlord desires to lease the Available ROFR Premises and Tenant shall have seven (7) business days following its receipt of a third party tenantSecond Offer Notice to advise Landlord in writing whether Tenant elects to lease all (not just a portion) of the Available ROFR Premises on the terms and conditions set forth in the Second Offer Notice. If Tenant notifies Landlord that Tenant elects not to lease the Available ROFR Premises on the terms and conditions set forth in the Second Offer Notice, or if Tenant fails to notify Landlord of Tenant’s election within the· seven (7) business day period described above, then Landlord shall have the right to consummate the lease of the Available ROFR Premises on any terms Landlord desires.
43.4. I 0.4 Notwithstanding anything in this Section 43 Article to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this the Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Landlord has given Tenant has committed a Default two (2) or more times notices of default under the Lease, whether or not the defaults are cured, during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. I 0.5 Notwithstanding anything in this the Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; providedprovided that, however, that Landlord’s consent shall not be required for (without limiting anything in Article 29 of the Lease)
(a) in the event of an Exempt Transfer of Tenant’s full interest in the Lease or (b) if Landlord approves (in writing) an assignment or transfer of Tenant’s full interest in the Lease from Tenant to Tenant’s Affiliate, then, in conjunction with (and not separate from) such Exempt Transfer or assignment or transfer, as applicable, and upon prior written notice to Landlord, Tenant may assign or transfer the ROFR in connection with an Allowed Transferto the transferee of such Exempt Transfer or such Tenant’s Affiliate, as applicable.
Appears in 2 contracts
Samples: Lease (Erasca, Inc.), Lease Agreement (Erasca, Inc.)
Right of First Refusal. During No Sankaty Stockholder may make any Transfer of Preferred Stock pursuant to clause (b)(v) of Section 2.1 unless such Sankaty Stockholder complies with the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a right provisions of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”)this Section 2.4. In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant The transferring Sankaty Stockholder (the “Transferring Sankaty Stockholder”) will deliver a written notice (the “Sankaty Offer Notice”) to each HIG Stockholder. The Sankaty Offer Notice will disclose in reasonable detail the desired number of Offer”)shares of Preferred Stock to be transferred, specifying and the material desired price, terms and conditions of a proposed lease the Transfer. The HIG Stockholders (or their designees) may elect to Tenant purchase all (but not less than all) of the Available Premises, which shall be Preferred Stock specified in the same as Sankaty Offer Notice at the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises price and on the terms specified therein by delivering written notice (the “HIG Acceptance Notice”) of such election to the Transferring Sankaty Stockholder and conditions set forth the other non-transferring Sankaty Stockholders within twenty (20) days after receipt of the Sankaty Offer Notice (the “Election Period”). If the HIG Stockholders elect to purchase all of the Preferred Stock being offered, the Transfer of such Preferred Stock will be consummated within thirty (30) days after expiration of the Election Period. If the HIG Stockholders do not elect to purchase all of the Preferred Stock being offered, the Transferring Sankaty Stockholder may, within ninety (90) days after the expiration of the Election Period, complete the Transfer of such Preferred Stock at a price equal to or greater than the price listed in the Sankaty Offer Notice and otherwise on terms no more favorable to the transferees than the terms offered to the HIG Stockholders in the Sankaty Offer Notice, provided, that no such Transfer may be completed unless each of Offersuch transferees shall have executed and delivered to the Company an Instrument of Accession. If Tenant the Transferring Sankaty Stockholder fails to notify Landlord consummate such Transfer on such terms within the ninety (90) day period after the expiration of Tenant’s election within said five (5) business day periodthe Election Period, then Tenant any subsequent proposed transfer of such Sankaty Securities shall be deemed once again subject to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice provisions of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period2.4.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 2 contracts
Samples: Stockholder Agreement (Advanced Communications Technologies Inc), Stockholder Agreement (Act-De LLC)
Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Landlord grants Tenant shall have a an ongoing right of first refusal (the “ROFRFirst Refusal Right”) as to any rentable premises lease additional space in the Building in accordance with the following:
a. The space that is subject to such First Refusal Right shall be all space that is or becomes available in the Building during the Term, as may be extended, as such space becomes available for which Landlord is seeking a tenant lease (“Available PremisesTenant’s Reserved First Refusal Space”). In the event .
b. Except as otherwise provided herein below, if Landlord receives a bonafide bona fide written offer to lease from a all or any portion of Tenant’s Reserved First Refusal Space that Landlord is willing to accept, Landlord shall notify Tenant in writing (such notice being hereafter called the “Offer Notice”) of the availability of such space. Such Offer Notice shall specifically (i) describe the specific portion of Tenant’s Reserved First Refusal Space that is the subject of such proposal (the “First Refusal Space”), and if such Offer Notice is delivered to Tenant after the fourth (4th) anniversary of the Phase II Commencement Date, (ii) the date of availability of such First Refusal Space, and (iii) the material economic terms and conditions upon which such third party tenant prospect proposes to lease the Available PremisesFirst Refusal Space from Landlord including, which without limitation, Lease Term, Base Rent, additional rent, Base Year, monetary lease concessions and rent abatement, and Landlord’s security for said third-party tenant’s performance of the lease terms and agreement for tenant improvements. The Offer Notice shall also constitute an offer is acceptable by Landlord to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof lease the First Refusal Space to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as in accordance with the terms of the bonafide offer, except that the term of any lease entered into by this Special Stipulation. Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five have ten (510) business days following after its receipt of a such Offer Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to accept such offer pursuant to this First Refusal Right and to lease the Available Premises on First Refusal Space from Landlord in accordance with the terms of this Special Stipulation and, if applicable as set forth below, the material terms and conditions set forth in the Offer Notice.
c. Acceptance by Tenant of the offer set forth in the Offer Notice shall be deemed effective only if such acceptance is delivered to Landlord in a written notice of Offeracceptance (the “Acceptance Notice”) specifically referring to the Offer Notice to which it relates, received by Landlord within the ten (10) business day period prescribed above for such acceptance. To be effective, such Acceptance Notice must accept the offer set forth in the subject Offer Notice with respect to all of the First Refusal Space described in such Offer Notice.
d. If Tenant fails duly and timely delivers to notify Landlord its Acceptance Notice within such ten (10) business day period in accordance with this Special Stipulation and such Acceptance Notice is delivered to Landlord prior to the fourth (4th) anniversary of the Phase II Commencement Date, then the following terms shall apply:
i. The term of the lease of the First Refusal Space shall commence upon the earlier to occur of (A) Tenant’s occupancy of the First Refusal Space for the purpose of conducting business therefrom; (B) substantial completion of tenant improvements with respect to such space or the date Landlord or Tenant would have substantially completed the improvements in the absence of delays caused by Tenant; or (C) one hundred twenty (120) days after delivery of the First Refusal Space to Tenant in broom clean condition, clear of all personal property and debris, and ready to receive improvements (such earlier date being hereinafter referred to as the “Expansion Commencement Date”) and shall expire and be co-terminus with the original Expiration Date of this Lease, subject to, if and as applicable, the First Extension Option and Second Extension Option.
ii. Tenant improvements shall be designed and installed in accordance with the same procedures and conditions as are set forth in Exhibit B hereto; except that the Tenant Improvement Allowance per square foot of rentable area with respect to the First Refusal Space shall be equal to the product of $38.00 and a fraction, the numerator of which is the number of full calendar months, plus the fraction of any partial calendar months, remaining in the Initial Term of this Lease, measured from the Expansion Commencement Date, and the denominator of which is 84.
iii. Base Rent, Additional Rent, and all other sums and charges imposed under this Lease with respect to the First Refusal Space shall commence to accrue with respect to the First Refusal Space on the Expansion Commencement Date.
iv. Tenant shall receive a rental abatement for such First Refusal Space to be applied to the initial installments of Base Rent coming due commencing on the Expansion Commencement Date; subject to the provisions of Paragraph 19(ff) of the Lease; except that the aggregate abatement of Base Rent with respect to the First Refusal Space shall be an amount equal to the product of (y) the sum of the first seven (7) monthly installments of Base Rent coming due and payable with respect to the First Refusal Space using a Base Rent rate of $20.00 per square foot of rentable area per annum multiplied by (z) a fraction, the numerator of which is the number of full calendar months, plus the fraction of any partial calendar months, remaining in the Initial Term, measured from the Expansion Commencement Date, and the denominator of which is 84.
v. The First Refusal Space shall become part of the Premises and shall be leased to Tenant for the remaining portion of the term of the lease of the Premises upon the terms and conditions (including, without limitation, the same Base Rent rate per square foot of rentable area and the same Base Year as the Original Premises and not the Must-Take Space) as then and thereafter in effect from time to time under the Lease for the balance of the Premises, except as otherwise provided in this subparagraph d.
vi. Tenant’s Proportionate Share shall be adjusted to reflect Tenant’s lease of the First Refusal Space.
vii. Tenant shall be entitled to additional unreserved, unassigned parking spaces in the parking garage serving the Building at a ratio of 3 spaces for every 1,000 square feet of Rentable Area in the First Refusal Space. Landlord shall use reasonable efforts to provide Tenant with an additional two (2) spaces for every 1,000 square feet of Rentable Area in the First Refusal Space; provided, however, that Landlord reserves the right to terminate Tenant’s rights to any such additional spaces at any time and from time to time in Landlord’s sole discretion.
viii. Landlord and Tenant agree to enter into an amendment to the Lease to document the exercise of the First Refusal Right within thirty (30) days after Landlord’s receipt of the Acceptance Notice; provided, however, the parties agree that in the event an amendment is not so entered into, the provisions of this First Refusal Right and the exercise of same by Tenant pursuant to the Acceptance Notice shall be enforceable in accordance herewith.
e. If Tenant duly and timely delivers to Landlord its Acceptance Notice within such ten (10) business day period in accordance with this Special Stipulation and such Acceptance Notice is delivered to Landlord after the fourth (4th) anniversary of the Phase II Commencement Date, then the following terms shall apply:
i. Tenant must accept the material terms and conditions upon which such third party tenant prospect proposes to lease such First Refusal Space from Landlord including, without limitation, lease term, base rental, additional rental, Base Year, Landlord’s security for Tenant’s performance of the lease terms monetary concessions, rental abatement and agreement for tenant improvements.
ii. Landlord and Tenant shall, within thirty (30) days after Landlord’s receipt of Tenant’s election Acceptance Notice, execute an amendment to this Lease with respect to the portion of the First Refusal Space to be leased by Tenant which conforms to the material terms and conditions set forth in the Offer Notice; provided, however, the parties agree that in the event an amendment is not so entered into, the provisions of this First Refusal Right and the exercise of same by Tenant shall be enforceable in accordance herewith.
iii. Tenant’s Proportionate Share shall be adjusted to reflect Tenant’s lease of the First Refusal Space.
f. If Tenant does not duly and timely deliver to Landlord its Acceptance Notice within said five the aforesaid ten (510) business day periodperiod in accordance with this Special Stipulation, then Tenant shall be deemed to have elected not to accept Landlord’s offer set forth in the subject Offer Notice, and Tenant’s rights with respect to the First Refusal Space shall terminate and be of no further force or effect and Landlord shall be free to enter into a lease with a prospective tenant with respect to all or any part of the Available Premises.
43.2. If Tenant timely notifies First Refusal Space that was the subject of such Offer Notice; provided, however, that if Landlord that Tenant elects and such prospective tenant, or affiliate thereof, have not executed and delivered a lease with respect to lease such First Refusal Space within one hundred eighty (180) days after the Available Premises on expiration of Tenant’s ten (10) business day acceptance period described in subparagraph b. above, or if Landlord subsequently changes by more than seven and one-half percent (7 1/2%) any of the material terms and conditions set forth in the Notice offer upon which such tenant prospect proposes to lease such space (which material terms shall be limited to decreases in the Lease Term or Base Rental rate, extensions of Offerthe Operating Costs Base Year [which shall not be subject to the foregoing percentage], and any increases in monetary concessions, rent abatements or the improvement allowance), then the provisions of this Special Stipulation shall be reactivated with respect to such First Refusal Space and Landlord shall again be required to submit an Offer Notice to Tenant, and Tenant must again not elect to accept the Offer Notice from Landlord, before Landlord will be entitled to enter into any such lease with such prospect. Notwithstanding the Available Premises foregoing, following timely execution and delivery of such lease by Landlord and such third party tenant, Tenant’s rights under this Paragraph or otherwise under the Lease shall be subject and subordinate to Tenant upon the terms rights and conditions options of the third party tenant under such lease, including, without limitation, any expansion, extension or renewal options or other rights of such third party set forth in the Notice of Offertherein.
43.3. If Tenant notifies Landlord that Tenant elects not g. Tenant’s rights under this Special Stipulation are and shall be subject and subordinate to lease the Available Premises rights and option of tenants under other leases of portions of the Building and their successors or assigns, as such rights and options exist on the terms and conditions set forth Effective Date. Accordingly, Landlord shall not be obligated to give Tenant an Offer Notice prior to or in conjunction with the Notice exercise of Offerany such rights or options. Furthermore, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the enter into a lease of the Available Premises all or a portion of First Refusal Space with a tenant or subtenant other than Tenant occupying such space on the same terms as set forth in date such space would otherwise become available for lease without first being required to submit an Offer Notice to Tenant, and such lease with any such occupant shall be superior to, but shall not have the effect of terminating, Tenant’s rights under this Special Stipulation. Tenant acknowledges that Landlord may make simultaneous offers to lease any portion of First Refusal Space to Tenant and to any tenant holding such superior rights (and any such Offer Notice of Offer shall state such superior rights), and thus if the tenant holding such superior rights elects to a third party tenantaccept such offer from Landlord, Landlord will not be bound by its offer to Tenant.
43.4. h. Notwithstanding anything in this Section 43 Special Stipulation to the contrary, Tenant shall have no right to exercise any right or option under this Special Stipulation, nor shall Landlord have any obligation to submit an Offer Notice to Tenant with respect to any portion of First Refusal Space before entering into a third party lease with respect thereto, or to enter into any lease of any portion of First Refusal Space with Tenant, at any time after which
(i) a default is continuing with respect to Tenant under this Lease beyond applicable notice and cure periods, (ii) this Lease is not exercise in full force and effect, (iii) Tenant has assigned this Lease or has entered into a sublease with respect to all or more than forty (40%) of the ROFR during Premises (which, for purposes of calculating such period of time that 40%, shall be deemed to include the Must-Take Space) other than with a Permitted Transferee or a Contractor Subtenant, or (iv) Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior other written agreement with Landlord with respect to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any Project beyond applicable notice and cure periodperiods.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 2 contracts
Samples: Office Lease (SecureWorks Corp), Office Lease (SecureWorks Holding Corp)
Right of First Refusal. During So long as the first Tenant is not in default under any of the terms and conditions contained within the Lease, beyond any applicable notice and cure period, in the event Landlord enters into a contract for the sale of the Premises (1stthe “Offer”) three (3) years after at any time during the Term Commencement DateLease Term, or any extension thereof, Landlord hereby grants Tenant shall have a the right of first refusal (“ROFR”) as to any rentable premises in purchase the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth and conditions specified in the Notice Offer.
(a) Within ten (10) days of the execution of the Offer, Landlord shall deliver a complete copy of the Offer to a third party tenant.
43.4Tenant. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled have thirty (30) days to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, determine whether or not Tenant cures desires to exercise its right of first refusal on the Offer and shall provide written notice of such Defaults election within such thirty (30) day period (unless such thirty (30) day period ends on a non-business day, then such notice will be due on the next business day). Tenant’s failure to deliver timely notice shall be deemed as Tenant’s waiver of its right of first refusal to that Offer (but not any applicable cure periodsubsequent Offer).
43.5. Notwithstanding anything (b) In the event Tenant exercises its right of first refusal, Landlord and Tenant shall enter into a contract (the “Contract”) on the same terms and conditions as the Offer with all time periods extended in this Lease relation to the contraryeffective dates of the Offer and the Contract. All terms and conditions of the Lease shall continue until the Closing under the Contract. Should Landlord fail to perform its obligations under the Contract, Tenant shall have all rights and remedies provided in the Contract. Should Tenant fail to perform its obligations under the Contract, Landlord shall not assign only have the rights and remedies provided in the Contract, but shall be entitled to revive the Offer and sell the Premises to the Purchaser thereunder.
(c) In the event that either the Offer is terminated or transfer a material term in the ROFROffer is changed, either separately or in conjunction with an assignment or transfer of Tenant’s interest right of first refusal shall be reinstated as to any new offer and/or the modified Offer, respectively. However, should Landlord timely and properly close on the sale of the Premises to a party who is not affiliated with Radiation Therapy Services or Xxxxxxx Enterprises (where (i) Tenant was in default, (ii) did not timely exercise its right of first refusal, or (iii) the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Contract was properly terminated) then Tenant’s assignment right of the ROFR in connection with an Allowed Transferfirst refusal shall become null and void.
Appears in 2 contracts
Samples: Lease (Radiation Therapy Services Holdings, Inc.), Lease (Radiation Therapy Services Holdings, Inc.)
Right of First Refusal. During 27.1 Subject to other tenants’ rights in existence on the first (1st) three (3) years after the Term Commencement Datedate of this Lease and provided this Lease is then in full force and effect and there is not then in existence an Event of Default by Tenant which has not been cured within any applicable cure period and that Tenant’s interest in this Lease has not been assigned other than to an Affiliate of Tenant, Tenant shall have a the right of first refusal (“ROFRRight of First Refusal”) as hereinafter described, to lease any rentable premises other space in the Building for which that Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer desires to lease from to a third party tenant (“Right of First Refusal Space”) exercisable at the Available Premises, which offer is acceptable following times and upon the following conditions:
27.2 Landlord shall not voluntarily lease all or any portion of the Right of First Refusal Space to Landlord in its sole and absolute discretiona third party without making such lease (a “New Lease”) subject to Tenant’s Right of First Refusal. Upon the receipt of a bona fide proposal for a New Lease, Landlord shall provide written notice thereof to Tenant (“Landlord’s ROFR Notice”) of the significant business terms of the bona fide proposal including, without limitation, a description of that portion of the Right of First Refusal Space being offered (“Landlord’s ROFR Notice of OfferSpace”), specifying the material terms rent, the commencement date, and conditions any allowances to be given. Tenant shall have a period of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5) business days following its receipt after the date of a delivery of Landlord’s ROFR Notice of Offerto notify Landlord (“Tenant’s ROFR Notice”), Tenant shall advise Landlord in writing whether Tenant elects to exercise the right granted hereby to lease the Available Premises entire Landlord’s ROFR Notice Space on the terms and conditions set forth in Landlord’s ROFR Notice. If Tenant elects to exercise its right to lease the Landlord’s ROFR Notice Space, the term thereof shall commence as of the commencement date set forth in the Notice of Offerbona fide proposal. If Tenant fails to notify Landlord of give Tenant’s election ROFR Notice to Landlord within said the required five (5) business day period, then Tenant shall be deemed to have elected not refused its right to lease such space. Notwithstanding the foregoing, in the event that Landlord is required to send Tenant a Landlord’s ROFR Notice during the first eighteen (18) months of the Term of the Lease, then Landlord’s ROFR Notice shall offer to lease the Available PremisesRight of First Refusal Space on the terms contained in this Lease rather than the terms of any bona fide proposal, provided that the Improvements Allowance shall be reduced by prorating the Improvements Allowance from the Lease Commencement Date to the date of the Landlord’s ROFR Notice.
43.2. 27.3 If Tenant timely notifies Landlord that Tenant elects fails to or does not elect to exercise its right to lease the Available Premises on the terms and conditions set forth in the Landlord’s ROFR Notice of OfferSpace, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then rights under this Article shall be deemed waived as to such space and Landlord shall have the right to consummate lease said space to the lease tenant named in the bona fide proposal on terms not materially more favorable than the terms contained in the Landlord’s ROFR Notice, if applicable. However, if the Landlord fails to execute a New Lease with the subject tenant named within six (6) months of Tenant’s waiver or refusal, then Tenant shall retain the Right of First Refusal. Subject to the foregoing provisions, the parties intend that this Right of First Refusal shall be a continuing right throughout the Term.
27.4 In the event that Tenant shall exercise its Right of First Refusal as provided herein, Landlord and Tenant within sixty (60) business days after Tenant gives Tenant’s ROFR Notice, shall enter into a written agreement modifying and supplementing this Lease to confirm the addition of the Available Premises on the same terms as set forth in the Landlord’s ROFR Notice of Offer to a third party tenant.
43.4. Notwithstanding anything in this Section 43 Space to the contrary, Tenant shall not exercise Premises in accordance with the ROFR during such period of time that Tenant is in default under any provision terms and provisions of this Lease. Any attempted exercise , except as otherwise provided in Landlord’s ROFR Notice, but the effectiveness of the addition of Landlord’s ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant Notice Space to the Premises shall not be entitled to exercise conditioned upon the ROFR if execution and delivery of such instrument. If Tenant has committed a Default two (2) or more times during exercises its Right of First Refusal, Landlord shall terminate the twelve (12) month period prior to bona fide proposal for the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed TransferNotice Space.
Appears in 2 contracts
Samples: Office Lease Agreement (Wells Real Estate Fund Xi L P), Office Lease Agreement (Wells Real Estate Fund Xi L P)
Right of First Refusal. (a) During the first period beginning upon the date upon which the Lease is fully executed, and ending on the twenty-fourth calendar month anniversary thereafter (1stthe "Right of First Refusal Period"), provided that this Lease shall then be in full force and effect, and subject to Article 31(b) three below, Landlord shall, at any such time during the Right of First Refusal Period that Landlord receives a written proposal to lease any portion of the second floor of the Building which is available for lease during the Right of First Refusal Period (3the "Right of First Refusal Space") years after which Landlord is willing to accept (each, an "Offer") from a bona fide prospective tenant (the Term Commencement Date"Prospective Tenant"), notify Tenant, in writing, of the Offer. Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premisesoption, which offer is acceptable exercisable by notice to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within within five (5) business days following its after receipt of a Notice of OfferLandlord's notice (the "Offer Notice"), Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises Right of First Refusal Space so offered (the "Offered Space") upon such terms and conditions as are contained in this Lease, including, without limitation, the payment of the then current Base Rent per square foot, together with any Additional Rent due as recalculated to include the Offered Space, delivery of an additional Security Deposit, as set forth in Article 23(e) above, and the expiration of the Term, except: (i) that the per square foot Tenant Work Allowance for the Offered Space shall be obtained by multiplying the per square foot Tenant Work Allowance by a fraction, the numerator of which is the number of months remaining in the initial term of this Lease at the time that Base Rent will commence on the Offered Space and the denominator of which is the total number of months in the initial term; (ii) any unused Tenant Work Allowance applicable to the Offered Space shall not be available for use by Tenant as a rent credit, and shall be automatically forfeited as to any amount of such allowance not properly requested by Tenant, in accordance with the terms and conditions set forth in Exhibit C of this Lease; and (iii) except that the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant rent commencement for the Offered Space shall be deemed the date which is the first day following the eighth (8th) month anniversary of the date Landlord and Tenant execute and deliver a mutually acceptable amendment to have elected the Lease incorporating therein the lease of the Offered Space. Promptly after Tenant exercises this option (but in no event later than thirty (30) days after the Offer Notice), the parties shall enter into a supplemental agreement to this Lease incorporating the Offered Space as part of the Premises. In the event that (i) Tenant elects not to exercise the option contained herein and (ii) Landlord does not execute a lease for the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of OfferOffered Space, then Landlord shall lease re-offer the Available Premises to Tenant upon the terms and conditions set forth Offered Space in the Notice event Landlord receives a subsequent bona fide written offer for said space during the Right of OfferFirst Refusal Period.
43.3. If Tenant notifies Landlord that Tenant elects not (b) For the purposes of this Section, a "bona fide" prospective tenant shall mean a party wholly unrelated to lease the Available Premises on the terms and conditions set forth in the Notice Palm, Inc. or any affiliate of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenantLandlord.
43.4. (c) Notwithstanding anything in this Section 43 herein contained to the contrary, Tenant shall not exercise have any of the ROFR during such period of time that rights contained in this Section if Tenant is then in default under beyond the expiration of applicable grace or cure periods of any provision of the terms, conditions, covenants or provisions of this Lease. Any attempted exercise , nor shall Tenant have any of the ROFR during a period of time rights contained in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR this Section if Tenant has committed a Default two (2) or failed to pay Rent pursuant to the provisions of this Lease on more times than one occasion during the immediately preceding twelve (12) month period prior period. Landlord represents and warrants to Tenant that there are no other parties with any rights to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment second floor of the ROFR in connection with an Allowed TransferBuilding that are superior to Tenant's rights under this Section.
Appears in 2 contracts
Samples: Lease (Archemix Corp.), Lease (Archemix Corp.)
Right of First Refusal. During At all times during the first (1st) three (3) years after the Term Commencement DateTerm, Tenant shall have a right of first refusal to purchase the Leased Premises on the following terms and conditions:
(“ROFR”a) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide third party offer to lease from a purchase the Leased Premises and Landlord is willing to accept the offer on the terms and conditions contained therein, it shall, in turn, submit such offer to Tenant in writing prior to accepting such offer. Provided Tenant is not then in default under the Lease, Tenant shall have three (3) business days to elect to purchase the Leased Premises upon the same terms and conditions as stated in the third party tenant offer. In the Available event Tenant desires to exercise its first right to purchase the Leased Premises, which offer is acceptable it shall do so by delivering written notice to Landlord of such intention within such three (3) business day period. In the event that the terms and conditions in its sole and absolute discretionsuch offer change, Landlord shall provide written notice thereof resubmit such offer to Tenant Tenant, who shall then have an additional three (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (53) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease exercise this right to purchase the Available Leased Premises on upon the new terms and conditions set forth in the Notice of Offerrevised offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease In the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that event Tenant elects not to lease exercise its first right to purchase the Available Leased Premises, Landlord shall be free to proceed with the sale of the Leased Premises on to the terms third party offeree.
(b) Title to the Leased Premises shall be conveyed to Tenant by general warranty deed warranting that fee simple indefeasible title to the Leased Premises is good and conditions marketable and free and clear of all liens and encumbrances except (i) taxes and assessments, both general and special, that are a lien but are not then due and payable, (ii) zoning ordinances, if any, (iii) reasonable easements, covenants and restrictions of record as may be approved in writing by Tenant. In addition, Landlord shall at its sole cost and expense, deliver to Tenant as of the date of transfer of title an ALTA Owner's Fee Policy of Title Insurance (the "Title Policy") in the amount of the purchase price and issued by a title company specified by Tenant (the "Title Company") insuring fee simple indefeasible and marketable title to be vested in Tenant subject only to the matters set forth in items (i) through (iii) of this subparagraph (b).
(c) If the Notice right of Offerfirst refusal is so exercised, or if Tenant fails all funds and documents necessary to notify Landlord convey title to the Leased Premises shall be deposited in escrow with the Title Company within ninety (90) days of receipt of Tenant’s election within 's written notice of its desire to exercise such right (the five (5) business day period described "Closing Date"). On the condition that the Title Company can and will issue the Title Policy as specified above, then the Title Company shall complete the transaction on the Closing Date upon receipt of all funds and documents. If a defect in title appears which is not permitted hereunder, Landlord shall have sixty (60) days after actual notice of such defect to cause such defect to be removed. If the defect is not removed, Tenant shall have the right, at its option, to revoke the exercise of its right of first refusal, whereupon all funds and documents deposited in escrow shall be returned to the depositing party, all escrow fees and other charges incurred in anticipation of transfer of title to Tenant shall be paid or satisfied by Landlord, and this Lease shall continue in accordance with its terms, including the right of first refusal, which may be thereafter re- exercised in anticipation of the defect in title being removed. Notwithstanding anything herein to the contrary, Landlord shall have the right unconditional obligation (without necessity of notice from Tenant) to consummate cause to be released of record any mortgage or other lien for the lease payment of money affecting the Leased Premises.
(d) The Title Company shall charge Landlord and pay out of escrow the cost of the Available Premises on owner's title insurance policy, any and all costs to cure title defects and one-half of the same terms as set forth escrow fee. The Title Company shall charge Tenant the fee for filing the deed and any mortgage for record, the remaining one-half of the escrow fee, the cost of any lender's title insurance policy and the fees relating to any endorsements requested by Tenant and/or any lender of Tenant. Conveyance tax and transfer fees, if any, shall be borne by the party specified in the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything applicable statute or ordinance or, in this Section 43 to the contraryevent the applicable statute or ordinance is silent, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default tax and/or fees shall be void and of no effect. In addition, Tenant shall not be entitled to exercise borne equally by the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure periodparties.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 2 contracts
Samples: Industrial Building Lease (Motors & Gears Inc), Industrial Building Lease (Motors & Gears Inc)
Right of First Refusal. During (a) If Landlord shall receive an offer from a third party to lease all or a portion of the space then available for lease and contiguous to the Demised Premises on the sixth (6th) floor of the Building, as more particularly set forth in the attached Exhibit B-2 (the “Sixth Floor Refusal Space”) or on the fourth (4th) floor of the Building, as more particularly set forth in the attached Exhibit B-3 (the “Fourth Floor Refusal Space” together with the “Sixth Floor Refusal Space” shall collectively be referred to as the “First Refusal Space”), which Landlord intends to accept, prior to leasing the same pursuant to such offer, Tenant shall have the one-time right of first refusal to lease such space upon the terms and conditions hereinafter set forth (1stthe “Right of First Refusal”).
(b) three In the event such third party offer to lease such First Refusal Space includes a commencement date which occurs anytime following the Commencement Date of this Lease but prior to the conclusion of the third (33rd) years after Lease Year following the Term Commencement Date of this Lease, Tenant’s Right of First Refusal to lease such First Refusal Space shall be upon the same terms and condition as the Lease, except that:
i. The commencement date with respect to the First Refusal Space (the “First Refusal Space Commencement Date”) shall occur one hundred twenty (120) days following delivery of the First Refusal Space to Tenant vacant and free of tenants.
ii. Commencing upon the First Refusal Space Commencement Date, Tenant shall have pay Annual Basic Rental for the First Refusal Space equal to the product obtained by multiplying (x) the quotient obtained by dividing the Annual Basic Rental payable with respect to the Demised Premises (in accordance with Section 1(g) hereof) by the rentable square foot area of the Demised Premises (in accordance with Section 1(d) hereof), by (y) the rentable square foot area of the First Refusal Space, as measured by Landlord’s architect in accordance with Section 2.2 hereof. The above notwithstanding, provided Tenant is not in an Event of Default beyond applicable notice, grace or cure periods, Basic Rental for the First Refusal Space shall be abated for the number of months following the First Refusal Space Commencement Date obtained by multiplying twelve (12) by the fraction which has a right denominator equal to one hundred thirty two (132) and a numerator equal to the number of first refusal months remaining in the Term of the Lease as of the First Refusal Space Commencement Date (as such date is reasonably estimated by Landlord at that time).
iii. In the event that the First Refusal Space is vacant at the time of the execution of the First Refusal Amendment, as hereinafter defined, Landlord shall deliver vacant possession of the First Refusal Space in its “as-is” condition, broom clean, to Tenant so Tenant can perform improvements within the First Refusal Space (“ROFRTenant’s First Refusal Space Work”) within two (2) business days of execution of the First Refusal Amendment. In the event that the Expansion Premises is occupied by another tenant at the time of the execution of the Expansion Amendment, Landlord shall deliver possession of the Expansion Space in its as-is condition, broom clean, as soon as reasonably practical.
iv. Landlord shall provide Tenant with an allowance to any be applied towards the Cost of Tenant’s improvements to the First Refusal Space of the amount which is obtained by multiplying the rentable premises square foot area of the First Refusal Space (as measured by Landlord’s architect in accordance with Section 2.2 hereof) by the product obtained by multiplying: (a) the fraction where the denominator is one hundred thirty two (132) and the numerator is the number of months remaining in the Lease Term as of the First Refusal Space Commencement Date (as such date is reasonably estimated by Landlord at that time), and (b) Fifty Dollars ($50.00) (the “First Refusal Space Improvement Allowance”).
v. Tenant’s improvements to the First Refusal Space and the First Refusal Space Improvement Allowance shall be subject to the same terms and conditions imposed on Tenant and Landlord with respect to Tenant’s Work in the Original Premises and the Tenant Improvement Allowance, as defined in and in accordance with Section 4 except that Landlord’s obligation to perform Landlord’s Work in the Demised Premises shall not create any obligation on behalf of Landlord to perform any work in the First Refusal Space except that, in the event the First Refusal Space comprises less than a full floor of the Building for but more than half of the rentable area included in the floor of the Building on which the First Refusal Space is located, Landlord shall perform such work as is seeking reasonably necessary to construct a tenant public corridor to service the First Refusal Space as required by code (including associated lighting, HVAC, electric, wall finishes, ceiling finishes, and floor finishes using building standard materials).
(c) In the event such third party offer to lease such First Refusal Space includes a commencement date which occurs anytime after the conclusion of the third (3rd) Lease Year following the Commencement Date of this Lease, Tenant’s Right of First Refusal to lease such First Refusal Space shall be upon the same terms being offered by such third party pursuant to such offer.
(d) Landlord shall notify Tenant in writing of its intent to accept an offer to lease all or a portion of the First Refusal Space (“Available PremisesLandlord’s First Refusal Notice”). In the event Landlord receives a bonafide the third party offer to lease from such First Refusal Space includes a commencement date which occurs anytime after the conclusion of the third party tenant (3rd) Lease Year following the Available PremisesCommencement Date of this Lease, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord Landlord’s First Refusal Notice shall provide written notice thereof to Tenant (contain the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to such third party offer (including the Basic Rental therefor and Landlord’s construction obligations, if any, thereto). Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within have five (5) business days following its from receipt of a Landlord’s First Refusal Notice of Offer, Tenant shall advise to notify Landlord in writing whether that Tenant elects desires to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant First Refusal Space upon the terms and conditions set forth in the Notice of OfferLandlord’s notice, which shall be issued in accordance with this paragraph and Sections 43(b) or 43(c), as applicable.
43.3(e) If Tenant exercises its right to lease such First Offer Space in accordance with this Section 43, Landlord will prepare and deliver to Tenant an amendment (“First Refusal Amendment”) containing the above referenced terms and conditions upon which Tenant shall lease the First Offer Space. Tenant’s lease of the First Refusal Space shall otherwise be upon the same terms and conditions of this Lease. Tenant shall have twenty (20) days to execute and deliver the First Refusal Amendment to Landlord. If Tenant notifies fails to execute and deliver the First Refusal Amendment to Landlord within twenty (20) days of receipt of the First Refusal Amendment, Tenant will be have conclusively deemed to have declined its Right of First Refusal as to that Tenant elects not particular First Refusal Space, and Landlord shall be free to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if space to a third party.
(f) If Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the does not exercise its right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer a First Refusal Space and Landlord leases such space to a third party and the Term of the lease with the third party expires prior to the Term of this Lease causing the same First Refusal Space to become available again and Landlord shall again receive an offer to lease the same First Refusal Space from a third party (or an offer to renew the lease with the existing tenant), Landlord shall not be obligated to re-offer such First Refusal Space to Tenant. The parties hereto acknowledge and agree that Tenant’s Right of First Refusal shall apply one time only with respect to any portion of the First Refusal Space.
43.4. (g) Tenant’s Right of First Refusal shall be subject to the right of The Xxxxxxxx Companies, Inc. to renew its lease for the Fourth Floor Refusal Space.
(h) Notwithstanding anything in any contrary provision of this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under 41 or any other provision of this Lease. Any attempted , any exercise by Tenant of the ROFR during a period of time in which Tenant is so in Default its right to lease First Refusal Space shall be void and of no effect unless on the date Tenant notifies Landlord that it elects to lease First Refusal Space and on the commencement date of the First Refusal Amendment: (i) this Lease is in full force and effect. In addition, (ii) no Event of Default has occurred under this Lease which remains continuing and uncured after expiration of any applicable notice and opportunity to cure, (iii) Tenant shall not be entitled to exercise is then occupying the ROFR if entire Demised Premises for the conduct of its business and Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in assigned this Lease or sublet the Demised Premises other than to the contrarya Related Entity or pursuant to a permitted transfer under Section 17 and (iv) Tenant has not exercised its Contraction Option pursuant to paragraph 36 above (any of which conditions described in clauses (i), Tenant shall not assign or transfer the ROFR(ii), either separately or (iii), and (iv) may be waived by Landlord at any time in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer).
Appears in 2 contracts
Samples: Lease (Covisint Corp), Lease (Covisint Corp)
Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a an ongoing right of first refusal (“11055 ROFR”) as to any rentable premises in the 11055 Building for which Landlord is seeking a tenant (“Available 11055 ROFR Premises”). In the event Landlord receives a bonafide offer intends to lease from 11055 ROFR Premises to a bona fide third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretionparty, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material agreed upon economic terms and conditions of a the proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant (with respect to the Available Premises shall be coterminous 11055 ROFR Premises) with the Termsuch bona fide third party.
43.18.1. Within five seven (57) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease all (not just a portion) of the Available 11055 ROFR Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five such seven (57) business day period, then Tenant shall be deemed to have elected not to lease the Available 11055 ROFR Premises.
43.28.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available 11055 ROFR Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available 11055 ROFR Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.38.3. If Tenant notifies Landlord that Tenant elects not to lease the Available 11055 ROFR Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five seven (5) business day 7)-day period described above, then Landlord shall have the right to consummate the lease of the Available 11055 ROFR Premises on the same terms as set forth in the Notice of Offer following Tenant’s election (or deemed election) not to a third party tenantlease the 11055 ROFR Premises.
43.48.4. Notwithstanding anything in this Section 43 Article to the contrary, Tenant shall not exercise the 11055 ROFR during such period of time that Tenant is in monetary or material non-monetary default under any provision of this Leasethe Lease beyond any applicable notice and cure period. Any attempted exercise of the 11055 ROFR during a period of time in which Tenant is so in Default default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the 11055 ROFR if Landlord has given Tenant has committed a Default two (2) or more times notices of default under the Lease, whether or not the defaults are cured, during the twelve (12) month period prior to the date on which Tenant seeks to exercise the 11055 ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.58.5. Notwithstanding anything in this the Lease to the contrary, Tenant shall not assign or transfer the 11055 ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the LeaseLease (except in connection with an assignment of the Lease to a successor to Tenant by merger, acquisition or transfer to an affiliate (“affiliate” for this purpose shall mean an entity which as of the date of determination and at all times thereafter directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with Tenant) to which Landlord has consented), without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided.
8.6. If Tenant exercises the 11055 ROFR, however, Landlord does not guarantee that the 11055 ROFR Premises will be available on the anticipated commencement date for the Lease as to such 11055 ROFR Premises due to a holdover by the then-existing occupants of the 11055 ROFR Premises or for any other reason beyond Landlord’s consent shall not be required for reasonable control.
8.7. Notwithstanding anything to the contrary, Tenant’s assignment rights under this Section 8 are subject and subordinate to any rights of renewal, extension, offer, refusal or any other rights of any other tenant at the Center as of the ROFR in connection with an Allowed Transferdate of this Amendment.
Appears in 2 contracts
Samples: Sublease Agreement (Locust Walk Acquisition Corp.), Standard Industrial Net Lease (Trovagene, Inc.)
Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a right of first refusal (“ROFR”) as Subject to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth below and subject to the existing prior rights of tenants and such tenants’ rights to extend with respect to such spaces, Tenant shall have an ongoing “Right of First Refusal” for the 4,346 rentable square foot space adjacent to the Premises as more particularly shown on Exhibit A (the “ROFR Space”). Any lease to Tenant of the ROFR Space shall be for a term which shall be coterminous with this Lease, provided that if the Third Party Offer (defined below) is for a period in excess of the Notice of Offer. If Tenant fails to notify Landlord of then-remaining Term (or initial Extension Term), then Tenant’s election within said five (5) business day period, then Tenant right to exercise the Right of First Refusal for such ROFR Space shall be deemed to have elected not to lease the Available Premises.
43.2. If contingent upon Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions effectively exercising its Extension Option set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant Section B above upon the terms and conditions set forth in Section B at the same time as it exercises such Right of First Refusal, and the term of the ROFR Space shall be coterminous with the expiration of the applicable Extension Term (as defined in Section B above). If Landlord receives a bona fide written offer (“Third Party Offer”) to lease ROFR Space, and if Landlord desires to accept the Third Party Offer, it shall first make a written offer to Tenant (the “ROFR Notice”) upon the same terms as the Third Party Offer (except that the term of such ROFR Space shall be as set forth in this Section D) and any improvements contributed by Landlord shall be pro-rated to account for any variance in the length of term. The ROFR Notice to Tenant shall specify the rent for such ROFR Space, the date of Offer.
43.3availability of such ROFR Space and all other material terms and conditions which will apply to such ROFR Space. In the event the Third Party Offer includes space or property in addition to the ROFR Space, the ROFR Notice shall reasonably eliminate such additional space and adjust or prorate financial terms to cover only the ROFR Space and the ROFR Notice shall disclose such modifications. Tenant will notify Landlord within five (5) Business Days of Tenant’s receipt of the ROFR Notice if Tenant wishes to lease such ROFR Space from Landlord on the terms and conditions so specified. If Tenant notifies Landlord that Tenant elects not it wishes to lease the Available ROFR Space, Landlord and Tenant shall execute an amendment to the Lease incorporating the ROFR Space into the Premises on upon the terms and conditions set forth contained in the ROFR Notice within fifteen (15) days following the later of Offer, the date of giving of Tenant’s Notice or if the date a draft of the amendment is first delivered by Landlord to Tenant. If Tenant fails to notify Landlord within said five (5) Business Day period that Tenant intends to lease such ROFR Space, or fails to simultaneously exercise an Extension Option if required as aforesaid, or fails to execute the aforesaid amendment within fifteen (15) days following the later of the date of giving of Tenant’s election Notice or the date a draft of the amendment is first delivered by Landlord to Tenant (or, if later, within the five (5) business day period described above, then days following Tenant’s receipt from Landlord shall have of an execution version of such amendment incorporating the right to consummate the lease of the Available Premises on the same terms as set forth contained in the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything in this Section 43 to ROFR Notice) (the contrary“ROFR Waiver Date”), Tenant shall not exercise be deemed to have waived its rights with respect to the ROFR during such Space for a period of time that Tenant is one (1) year from the ROFR Waiver Date and Landlord shall be entitled to lease all or any portion of such ROFR Space to any third party or parties on such terms and conditions, including, without limitation, options to extend the term of such lease and/or expand the premises under such lease, and for such rent as Landlord determines all in default under its sole discretion. Following the expiration of the one-year period following any ROFR Waiver Date, the ROFR Space shall again be subject to Tenant’s Right of First Refusal in accordance with and subject to the provisions of this Section D. Notwithstanding any contrary provision of this Section or any other provision of this Lease. Any attempted , any Right of First Refusal and any exercise by Tenant of the ROFR during a period any Right of time in which Tenant is so in Default First Refusal shall be void and of no effect. In additioneffect unless on the date Tenant notifies Landlord that it is exercising the Right of First Refusal and on the commencement date of the amendment for the ROFR Space (i) this Lease is in full force and effect and (ii) no default of Tenant has occurred under the Lease which remains continuing and uncured after any applicable notice and opportunity to cure and (iii) Tenant shall not have assigned this Lease (other than to an Affiliate), and there shall not be any sublease or subleases in effect as of the commencement of the term of the Lease for any of the ROFR Space as of the date of Landlord’s notice of the ROFR Space availability and (iv) if such ROFR Notice is delivered prior to any exercise by Tenant of the Early Termination Option set forth in Section E below, Tenant shall waive such Early Termination Option in writing. Additionally, the Right of First Refusal shall not be entitled apply to exercise any Third Party Offer which is for a term which exceeds the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in Term of this Lease and any remaining exercisable Extension Options, and Landlord shall have no obligation to the contrary, provide Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer notice of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transferany such Third Party Offer.
Appears in 2 contracts
Samples: Office Lease Agreement (Marlborough Software Development Holdings Inc.), Office Lease Agreement (Bitstream Inc)
Right of First Refusal. During At any time during the first (1st) three (3) years after term of this Lease, and on the Term Commencement Dateterms and conditions hereinafter set forth, provided that this Lease is in full force and effect and Tenant is not in default under this Lease beyond applicable notice and cure periods, Tenant shall have a continuing right of first refusal to negotiate for additional space within the Building (“ROFRExpansion Space”) as on the terms and conditions hereinafter set forth:
A. During the term of this Lease, prior to any rentable premises in the Building for which Landlord is seeking Landlord’s executing a tenant lease (“Available PremisesProposed Lease”). In ) for any space within the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretionBuilding, Landlord shall provide written notice thereof notify Tenant in writing of the rentable area of the Expansion Space proposed to Tenant be leased, the proposed rental rate, the proposed commencement date (the “Notice of OfferExpansion Space Commencement Date”), specifying ) and the material proposed terms and conditions of a proposed the Proposed Lease.
B. If Tenant desires to negotiate for the lease to Tenant of the Available PremisesExpansion Space, which shall be the same as the terms of the bonafide offerTenant must, except that the term of any lease entered into by Tenant with respect written notice to the Available Premises shall be coterminous with the Term.
43.1. Within Landlord given within five (5) business days following its receipt after Landlord’s notice, commence negotiation for the lease of the Expansion Space.
C. If Landlord and Tenant do not enter into a lease agreement for all of the Expansion Space within fifteen (15) days of the date of Landlord’s notice of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease prospective tenant for the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day periodExpansion Space, then Tenant shall be deemed to have elected not no further rights to lease such Expansion Space under this Section 42. In the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects event such space again becomes available, Tenant’s rights to lease the Available Premises on the terms and conditions set forth negotiate for such space in the Notice of Offer, then Landlord future shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offerrenew.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 2 contracts
Samples: Office Lease (Paylocity Holding Corp), Office Lease (Paylocity Holding Corp)
Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). 20.1 In the event Landlord receives shall receive a bonafide bona fide offer to lease from a third party tenant for the Available purchase of the Leased Premises, or any part thereof, whether or not in conjunction with any other property, which offer is acceptable Landlord desires to Landlord in its sole and absolute discretionaccept, Landlord shall provide give written notice thereof (hereinafter called “Offering Notice”) to Tenant. Said Offering Notice shall contain the following:
(a) The name and address of the proposed purchaser (“Third Party”);
(b) The terms and conditions of said offer; and
(c) An offer to sell the Leased Premises to Tenant upon the same terms and conditions of the aforesaid offer made by the Third Party.
20.2 Tenant shall be entitled to purchase such Leased Premises offered by giving written notice thereof to Tenant Landlord within fifteen (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant 15) days after receipt of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of OfferOffering Notice. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day periodagree, then Tenant shall be deemed in writing, to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available purchase such Leased Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described abovetime aforesaid, then Landlord shall have the right to consummate complete the lease sale to the Third Party who shall then become the owner of the Available Premises Leased Premises.
20.3 In the event of a change in the identity of the Third Party or a substantial change in the terms and conditions of the Offering Notice, notice thereof and opportunity to Tenant shall again be given by Landlord to Tenant in accordance with the terms hereof. Provided, however, if the proposed purchaser is an affiliate or assignee of Third Party, then such change in the proposed purchaser shall not constitute a change in the identity of the Third Party for purposes of this paragraph.
20.4 Exercise of the right to purchase the Leased Premises, by Tenant, shall require that closing on the sale occur (between Landlord and Tenant) under the same terms and conditions as set forth in the Notice of Offer to a third party tenantOffering Notice.
43.4. Notwithstanding anything in 20.5 In the event that Tenant shall exercise its rights to purchase the Leased Premises pursuant to this Section 43 Article, then the term of this Lease shall be automatically extended, if necessary, to the contrarydate of Closing and, upon Closing, this Lease shall terminate and be of no further force or effect.
20.6 In the event that Tenant shall not exercise its rights to purchase the ROFR during such period of time that Tenant is in default under any provision of Leased Premises pursuant to this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In additionArticle, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in then this Lease to shall continue in full force and effect upon the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed TransferClosing.
Appears in 2 contracts
Samples: Lease Agreement (Vera Bradley, Inc.), Lease Agreement (Vera Bradley, Inc.)
Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a right of first refusal (“ROFR”) as to any six hundred thirty-four (634) rentable premises square feet located in Suites 315 B and C of the Building for which Landlord is shall be seeking a tenant following the Original Premises Surrender Date (“Available ROFR Premises”). In the ; provided, however, that in no event shall Landlord receives a bonafide offer be required to lease from a third party tenant any Available ROFR Premises to Tenant for any period past the date on which this Lease expires or is terminated pursuant to its terms. Following the Original Premises Surrender Date, Landlord intends to lease the Available ROFR Premises, which offer is acceptable to Landlord in its sole and absolute discretion, . Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available ROFR Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.110.1. Within five ten (510) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease all (not just a portion) of the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five ten (510) business day period, then Tenant shall be deemed to have elected not to lease the Available ROFR Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 2 contracts
Samples: Lease (Genelux Corp), Lease (Genelux Corp)
Right of First Refusal. During the first (1sta) three (3) years after the Term Commencement Date, Tenant shall have a continuing right of first refusal (“ROFR”) as with respect to any rentable premises contiguous space in the Building for of ten thousand (10,000) square feet or greater as measured by the ANSI/BOMA Z65.1-1996 standards that becomes available during the term of the Lease, excluding any space on the ground floor of the Building (the "Refusal Space"), subject to the existing rights of existing tenants to the Refusal Space. Provided that no Event of Default has occurred which has not been cured, if Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide shall receive an offer to lease from a third party tenant any portion of the Available PremisesRefusal Space, which offer is acceptable Landlord shall desire to Landlord in its sole and absolute discretionaccept, Landlord shall provide give written notice thereof of the said offer to Tenant (the “"Landlord's Refusal Notice"). The Landlord's Refusal Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as set forth in reasonable detail the terms of the bonafide offer, except that including a description of the space, the Base Monthly Rental (including escalations thereof), condition of the space (i.e., as is, building standard construction, tenant improvement allowances), taxes, maintenance costs and other pass-throughs, term and any other material terms of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1offer. Within five ten (510) business days following its receipt of a Notice of Offerreceiving Landlord's Refusal Notice, Tenant shall advise Landlord in writing whether Tenant elects may elect, by written notice to lease Landlord, to accept the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant Refusal Space upon the terms and conditions stated in the Landlord's Refusal Notice. Tenant's failure to make a timely election to accept the specified space shall be deemed a rejection of the Refusal Space. Upon Tenant's rejection or deemed rejection of the Refusal Space, Landlord shall be free to accept the offer to lease and lease the space to a third party pursuant to the terms thereof. Upon Tenant's acceptance of the Refusal Space, the parties shall prepare and execute an amendment incorporating the Refusal Space into the Lease subject to all of the terms, covenants, and conditions herein, except as modified by the terms of the offer. The right contained in this Section is personal to Xxxx.xxx, Inc. and its Affiliates, and such right shall not inure to the benefit of any assignee or subtenant of Xxxx.xxx, Inc., except for its Affiliates and such right shall be subject to the provisions of Section 18.
(b) Tenant's rights under this Section are subject and subordinate to and only to the rights of the existing tenants of the Building which currently have expansion rights, rights of first refusal or rights of first negotiation with respect to space on the Refusal Space. A list of said existing tenants is set forth in on SCHEDULE 1 attached hereto and made a part hereof. Notwithstanding the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offerforegoing, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate negotiate amendments to the lease Lease of the Available Premises on the same terms as set forth any tenant in the Notice Building to provide for an extension of Offer to said tenant's expiration of Lease Term for a third party tenant.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such reasonable period of time that Tenant is in default under any provision to facilitate said tenant's vacation of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure periodits Premises.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 2 contracts
Samples: Office Lease (Xoom Inc), Office Lease (NBC Internet Inc)
Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a one-time right of first refusal (“ROFR”) as to any rentable premises in the Building adjacent to the New Premises for which Landlord is seeking a tenant (“Available ROFR Premises”). In the event Landlord receives a bonafide bona fide offer to lease Available ROFR Premises from a third party another tenant or potential tenant (the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion“Offer”), Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the TermOffer.
43.1. (a) Landlord will send Tenant a Notice of Offer within ten (10) days after Landlord receives an Offer.
(b) Within five fifteen (515) business days following its receipt of a bona fide Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five fifteen (515) business day period, then Tenant shall be deemed to have elected not to lease the Available ROFR Premises.
43.2. (c) If Tenant timely notifies Landlord that Tenant elects to lease the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available ROFR Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. (d) If Tenant notifies Landlord that Tenant elects not to lease the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five fifteen (5) business day 15)-day period described above, then Landlord shall have the right to consummate the lease of the Available ROFR Premises on the same terms as set forth in the Notice of Offer within ninety (90) days following Tenant’s election (or deemed election) not to a third party tenantlease the Available ROFR Premises. If Landlord does not lease the Available ROFR Premises within said ninety (90) day period, then the ROFR shall be fully reinstated, and Landlord shall not thereafter lease the Available ROFR Premises without first complying with the procedures set forth in this Section 8.
43.4. (e) Notwithstanding anything in this Section 43 8 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of the Lease, as modified by this LeaseAmendment. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Landlord has given Tenant has committed a Default two (2) or more times notices of default under the Lease, as modified by this Amendment, whether or not the defaults are cured, during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. (f) Notwithstanding anything in the Lease or this Lease Amendment to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 2 contracts
Samples: Office/Laboratory Lease (Tetralogic Pharmaceuticals Corp), Office/Laboratory Lease (Tetralogic Pharmaceuticals Corp)
Right of First Refusal. During the first (1st) three (3) years From and after the Term Commencement Date, Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant FFP Surrender Date with respect to the Available First Floor Premises, and from and after the SFP Surrender Date with respect to the Second Floor Premises through the expiration or earlier termination of the Term, each time that Landlord intends to accept a written proposal (the “Pending Deal”) to lease the First Floor Space or, if applicable, the Second Floor Space to a third party (“ROFR Space”), Landlord shall deliver to Tenant written notice (the “Pending Deal Notice”) of the existence and the terms of such Pending Deal; provided, however, that the terms of this Section 20(a) shall not apply to any current or future transaction pursuant to which Landlord intends to lease all or any of the Second Floor Space and/or the First Floor Premises directly to Subtenant. Tenant shall be coterminous entitled to exercise its right under this Section 20(a) only with respect to the Term.
43.1entire ROFR Space. Within five ten (510) business days following its after Tenant’s receipt of a Notice of Offerthe Pending Deal Notice, Tenant shall advise deliver to Landlord in writing whether written notice (the “Space Acceptance Notice”) if Tenant elects to lease the Available Premises ROFR Space. Tenant’s right to receive the Pending Deal Notice and election to lease or not lease the ROFR Space pursuant to this Section 20(a) is hereinafter referred to as the “Right of First Refusal.” If Tenant elects to lease the ROFR Space by delivering the Space Acceptance Notice within the required ten (10) business day period, Tenant shall be deemed to agree to lease the ROFR Space on the terms and conditions set forth in the Pending Deal Notice and any other terms agreeable to Landlord and Tenant, in the respective sole discretion of Offereach party. If (i) Tenant fails to notify deliver a Space Acceptance Notice to Landlord of Tenant’s election within said five the required ten (510) business day period, then or (ii) no lease amendment or lease agreement for the ROFR Space, acceptable to Landlord and Tenant in their respective reasonable discretion, has been executed and delivered by the parties within thirty (30) days after Landlord delivers a draft of the same to Tenant despite the good faith efforts of both parties, Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects exercise Tenant’s right to lease the Available Premises ROFR Space pursuant to the Pending Deal Notice in question in which case Tenant shall be deemed to have forever waived its right to lease the ROFR Space pursuant to the Pending Deal Notice in question, this Section 20(a) shall terminate and be of no further force or effect with respect to the Pending Deal Notice in question, and Landlord shall have the right to lease the ROFR Space to the party that was the subject of the Pending Deal Notice on substantially the same business terms and conditions set forth in the Notice Pending Deal Notice. Notwithstanding the foregoing, if Landlord negotiates with the proposed tenant economic lease terms materially more favorable (but in no event shall the economic lease terms be considered materially more favorable unless the difference in net effective base rent is 10% or greater), as reasonably determined by Landlord, than those offered to Tenant but rejected as part of Offerthe Pending Deal Notice, then Landlord shall lease be required to submit the Available Premises more favorable economic terms to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3for its review. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the shall have five (5) business day period described abovedays after receipt of the more favorable economic terms to accept or reject the revised terms. If Tenant rejects the more favorable terms, then Landlord shall have be free to enter into a lease with the right proposed tenant on such terms. Tenant’s rejection of any particular Pending Deal Notice shall not relieve Landlord of its obligation to consummate again offer any Right of First Refusal Space to Tenant at any time that Landlord intends, other than with respect to Subtenant with respect to whom the lease terms of the Available Premises on the same terms as set forth in the Notice of Offer this Section 20 shall not apply, to again agree to a third written proposal from another party tenant.
43.4. Notwithstanding anything to lease such space in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 2 contracts
Samples: Lease Agreement (Theravance Biopharma, Inc.), Lease Agreement (Theravance Inc)
Right of First Refusal. During (a) If at any time Landlord receives from a prospective tenant a letter of intent or other letter containing an offer to lease any space in the first Building (1stthe “Right of First Refusal Space”) three which Landlord intends to accept, Landlord agrees to deliver to Tenant a notice setting forth all of the terms upon which Landlord would lease such space to such prospective tenant (3the “Right of First Refusal Offer Notice”) years after and an offer to Tenant to lease such space on such terms (the Term Commencement Date, “Right of First Refusal Expansion Option”).
(b) Tenant shall have the right to exercise the Right of First Refusal Expansion Option by delivering to Landlord a right of first refusal (“ROFR”) as to any rentable premises notice accepting the offer contained in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant Offer Notice (the “Notice Right of OfferFirst Refusal Acceptance Notice”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five ) within fifteen (515) business days following its after receipt of a Notice the Right of OfferFirst Refusal Offer Notice, Tenant shall advise Landlord in writing whether Tenant elects to lease time being of the Available Premises on essence with the terms and conditions set forth in the Notice delivery of Offersuch notice. If Tenant fails to notify Landlord timely exercise the Right of Tenant’s election within said five (5) business day periodFirst Refusal Expansion Option, then Tenant shall be deemed to have elected not waived its Right of First Refusal Expansion Option with respect to lease the Available Premises.
43.2such Right of First Refusal Space. If Tenant shall timely notifies deliver the Right of First Refusal Acceptance Notice, Landlord that Tenant elects to shall lease the Available Premises Right of First Refusal Space to Tenant on the terms and conditions set forth in the Notice Right of OfferFirst Refusal Offer Notice, then Landlord except that term for such Right of First Refusal Space shall lease be, at Tenant’s option, either (i) the Available Premises to Tenant upon the terms and conditions term set forth in the Notice Right of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of OfferFirst Refusal Offer Notice, or if Tenant fails to notify Landlord of Tenant’s election within (ii) co-terminus with the Term hereunder, provided that there are no less than five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth years remaining in the Notice of Offer to a third party tenantTerm.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 2 contracts
Samples: Lease Agreement (BTRS Holdings Inc.), Lease Agreement (South Mountain Merger Corp.)
Right of First Refusal. During the first (1st) three (3) years after the Term Commencement DateTerm, Tenant MINERALYS shall have grant MTPC a right of first refusal refusal, subject to the conditions as follows:
(“ROFR”a) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord MINERALYS shall provide prior written notice thereof to Tenant (MTPC before entering into any negotiations with a Third Party regarding a potential sublicense agreement for the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of Compound and/or any lease entered into by Tenant Product with respect to the Available Premises shall be coterminous with Negotiation Right Territory (the Term“Negotiation Notice”).
43.1. (b) Within five ninety (590) business days following its of MTPC’s receipt of such Negotiation Notice (the “Negotiation Period”), MTPC may elect to negotiate with MINERALYS with respect to such potential sublicense of rights granted under Section 2.1 and license to applicable MINERALYS Technology (collectively “Negotiation Right Territory Sublicense”) and execute a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises definitive agreement on the terms and conditions set forth in of such Negotiation Right Territory Sublicense. Unless MTPC has not commenced negotiations with MINERALYS for a Negotiation Right Territory Sublicense within thirty (30) days of receiving the Notice Negotiation Notice, during the Negotiation Period, MINERALYS shall not enter into any [***] agreement with any Third Party with respect to such potential sublicense agreement, but shall not be prevented from [***].
(c) If within thirty (30) days of Offer. If Tenant fails to notify Landlord of Tenant’s election receiving the Negotiation Notice, MTPC has not [***] with MINERALYS for a Negotiation Right Territory Sublicense, or if the Parties [***] such potential Negotiation Right Territory Sublicense within said five (5) business day periodthe Negotiation Period, then Tenant MINERALYS shall be deemed free to have elected not enter into any [***] agreement with any Third Party with respect to lease the Available Premisessuch potential sublicense agreement.
43.2. (d) If Tenant timely notifies Landlord that Tenant elects the Parties are able to lease the Available Premises reach agreement on the terms and conditions set forth [***] of such Negotiation Right Territory Sublicense within the Negotiation Period, such agreement shall include:
i. MINERALYS shall grant to MTPC a right of reference to [***], solely for use in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth elected country(ies) in the Notice of OfferNegotiation Right Territory. [***].
43.3ii. If Tenant notifies Landlord that Tenant elects not MINERALYS shall provide [***].
iii. MINERALYS shall grant to lease MTPC the Available Premises on non-exclusive right to make and have made Compounds and/or any Product for the terms and conditions set forth purpose of commercialization in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5elected country(ies) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant.
43.4Negotiation Right Territory. [***]. Notwithstanding anything the foregoing, following receipt of Regulatory Approval for such Product and [***] in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest country in the LeaseNegotiation Right Territory, without Landlord’s prior written consent, which consent Landlord may withhold the Parties shall discuss in its sole good faith and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transferagree on [***] to take into account [***].
Appears in 2 contracts
Samples: License Agreement (Mineralys Therapeutics, Inc.), License Agreement (Mineralys Therapeutics, Inc.)
Right of First Refusal. During (a) If at any time and each time prior to the first twenty (1st20) three (3) years after year anniversary of the Term Commencement DateBusiness Transfer Time, Tenant shall have Burgundy desires to sell all or a right portion of first refusal (“ROFR”) as the Natrium Excess Land to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premisesparty, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord Burgundy shall provide written give notice thereof to Tenant (the “Notice Offer Notice”) thereof to Spinco, together with the price and a summary of Offer”), specifying the other material terms and conditions of pursuant to which Burgundy desires to sell all or a proposed lease to Tenant portion of the Available PremisesNatrium Excess Land. Spinco shall have the right (the “First Refusal Right”) to give to Burgundy a notice (the “Election Notice”), which shall specify that Spinco elects to purchase, as applicable, all or the portion of Natrium Excess Land proposed to be sold upon the same material terms and conditions (subject to the execution of a mutually satisfactory Contract of sale as hereinafter provided) as set forth in the Offer Notice. Spinco and Burgundy shall record in the appropriate public land records an instrument setting forth the foregoing First Refusal Right. The Election Notice must be delivered within 15 Business Days following Burgundy’s delivery to Spinco of the Offer Notice (such period is hereinafter referred to as the terms “Response Period”). Notwithstanding anything to the contrary in this Agreement, the First Refusal Right described in this Section 6.12 shall not be applicable to any sale of the bonafide offerNatrium Excess Land by Burgundy to a Subsidiary or Affiliate of Burgundy, except provided, that the term following any such sale, such Subsidiary or Affiliate of any lease entered into by Tenant with respect to the Available Premises Burgundy shall be coterminous with the Termsubject in all respects to this Agreement.
43.1. Within five (5b) business days following its receipt If Spinco shall give the Election Notice within the Response Period, Spinco and Burgundy shall promptly proceed to negotiate an agreement (the “Natrium Excess Land Agreement”) to purchase the Natrium Excess Land at the price and otherwise on all of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the material terms and conditions set forth in the Offer Notice and otherwise on such other customary terms for the purchase of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day periodcomparable properties, then Tenant shall be deemed to have elected not to lease the Available Premisesas Spinco and Burgundy may mutually agree upon.
43.2. (c) If Tenant timely notifies Landlord that Tenant elects Spinco shall fail to lease the Available Premises on the terms and conditions set forth in the give an Election Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five Response Period, (5i) business day period described above, then Landlord Burgundy shall have the right to consummate sell the lease of Natrium Excess Land at the Available Premises price and on the same other terms as and conditions no less advantageous in any material respect to Burgundy than that set forth in the Notice Offer Notice, free and clear of Offer to a third party tenant.
43.4. Notwithstanding anything in any rights or claims of Spinco under this Section 43 to the contrary6.12, Tenant and (ii) provided Burgundy has not materially breached its obligations under this Section 6.12, this Section 6.12 shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall terminate and be null, void and of no further force or effect. In addition; provided, Tenant that Spinco shall not be entitled again have the right to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior First Refusal Right pursuant to the date on which Tenant seeks to exercise provisions of this Section 6.12 if any of the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease following conditions occurs: (a) the terms and conditions of sale to the contrary, Tenant shall not assign or transfer the ROFR, either separately or third party are less advantageous in conjunction with an assignment or transfer of Tenant’s interest any material respect to Burgundy than set forth in the LeaseOffer Notice, without Landlord’s prior written consent, which consent Landlord may withhold in its sole or (b) the definitive agreement(s) providing for the sale are not executed and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment delivered with a purchaser within 120 days after the giving of the ROFR in connection applicable Offer Notice and subsequently consummated with an Allowed Transfersuch purchaser within six (6) months of execution of the definitive agreements.
Appears in 2 contracts
Samples: Separation Agreement (PPG Industries Inc), Separation Agreement (Georgia Gulf Corp /De/)
Right of First Refusal. During (a) Sellers have advised the first Buyer that the LCT SE Texas Holdings LLC (1st“LCT”), the tenant under that certain Master Lease dated as of August 1, 2006 between LCT as tenant and the Acquired Companies known as CSE Corpus North LLC, CSE Jacinto City LLC, CSE Spring Branch LLC and CSE The Village LLC (collectively, the “Xxxxx Landlords”), as landlord (the “Xxxxx Lease”) three (3) years after the Term Commencement Date, Tenant shall have has a right of first refusal (“ROFR”) as to any rentable premises in purchase the Building for which Landlord is seeking a tenant (“Available Premises”). In various properties subject to the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant Xxxxx Lease (the “Notice of OfferXxxxx Properties”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice Xxxxx Lease.
(b) Promptly after the execution and delivery hereof, Sellers agree to give notice to LCT as required by Section 22.1 of Offerthe Xxxxx Lease (the “Xxxxx Notice”). If Tenant fails In the event that, upon receipt of said notice, LCT elects to notify Landlord purchase the Xxxxx Properties and the Xxxxx Landlords and LCT enter into a purchase agreement for the Xxxxx Properties pursuant to Section 22.1 of Tenant’s election within said five (5) business day periodthe Xxxxx Lease, then Tenant the Buyer shall not acquire the Xxxxx Landlords (and the Xxxxx Landlords shall not be deemed Acquired Companies) and the Xxxxx Properties shall be not be deemed Acquired Properties and the provisions Section 6.12(c) below shall apply. Sellers and the Buyer agree the purchase price for the Xxxxx Properties to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions be set forth in the Xxxxx Notice shall be the amount set forth for the Xxxxx Properties on Schedule 2.1(a).
(c) In the event the Xxxxx Properties are to be conveyed to LCT pursuant to Section 6.12(b) above, this Agreement shall be deemed amended, without any further action on any parties’ part as follows with respect to the Xxxxx Properties:
(i) The definition of OfferAcquired Property or Acquired Properties shall not include the Xxxxx Properties except to the extent that any provision that is stated to survive the termination of this Agreement would be applicable to the Xxxxx Properties with respect to this Section 6.12(c) to the extent necessary to implement this Section 6.12(c);
(ii) No covenant, then Landlord representation or warranty shall lease be deemed made with respect to the Available Premises Xxxxx Properties and the Xxxxx Landlords and the Buyer shall not have any rights or obligations under this Agreement with respect to Tenant upon the terms Xxxxx Properties and conditions the Xxxxx Landlords;
(iii) The amount set forth in Section 2.1(a) shall be reduced by the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease amount set forth for the Available Premises Xxxxx Properties on Schedule 2.1(a) (the “Release Price”), the General Indemnification Cap shall be ratably reduced based on the terms and conditions set forth in proportion that the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within Release Price for the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything in this Section 43 Xxxxx Properties bears to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure periodPurchase Price.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 2 contracts
Samples: Securities Purchase Agreement (Capitalsource Inc), Securities Purchase Agreement (Omega Healthcare Investors Inc)
Right of First Refusal. During Provided that (i) the first Conditions Precedent described in Section 2.5 (1stexcluding, however, the condition set forth in subsection (v) three thereof) hereof have been satisfied in their entirety, and (3ii) years after Landlord does not wish to use the Term Commencement DateExpansion Space (as defined below) for Landlord’s own purposes, Tenant shall have a right of first refusal (“ROFR”) as to for all or any portion of the approximately 26,156 rentable premises in square foot portion of the first floor of the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant shown on Schedule 5 hereof (the “Notice of OfferExpansion Space”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as ) on the terms of this Section 22.32. If Landlord shall have reached agreement in an arm’s-length negotiation with a bona fide third party on the bonafide offerterms on which Landlord would lease all or any portion of the Expansion Space to such third party, except that the term of any lease entered into by then Landlord shall promptly provide Tenant with respect written notice (the “Offer Notice”) offering to lease that portion of the Available Premises Expansion Space at issue to Tenant on such terms. Tenant shall be coterminous with the Term.
43.1. Within have a period of five (5) business days following its receipt from the date of a the Offer Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects which to accept Landlord’s offer to lease that portion of the Available Premises Expansion Space at issue from Landlord on all of the terms and conditions set forth in of the Offer Notice of Offer. If Tenant fails to notify by providing Landlord of Tenant’s election with written notice thereof (the “Acceptance Notice”) within said such five (5) 5)- business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offerdelivers an Acceptance Notice, then Landlord shall promptly prepare an amendment to this Lease memorializing the terms of Landlord’s leasing of that portion of the Expansion Space at issue to Tenant and, upon full execution thereof, Landlord shall lease the Available Premises portion of the Expansion Space at issue to Tenant, and Tenant upon shall lease the same from Landlord, on all of the terms and conditions set forth in of this Lease (provided that the Notice Security Deposit shall be increased by Five Hundred Thousand Dollars ($500,000) (or a pro rata portion of Offer.
43.3Five Hundred Thousand Dollars ($500,000) based on the ratio of the amount of the Expansion Space leased by Tenant pursuant to this Section 22.32 to the aggregate size of the Expansion Space), as amended by the terms of such amendment. If Tenant notifies Landlord that Tenant elects not shall fail to lease the Available Premises on the terms and conditions set forth in the Notice execute such amendment within ten (10) business days of Offerreceipt thereof, or if Tenant fails shall fail to notify timely deliver an Acceptance Notice to Landlord as provided for herein, then Tenant’s rights to the particular Expansion Space at issue shall be deemed waived, and Landlord shall be free to lease that portion of the Expansion Space at issue to third parties or use such Expansion Space for Landlord’s own purposes. Tenant’s Right of First Refusal shall be continuous during the Term of this Lease and any extension thereof. Tenant’s rejection of any particular offer of Expansion Space shall not relieve Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right its obligation to consummate the lease again offer all or any portion of the Available Premises on Expansion Space to Tenant at any time that that portion of the same terms as set forth in the Notice of Offer Expansion Space at issue, or any new Expansion Space, subsequently becomes subject to another agreement to lease such space to a third party tenant.
43.4. Notwithstanding anything in this Section 43 to party, the contrary, parties hereto acknowledging and agreeing that Tenant shall not exercise the ROFR during have no rights hereunder if Landlord instead decides to use such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without space for Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transferown use.
Appears in 2 contracts
Samples: Lease Agreement (Palmsource Inc), Lease Agreement (Palm Inc)
Right of First Refusal. During the first eighteen (1st18) three (3) years after month period commencing on the Term Commencement Date, Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant suite across the hall from the Premises on the fourth (4th) floor of the Building, consisting of approximately eight thousand three hundred eighty-six (8,386) square feet of space, as shown on Exhibit H attached hereto (“Available ROFR Premises”); provided, however, that in no event shall Landlord be required to lease the ROFR Premises to Tenant for any period past the date on which this Lease expires or is terminated pursuant to its terms and as such if the Notice of Offer contains a term for the ROFR space that extends past the Term Expiration Date then in order to lease the ROFR upon the terms in the Notice of Offer Tenant shall be required to extend the Term with respect to the Premises. In the event Landlord receives a bonafide offer intends to lease from a third party tenant the Available ROFR Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available ROFR Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.142.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease all (not just a portion) of the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available ROFR Premises.
43.242.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available ROFR Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.342.3. If Tenant notifies Landlord that Tenant elects not to lease the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available ROFR Premises on the same terms as set forth in the Notice of Offer following Tenant’s election (or deemed election) not to a third party tenantlease the ROFR Premises. If after Tenant’s election (or deemed election) not to lease the ROFR Premises, the material economic terms change by more than ten percent (10%) from the initial terms in the Notice of Office, then the ROFR shall be fully reinstated, and Landlord shall not thereafter lease the ROFR Premises without first complying with the procedures set forth in this Article.
43.442.4. Notwithstanding anything in this Section 43 Article to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in monetary or material non-monetary default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default monetary or material non-monetary default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Landlord has given Tenant has committed a Default two four (24) or more times notices of default under this Lease, whether or not the defaults are cured, during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.542.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent rights shall be as set forth in Article 29.
42.6. If Tenant exercises the ROFR, Landlord may withhold in its sole and absolute discretion; provided, however, does not guarantee that Landlord’s consent shall not the ROFR Premises will be required available on the anticipated commencement date for Tenant’s assignment the Lease as to such Premises due to a holdover by the then-existing occupants of the ROFR Premises or for any other reason beyond Landlord’s reasonable control.
42.7. Notwithstanding anything in connection with an Allowed Transferthis Lease to the contrary, the ROFR shall expire on the date that is eighteen (18) months following the Term Commencement Date.
Appears in 2 contracts
Samples: Sublease Agreement (Natera, Inc.), Sublease Agreement (Natera, Inc.)
Right of First Refusal. During Provided this Lease is then in full force and effect and Tenant is in full compliance with the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed this Lease, and there is no sublease of in excess of fifty percent (50%) of the rentable square feet within the Premises, Landlord hereby grants Tenant the right to lease any portion of the 5th floor of the Building not leased to Tenant of under Special Stipulation 1 above, in accordance with the Available Premiseswithin terms and conditions. If the Expansion Space has been offered to and not leased by Tenant, which then at any time after the space is initially leased to a third party, if Landlord receives an offer from an unaffiliated third party to lease the Expansion Space, upon terms and conditions and at a rental rate acceptable to Landlord, Landlord shall be the same as notify Tenant thereof in writing setting forth the terms and conditions of the bonafide such offer, except that and offering to lease the term of any lease entered into by Expansion Space to Tenant with respect to upon the Available Premises financial terms contained in the third party offer. Tenant shall be coterminous with the Term.
43.1. Within have five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offeraccept or reject such offer. If Tenant rejects such offer or fails to notify Landlord of Tenant’s election respond within said five (5) business day period, then Tenant Landlord shall be deemed entitled to have elected rent said space to such third party on such terms and conditions not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on materially more favorable than the terms and conditions set forth in the Notice of Offeroffered to Tenant. If Tenant accepts said offer, then Landlord Tenant shall lease the Available Premises to Tenant have leased such space upon the financial terms contained in said offer, and upon the other terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything contained in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction and for a term co-terminus with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consentexcept that the space shall be leased "as is, which consent Landlord may withhold in its sole and absolute discretion; providedwhere is". The Rent for said Expansion Space shall commence on the earlier to occur of (i) ninety (90) days after Tenant accepts such offer for such Expansion Space, however, that Landlord’s consent shall not be required for Tenant’s assignment of or (ii) on the ROFR in connection with an Allowed Transferdate Tenant occupies said Expansion Space.
Appears in 2 contracts
Samples: Lease Agreement (Carter William Co /Ga/), Lease Agreement (Carters Imagination Inc)
Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Tenant shall have the prior right to lease Suite 445, containing approximately 7,534 rentable square feet, located on the 4th floor of the Building (“ROFR Space”), in accordance with the following terms and conditions:
(a) Tenant acknowledges that Landlord is currently in negotiations with a AmeriFirst Financial, Inc., an Arizona corporation and/or its affiliates for the ROFR Space (“Anticipated 4th Floor Tenant”) and that Tenant’s right of first refusal offer to the lease ROFR Space under this Section 60 will not become effective until the termination of the lease for the Anticipated 4th Floor Tenant (the “ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available PremisesSuite 445 Lease”). In .
(b) Following the expiration of or earlier termination of the Suite 445 Lease, in the event Landlord receives shall receive a bonafide bona fide third party offer to lease from the ROFR Space on terms which Landlord wishes to accept, or, in the event Landlord offers (subject to Tenant’s rights hereunder) to lease the ROFR Space on terms which a bona fide third party tenant the Available Premiseswishes to accept, which offer is acceptable to Landlord then, in its sole and absolute discretioneither such event, Landlord shall forthwith provide written notice thereof to Tenant, together with a true and correct copy of such offer. Tenant (shall have the “Notice of Offer”)right, specifying the material terms at Tenant’s option and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within within five (5) business days following its after receipt of a Notice of Offersuch notice from Landlord, Tenant shall advise Landlord in writing whether Tenant elects to exercise its right hereunder to lease the Available Premises on ROFR Space at the rent and upon the terms contained in such offer, in which event Landlord shall lease the ROFR Space to Tenant at said rent and conditions set forth in upon said terms. Landlord covenants that it shall not accept any such offer nor lease the Notice of Offer. ROFR Space to any third party until it has complied with the terms hereof.
(c) If Tenant fails to notify Landlord exercise its right of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election first refusal hereunder within the five (5) business day notice period described aboveprovided for in the preceding subparagraph (a), then Landlord shall have thirty (30) days thereafter within which to lease the ROFR Space at the price and upon the terms of such offer without resubmitting such offer to Tenant in accordance herewith. However, Tenant’s election not to exercise its right hereunder to consummate lease the lease ROFR Space shall not prejudice Tenant’s rights hereunder as to any further offer, and in the event the price and/or other terms of the Available Premises on the same terms as set forth offer are modified in any material manner (including, but not limited to, any reduction in the Notice rent of Offer more than four percent), then such modification shall be deemed to constitute a third party tenant.
43.4new offer and shall be subject to Tenant’s right of first refusal hereunder. Notwithstanding anything in The foregoing notwithstanding, (a) Tenant shall have no rights under this Section 43 to the contrary, Tenant shall not exercise the ROFR during such any period of time that Tenant it is in default under any provision this Lease beyond applicable cure periods, and (b) Tenant’s rights in this Section shall become null and void upon the first to occur of the following: (i) termination of this Lease. Any attempted Lease (or Tenant’s right of possession) by reason of Tenant’s default, or the termination of this Lease pursuant to other provisions of this Lease providing for termination, or (ii) Tenant’s failure to exercise its right of first refusal hereunder in accordance with Section 60(b), above, then Tenant’s rights with respect to all of the ROFR during a period Space shall terminate. Upon the occurrence of time in which any of the foregoing events, Tenant is so in Default shall be deemed to have forever waived its rights with respect to all of the ROFR Space, and Tenant’s rights hereunder shall thereafter automatically be deemed null and void and of no further force and effect. In additionNotwithstanding anything to the contrary in this Section 60, Tenant shall not be entitled acknowledges that in the event any other tenant of the Building or the Project with a prior right to lease the ROFR Space elects to exercise its right to lease the ROFR if Tenant has committed Space, Tenant’s rights set forth in this Section 60 shall be of no force or effect with respect to the ROFR. For the purposes of the foregoing sentence, a Default two “prior right to lease” shall mean any tenant occupying its premises directly or as an assignee (2but not as a subtenant, licensee, or concessionaire) or more times during the twelve under: (12a) month period a lease that was executed prior to the date on which Tenant seeks to exercise Effective Date (a “Prior Lease”); or (b) a renewal or extension of a Prior Lease; or (c) the ROFR, whether Suite 445 Lease (including any renewals or not Tenant cures such Defaults within any applicable cure periodextensions).
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 2 contracts
Samples: Commercial Lease (Ziprecruiter, Inc.), Commercial Lease (Ziprecruiter, Inc.)
Right of First Refusal. During Provided Tenant has fully and timely performed all of its obligations hereunder, the first time Landlord receives an offer from a third party that Landlord is willing to accept for a lease of space (1stand not just a portion thereof) three which becomes available for lease in Buildings A, B, C, or D in the Project (3) years after the Term Commencement Date"Refusal Space"), Tenant shall have a the first right to obtain the Refusal Space on the terms of first refusal (“ROFR”) as to any rentable premises in such offer. Promptly after the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretionreceipt of such offer, Landlord shall provide written give Tenant notice thereof to Tenant in reasonable detail (the “''Notice of Offer”Offered Lease"), specifying . On or before the material terms and conditions 5th business day after the date of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5) business days following its receipt of a Notice of Offersuch submission, Tenant shall advise may exercise this right by sending Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord a notice stating that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant Refusal Space upon the terms and conditions set forth in the Notice of Offer.
43.3Offered Lease (the "Offered Lease Terms"). If Tenant notifies provides such notice, Landlord that and Tenant elects not to shall enter into a lease for the Available Premises Refusal Space within 10 days after the date of Tenant's exercise notice on the Offered Lease Terms which lease shall include a contingency for Landlord's receipt of final approval from its Real Estate Committee upon substantially the same terms and conditions set forth in as Section 6 below. If Tenant does not timely exercise the Notice of Offerright, or if Tenant fails properly exercises such right but thereafter for any reason (other than the fault of Landlord) does not timely enter into the new lease, Tenant's rights under this Section shall terminate and Landlord shall be free to notify Landlord lease the Refusal Space to any third party. This right of first refusal is (a) personal to Tenant and may not be exercised by any subtenant or assignee of Tenant’s election within the five , and (5b) business day period described above, then Landlord shall have the right subject to consummate the lease all rights granted to other tenants as of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant.
43.4date hereof. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant Refusal Space shall not be entitled considered available if the third party offering to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest lease space in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment Project is a current tenant of the ROFR in connection with an Allowed TransferRefusal Space.
Appears in 2 contracts
Samples: Office Lease (ArcherDX, Inc.), Office Lease (ArcherDX, Inc.)
Right of First Refusal. During The “Right of First Refusal” shall mean the right of first refusal set forth in Section 24.4 of the Original Lease, as amended by Section 9.2 of the First Amendment. Notwithstanding any contrary provision of the Lease, the Right of First Refusal shall apply solely to any demised space on the ninth (1st9th) three floor of the Building that is vacant and available to lease to third parties (3) years after or Landlord has knowledge that such space will be available in the Term Commencement Datereasonably near future). Landlord and Tenant agree that, Tenant until November 30, 2014, the right of first refusal shall have be subject and subordinate only to a right of expansion and a right of first refusal for the remaining portion of the 9th floor (“ROFR”both of which rights expire on November 30, 2014) as granted to any rentable premises Aris. Notwithstanding the foregoing, in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives enters into an extension of the term of the Aris lease commencing on December 1, 2014 (which may be for any time period and may or may not include a bonafide offer to lease from of all or a third party tenant portion of the Available Premisesremaining unoccupied 9th floor of the Building, which offer is acceptable to Landlord in its Landlord’s sole and absolute discretion, Landlord shall provide written notice thereof to Tenant discretion (the “Notice of OfferAris Extension”); provided, specifying however, if Aris or any other tenant leases less than the material terms entire 9th floor, then if Tenant leases any space on the 9th floor pursuant to its right of first offer or right of first refusal under the Lease, Landlord shall, at its sole cost and conditions expense, and not as part of Operating Expenses, construct a proposed lease Building standard multi-tenant corridor on the 9th floor in accordance with Landlord’s plans and specifications in accordance with a construction schedule consistent with the delivery of the applicable ninth (9th) floor space to Tenant. Landlord agrees not to xxxxx Xxxx any extension of its expansion right or its right of first refusal and, notwithstanding anything to the contrary in the Lease, on and after November 30, 2014, Tenant’s right of first refusal shall not be subject or subordinate to the rights of Aris or any other tenant. Notwithstanding anything to the contrary in the Lease, the Right of First Refusal Period shall mean the time period commencing on the date this Third Amendment is mutually executed and ending upon the expiration of the New Expansion Premises Term (as may be extended), and the Right of First Refusal shall be a continuing right and shall not expire or terminate during the New Expansion Premises Term (as may be extended). Landlord represents and warrants to Tenant that the rights of Aris (as set forth above) are the sole and exclusive rights that are superior to Tenant’s right of first refusal, and that the rights of Aris unconditionally expire and terminate on November 30, 2014. Additionally, without limiting the foregoing, at such time as Landlord delivers a notice to Tenant regarding the potential lease of any of the Available Premises, which shall be the same as the terms Expansion Premises under Section 24.4 of the bonafide offerOriginal Lease, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms represented and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises warranted to Tenant upon that the terms rights of Aris are no longer in effect with respect to the Expansion Premises in question and conditions set forth particular transaction in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant.
43.4question. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest contrary in the Lease, without Landlord’s prior written consent, which consent Landlord the Right of First Refusal may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transferexercised by Tenant or any Affiliate assignee or any other permitted assignee. [***] = CONFIDENTIAL INFORMATION HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THIS OMITTED INFORMATION.
Appears in 2 contracts
Samples: Office Lease (Blackline, Inc.), Office Lease (Blackline, Inc.)
Right of First Refusal. During the first (1st1) three (3) years after the Term Commencement Date, Landlord hereby grants Tenant shall have a right of first refusal (“ROFRROFRO”) on all Available Space (as defined in the First Amendment) on the 7th Floor of the Building, which right shall be superior to the rights granted to the City of Houston to renew its lease for space in the southern portion of the Building, but will be subordinate to any rentable premises other rights in existence from the Building for date of this Third Amendment (which rights are set forth on Exhibit “D” hereto).
(2) If at anytime Landlord is seeking wishes to accept a tenant (“Available Premises”). In the event Landlord receives a bonafide bona fide offer to lease from a an unaffiliated third party tenant for the lease of any of the Available PremisesSpace on the 0xx Xxxxx xx xxx Xxxxxxxx, which offer is acceptable Xxxxxxxx shall deliver to Landlord in its sole and absolute discretion, Landlord shall provide written Tenant a notice thereof indicating in such notice the space that is subject to Tenant (lease, the “Notice identity of Offer”)the Tenant, specifying the material base rent, term and all terms and conditions of a proposed lease that have been agreed to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises proposed lease (“Landlord’s Notice”). Tenant shall have a period of ten (10) business days from receipt of Landlord’s Notice to notify Landlord whether it will lease the space in question. Failure to notify Landlord within such ten day period that Tenant exercises its ROFRO shall be deemed an election by Tenant to not exercise such right, and Landlord may then enter into a new lease with the proposed tenant named in Landlord’s Notice and under the same terms, conditions and provisions therein set forth. If there is any change in the identity of the proposed tenant or any of such terms, conditions and provisions, then Landlord may not lease the space in question without again complying with the provisions of this section. Tenant’s rights under this section are in addition to its Right of First Offer set forth in the First Amendment.
(3) If Tenant elects to lease the space described in the Landlord’s Notice pursuant to this Section, the terms shall include the following: (i) the term for such space shall be coterminous with the Termexisting Term of this Lease, and (ii) the rental rate shall be equal to the Market Rental Rate, but shall be not less than the rate that space is being offered to the bona fide third party tenant named in Landlord’s Notice.
43.1. Within five (54) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything ROFRO granted in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled addition to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest Right of First Offer contained in the Lease, without Landlord’s prior written consentFirst Amendment, which consent Landlord may withhold shall remain in its sole full force and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfereffect.
Appears in 2 contracts
Right of First Refusal. During Tenant may lease Refusal Space upon the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed set out in this Article 25.00, only if
(a) Tenant delivers to Landlord notice exercising its right to lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within Refusal Space within five (5) business days following its receipt of Landlord’s delivery to Tenant of the ROFR Proposal; and
(b) an Event of Default is not then continuing beyond any applicable notice and cure period, or Tenant has not subleased all or any portion of the Premises (other than a Notice of Offer, Tenant shall advise Landlord Permitted Transferee as defined in writing whether Tenant elects to lease Sections 11.07). In the Available Premises on the terms and conditions set forth in the Notice of Offer. If event that Tenant fails to notify Landlord exercise its right of Tenant’s election first refusal on the Refusal Space within said such five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate enter into a lease with the lease third party tenant upon substantially similar terms and conditions contained in the ROFR Proposal. ( calculated on a net effective basis based on the proposed annualized Annual Rent, less any allowances, free rent, commissions or other concessions amortized over the term of the Available Premises on Refusal Space), and Tenant shall have no further right to the same terms Refusal Space thereafter, except as set forth in the Notice provided below. For purposes of Offer to this Section a third party tenant.
43.4offer will be substantially similar if the economic terms and conditions are within 10% of the net effective basis of the Refusal Proposal. In the event that such third party offer is more than 10% favorable, Landlord shall be obligated to re-offer the Refusal Space to Tenant on the more favorable terms, and Tenant shall have five (5) business days to either accept or reject the offer. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise if the ROFR during such period of time that Tenant Refusal Space described in the Refusal Offer is in default under any provision of this Lease. Any attempted exercise of for less than the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In additionentire remaining space on the 3rd floor, Tenant shall not be entitled retain the its Right of First Refusal on any remaining vacant space subject to exercise the terms and conditions of this Section. Additionally, if Landlord fails to complete the third-party Lease upon which the ROFR if Tenant has committed a Default two Proposal is based within one hundred eighty (2180) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFRdays, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, then Tenant shall not assign or transfer again have a right of first refusal on the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transferapplicable Refusal Space.
Appears in 2 contracts
Samples: Lease Agreement (Ibotta, Inc.), Lease Agreement (Ibotta, Inc.)
Right of First Refusal. During a. If during the first (1st) three (3) years after the Term Commencement DateLease Term, Tenant shall have Suite 300 of Building B is available for lease and Landlord enters into a right letter of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from intent with a third party tenant covering all of the Available Premisesessential terms (collectively, which offer is acceptable to Landlord in its sole and absolute discretionthe “Third Party Terms”) for any of such space (the “First Refusal Space”), then Landlord shall provide written deliver a notice thereof to Tenant (the “Notice of OfferFirst Refusal Notice”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects offering to lease the Available Premises on First Refusal Space to Tenant under the terms and conditions Third Party Terms (the “ROFR Terms”). As used in this Paragraph 6 only, the term available for lease means that the First Refusal Space is neither: (i) subject to any rights of third parties existing as of the date of this Amendment, including, without limitation, previously granted rights of first notice, expansion rights, extension rights, options to lease, or other previously granted rights, nor (ii) subject to renewal by its current tenant, Statewide, whether or not such renewal is pursuant, to an option to renew set forth in its lease as of the Notice date of Offer. If this Amendment.
b. Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not may elect to lease the Available Premises.
43.2First Refusal Space under the ROFR Terms by delivering a notice (the “Response Notice”) to Landlord within 5 business days after the date Tenant receives the First Refusal Notice. If Tenant timely notifies (i) Landlord that Tenant elects to lease does not receive the Available Premises on Response Notice within the terms and conditions set forth 5 business day period or (ii) in the Response Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on First Refusal Space under the ROFR Terms, then Tenant is deemed to waive its right to lease the First Refusal Space and Tenant has no further rights under this Paragraph 6. Notwithstanding the foregoing, however, if Landlord does not then execute a lease for the First Refusal Space with any third party, under economic terms and conditions no more than 5% different from those set forth in the Third Party Terms, then this Paragraph 6, and the parties’ rights and obligations hereunder, will be reinstated in their entirety.
c. If Tenant timely delivers a Response Notice of Offer, or if Tenant fails electing to notify Landlord of Tenant’s election within lease First Refusal Space under the five (5) business day period described aboveROFR Terms, then Landlord shall have promptly prepare, and deliver to Tenant an amendment to the right Lease adding the First Refusal Space to consummate the lease of Premises upon the Available Premises on the same terms as set forth ROFR Terms, which amendment will be in the Notice of Offer a form substantially similar to a third party tenantthis Amendment. Landlord and Tenant shall execute and deliver such amendment within 5 business days thereafter.
43.4. Notwithstanding anything in this Section 43 d. Landlord is not obligated to offer the contraryFirst Refusal Space to Tenant, and Tenant shall may not exercise its option to lease the ROFR during such period of time that First Refusal Space, if Tenant is in default under any provision the Lease at the time Landlord would otherwise be obligated to give notice to Tenant under this Paragraph. The Right of this Lease. Any attempted exercise First Offer set forth in Section 7 of the ROFR during a period of time in which Tenant First Amendment is so in Default hereby deleted and shall be void and of no further force and effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 2 contracts
Samples: Commercial Lease Agreement (Neos Therapeutics, Inc.), Commercial Lease Agreement (Neos Therapeutics, Inc.)
Right of First Refusal. During Sublandlord and Subtenant, agree that neither will retain any right to exercise the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a right rights of first refusal (“ROFR”) as to any rentable premises in under Article 52 of the Building for which Landlord is seeking a tenant (“Available Premises”). In Master Lease and Article 52 of the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord Master Lease will be deleted in its sole entirety. Notwithstanding the foregoing, Subtenant, and absolute discretiononly Subtenant, Landlord shall provide written notice thereof to Tenant (will have the “Notice following first right of Offer”)refusal:
a. During the Sublease Term, specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same so long as the terms Subtenant is not in default under the Master Lease or the Sublease and no event has occurred or fact exists which, but for the passage of time or the bonafide offergiving of notice, except that would constitute a default under the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.Master Lease or
43.1. Within b. If, within five (5) business days following its after receipt of Landlord's notice, Subtenant delivers to Landlord a Notice written notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects Subtenant's intent to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected Additional 11th Floor Space for a lease term not to exceed the Sublease Term (including any then exercised lease the Available Premises.
43.2. If Tenant timely notifies renewal options), Landlord that Tenant elects will proceed to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the negotiate directly with Subtenant for a lease of the Available Premises Additional 11th Floor Space on the same terms as set forth contained in the Notice Master Lease and the Sublease, except: (i) the Rental Terms will be incorporated into a new lease or an amendment to the Master Lease and Sublease; (ii) if a new lease is utilized, the new lease and the Master Lease and Sublease will be cross-defaulted; and (iii) lease terms that are dependent upon the size of Offer the premises, such as Subtenant's proportionate share of expenses, will be modified accordingly. If the lease renewal option available under Paragraph 15 of the Sublease has not been exercised, the new lease or lease amendment also will contain a renewal option similar to that contained in the Sublease at the fair rental value for the Additional 11th Floor Space. If Subtenant does not deliver its notice of intent to lease the Additional 11th Floor Space in a timely manner, or if Landlord and Subtenant are unable to agree on the terms of a lease for the Additional 11th Floor Space within ten (10) days following Subtenant's delivery of its written notice of intent, Subtenant's FRR for the Additional 11th Floor Space will terminate, and Landlord will have the right to lease the Additional 11th Floor Space or any portion of the Additional 11th Floor Space to a third party tenanton the same or substantially similar Rental Terms.
43.4. Notwithstanding anything in this Section 43 c. This first right of refusal to lease the contraryAdditional 11th Floor Space is a one time right that is personal only to Ugly Duckling Holdings, Tenant shall Inc. and is not exercise transferrable or assignable and is not exercisable by the ROFR during such period of time that Tenant is in default Sublandlord under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.Sublease,
Appears in 2 contracts
Samples: Sublease Agreement (Cygnet Financial Corp), Sublease Agreement (Cygnet Financial Corp)
Right of First Refusal. During the first (1st) three (3) years after the Term Commencement DateLease Term, or any extension thereof, Tenant shall have a right of first refusal on all of the remaining space on the ninth floor of the Tower as and when such space, or any part thereof, becomes available to Landlord (“ROFR”) which space is hereinafter referred to as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”'Expansion Space'). In the event Each time Landlord receives from or is going to give a bonafide bona fide offer to lease from a an actual third party tenant ("Third Party Offer"), to lease part or all of the Available PremisesExpansion Space, which and such Expansion Space is then available, and such offer is acceptable to Landlord in its sole and absolute discretionLandlord, Landlord shall provide written notice thereof first offer such Expansion Space to Tenant in writing ("Landlord's Notice") on the “Notice of Offer”), specifying same Business Terms as were offered to or by the material terms and conditions of a proposed lease to Tenant third party. Expansion Space shall be considered "available" when it becomes vacant after the termination or expiration of the Available Premises, which current lease of such space between Landlord and Telemedia North American Communications. 'Business Terms' are hereby defined as: effective base rental rate (base rental rate with any rent concession factored in); operating cost stop; tenant improvement allowance; the number of rentable square feet contained in such Expansion Space; and any other material economic terms. Tenant shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5) have 10 business days following its after receipt of a Landlord's Notice of Offer, Tenant shall advise Landlord to accept Landlord's offer in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offerwriting. If Tenant does not elect to accept Landlord's offer or fails to notify Landlord of Tenant’s election respond within said five (5) the 10 business day period, then Tenant landlord shall be deemed to have elected not free to lease the Available Premises.
43.2Expansion Space to the third party on terms that are not materially more favorable to the third party than the Business Terms that were contained in the third party's bone fide offer. If Tenant timely notifies Landlord that Tenant elects accepts the offer to lease the Available Premises such Expansion Space, such Expansion 57 Space shall be leased by Tenant on the terms and conditions set forth in Business Terms offered to or by the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offerthird party.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 1 contract
Samples: Sublease (Xcarenet Inc)
Right of First Refusal. During the first (1sta) three (3) years after the Term Commencement DateExcept as provided in Section 3.4, Tenant Canopy shall not Transfer any Securities unless Canopy shall have a right first provided the Investors with written notice of first refusal the proposed transfer of such Securities (“ROFR”) as the "SUBJECT SECURITIES"), and shall have offered to any rentable premises in sell to the Building for which Landlord is seeking a tenant Investors all of such Subject Securities (“Available Premises”an "OFFER NOTICE"). In The Offer Notice shall include a statement of intention to Transfer the event Landlord receives Subject Securities to a bonafide third party, the plan of disposition, and if the Transfer is pursuant to a bona fide offer to lease from ("BONA FIDE OFFER") of a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying "BONA FIDE TRANSFEREE") the material terms name and conditions of a proposed lease to Tenant address of the Available Premises, which shall be the same as Bona Fide Transferee and all of the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Bona Fide Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5b) business day period described above, then Landlord The Investors shall have the right to consummate the lease purchase, severally or jointly, all or any portion of the Available Premises Subject Securities, and shall exercise such right by Advent providing written notice thereof (an "ELECTION NOTICE") to Canopy within ten (10) days after the Investors' receipt of the Offer Notice. In the Election Notice, Advent shall indicate the number of Subject Securities to be purchased, the Investors that will be purchasing such Subject Securities, and the date for the closing of such purchase (which shall not be more than twenty (20) days after the date Advent provides such Election Notice).
(c) If the offer of Subject Securities is pursuant to a Bona Fide Offer and is for cash or cash plus deferred payments of cash, the Investors shall pay a purchase price per share for the Subject Securities equal to the price per share offered to be paid by the Bona Fide Transferee described in the Offer Notice, which price shall be paid in cash or, if so provided in the offer of the Bona Fide Transferee, cash plus deferred payments of cash in the same proportions and on the same terms of deferred payment as set forth in the Notice Bona Fide Offer.
(d) If the offer of Offer Subject Securities is pursuant to a Bona Fide offer and is for consideration other than cash or cash plus deferred payments of cash, the Investor shall pay the cash equivalent of such other consideration. If Canopy and the Investors cannot agree on the amount of such cash equivalent within ten (10) days after Advent provides the Election Notice to Canopy, either Canopy or Advent may, by three (3) days' written notice to the other, initiate appraisal proceedings for determination of the cash equivalent. The Investors may choose to revoke their election to purchase Subject Securities based on the determination of the appraised value of the cash equivalent pursuant to Section 3.2(e) below, and shall exercise such option by providing written notice to Canopy of such revocation within ten (10) days after such determination.
(e) If any party shall initiate an appraisal procedure to determine the amount of the cash equivalent of any consideration for Subject Securities, then Canopy and Advent shall each promptly (but no later than five (5) days thereafter) appoint as an appraiser an individual who shall be a member of an independent investment banking firm. Each appraiser shall, within twenty (20) days of appointment, separately investigate the value of the consideration for the Subject Securities as of the proposed transfer date and shall submit a notice of an appraisal of that value to each party. Each appraiser shall be instructed to determine such value without regard to income tax consequences to Canopy as a result of receiving cash rather than other consideration. If the appraised values of such consideration (the "EARLIER APPRAISALS") vary by less than ten percent (10%), the average of the two appraisals on a per share basis shall be controlling as the amount of the cash equivalent. If the appraised values vary by more than ten percent (10%), the appraisers, within ten (10) days of the submission of the last appraisal, shall appoint a third appraiser who shall be a member of a nationally recognized investment banking firm. The third appraiser shall, within twenty (20) days of his appointment, determine which one of the Earlier Appraisals more accurately represents the value of the consideration for the Subject Securities and such appraisal will control. If any party fails to appoint an appraiser within five (5) days after the initiation of an appraisal procedure or if one of the two initial appraisers fails after appointment to submit his appraisal within the required period, the appraisal submitted by the remaining appraiser shall be controlling. Canopy and the Investors shall each bear the cost of its respective appointed appraiser, and the cost of the third appraisal shall be shared equally by Canopy and the Investors.
(f) If the proposed Transfer of Subject Securities is not pursuant to a Bona Fide Offer, the Investors shall pay cash in an amount equal to the average closing price per share of Common Stock on the Nasdaq SmallCap Market for the twenty (20) trading days prior to (and not including) the date of the Election Notice, multiplied by the number of Subject Securities to be purchased as set forth in the Election Notice.
(g) The closing of the purchase shall take place at such time, date and location as shall be mutually agreeable to Canopy and Advent (but not later than twenty (20) days after the last Election Notice is given or, if an appraisal procedure is initiated pursuant to Section 3.2(d), the final determination of the value of the cash equivalent). The purchase price, to the extent comprised of cash, shall be paid at the closing, and cash equivalents and documents evidencing any deferred payments of cash shall be delivered at the closing. In connection with such closing, neither Canopy nor the Investors shall be required, at any time prior to or at the closing, to make any representation to the other parties concerning whether such party is in possession of any material, non-public information regarding the Company. At the closing, Canopy shall deliver to the Investors the certificates evidencing the Subject Securities to be conveyed, duly endorsed and in negotiable form with all the requisite documentary stamps affixed thereto.
(h) To the extent that the Investors decline to purchase any Subject Securities, Canopy may Transfer such Subject Securities to the Bona Fide Transferee or other third party tenant.
43.4only in strict accordance with the terms stated in the Offer Notice. Notwithstanding anything If Canopy shall fail to make such Transfer within sixty (60) days following (i) the expiration of the time period provided in Section 3.2(b) for Advent to deliver an Election Notice or (ii) the date Canopy receives notice of the Investors' revocation of their election to purchase such Subject Securities pursuant to Section 3.2(d), as the case may be, such Subject Securities shall again become subject to the restrictions of this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period3.2.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 1 contract
Samples: Voting Agreement (Emc Corp)
Right of First Refusal. During 41.1 Landlord acknowledges that any sale, transfer, encumbrance or other conveyance of the first Demised Premises, other than a transfer to any family members of J. Crayton Pruitt or to any entxxx xxxxxxxxxd by J. Crayton Pruitt, shall triggxx xxx Xxxxx xx First Refusal granted herein. Notwithstanding the foregoing, however, any transfer by Landlord to any of the above-described types of transferees shall be subject to the Right of First Refusal. Landlord hereby grants to Tenant a Right of First Refusal in the event that Landlord desires to accept an offer (1stan "Offer") three from a bona fide disinterested third party to purchase the Demised Premises. Accordingly, in the event that Landlord desires to accept any such Offer, Landlord shall present a written copy of said Offer (3) years after the Term Commencement Date"Offer Agreement"), executed by the party desiring to purchase the Demised Premises, to Tenant for Tenant's review. Tenant shall have a right period of first refusal thirty (“ROFR”30) days after receipt of such executed Offer Agreement, in which to elect to purchase the Demised Premises at the price and on the terms stated in such Offer Agreement (subject to readjustment of the Purchase Price as provided below), or to any rentable premises decline so to do. If Tenant elects to purchase the Demised Premises on such terms and at such price, then Tenant and Landlord shall proceed to closing of the purchase of the Demised Premises in accordance with the Building for which Landlord is seeking a tenant (“Available Premises”)provisions of Section 42 hereinbelow. In the event Landlord receives a bonafide offer that Tenant elects not to lease from a third party tenant purchase the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretionDemised Premises at such time, Landlord shall provide written notice thereof be free to Tenant (sell the “Notice of Offer”), specifying Demised Premises to such third-party purchaser on the material terms and conditions of a proposed lease to Tenant of stated in the Available PremisesOffer Agreement reviewed by Tenant; provided, which however, that, in any such event, then the party 386804.5 then purchasing the Demised Premises shall be take the same as subject in all respects to the terms of this Lease.
41.2 If Tenant rejects the bonafide offerOffer, except that the term of any lease entered into by Tenant with respect or fails to respond to the Available Offer within the thirty (30) day time period, Landlord may sell the Demised Premises shall be coterminous with the Term.
43.1. Within five (5) business days following its receipt of a Notice of Offerto any third party, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises but only on the same terms and conditions set forth in the Notice of Offer. If Tenant fails Landlord desires to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease sell the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Demised Premises on the materially different terms and conditions than those set forth in the Notice of Offer, then Landlord the Demised Premises shall lease the Available Premises first be offered to Tenant upon in accordance with, and subject to, the terms and conditions set forth in the Notice provisions of Offersubparagraph 41.1 above.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 1 contract
Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Landlord hereby grants to Tenant and Tenant shall have a right of first refusal (“ROFR”"Right of First Refusal") as with respect to any rentable premises in available space ("Right of First Refusal Space") on the Building 10,098 rsf on the 15th floor shown on Exhibit "A-1" and a Secondary Right of Refusal subject to previous rights of expansion of the 18th floor as shown on Exhibit "A-2" for the term of the Lease, which First Right Refusal is subject to the following terms and conditions:
a) The Right of First Refusal may not be exercised if a material event of default under the terms of this Lease has occurred by Tenant.
b) If Landlord is seeking a tenant (“Available Premises”). In intends to rent all or part of the event Landlord receives a bonafide offer available Right of First Refusal Space to lease from a third party tenant (the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion"Third Party"), Landlord shall provide written notice thereof ("First Right of Refusal Notice") to Tenant that negotiations are proceeding with a bona fide third party (the “Notice of "Third Party Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous ") with the Term.
43.1intent to lease First Right of Refusal Space. Within Tenant shall thereafter have five (5) business days following its from receipt of a the First Right of Refusal Notice of Offerin which to notify Landlord, Tenant shall advise Landlord in writing whether ("Acceptance Notice"), that it elects to lease all, but not less than all of the space set out in the First Right of Refusal Notice. If Tenant elects to lease the Available Premises on the terms and conditions space set forth in the Notice First Right of Offer. Refusal Notice, then, within ten (10) Business Days of receipt by Landlord of the Acceptance Notice, Tenant and Landlord shall execute and deliver an amendment to this Lease upon the terms set forth in subparagraphs d & e hereof.
c) If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day perioddoes not timely deliver the Acceptance Notice, then Tenant Landlord shall be deemed free to have elected not to enter into a lease of the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions space set forth in the First Right of Refusal Notice with the Third Party. If Landlord does not execute a lease for the space to such Third Party within one hundred eighty (180) days of Offerthe First Right of Refusal Notice, Tenant shall then Landlord shall lease again have the Available Premises to Tenant upon the terms and conditions rights concerning such space set forth in the Notice of Offerthis Article.
43.3. If Tenant notifies Landlord that Tenant elects not to lease d) The initial Base Rent for the Available Premises Right of First Refusal Space shall equal the number of rentable square feet in the Right of First Refusal Space as shown on Exhibit A-1 located on the terms and conditions set forth in the Notice of Offer, 15th floor or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises "A-2" located on the same terms as set forth in 18th floor multiplied times the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything in this Section 43 to Base Rent per square foot then payable for the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period Leased Premises prior to the date expansion. The Right of First Refusal Space will be subject to the rent schedule on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure perioda pro rata rentable square foot basis as shown in Article 16 on a prospective basis.
43.5. Notwithstanding anything in this Lease e) Prior to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer tender of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment possession of the ROFR in connection with an Allowed TransferRight of First Refusal Space, the Right of First Refusal Space shall be improved per the allowance schedule ("Tenant Improvement Allowance") hereinbelow to integrate the Right of First Refusal Space into the Leased Premises, including, but not limited to, hard construction costs, architectural, space planning, engineering, and a construction management fee cost payable to Landlord. The following schedule outlines the allowance the Landlord will allow for improvements.
Appears in 1 contract
Samples: Lease Agreement (National Health Enhancement Systems Inc)
Right of First Refusal. During In addition to, and not in substitution of the first Right of First Offer set forth in Section 2.6, until such time as all of the space in the Building shall be leased to new third-party tenants (1sti.e., tenants who are not under lease as of the date of this Lease), provided Tenant is not in default of this Lease beyond applicable notice and cure periods and is leasing (including any and all space then leased by Permitted Transferees and space Tenant has sublet to third parties in accordance with the terms hereof) three at least fifty percent (350%) years after of the Term Commencement Dateoriginal Premises, Tenant shall have a right “Right of first refusal (“ROFR”) as Refusal” to lease any rentable premises and all space in the Building for which that has not been so leased to new third-party tenants, on the terms set forth herein. If Landlord is seeking intends to accept a tenant (“Available Premises”). In the event Landlord receives a bonafide bona-fide third party offer to lease from any such space (“First Refusal Space”) to a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretionparty, Landlord shall provide written give Tenant notice thereof to Tenant (of the “Notice of Offer”), specifying the material terms and conditions of such offer (a proposed lease “First Refusal Notice”). Tenant shall have ten (10) business days from receipt of a First Refusal Notice to send notice to Landlord (an “Election Notice”) indicating whether or not Tenant of desires to add such space to the Available Premises, which Premises on the terms set forth in the First Refusal Notice. A failure timely to send an Election Notice shall be deemed an election not to add such space to the same as the terms of the bonafide offer, except that the term of any lease entered into by Premises and Tenant shall have no further rights with respect to the Available Premises such space under this Section 2.7. If Tenant properly gives an Election Notice hereunder, this Lease shall be coterminous with deemed amended to add such space to the Term.
43.1Premises on all the terms and conditions set forth in the First Refusal Notice. Within five Tenant and Landlord agree to execute an amendment to this Lease reflecting such addition of such space to the Premises, but the failure by either party to execute such an amendment shall not affect the validity of the deemed amendment referred to above. If Tenant fails to notify Landlord within said ten (510) business days following its receipt of a Notice of Offer, day period that Tenant shall advise Landlord in writing whether Tenant elects intends to lease the Available Premises such First Refusal Space, Landlord shall be entitled to lease such First Refusal Space to a third party on the terms and conditions set forth in the Notice of OfferFirst Refusal Notice. If Tenant fails to notify Landlord of Tenant’s election does not enter into such a lease for the First Refusal Space with another tenant within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior months after Landlord’s original first Refusal Notice to the date on which Tenant seeks to exercise the ROFRTenant, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of then Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent rights under this section shall not be required for Tenant’s assignment of the ROFR in connection reinstated with an Allowed Transferrespect to such First Refusal Space.
Appears in 1 contract
Samples: Lease Agreement (Vistaprint LTD)
Right of First Refusal. During In addition to the first (1st) three (3) years after Tenant’! rights under Section 16.41 herein during the period commencing upon November 4th, 2005 and throughout the Term Commencement Date(save and except with respect to the 12th floor of the Building for which the period shall commence on the date the Additional Premises have been determined pursuant to Section 16.41(b) hereof and only if the Additional Premises as so determined do not consist of the 12th floor of the Building and shall continue throughout the balance of the Term), and subject to any rights in existence as of August 29, 2005 in favor of the tenants of the Building as of August 29, 2005 and the respective successors and assigns of such tenants (which existing rights in favor of such tenants are set out in Schedule “I” of this Lease), the Tenant shall shall, provided it is not in default, have a an ongoing right of first refusal to lease all or any part of any office space that is located on the 12th through 18th floors in the Building to a maximum of 35,396 square feet of Rentable Area (the “ROFRRight of First Refusal”) as ). During the period commencing upon November 4th, 2005 and during the Term of this Lease (save and except with respect to any rentable premises in the 12th floor of the Building for which the period shall commence on the date the Additional Premises have been determined pursuant to Section 16.41(b) hereof and only if the Additional Premises as so determined do not consist of the 12th floor of the Building and shall continue throughout the balance of the Term), if the Landlord receives an acceptable written bona fide offer from an arm’s length third party to lease all or any part of any office space that is seeking a tenant located on the 12th through 18th floors in the Building, then the Landlord will notify the Tenant in writing of the terms of such acceptable written offer to lease (the “Available PremisesAcceptable Offer to Lease”). In the event Landlord receives a bonafide offer The Tenant shall have five (5) Business Days from receipt of such notice to unconditionally exercise its Right of First Refusal, in writing, delivered to Landlord, to lease from a third party tenant that portion of the Available Premises, which offer is acceptable Building covered by the Acceptable Offer to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (Lease on the “Notice of Offer”), specifying the material same terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide provided for in such offer, except less any commissions. It is understood and agreed that the term of any lease entered into by Tenant with respect to the Available Premises shall space leased under this Right of First Refusal will be coterminous with the Term.
43.1. Within five (5) business days following its receipt of a Notice of OfferTerm for the Premises, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2renewal(s) or more times during the twelve (12extension(s) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure periodthereof.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 1 contract
Samples: Lease (Alliance Data Systems Corp)
Right of First Refusal. During (a) Except as otherwise provided in Paragraph 35(g), and provided an Event of Default does not then exist, if Landlord shall enter into a contract (the first "Sale Contract") for the sale of the Leased Premises or any Related Premises (1stany such premises, a "Sale Premises") three with a Third Party Purchaser (3and which may include other property owned by Landlord so long as a specific purchase price is allocated to the Leased Premises), which Sale Contract shall be conditioned upon Tenant's failure to exercise its right under this Paragraph 35, then promptly following the execution thereof, Landlord shall give written notice to Tenant, together with a copy of the executed Sale Contract.
(b) years after the Term Commencement DateFor a period of fifteen (15) days following receipt of such notice, Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premisesright, which offer is acceptable exercisable by written notice to Landlord in its sole and absolute discretiongiven within said fifteen (15) day period, Landlord shall provide written notice thereof to Tenant elect to purchase the Sale Premises at the purchase price (the “Notice of Offer”), specifying the material terms and conditions of calculated on a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant comparable after-tax basis with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5capital gains, including depreciation) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on and upon all the terms and conditions set forth in the Notice Sale Contract except that no contingencies contained in such Sale Contract as to environmental assessments, engineering studies, inspection of Offer. If Tenant fails the Sale Premises, availability of financing, sale of other property, state of the title to notify Landlord or encumbrances on the Sale Premises, or any other condition or contingency to the Third Party Purchaser's obligation to purchase the Sale Premises which pertains to the condition of the Sale Premises, the Third Party Purchaser's ability to take certain action or any other factor beyond the control of Landlord, shall apply to Tenant’s election within said five (5) business day period's obligation to purchase the Sale Premises under this Paragraph 35, then and Tenant shall be deemed obligated to have elected not to lease purchase the Available PremisesSale Premises without any such condition or contingency.
43.2. (c) If at the expiration of the aforesaid fifteen (15) day period Tenant timely notifies shall have failed to exercise the aforesaid option by written notice to Landlord, Landlord that Tenant elects may sell the Sale Premises to lease the Available Premises on such Third Party Purchaser upon the terms and conditions set forth in such contract.
(d) Except as otherwise specifically provided herein, the Notice closing date for any purchase of Offer, then the Sale Premises by Tenant pursuant to this Paragraph 35 shall be the earlier to occur of (i) ninety (90) days after the date of Tenant's notice to Landlord of its intention to purchase the Sale Premises upon the terms of the Sale Contract with a Third Party Purchaser or (ii) the closing date provided in such Sale Contract. At such closing Landlord shall lease convey the Available Sale Premises to Tenant upon in accordance with, and Tenant shall pay to Landlord the terms purchase price and conditions other consideration set forth in in, the Notice of Offerapplicable Sale Contract.
43.3. If (e) Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate during the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled Term to exercise the ROFR if Tenant has committed a Default two (2) foregoing right of first refusal upon each proposed sale of the Leased Premises or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFRany Related Premises. NOTWITHSTANDING ANYTHING TO THE CONTRARY, whether or not Tenant cures such Defaults within any applicable cure periodIF THE TERM OF THIS LEASE SHALL TERMINATE OR THIS LEASE SHALL EXPIRE, SUCH RIGHTS OF FIRST REFUSAL GRANTED PURSUANT TO THIS PARAGRAPH 35 SHALL TERMINATE AND BE NULL AND VOID AND OF NO FURTHER FORCE AND EFFECT. IN SUCH EVENT TENANT SHALL EXECUTE A QUITCLAIM DEED AND SUCH OTHER DOCUMENTS AS LANDLORD SHALL REASONABLY REQUEST EVIDENCING THE TERMINATION OF ITS RIGHT OF FIRST REFUSAL.
43.5. Notwithstanding anything in this Lease (f) If Tenant does not exercise its right of first refusal to purchase the contrarySale Premises and the Sale Premises are transferred to a Third Party Purchaser, Tenant will attorn to any Third Party Purchaser as Landlord so long as such Third Party Purchaser and Landlord notify Tenant in writing of such transfer. At the request of Landlord, Tenant will execute such documents confirming the agreement referred to above and such other agreements as Landlord may reasonably request, provided that such agreements do not increase the liabilities and obligations of Tenant hereunder.
(g) The provisions of this Paragraph 35 shall not assign apply to or transfer the ROFRprohibit (i) any mortgaging, either separately subjection to deed of trust or in conjunction with an assignment or transfer other hypothecation of Tenant’s Landlord's interest in the LeaseSale Premises, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment (ii) any sale of the ROFR Sale Premises pursuant to a private power of sale under or judicial foreclosure of any Mortgage or other security instrument or device to which Landlord's interest in connection the Sale Premises is now or hereafter subject, (iii) any transfer of Landlord's interest in the Sale Premises to a Lender, beneficiary under deed of trust or other holder of a security interest therein or their designees by deed in lieu of foreclosure, (iv) any transfer of the Sale Premises to any governmental or quasi-governmental agency with power of condemnation, (v) any transfer of the Sale Premises or any interest therein to any affiliate or holder of an Allowed Transferinterest in Landlord, (vi) any Person to whom Corporate Property Associates 14 Incorporated transfers or sells all or substantially all of its assets, or (vii) any transfer of the Sale Premises to any of the successors or assigns of any of the Persons referred to in the foregoing clauses (i) through (iv).
Appears in 1 contract
Samples: Lease Agreement (Corporate Property Associates 15 Inc)
Right of First Refusal. During 4.1 As of the first Occupancy Date and throughout the Term, provided the Lease is signed by both parties, provided the Tenant is not in default of its obligation under the Lease, provided the Tenant has not subleased all or part of its Premises not assigned its Lease and subject to the existing rights of other occupants of the Building, should Landlord receive a bona fide offer to lease any vacant and available space located on the third (1st3rd) three and fifth (35th) years after floors of the Term Commencement DateBuilding which the Landlord is prepared to accept, Landlord shall give to Tenant a written notice of the provisions of such offer and Tenant shall have a the right of first refusal until 5:00 pm on the fifth (“ROFR”5th) as business day following the day upon which such notice is given, to any rentable premises in elect, by written notice given to the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer Landlord, to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant said space (the “Notice Right of OfferFirst Refusal”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether 4.2 If the Tenant elects to lease the Available Premises on space within the stipulated delay, it shall be under the same terms and conditions set forth in the Notice bona fide third party offer, except for the term which shall be co-terminus with the Term of Offerthis Lease and all the incentives contained in the third party offer which shall be amortized over the balance of the Term to provide the Landlord the same revenues as the third party offer. If Tenant fails to notify Landlord In the event of Tenant’s election within said five (5) business day periodsuch election, then the Tenant shall be deemed have an additional delay of thirty (30) days to have elected not to lease enter into an agreement amending the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises Lease covering such space on the same terms and conditions as set forth those contained in the Notice of Offer third party offer.
4.3 If the Tenant does not respond within the above-mentioned delay or if it does not wish to a lease the space in question, the Landlord will be free to lease the said space to the third party tenant. Should the Tenant elect to waive its right of first refusal on the said space, the Landlord shall subsequently proceed with the rental of said space to the third party, without any further obligation to the Tenant in this regard.
43.4. Notwithstanding anything in this Section 43 4.4 The present Right of First Refusal is a personal right to the contrarybenefit of the Tenant and may not be transferred, Tenant shall not exercise the ROFR during such period of time that Tenant is in default save and except for a Permitted Transferee under any provision article 5.1.8 of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 1 contract
Right of First Refusal. During Provided that Tenant is not indefault under this Lease beyond applicable notice and cure periods,Landlord agrees that it will not lease the first 1,410 square feet of second floor space previously leased to Sepracor (1st) three (3) years after hereinafter the Term Commencement Date, Tenant shall have a right of first refusal (“ROFRSepracor space”) as to any rentable premises in the Building for which unless (a) Landlord is seeking has received a tenant (“Available Premises”). In the event Landlord receives a bonafide bona fide offer or letter of intent to lease from a third party tenant the Available Premises, which offer is acceptable to Sepracor space; (b) Landlord in its sole and absolute discretion, Landlord shall provide has given Tenant written notice thereof to Tenant (stating the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant said bona fide offer or letter of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into intent and containing an offer by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises same to Tenant on the same terms and conditions set forth in as said bona fide offer or letter of intent; and (c) Tenant has not, within ten (10) days after the Notice giving of Offer. If Tenant fails to notify such notice, mailed or otherwise given Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord written notice that Tenant elects to lease the Available Premises same in accordance with said offer or letter of intent. In the event that Tenant so elects to lease, the Sepracor space shall be leased to Tenant as stated in said bona fide offer or letter of intent on or before the terms and conditions set forth thirtieth (30th) day or next business day after the date of the giving of such notice of election to lease. In the event that Tenant shall not give such notice of election to lease within the time above specified ten (10) day period, or in the Notice of Offerevent Tenant shall, after giving such notice, fail to complete the lease arrangement within said thirty (30) days after giving notice as hereinabove provided, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not be free thereafter to lease the Available Premises on Sepracor space to the terms and conditions set forth party named in offer or letter of intent at a rental not lower than that specified therein, but Landlord shall not lease the Notice Sepracor space or any part thereof to any other person or at any lower price without again offering the same to Tenant. If Landlord shall make an affidavit stating (1) that a lease by it is made pursuant to a bona fide offer or letter of Offerintent to lease (2) that it has given notice to said Tenant in connection with such lease as required by the provisions of this paragraph; (3) that it has not received written notice of election to lease given by Tenant in accordance with the provisions of this instrument, or if that Tenant fails who has given notice of election to notify Landlord lease has failed to complete the same in accordance with said provisions; and (4) that the lease is made to the person named in such offer or notice of Tenant’s election within the five (5) business day period described aboveintent at a rental not lower than that therein stated, then Landlord such affidavit shall have be conclusive evidence of compliance with the right requirements of this instrument with respect to consummate the such lease in favor of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant.
43.4Landlord and all persons claiming through or under him. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant The provisions hereof shall not be entitled construed to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior apply to the date on which Tenant seeks bona fide mortgages to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment recognized lending institutions of the ROFR in connection with an Allowed Transferpremises, or any part thereof, or sales or other proceedings for the foreclosure thereof.
Appears in 1 contract
Samples: Office Lease Agreement (Advanced Cell Technology, Inc.)
Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a right the “Right of first refusal First Refusal” to purchase the Demised Premises upon the following terms and conditions (the “ROFR”) as ):
3.1. With respect to any rentable premises in future sale of all or a portion of the Building for which Landlord is seeking a tenant (“Available Demised Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide give written notice thereof to Tenant (the “Notice of OfferOffer Notice”), specifying the material terms and conditions of a proposed lease ) to Tenant of the Available Premises, terms and conditions upon which shall be the same as the terms Landlord proposes to sell all or a portion of the bonafide offer, except that Demised Premises. After Tenant has received the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5) business days following its receipt of a Notice of OfferOffer Notice, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails then have sixty (60) calendar days to notify Landlord Landlord, in writing, of Tenant’s election within said five (5) business day period, then Tenant shall be deemed determination to have elected not to lease purchase the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease Demised Premises the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3Offer Notice. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on accepts the terms and conditions of the Offer Notice, Landlord and Tenant shall enter into a purchase and sale contract, incorporating the terms set forth in the Offer Notice.
3.2. If Tenant does not elect in writing to accept the terms contained in the Offer Notice of Offerwithin the applicable time period, or if Tenant fails does not respond to notify the terms contained in the Offer Notice, its ROFR shall be deemed waived with respect to said specific Offer Notice, and Landlord shall be entitled to sell the Demised Premises, subject to the terms of this Lease, on the terms set forth in said Offer Notice with the party specified therein. If any such sale is not consummated within two (2) years of the Tenant’s election within waiver of the five (5) business day period described aboveROFR, the Tenant’s ROFR with respect thereto shall renew and the provisions of this Section shall again be applicable.
3.3. lf, following Tenant’s failure to accept the Offer Notice, Landlord wishes to sell all or a portion of the Demised Premises at a price that is less than the price specified in the Offer Notice, then Landlord shall have notify Tenant of such change in terms (“Change Notice”). This Change Notice shall be subject to the right to consummate the lease of the Available Premises on the same terms as provisions set forth in the Notice of Offer to a third party tenantParagraphs 3.1 and 3.2 hereof.
43.43.4. Notwithstanding anything in this Section 43 Tenant’s ROFR shall be triggered for the benefit of the Tenant each time all or a portion of the Demised Premises becomes available (which availability shall be subject to the contrary, Tenant shall not exercise the ROFR during such period lease terms of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2Tenant) or more times for sale during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure periodTerm hereof.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 1 contract
Samples: Ground Lease Agreement (EVO Transportation & Energy Services, Inc.)
Right of First Refusal. During At all times during the first (1st) three (3) years after the Term Commencement DateTerm, Tenant shall have a right of first refusal to purchase the Leased Premises on the following terms and conditions:
(“ROFR”a) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide third party offer to lease from a purchase the Leased Premises and Landlord is willing to accept the offer on the terms and conditions contained therein, it shall, in turn, submit such offer to Tenant in writing prior to accepting such offer. Provided Tenant is not then in default under the Lease, Tenant shall have three (3) business days to elect to purchase the Leased Premises upon the same terms and conditions as stated in the third party tenant offer. In the Available event Tenant desires to exercise its first right to purchase the Leased Premises, which offer is acceptable it shall do so by delivering written notice to Landlord of such intention within such three (3) business day period. In the event that the terms and conditions in its sole and absolute discretionsuch offer change, Landlord shall provide written notice thereof resubmit such offer to Tenant Tenant, who shall then have an additional three (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (53) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease exercise this right to purchase the Available Leased Premises on upon the new terms and conditions set forth in the Notice of Offerrevised offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease In the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that event Tenant elects not to lease exercise its first right to purchase the Available Premises on the terms and conditions set forth in the Notice of OfferLeased Premises, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have be free to proceed with the right to consummate the lease sale of the Available Leased Premises on to the same terms as set forth in the Notice of Offer to a third party tenantofferee.
43.4. Notwithstanding anything in this Section 43 (b) Title to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default Leased Premises shall be void conveyed to Tenant by general warranty deed warranting that fee simple indefeasible title to the Leased Premises is good and marketable and free and clear of no effectall liens and encumbrances except (i) taxes and assessments, both general and special, that are a lien but are not then due and payable (ii) zoning ordinances, if any, (iii) reasonable easements, covenants and restrictions of record as may be approved in writing by Tenant. In addition, Landlord shall at its sole cost and expense, deliver to Tenant shall not as of the date of transfer of title an ALTA Owner's Fee Policy of Title Insurance (the "Title Policy") in the amount of the purchase price and issued by a title company specified by Tenant (the "Title Company") insuring fee simple indefeasible and marketable title to be entitled to exercise the ROFR if vested in Tenant has committed a Default two (2) or more times during the twelve (12) month period prior subject only to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure periodmatters set forth in items (i) through (iii) of this subparagraph (b).
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 1 contract
Right of First Refusal. During (a) Except as otherwise provided in clause (h) of this Paragraph 38, and provided an Event of Default does not then exist, if Landlord shall enter into a bona fide, arms-length contract for the first sale (1stthe "Sale Contract") three of the Leased Premises with a Third Party Purchaser (3which Sale Contract may include other property owned by Landlord so long as a specific purchase price is allocated to the Leased Premises), such Sale Contract must be conditioned upon Tenant's failure to exercise its right under this Paraxxxxx 00, Xxxxxxxx xxxll give written notice to Tenant of the Sale Contract, together with a copy of the executed Sale Contract and the name and business address of the Third Party Purchaser.
(b) years after the Term Commencement DateFor a period of thirty (30) days following receipt of such notice, Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premisesright, which offer is acceptable exercisable by written notice to Landlord in its sole and absolute discretiongiven within said thirty (30) day period, Landlord shall provide written notice thereof to Tenant elect to purchase the Leased Premises at the purchase price (the “Notice of Offer”), specifying the material terms and conditions of calculated on a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant comparable after-tax basis with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5capital gains, including depreciation and in cash) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on and upon all the terms and conditions set forth in such Sale Contract except that no contingencies contained in such Sale Contract as to environmental assessments, engineering studies, inspection of the Notice Leased Premises, availability of Offer. If Tenant fails financing, sale of other property, state of the title to notify Landlord or encumbrances on the Leased Premises, or any other condition or contingency to the Third Party Purchaser's obligation to purchase the Leased Premises which pertains to the condition of the Leased Premises, the Third Party Purchaser's ability to take certain action or any other factor beyond the control of Landlord, shall apply to Tenant’s election within said five (5) business day period's obligation to purchase the Leased Premises under this Paragraph 38, then and Tenant shall be deemed obligated to have elected not to lease purchase the Available PremisesLeased Premises without any such condition or contingency.
43.2. (c) If at the expiration of the aforesaid thirty (30) day period Tenant timely notifies shall have failed to exercise the aforesaid right of first refusal, Landlord that Tenant elects may sell the Leased Premises to lease the Available Premises on such Third Party Purchaser upon the terms and conditions set forth in such contract.
(d) Except as otherwise specifically provided herein, the Notice closing date for any purchase of Offer, then the Leased Premises by Tenant pursuant to this Paragraph 38 shall be the earlier to occur of (i) ninety (90) days after the date of Tenant's notice to Landlord of its intention to purchase the Leased Premises upon the terms of a Sale Contract with a Third Party Purchaser and (ii) the closing date provided in such Sale Contract. At such closing Landlord shall lease convey the Available Leased Premises to Tenant upon in accordance with, and Tenant shall pay to Landlord the terms purchase price and conditions other consideration set forth in in, the Notice of Offerapplicable contract.
43.3. If (e) Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate during the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled Term to exercise the ROFR if Tenant has committed a Default two foregoing right of first refusal upon (2i) or more times during each proposed sale of the twelve (12) month period Leased Premises prior to the tenth (10th) anniversary of the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in of this Lease to and (ii) one (1) time during the contrary, Tenant shall not assign or transfer period commencing with the ROFR, either separately or in conjunction tenth (10th) anniversary of the date of this Lease and ending with an assignment or transfer the last day of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretionTerm; provided, howeverthat if, that Landlord’s consent following compliance with the procedure described in Paragraph 38(b), a Third Party Purchaser does not purchase the Leased Premises, such event shall not be required for count as an exercise of Tenant’s assignment 's right of the ROFR in connection with an Allowed Transferfirst refusal.
Appears in 1 contract
Samples: Lease Agreement (Corporate Property Associates 14 Inc)
Right of First Refusal. During Section 31.1 (a) If at any time following the first (1st) three (3) years after Commencement Date through the Term Commencement Dateend of the Term, Tenant Landlord shall have receive a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide bona fide offer to lease from a third party tenant party, not an Affiliate of Landlord or Tenant (a “Third Party Tenant”), to lease all or any portion of the Available Premisesspace set forth in Exhibit H (the “Refusal Space”), which offer is on terms and conditions acceptable to Landlord in its sole and absolute discretion(an “Offer”), then prior to acceptance by Landlord of such Offer, Landlord shall provide written deliver notice thereof to Tenant (an “Offer Notice”) setting forth a description of the “Notice Refusal Space in question, the date Landlord anticipates that such Refusal Space will become available for occupancy, and all of Offer”), specifying the material financial terms and conditions of a proposed lease to Tenant such Offer. Provided that all of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into conditions precedent set forth in this Article 31 are fully satisfied by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5) business days following its receipt of a Notice of OfferTenant, Tenant shall advise have the option (the “First Refusal Option”), exercisable by Tenant delivering written notice to Landlord in writing whether Tenant elects (an “Exercise Notice”) within ten (10) days of the giving by Landlord of the Offer Notice, to lease the Available Premises Refusal Space on the terms and conditions set forth in the Notice Offer Notice, and this Lease shall thereupon be modified as provided in Section 31.4. The First Refusal Option may be exercised only with respect to all of Offerthe Refusal Space that is the subject of an Offer Notice. If Tenant fails to notify timely give an Exercise Notice with respect to the Refusal Space that is the subject of an Offer Notice, Landlord shall be free to lease such Refusal Space to the Third Party Tenant from whom Landlord received such Offer or to any other Person, provided that Landlord shall not thereafter enter into a lease of Tenant’s election such Refusal Space on terms and conditions pursuant to which the net rent payable over the term of the proposed lease is reduced by five percent (5%) or more, as compared to the net rent previously offered to Tenant in the Offer Notice, unless Landlord shall first deliver to Tenant a revised Offer Notice describing such reduced net rent . In such event, Tenant shall have the right, exercisable within said five (5) business day perioddays following Tenant’s receipt of such revised Offer Notice from Landlord, then Tenant to deliver to Landlord an Exercise Notice agreeing to enter into lease of the applicable Expansion Space at such reduced net rent. Time shall be deemed of the essence with respect to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions all periods of time set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offerthis Article 31.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 1 contract
Samples: Lease Agreement (Rackspace Inc)
Right of First Refusal. During (a) Provided that the first (1st) three (3) years after Lease is in full force and effect and there exist no Defaults by Tenant under the Term Commencement DateLease , Tenant shall have a right of first refusal (the “ROFRRight of First Refusal”) as to any rentable premises in lease all of the Building for which Landlord is seeking a tenant office space on the third (3rd) floor and fourth (4th) floor of the North Tower (hereinafter the “Available PremisesFirst Refusal Space”), as demarcated on Exhibit B hereto, in accordance with the terms and conditions contained herein. In the event Landlord receives obtains a bonafide bona fide written offer from a prospective tenant to lease from a third party tenant all or any portion of the Available PremisesFirst Refusal Space on or before December 31, which offer is acceptable 2006, and Landlord desires to Landlord in its sole and absolute discretionaccept such offer, then Landlord shall provide written notice thereof submit to Tenant (the “Notice in writing all of Offer”), specifying the material terms and conditions of a such proposed offer to lease (hereinafter referred to as the “Offer”) and Tenant shall have the right and option to lease that portion of the Available Premises, which shall be First Refusal Space covered by the Offer upon the same monetary terms and conditions as contained in the terms Lease as modified by this Fourth Amendment, including a tenant improvement allowance in the amount of Twenty-Two and 50/100 Dollars ($22.50) per square foot for such portion of the bonafide offerFirst Refusal Space, except that such allowance to be reduced on a prorated basis based on the term remaining number of any lease entered into by Tenant with respect months in the Extension Term. In the event Landlord wishes to the Available Premises shall be coterminous with the Term.
43.1. Within five (5) business days following its receipt of a Notice of Offeraccept an Offer received after December 31, 2006, Tenant shall advise Landlord in writing whether Tenant elects have the right and option to lease that portion of the Available Premises on First Refusal Space covered by the Offer upon the same monetary terms and conditions set forth contained in that Offer, including any offer of free rent and tenant improvement allowances, as embodied in the Notice copy of such Offer, but otherwise upon the same terms and conditions as the Lease, as hereby amended. If Tenant shall elect to exercise its right to lease that portion of the First Refusal Space covered by the Offer, written notice of such election shall be given to Landlord within ten (10) days from the time that Tenant first received a copy of the Offer from Landlord (hereinafter referred to as the “Offer Period”). If Tenant fails to notify timely give an unqualified acceptance of the Offer within the Offer Period, Landlord may proceed with the lease of Tenant’s election within said five (5) business day period, then the First Refusal Space. Tenant shall be deemed to have elected not to lease commence payment of rent for the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease First Refusal Space and the Available Premises on term of the terms and conditions First Refusal Space shall commence upon the date set forth in the Notice Offer. The Lease Term for the First Refusal Space shall be coterminous with Tenant’s lease of the initial Premises, provided, however, that in no event shall the Lease Term for the First Refusal Space be less than eighty percent (80%) of the term for the First Refusal Space as stated in the Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth provided further that any tenant improvement allowance, free rent and/or any other economic incentive embodied in the Notice Offer shall be reduced on a prorated basis based on the number of Offermonths in such shortened Lease Term for the First Refusal Space.
43.3. If Tenant notifies Landlord that Tenant elects not (b) Upon the exercise of its right to lease the Available First Refusal Space covered by the Offer, Landlord and Tenant shall enter into a written agreement modifying and supplementing the Lease and specifying that the First Refusal Space is a part of the Premises on under the Lease and containing other appropriate terms and conditions set forth in provisions relating to the Notice addition of Offersuch area to the Lease, including, without limitation, increasing, adjusting or augmenting Monthly Base Rental as a result of the addition of such space. Notwithstanding anything to the contrary contained herein, Tenant must elect to exercise its Right of First Refusal, if at all, with respect to all of the space offered by Landlord to Tenant fails at any particular time, and Tenant may not elect to notify Landlord of Tenant’s election lease only a portion thereof.
(c) If a right to lease pursuant to this Section shall not be exercised within the five Offer Period or shall be waived (5) business day period described aboveno notice is deemed to be a waiver of such right), then Landlord shall have the right to consummate offer such space to the lease prospective tenant, and if such transaction is consummated, Tenant’s rights under this Section shall automatically terminate and be of no further force or effect as to such portion of the Available Premises on First Refusal Space. If a right to lease pursuant to this Section shall not be exercised within the same terms as set forth Offer Period or shall be waived (no notice is deemed to be a waiver of such right), and Landlord fails to lease the space covered by the Offer within nine (9) months after Landlord’s submission of a copy of the Offer to Tenant, then this Section shall be applicable to any subsequent offer to lease such portion of the First Refusal Space.
(d) Tenant shall take the First Refusal Space in its “as-is” condition, and Tenant shall be entitled to construct improvements in the Notice First Refusal Space in accordance with the provisions of Offer Article 4 of the Lease. In the event the First Refusal Space is determined to contain any hazardous materials in a third party tenantmanner or quantity prohibited by federal or State of Georgia laws or regulations including any hazardous materials which were not in violation of such laws or regulations at the time they were placed in the First Refusal Space, and the federal government or the State of Georgia requires the removal or encapsulation of such hazardous materials, Landlord agrees that it shall, at its sole cost and expense, cause such remedial measures to be taken as are necessary either to remove or (if permitted by applicable law) encapsulate such hazardous materials.
43.4. (e) Notwithstanding anything to the contrary in this Section 43 to 7, the contrary, Tenant shall not exercise the ROFR during such period Right of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default First Refusal herein granted shall be void and of no effect. In addition, Tenant shall not be entitled to exercise if less than thirty-six (36) months remain in the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure periodExtension Term.
43.5. Notwithstanding anything (f) The rights contained in this Lease to Section may only be exercised by the contraryOriginal Tenant or any Affiliate thereof (and not any other assignee, Tenant shall not assign sublessee or transfer other transferee of the ROFR, either separately or in conjunction with an assignment or transfer of Original Tenant’s interest in the Lease) if Tenant or any Affiliate occupies at least fifty percent (50%) of the Premises as of the date of the First Refusal Notice. Tenant shall not have the right to lease First Refusal Space as provided in this Section if, without as of the date of the First Refusal Notice, or, at Landlord’s prior written consentoption, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment as of the ROFR scheduled date of delivery of such First Refusal Space to Tenant, Tenant is in connection with an Allowed TransferDefault under the Lease.
Appears in 1 contract
Samples: Office Lease (Earthlink Inc)
Right of First Refusal. During Subject to the first (1st) three (3) years after the Term Commencement Dateprovisions set forth hereinafter, Tenant shall have a continuing right of first refusal (“ROFR”) as to lease from Landlord any rentable premises space in the Building which is or becomes vacant and available for which Landlord is seeking a tenant leasing during the Term (“Available "Additional Premises”"). In the event If and as Landlord receives a bonafide offer to lease offers for Additional Premises from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretionother prospective tenants, Landlord shall provide written so notify Tenant in writing, such notice thereof to Tenant (include the “Notice of Offer”)Prevailing Market Rate, specifying as defined in Section 4.3, for the material terms and conditions of a proposed lease to Tenant of the Available Additional Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, Annual Basic Rent for any Additional Premises leased to Tenant during the first two Rental Years in the Term shall be upon the same terms and conditions as set forth in this Lease for the Premises, except that any Tenant Allowance shall be prorated over the balance of the Term, and abatement of Annual Basic Rent applicable to the Additional Premises shall be prorated over the remainder of the first two Rental Years in the Term. Upon receipt of Landlord's notice, Tenant shall have ten (10) business days after the date of such notice to accept or reject Landlord's proposal in writing. If Tenant rejects Landlord's proposal, fails to deliver notice thereof within the time period stipulated above, or fails to execute the requisite amendment to this Lease within fifteen (15) business days after receiving the same from Landlord (both parties promptly responding to comments from the other), Tenant's right of first refusal shall lapse and be of no further force and effect as to the instant offer. Tenant’s right of first refusal shall be reinstated as to any subsequent leasing of Additional Premises previously offered, excluding renewal or extension of an existing lease entered into after Tenant’s failure to enter into an amendment for such Additional Premises in response to Landlord’s consent notice under this Section 3.2. Any lease of Additional Premises shall be for a lease term running concurrently with the Term of this Lease, and otherwise upon the same terms and conditions as are set forth herein for the initial Premises (except as to Annual Basic Rent, which shall be determined in accordance with the preceding paragraph) as of the effective date of an amendment incorporating the Additional Premises under this Lease and for the balance of the Term. The foregoing right of first refusal shall not be required for Tenant’s assignment severed from this Lease or separately sold, assigned or transferred, and shall be subject to the following additional conditions, namely: (a) that as of the ROFR effective date of the lease of the Additional Premises, at least five (5) full Rental Years shall remain in connection with the initial Term or any Renewal Term for which Tenant has exercised its option or Tenant agrees to extend the Term at the Prevailing Market Rate as determined pursuant to Section 4.3 so that there shall be at least five (5) full Rental Years remaining in the Term or Renewal Term; (b) that, at the time that Tenant exercises this right of first refusal for any Additional Premises, there shall not be an Allowed TransferEvent of Default under this Lease; (c) that, at the time Tenant exercises this right of first refusal, Tenant shall be in occupancy and possession of the Premises; (d) that Landlord and Tenant shall enter into an amendment to this Lease to incorporate the Additional Premises and make corresponding modifications to the provisions of this Lease regarding Annual Basic Rent; (e) the holders of any superior rights to the Additional Premises (which rights exist as of the date of this Lease) have not exercised or have waived such rights; and (f) Tenant shall not have sublet all or any part of the Premises to any entity other than its parent, subsidiary or affiliated entity.
Appears in 1 contract
Samples: Maryland Full Service Office Lease (Gp Strategies Corp)
Right of First Refusal. During (a) Provided no Event of Default shall have occurred and be continuing and Tenant has not exercised its expansion options set forth in Section 38.2(a) or (b), as the first case may be, then Tenant shall have the right to exercise the rights set forth in this Article 43.
(1sta) three In the event floors twelve or sixteen or any contiguous floors in the tower portion of the Premises (3the "AVAILABLE SPACE") years after the Term Commencement Datebecome Available For Leasing, Tenant shall have the right ("RIGHT OF FIRST OFFER") to have Landlord submit written Notice (the "LEASE NOTICE") to Tenant of Landlord's desire to lease the Available Space, which Lease Notice shall be deemed an offer to Tenant to lease the Available Space.
(b) The Lease Notice shall set forth, (i) the date on which Landlord anticipates the Available Space being available for occupancy (the "AVAILABLE SPACE SCHEDULED DATE") and (ii) such other matters as Landlord may deem appropriate for such Lease , provided, however, all Available Space shall have expiration dates co-terminus with the Lease, including the Expiration Date.
(c) Tenant shall have ten (10) days following Tenant's receipt of the Lease Notice to deliver to Landlord written Notice (the "ELECTION TO LEASE NOTICE") of Tenant's desire to lease from Landlord all of the Available Space (Tenant shall not be permitted to rent a portion of the Available Space). Time shall be of the essence with respect to said ten (10) day period and the failure or refusal of Tenant for any reason whatsoever to deliver to Landlord the Election to Lease Notice in the time and manner herein prescribed shall be deemed an irrevocable waiver of Tenant's Right of First Offer, whereupon Tenant's Right of First Offer shall lapse, and be of no further force or effect as to such Available Space (or any portion thereof) for the remainder of the Term of the Lease.
(d) If Tenant shall timely and in the manner herein prescribed deliver its Election to Lease Notice to Landlord, then, on the date on which Landlord delivers vacant possession of the Available Space to Tenant (the "EFFECTIVE DATE"), such Available Space shall become, and be deemed to comprise, part of the Premises as if originally included in the demise hereunder, upon the terms, covenants and provisions set forth in this Lease, except that (i) the Base Rent for the Available Space shall be the Fair Market Value of such space, as determined in accordance with Section 2.4(d) (taking into account the work to be performed by Landlord), multiplied by the rentable square feet of the Available Space (as determined by Landlord in Landlord's reasonable discretion) and such amount will be added to the Base Rent otherwise payable under the terms of this Lease and (ii) Tenant's Proportionate Share shall be adjusted accordingly. The Available Space shall be delivered fully demolished.
(e) The Available Space shall be deemed "AVAILABLE FOR LEASING" if:
(i) the current lease for the Available Space has expired (after any extension or renewal thereof) prior to the Expiration Date, and
(ii) the Available Space (or any portion thereof) is not subject to an expansion option, right of first refusal (“ROFR”) as refusal, right of first offer or other right or obligation to lease such space granted by Landlord prior to the date of this lease to any rentable premises other tenant in the Building Building.
(f) If, for which any reason, Landlord is seeking unable to deliver possession of the Available Space to Tenant on or prior to the Available Space Scheduled Date, then this Lease and the obligations of Tenant hereunder, including, without limitation, any obligation of Tenant hereunder to lease the Available Space, shall not be impaired under such circumstances and Landlord shall not be subject to any liability on account of such failure. Landlord shall use its best efforts to disposses any holdover tenant, including the enforcement of any holdover terms and commencement and prosecution of a tenant (“Available Premises”)dispossess action. In the event Landlord receives a bonafide offer to lease from a third party tenant does not deliver the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant Premises within six (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant 6) months of the Available PremisesSpace Scheduled Date, which shall be the same as the terms regardless of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5) business days following its receipt of a Notice of Offerfault, Tenant shall advise Landlord in writing whether Tenant elects to lease may cancel the Available Premises on the terms and conditions option set forth in this Section as to the Notice of Offer. If Tenant fails to notify undelivered Available Space, and neither Landlord of Tenant’s election within said five (5) business day period, then or Tenant shall be deemed have any liability to have elected not each other. The rights of other tenants to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions floors set forth in the Notice subparagraph (a) of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions this Section are set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.EXHIBIT V.
Appears in 1 contract
Samples: Lease Agreement (Agency Com LTD)
Right of First Refusal. During Landlord hereby grants to Tenant the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a right of first refusal (“ROFR”the "Right") as to any rentable lease premises in the Building for which Landlord is seeking a tenant other than the Premises (“Available Premises”)"Vacant Space") upon the terms hereinafter set forth. In the event Landlord receives a bonafide written offer or letter of intent (the "Lease Offer") from a prospective tenant other than Tenant (the "Offeror") during the Term to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretionVacant Space, Landlord shall provide not enter into a lease with Offeror for all or any portion of the Vacant Space until Landlord has delivered a copy of the Lease Offer to Tenant with notice of Landlord's desire to accept the Lease Offer (the "Landlord Intent Notice"), whereupon Tenant may issue a written notice thereof to Tenant (the “Notice "Vacant Space Notice") within fifteen (15) days of Offer”)Landlord's submission of the Lease Offer to Tenant, specifying for the material terms same portion of the Vacant Space and upon the same terms, rent and conditions of a proposed lease as the Lease Offer to Tenant Tenant, for the same portion of the Available PremisesVacant Space and upon the same terms, rent and conditions as the Lease Offer, which Landlord shall be obligated to accept. In the same as event Tenant issues the Vacant Space Notice, not later than five (5) days after Tenant's issuance thereof, Landlord and Tenant shall execute Landlord's then standard form of Lease incorporating the terms of the bonafide offer, except that Lease Offer for the term of any lease entered into by Tenant with respect Vacant Space subject to the Available Premises Lease Offer (the "Tenant Vacant Space Lease"), failing which Landlord shall be coterminous free to enter into a Lease with the Term.
43.1. Within five (5) business days following its receipt Offeror for the Vacant Space which is the subject of a Notice of the Lease Offer, and Tenant shall advise no longer have the Right to that portion of the Vacant Space. In the event Landlord in writing whether issues a Landlord Intent Notice and Tenant elects does not timely issue a Vacant Space Notice, Landlord shall be free to enter into a lease with the Available Premises on Offeror for the terms Vacant Space which is the subject of the Lease Offer, and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall no longer have the right Right to consummate the lease that portion of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant.
43.4Vacant Space. Notwithstanding anything in this Section 43 herein to the contrary, if the Lease Offer is for a lease term of less than five years, the Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default Vacant Space Lease shall be void and for a lease term of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure periodfive years.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 1 contract
Samples: Lease (Autonomous Technologies Corp)
Right of First Refusal. During the first twelve (1st12) three (3) years after month period commencing on the Term Lease Commencement Date, Tenant shall have a one-time right of first refusal (“ROFR”) as to any rentable premises in lease the second floor of the Building for which (the "Expansion Space") from Landlord if, after the Lease Commencement Date and during the initial Term of this Lease, Landlord is seeking a tenant (“Available Premises”)or becomes interested in marketing such space. In the event Landlord receives a bonafide offer to lease shall notify Tenant in writing upon receipt by Landlord from a third party tenant the Available Premises, which of an offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant for any portion of the Available PremisesExpansion Space (including all) that Landlord desires to accept. Tenant shall, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five within (5) business days following its receipt of a Notice of OfferLandlord's notice, Tenant shall advise Landlord indicate in writing whether Tenant elects its intention to lease add to the Available Premises the entire portion of the Expansion Space (including all) so offered by Landlord on the terms and conditions set forth in the Notice of Offerspecified herein. If Any failure by Tenant fails to notify Landlord of Tenant’s election respond to Landlord's notice within said such five (5) business day period, then or any notice by Tenant specifying Tenant's acceptance of the Expansion Space on terms other than those set forth herein or of only a portion of the Expansion Space so offered by Landlord, shall cause Tenant's rights under this subsection A.
(1) to terminate with respect to the Expansion Space so offered, and Landlord shall thereafter be deemed to have elected not free to lease the Available Premises.
43.2Expansion Space so offered to another party at any rate and on any terms Landlord chooses. If Tenant timely notifies is entitled to and gives notice to Landlord within such five (5) business days of its desire to add the offered Expansion Space to the Premises, the entire Expansion Space shall be added to the Premises on the following terms and conditions: the Expansion Space so offered shall be delivered by Landlord to Tenant as soon as the same is available and shall be added to the Premises on the same terms and conditions set forth in this Lease with respect to the Premises (except that the Security Deposit for the Expansion Space shall be prorated such that Tenant elects shall deposit an amount equal to lease $1.455 per square foot of Rentable Area within the Available Expansion Space (per year) of the balance of the Term with respect to such Expansion Space, the Tenant Allowance shall be an amount equal to $2.50 per square foot of Rentable Area within the Expansion Space per year of the balance of the Term with respect to the Expansion Space and the Lease Commencement Date with respect to the Expansion Space shall be a date selected by Landlord as the date for Substantial Completion of Landlord's Work therein) AND the balance of the Expansion Space (i.e., the portion of the Expansion Space, if any, not covered by the third party offer) shall be added to the Premises and delivered by Landlord to Tenant on the day before the first anniversary of the date Landlord's notice offering Tenant the Expansion Space was given (or sooner, if mutually agreed in writing by Landlord and Tenant), on the terms and conditions set forth herein with respect to the Expansion Space identified in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant.
43.4Landlord's notice. Notwithstanding anything to the contrary contained in this Section 43 subsection A.(1), Landlord shall be required to offer any portion of the contraryExpansion Space (including all) to Tenant, and Tenant shall be entitled to exercise its rights hereunder with respect thereto, only if, at the time of such offer and exercise, respectively, Tenant shall is not exercise the ROFR during such period of time that Tenant is in default under any provision of the terms, conditions, provisions or 45 covenants of this Lease. Any attempted exercise , and there has not then occurred an event which, with notice and/or lapse of the ROFR during time, would constitute such a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure perioddefault.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 1 contract
Samples: Office Lease (Earthlink Network Inc)
Right of First Refusal. During Provided the first (1st) three (3) years after Tenant is not in default under the Term Commencement DateLease, then subordinate to any existing rights of other tenants in the Building as of the date of unconditional acceptance of this Agreement, the Tenant shall will have a right of first refusal (the “ROFRRight of First Refusal”) as to on any rentable premises in office space on the main and second (2nd) floors of the Building for which Landlord is seeking having a tenant rentable area greater than two thousand five hundred (2,500) rentable square feet that come available from time to time (the “Available PremisesRFR Space”). In If at any time during the event term of this Lease the Landlord receives a bonafide offer to lease from a third party tenant an offer to lease that incorporates all or part of the Available Premises, RFR space which offer the Landlord is acceptable prepared to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant accept (the “Notice of Third Party Offer”), specifying the material Landlord shall offer the RFR space to the Tenant, in writing, at the terms and conditions of a proposed the Third Party Offer in its entirety, including without limitation the lease to Tenant of space that is not RFR space, with the exception of the Available Premisesfollowing:
i) In the event the party submitting the Third Party Offer is substantially more creditworthy than the Tenant, which then any upfront allowances or inducements may not be granted to the Tenant provided that in such an event the Minimum Rent payable by the Tenant shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by discounted on a pro-rata basis. The Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within will have five (5) business days following its receipt of the terms for the Third Party Offer to advise the Landlord of its acceptance or refusal of the Landlord’s offer. If the Tenant does not exercise its Right of First Refusal and thereafter if the Landlord does not enter into a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease with the Available Premises new tenant based on the terms and conditions set forth provisions of the Third Party Offer within sixty (60) days after notice is provided to the Tenant then the Tenant’s Right of First Refusal will be in the Notice of Offerfull force and effect. If the Tenant fails to notify does not exercise its Right of First Refusal and thereafter the Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to enters into a lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises with a new tenant based on the terms and conditions set forth in provisions of the Notice of OfferThird Party Offer within sixty (60) days after notice is provided to the Tenant, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease Right of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything in this Section 43 First Refusal with respect to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall Third Party Offer space will be null and void and of no further force or effect. In additionHowever, Tenant the Right of First Refusal shall not continue to be entitled to exercise in effect for the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior remaingin RFR Space. The Provisions of this Right of First Refusal are personal to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure periodTenant.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 1 contract
Samples: Lease Agreement (Eloqua, Inc.)
Right of First Refusal. During (A) Landlord agrees that during the first initial four (1st) three (34) years after of the Primary Term, prior to entering into any new lease with a prospective new tenant for any portion of the Thirteenth (13th) Floor in the Building, (the "ROFR Space") Landlord shall, provided Tenant has not assigned the Lease to a person or entity other than an Affiliate or sublet more than fifty percent (50%) of the Rentable Area of the Premises under the Lease to a person or entity other than an Affiliate for the remainder of the Primary Term, first notify Tenant in writing of its intention to do so, which notice shall set forth the rent, terms and other conditions upon which such lease is intended to be consummated with such prospective tenant, except Tenant must lease the space coterminous with the Primary Term Commencement Date("Landlord's Notice"). Landlord's Notice shall also include "as built" floor plans (if available) for the ROFR Space, and Landlord shall provide Tenant with the opportunity to view such ROFR Space prior to the Refusal Notice Date (as hereinafter defined). The foregoing right of first refusal granted to Tenant shall be continuous and recurring during the initial four (4) years of the Primary Term. Tenant shall have a right period of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5) business days Business Days following the giving of Landlord's Notice to notify Landlord, in writing, of its receipt of election to enter into a Notice of Offerlease for the applicable ROFR Space as a tenant upon the rent, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Landlord's Notice of Offer("Refusal Notice Date"). If Tenant fails to shall notify Landlord in writing of Tenant’s its election to enter into such Lease as a tenant for the ROFR Space within the said five (5) business day Business Day period, then Landlord shall deliver and Tenant shall be deemed execute a modification of this Lease mutually acceptable to have elected not to lease Landlord and Tenant incorporating the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the rent, terms and conditions as set forth in Landlord's Notice to Tenant with respect to such ROFR Space to the Notice of Offeradditional premises, then and Tenant's Security Deposit, if any, currently held by Landlord shall lease be increased in a proportionate amount. Time is of the Available Premises essence with respect to Tenant upon the terms and conditions set forth in the Notice Tenant's exercise of Offerits right to first refusal.
43.3. (B) If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails shall fail to notify Landlord in writing of Tenant’s its election to enter into a modification to its Lease incorporating the ROFR Space, within the five (5) business day Business Day period described abovereferred to in subsection (A) hereof, then Landlord shall have the right of first refusal granted to consummate the lease of the Available Premises on the same terms Tenant as set forth in subsection (A) of this Section with respect to the ROFR Space referred to in Landlord's Notice, shall automatically terminate and come to an end subject to Paragraph 17.D. (below).
(C) If Tenant shall not elect to Lease the premises referred to in Landlord's Notice of Offer within the five (5) Business Day period following Landlord's Notice then, Landlord may thereafter deliver the Lease for such additional premises to a third party the proposed tenant.
43.4. (D) Notwithstanding anything the aforementioned, in this Section 43 the event Landlord and prospective Tenant fail to execute a lease agreement for all of the contraryROFR Space identified in Landlord's Notice within One Hundred Eighty (180) Days from the Refusal Notice Date, Tenant's right of first refusal for the ROFR Space, or any portion thereof, shall be reinstated.
(E) This right of first refusal so granted to Tenant shall not exercise terminate and become null and void upon the ROFR during such period of time that Tenant is in default under any provision expiration or sooner termination of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 1 contract
Right of First Refusal. During the first (1st) three (3) years after the Term Commencement DateWithout limiting Tenant's rights under paragraph 2 foregoing, Tenant shall will have a the continuing and reoccurring right of first refusal throughout the Term (“ROFR”"Right of First Refusal") as to expand the Leased Premises to include any rentable premises space on the fifth (5th) and sixth (6/th/) floors of the Building (to the extent not leased by Tenant hereunder) that is offered to a third party (the "ROFR Space"). In that regard, in the Building for event Landlord receives a bona fide third party offer to lease any portion of the ROFR Space which Landlord is seeking intends to accept ("Third Party Offer"), Landlord will deliver notice to Tenant accompanied by a tenant written summary of the economic and all other material terms of such offer. Tenant shall have ten (“Available Premises”)10) business days to deliver written acceptance of the terms of such offer to Landlord. If Tenant fails to deliver written acceptance, within said ten (10) day period, Landlord shall be free to Lease the space covered by the Third Party Offer to the third party on terms no more favorable to the third party than the Third Party Offer. In the event Landlord receives does not consummate the execution of a bonafide offer to lease from a with the third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant on such basis within one hundred eighty (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant 180) days after Tenant's rejection of the Available PremisesThird Party Offer, which Tenant's Right of First Refusal shall be again apply. In the same as the terms of the bonafide offer, except event that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with Third Party Offer expires before the Term.
43.1. Within five (5) business days following its receipt of a Notice of OfferExpiration Date, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall will have the right to consummate extend the lease term of the Available Premises on ROFR Space to be conterminous with the same terms as set forth Term hereof, with the rent during any extension period of the term of the ROFR Space being at the highest per square foot rental rates to be paid by Tenant under this Lease during such period. If the term of the Third Party Offer expires after the Expiration Date, Tenant will have the right to lease the ROFR Space for a term conterminous with the Term hereof, providing Landlord the right to extend an equivalent proration of any monetary allowances provided by Landlord in the Notice of Offer to a third party tenant.
43.4Third Party Offer. Notwithstanding anything in this Section 43 lease to the contrary, Tenant shall not exercise will have the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of same leasehold improvements allowance as the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In additionthird party offeree, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during exercises the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure periodrights herein granted.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 1 contract
Samples: Lease Agreement (Wells Real Estate Investment Trust Inc)
Right of First Refusal. During The provisions of Section 31 of the first Original Lease shall continue in effect as amended by this paragraph 13.
(1sta) three The Right of First Refusal "Offer Space" shall include all of the 3nl through 23n1 floors, inclusive, of the Building.
(3b) years If Tenant declines to lease the Designated Refusal Space, Landlord must reoffer the Designated Refusal Space to Tenant if the overall economic terms offered to the prospective tenant are less than 90% of the overall economic terms offered to Tenant, in addition to reoffering any Designated Refusal Space for which a lease is not executed within six (6) months after the Term Commencement Datedate of Landlord's Refusal Notice to Tenant in accordance with the Original Lease.
(c) If Tenant elects to Lease the Designated Refusal Space, Tenant shall have a right execute an amendment to this Lease to add such Designated Refusal Space at the Designated Refusal Space Rate and the Designated Refusal Space Allowance provided that:
(i) Any Designated Refusal Space Allowance will be disbursed to Tenant in accordance with Exhibit C hereto;
(ii) Rent will not commence on such Designated Refusal Space until the later of first refusal (“ROFR”) as to the 90th day after the Delivery Date of such Space or the 90th day plus any rentable premises additional period of abatement included in the Building for which Landlord is seeking a tenant Designated Refusal Space Rate;
(“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to iii) Designated Refusal Space will be delivered by Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to the condition required under Exhibit C hereto;
(iv) Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate lease up to 1.1 parking spaces per 1,000 rentable square feet of the Designated Refusal Space (up to 10% of such spaces may be reserved), all at the prevailing market rates from time to time during the Term;
(v) If the term set forth in the offer is for more or less than the term remaining in this Lease, Landlord will propose the Market Rate for any different term so that the lease of the Available Premises on Designated Refusal Space becomes coterminous with this Lease provided any lease for the same terms Designated Refusal Space is for at least a twenty-four (24) month term; if Tenant, after receiving Landlord's proposed Market Rate, elects to lease the Designated Refusal Space but objects to such Market Rate for the Designated Refusal Space proposed by Landlord for the period required to make the lease for such Designated Refusal Space coterminous, the provisions of subparagraph 12(c) above shall apply to determine such Market Rate.
(d) If Tenant declines to lease a Designated Refusal Space and thereafter Landlord timely enters into a lease for such Designated Refusal Space with a third party, Tenant's Right of First Refusal will lapse as to any such Designated Refusal Space, but such space will continue to be subject to Tenant's Right of First Offer as set forth in the Notice of Offer to a third party tenant.paragraph 14 below
43.4. Notwithstanding anything in this Section 43 to the contrary, (e) Tenant shall have the right to assign this Right of First Refusal, in whole, but not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time part, only in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction connection with an assignment or transfer of Tenant’s interest in the Leasesublease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with to an Allowed TransferAffiliate or Qualified Transferee.
Appears in 1 contract
Samples: Office Lease (KBS Real Estate Investment Trust II, Inc.)
Right of First Refusal. During (a) Landlord shall not at any time during the Principal Term sell or convey or agree to sell or convey all or any portion of the Premises without first having complied with the requirements of this Section 34.
(1stb) three If Landlord shall desire to sell or convey all or any portion or portions of the Premises during the Principal Term, Landlord shall obtain from a third party a bona fide arms-length written offer (3the "Offer") years , acceptable to Landlord, to purchase the portion or portions of the Premises (such portion or portions being herein, called the "Subject Premises") which Landlord desires to sell or convey; and Landlord shall submit a written copy of the Offer to Tenant and shall give Tenant thirty (30) days within which to elect to meet the Offer and purchase the Subject Premises. If Tenant elects to meet the Offer and purchase the Subject Premises Tenant shall give to Landlord written notice thereof within the aforementioned 30 day period ("Acceptance Notice") and closing shall be held within ninety (90) days after the Term Commencement Datedate of the Acceptance Notice, whereupon Landlord shall convey the Subject Premises to Tenant. At closing Landlord shall deliver to Tenant a special warranty deed, sufficient to convey to Tenant fee simple title to the Subject Premises free and clear of all liens, restrictions and encumbrances, except for the liens, restrictions and encumbrances subject to which the Subject Premises were to be conveyed to the party making the Offer. Landlord and Tenant shall have a each pay one-half of all transfer and documentary stamp taxes on or in connection with such conveyance unless the Offer provided otherwise, in which event such taxes shall be paid in accordance with the terms of the Offer.
(c) This right of first refusal (“ROFR”) shall continue throughout the Principal Term as to all portions of the Premises until such time as such portions shall have been sold by Landlord to any rentable premises in party making the Building for which Landlord is seeking a tenant (“Available Premises”)Offer. In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects not elect to lease meet any Offer within the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business aforementioned 30 day period, then Tenant shall be deemed Landlord may thereafter sell the Subject Premises which are the subject of the Offer only to have elected not the party making the Offer and only in accordance with the terms thereof or on terms more beneficial to lease the Available PremisesLandlord.
43.2. If (d) To prevent Landlord from defeating the rights of Tenant timely notifies under this Section 34, Landlord agrees that Tenant elects Landlord will at no time accept an offer to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, purchase all or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease any portion of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenanttogether with any other property.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
Appears in 1 contract
Right of First Refusal. During Landlord grants to Tenant the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a right of first refusal to purchase the Premises from Landlord as follows:
a. In the event Landlord desires to sell the Premises, Landlord shall provide prompt written notice (“ROFR”such notice shall be referred to in this Section 28 as the "Notice") as of that desire to Tenant prior to soliciting any rentable premises offers for purchase. Tenant shall have the right, but not the obligation, within thirty (30) days after receipt of the Notice, to purchase the Premises on the terms and conditions contained in the Building for which Landlord is seeking a tenant this Section 28 (“Available Premises”"Purchase Option"). In the event Landlord receives a bonafide offer Tenant desires to lease from a third party tenant purchase the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall it must provide written notice thereof of that election to Tenant Landlord within said thirty (30) day period after the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant receipt of the Available Notice. Non-delivery of written acceptance by Tenant within the thirty (30) day period shall be conclusive of the fact that Tenant chooses not to purchase the Premises, . The written notice shall specify a closing date which shall be no more than one hundred and eighty (180) days after the same as the terms date of the bonafide offerwritten notice. Upon the timely exercise of the Purchase Option by Tenant, except that this Lease, together with the term notice from Tenant exercising the Purchase Option, shall also be deemed to be an agreement of any lease entered into by sale and purchase between Landlord and Tenant with respect to the Available Premises without the necessity of any further act or agreement; provided, however, that, pending the consummation of closing for such purchase and sale, this Lease will nevertheless also remain in full force and effect, as a lease, and Tenant will remain obligated to perform all of its obligations under this Lease, including without limitation the obligation to pay rent. Closing on the sale and purchase of the Premises pursuant to this Section 28 shall be coterminous with held at the Term.
43.1offices of the Tenant's counsel. Within five (5) business days following its receipt If this Lease shall have been terminated or shall have expired prior to the closing of the sale or prior to the delivery of the Notice by Landlord to Tenant, then the parties shall enter into a Notice customary and reasonable agreement of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease sale for the Available Premises on incorporating the terms and conditions set forth in this Section 28.
b. The purchase price ("Purchase Price") for the Notice Premises shall be the fair market value as of Offerthe date of the written notice of the exercise of the Purchase Option and shall be paid at closing by wire transfer of immediately available funds to an account designated by Landlord. If Landlord and Tenant are unable to agree between themselves on the fair market value of the Premises within twenty (20) days following the exercise of the Purchase Option, then Landlord and Tenant shall agree upon the selection of a qualified appraiser who shall determine the fair market value. The determination of the appraiser shall be binding on the parties. If Landlord and Tenant are unable to agree upon the selection of an appraiser within ten (10) days after the expiration of such twenty day period, then the fair market value shall be determined by two appraisers, one to be chosen by each of the Landlord and Tenant. If either party fails to notify Landlord of Tenant’s election select an appraiser as required within said five (5) days, the appraiser chosen by the other party shall determine the fair market value. The fair market value as determined by the sole appraiser, or the average of the fair market values as determined by each of the two appraisers, as the case may be, shall be final and binding on the parties. The costs and expenses of the appraiser(s), shall be borne equally by each of Landlord and Tenant.
c. Title to the Premises shall be conveyed by special warranty deed and shall be insurable as good and marketable by a reputable title insurance company authorized to transact business day periodin the Commonwealth of Massachusetts pursuant to an ALTA (or successor organization's) standard form of Owner's Policy of Title Insurance then in use in Massachusetts, then subject to the standard exceptions thereof. If Landlord is unable to convey title to the Premises to Tenant at the closing in accordance with the requirements of this Section 28.c, Tenant shall have the option (i) of taking such title as Landlord is able to convey with abatement of the Purchase Price in the amount of any fixed or ascertainable liens upon the Premises which are not otherwise the obligation of Tenant to discharge under this Lease, or (ii) of terminating Tenant's obligations under this Section 28 only and upon exercise of such termination right, this Section 28 shall be deemed to null and void and neither party shall have elected not to lease any obligations under this Section 28, although the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the remaining terms and conditions of this Lease shall remain in full force and effect as if the Purchase Option had not been exercised.
d. At closing and as part thereof, rents and other sums payable by Tenant under this Lease shall be apportioned between the parties on a per diem basis as of the date of closing. All rents and other sums which have accrued through the date of closing shall also be paid at closing. All rent and other sums which have been prepaid for periods after closing shall also be so apportioned and credited on the account of the Purchase Price. All real estate transfer taxes payable in connection with the sale and purchase of the Premises shall be paid by Landlord.
e. The sale and purchase of the Premises shall be made on an "as is", "where is" basis and without any representations or warranties whatsoever being made by Landlord, except as specifically set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offerthis Section 28.
43.3. f. If at any time following the exercise by Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Purchase Option and before closing thereunder any portion of the Premises on is destroyed or damaged as a result of fire or other casualty, the same terms as set forth in rights and obligations of the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything in parties under this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant 28 shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretionaffected thereby; provided, however, that Landlord’s consent if Tenant would otherwise have the right under this Lease to terminate this Lease as a result thereof, Tenant shall not be required for Tenant’s assignment also have the right, upon exercise of its right to terminate this Lease, to terminate the Purchase Option.
g. Landlord states to Tenant that the current zoning classification of the ROFR Premises under the zoning code of the jurisdiction in which the Premises are located is Industrial A, and that the use of the Premises for the conduct of a metal fabrication business as conducted by Tenant prior to the date hereof is permitted under such zoning classification, and that Landlord has received no written notices from any governmental authority having jurisdiction of any uncorrected violation of applicable housing, building, safety or fire ordinances with respect to the Premises.
h. The parties represent and warrant to each other that neither has dealt with any broker, finder or other intermediary in connection with the sale contemplated by this Section 28, and each agrees to indemnify, defend and hold the other harmless from all claims, demands, causes of action, liabilities and expenses (including attorneys fees) arising from any claims for commissions made by any broker, finder or other intermediary claiming through the indemnifying party. The provisions of this subsection shall survive closing on the purchase and sale of the Premises.
i. Tenant shall have the right, without Landlord's consent, to assign all or a portion of the Purchase Option to an Allowed TransferAffiliate (or a combination of Affiliates) or a Successor of Tenant. For purposes hereof, an "Affiliate" or "Successor" of Tenant is an entity controlling, under common control with or controlled by Tenant, including an entity resulting from a merger or consolidation by Tenant.
j. The rights of first refusal granted to Tenant in this Section 28 shall be effective during the initial term hereof as well as during any five year Extension Option thereof and shall remain effective for a two year period following the expiration or termination of this Lease for any reason whatsoever.
Appears in 1 contract
Samples: Lease Agreement (Moro Corp)
Right of First Refusal. During the first twelve (1st12) three (3) years after month period commencing on the Term Lease Commencement Date, Tenant shall have a one-time right of first refusal (“ROFR”) as to any rentable premises in lease the second floor of the Building for which (the "Expansion Space") from Landlord if, after the Lease Commencement Date and during the initial Term of this Lease, Landlord is seeking a tenant (“Available Premises”)or becomes interested in marketing such space. In the event Landlord receives a bonafide offer to lease shall notify Tenant in writing upon receipt by Landlord from a third party tenant the Available Premises, which of an offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant for any portion of the Available PremisesExpansion Space (including all) that Landlord desires to accept. Tenant shall, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within within five (5) business days following its receipt of a Notice of OfferLandlord's notice, Tenant shall advise Landlord indicate in writing whether Tenant elects its intention to lease add to the Available Premises the entire portion of the Expansion Space (including all) so offered by Landlord on the terms and conditions set forth in the Notice of Offerspecified herein. If Any failure by Tenant fails to notify Landlord of Tenant’s election respond to Landlord's notice within said such five (5) business day period, then or any notice by Tenant specifying Tenant's acceptance of the Expansion Space on terms other than those set forth herein or of only a portion of the Expansion Space so offered by Landlord, shall cause Tenant's rights under this subsection A.
(1) to terminate with respect to the Expansion Space so offered, and Landlord shall thereafter be deemed to have elected not free to lease the Available Premises.
43.2Expansion Space so offered to another party at any rate and on any terms Landlord chooses. If Tenant timely notifies is entitled to and gives notice to Landlord within such five (5) business days of its desire to add the offered Expansion Space to the Premises, the entire Expansion Space shall be added to the Premises on the following terms and conditions: the Expansion Space so offered shall be delivered by Landlord to Tenant as soon as the same is available and shall be added to the Premises on the same terms and conditions set forth in this Lease with respect to the Premises (except that the Security Deposit for the Expansion Space shall be prorated such that Tenant elects shall deposit an amount equal to lease $1.455 per square foot of Rentable Area within the Available Expansion Space (per year) of the balance of the Term with respect to such Expansion Space, the Tenant Allowance shall be an amount equal to $2.50 per square foot of Rentable Area within the Expansion Space per year of the balance of the Term with respect to the Expansion Space and the Lease Commencement Date with respect to the Expansion Space shall be a date selected by Landlord as the date for Substantial Completion of Landlord's Work therein) AND the balance of the Expansion Space (i.e., the portion of the Expansion Space, if any, not covered by the third party offer) shall be added to the Premises and delivered by Landlord to Tenant on the day before the first anniversary of the date Landlord's notice offering Tenant the Expansion Space was given (or sooner, if mutually agreed in writing by Landlord and Tenant), on the terms and conditions set forth herein with respect to the Expansion Space identified in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant.
43.4Landlord's notice. Notwithstanding anything to the contrary contained in this Section 43 subsection A.(1), Landlord shall be required to offer any portion of the contraryExpansion Space (including all) to Tenant, and Tenant shall be entitled to exercise its rights hereunder with respect thereto, only if, at the time of such offer and exercise, respectively, Tenant shall is not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In additionterms, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFRconditions, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.provisions or
Appears in 1 contract
Samples: Office Lease (Earthlink Inc)
Right of First Refusal. During Where the first Landlord (1stfor long only as the Landlord is St Vincent’s Healthcare Group DAC and any Group Company of St Vincent’s Healthcare Group DAC (and not, for the avoidance of doubt, any successor in title) three proposes to dispose, transfer, sell or assure its freehold reversion in the Premises to a third party (3) years after other than by way of mortgage), the Term Commencement Date, Landlord covenants to offer to the Tenant shall have a right of first refusal (“ROFR”) to acquire the freehold reversion on such commercial terms as to any rentable premises are set out in the Building for which Landlord is seeking a tenant (“Available Premises”)Option Agreement. In relation to the event Landlord receives Right of First Refusal the following terms shall apply
(a) The Tenant, as a bonafide offer to lease from a third party tenant precondition, will have complied with its obligations under the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Sixth Schedule.
(b) The Landlord shall provide written serve a notice thereof on the Tenant indicating the Landlords intention to Tenant dispose of the Landlords freehold interest in the Premises (the “Notice of OfferNotice”), specifying .
(c) The Tenants shall have 30 days from the material terms and conditions of a proposed lease to Tenant date of the Available Premises, which shall be Notice to confirm unconditionally that it will acquire the same as freehold interest (the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within five (5“Purchase Notice”) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth out in the Notice of OfferOption Agreement and shall complete the purchase within 90 days thereafter.
43.3. If Tenant notifies Landlord that Tenant elects not (d) The sale of the freehold interest shall be subject to lease the Available Premises on the terms rights and conditions reservations set forth out in the Notice Option Agreement reserved to the Landlord in relation to the continued use and enjoyment of Offer, or if the Landlord Areas and Landlord Shared Areas together with the exceptions and reservations set out in this Lease;
(e) Where the Tenant fails to notify Landlord serve a Purchase Notice within 30 days of Tenant’s election the Notice, or where having served the Purchase Notice fails to complete the purchase within 90 days the five (5) business day period described above, then Landlord shall be free to retain or sell the freehold interest without further recourse to the Tenant and this right of First Refusal shall have no other force or effect.
(f) The Right of First Refusal shall only apply to the right to consummate the lease Premises and no other property of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenantLandlord.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period (g) This Right of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant First Refusal shall not be entitled applicable in the following circumstances;
(i) Where the proposed transfer is to exercise a Group Company save that the ROFR if right will continue to bind a Group Company;
(ii) Where the proposed sale is effected by a secured lender by way of mortgagee or receiver;
(iii) After the date which is 20 years from the date that the Tenant has committed a Default two (2) complied with its obligations under Schedule Sixth or more times during the twelve (12) month period prior to if later 30 years from the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in of this Lease whereupon the right will expire;
(h) The obligation on the Landlord under this Clause 6.4 is personal to St Vincent’s Healthcare Group DAC and not for the contrary, Tenant shall not assign or transfer avoidance of doubt any successor in title other than a Group Company that has acquired the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transferfreehold interest.
Appears in 1 contract
Samples: Lease Agreement
Right of First Refusal. During (a) Provided no Event of Default has occurred by Tenant under this Lease, Landlord shall provide Tenant with the following right of first refusal for space in Building D at park Xxxxxx, 000 Xxxx Xxxxxxx Xxxx (1st“ROFR Space”). The ROFR shall only apply to the original Tenant that executed this Lease or a Tenant Affiliate successor by Transfer, and only if the original Tenant (or the Tenant Affiliate) three continues to be in full operational possession of the entire Premises.
(3b) years after Subject to the Term Commencement Dateconditions set forth in Section 44(a) above, Landlord hereby grants Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in only for the Building for which Landlord is seeking a tenant (“Available Premises”)ROFR Space on the following terms and conditions. In the event Landlord that Landlord, from and after the Commencement Date to December 31, 2018, receives a bonafide an offer to lease the ROFR Space from a third party tenant the Available Premises, which offer is acceptable that it wishes to Landlord in its sole and absolute discretionaccept, Landlord shall provide offer Tenant a lease for the ROFR Space on the same terms and conditions as being proposed by the third party tenant, and deliver a written notice thereof of such terms and conditions to Tenant (the “Notice of OfferROFR Notice”), specifying the material terms and conditions of a proposed lease to . Tenant shall have 21 days after receipt of the Available Premises, which shall be ROFR Notice to either accept or reject the same as ROFR Notice terms by delivery of written notice to Landlord by such date. Failure of Tenant to affirmatively accept in writing the terms of the bonafide offerROFR Notice shall be deemed rejection by Tenant of the ROFR Notice. Upon rejection (or deemed rejection) by Tenant, except Landlord shall be free to enter into a lease with a third party on materially the same terms described in the ROFR Notice. In the event that Tenant properly and timely exercises its option to lease the ROFR Space, the term for leasing the ROFR Space shall be as provided for in the ROFR Notice, as well as the rent and other terms and conditions provided for therein.
(c) Upon Tenant accepting the terms of any the ROFR Notice, Landlord and Tenant shall work together in good faith to enter into a new lease entered or amend this Lease to reflect the terms of the ROFR Notice. In the event that parties are not able to agree on the terms of a new lease or an amendment to this Lease, and execute the same, within 30 days of Tenant’s acceptance of the ROFR Notice, despite the parties’ good faith efforts, the Landlord shall be free to enter into by a lease with a third party on materially the same terms described in the ROFR Notice. Notwithstanding anything to the contrary contained herein, Tenant must elect to exercise its ROFR, if at all, with respect to all of the Available Premises space offered by Landlord to Tenant, and Tenant may not elect to lease only a portion thereof.
(d) Tenant hereby acknowledges and agrees that this ROFR shall be coterminous with the Term.
43.1. Within five (5) business days following its receipt subject and subordinate to all existing options to renew, options to expand, rights of a Notice first refusal, rights of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offerfirst offer, or if Tenant fails any similar rights, granted to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease any existing tenants or subtenants of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenantProject.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
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Right of First Refusal. During the first (1sta) three (3) years after the Term Commencement Date, Tenant shall have is hereby granted a right of first firs: refusal (“ROFR”the "First Refusal Right") as to lease any rentable premises and all space in the Building for pursuant to the term of ass Paragraph 3. Landlord shall deliver written notice to Tenant (the "First Refusal Notice") prior to the time Landlord intends to offer the space which is the subject of a lease within the Building (the "First Refusal Space") to a bona fide third party or prior to the time Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide intends to accept an offer to lease from a third party tenant to lease such First Refusal Space (in either rise a 'Third Party Offer'). The Third Party Offer may be in the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, form of & non-binding later of intent or deal point memorandum Landlord shall provide written notice thereof to Tenant (set forth in the “First Refusal Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the essential business terms of the bonafide offerThird Party Offer, except that the term of any the lease entered for the First Refusal Spars mall be co-terminus with the Term of this Lease. and except that there shall be an appropriate adjustment of tae rental rate for the First Refusal Space as set forth in the Third Party Offer to take into by Tenant with respect account the difference in the leasehold improvements to the Available Premises First Refusal Spate desired by Tenant, such adjustment m the rental note to be established as follows
(i) The monthly renal for the First Refusal Space shall be coterminous reduced by the amounts of the monthly amortization of the- cost to Landlord to construct and install the improvements needed pursuant to the Third Party Offer, plus interest at 10% per annum, ova the proposed term of the lease which is the subject of the Third Party Offer, and
(ii) The monthly rental for the First Refusal Space shall be increased by the amount of the monthly amortization of the cost to Landlord to construct and install the improvements needed to cause the First Refusal Space to be improved consistent with the Termremaining Premises and integrated within the remainder of the Premises (collectively the 'First Refusal Space Improvements'), plus interest at 10% per annum, over the remaining term of this Lose (sot to exceed five years); provided, however, that the cost to Landlord for the First Refusal Space Improvements shall not exceed $21.21 per usable square foot of the Pest Refusal Space provided further, that if the term of the lease for the First Refusal Spar is less than five (5) years, they such amount shall be further reduced by a fraction, the numerator of which is the number of saints: in the tam of the lease for the First Refusal Space (after commencement of the term thereof) through die expiration date of this Lease, and the denominator of which is sixty (60) months.
43.1(b) Tenant shall exercise its First Refusal Right. Within if at all, by delivering written notice of the exercise thereof to Landlord within five (5) business days days, following its Tenant's receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of OfferXxxxx Refusal Notice. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected does not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described exercise its First Refusal Right as provided above, then Landlord shall have the right to consummate lose, the lease of the Available Premises First Refusal Space to any third party or parties on the same terms as set and conditions substantially similar to those so forth in the First Refusal Notice of Offer or on suds terms as am more beneficial to a third party tenantLandlord.
43.4(c) If Tenant exercises is First Refusal Right, then same shall automatically cause Tenant's Cancellation Option (as defined below) to be terminated and thereafter to be null and void.
(d) The First Refusal Rights granted to Tenant herein am personal to Tenant and ma) lot be exxxxxxxd or assigned voluntarily or involuntarily. Notwithstanding anything in this Section 43 by or to any person or entity other than the original Tenant. The First Refusal Rights herein granted to Tenant am not assignable separate and span from the Lease. In the event that at the time any First Refusal Rights am exercisable by Tenant, the Lease has bexx xxxigned, or a sublease exists as to twenty percent (20%) x more of the Premises, such First Refusal Rights of Tenant call be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise aid First Refusal Rights.
(e) Tenant shall have to right to exercise its First Refusal Rights, notwithstanding my provision herein to the contrary, (i) during the time commencing from the date Landlord gives to Tenant shall not exercise a races of default under the ROFR during such Lease and continuing until the default alleged in said notice of default is cured, (ii) d-g the period of time commencing on the date after a monetary obligation to Landlord is due from Tenant and unpaid (without any necessity for notice thereof to Tenant) and continuing until the obligation is paid. of (ii: in the event that Landlord has given to Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) three or more times notices of default during the twelve (12) month period pond prior to the date on time that Tenant exercises such First Refusal Rights.
(1) The period of time within which Tenant seeks any First Refusal Rights mad be exercised shall not be extended or enlarged by reason of Tenant's inability to exercise such First Refusal Rights because of the ROFRprovisions of subparagraph 3(e).
(2) All rights of Tenant under the provisions of such First Refusal Rights shall terminate and be of no further force or effect. notwithstanding Tenant's due and timely exercise of 51411 First Refusal Rights, if, after such exercise, (i) Tenant fails to pay to Landlord a monetary obligation of Tenant for a period of ten (10) days after such obligation becomes due (without any necessity for notice thereof to Tenant), (ii) Tenant fails to cure a non-monetary default within thirty (30) days after the date that Landlord gives notice to Tenant of such default, or (iii) Landlord gives to Tenant three or more notices of default for the same type of default during the period commencing twelve (12) months prior to the exercise of the First Refusal Rights and continuing through the date of the commencement of the tern for the First Refusal Space, whether or not the defaults are cured. If Tenant cures exercises its First Refusal Rights and subsequently such Defaults within any applicable cure period.
43.5exercise is caused to be null and void as provided herein. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent stall reimburse Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR all reasonable costs end expenses incurred by Landlord in connection with an Allowed TransferTenant's exercise of its Xxxxt Refusal Rights (including, without limitation, the brokerage commissions, design std architectural fees, construction eats, repair and renovation, and any and all other costs and expenses; incurred by Landlord in connection therewith). Under such circumstances, this Lease shall continue in full force and effect as to the remainder of late Premises excluding the First Refusal Space.
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Samples: Master Lessor's Consent to Sublease (Spectrian Corp /Ca/)
Right of First Refusal. During As of the first (1st) three (3) years after the Term Commencement Effective Date, Tenant Section 14 of the Second Amendment is hereby deleted in its entirety and replaced with the following:
(a) From October 1, 2010 through September 30, 2012, provided no uncured Event of Default then exists hereunder, and further provided that Landlord shall have received a right bona fide request for proposal with respect to all or any portion of first refusal (“ROFR”) as to any rentable premises the vacant space in the Building for which Landlord is seeking a tenant (the “Available PremisesSpace”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide first offer the Available Space to Tenant on the same terms and conditions (including, without limitation, length of Term and rate of Minimum Rent) as Landlord is leasing the Premises to Tenant. From October 1, 2012 through the end of the Term, provided no uncured Event of Default then exists hereunder, and further provided that Landlord shall have received a bona fide request for proposal with respect to all or any portion of the Available Space, Landlord shall first offer the Available Space to Tenant for the remainder of the Term, at a minimum rate of rent equal to the average minimum rate of rent that Landlord would propose to the unrelated third party who has requested a proposal, and otherwise on the same terms and conditions as Landlord would propose to the unrelated third party who has requested a proposal, reformulated for the remaining Term; for example, if Landlord would propose $10.00 per Rentable Square Foot for tenant improvements over a five (5) year term to the unrelated third party, but the remaining Term is only two (2) years, then Tenant would receive $4.00 per Rentable Square Foot for tenant improvements.
(b) Landlord’s offer shall take the form of a written notice thereof to Tenant (setting forth the “Notice Rentable Area of Offer”)the Available Space proposed to be leased, specifying the material date it is expected to be available, the proposed terms and conditions of a proposed lease to Tenant of (which, during the Available Premisesperiod from October 1, which 2010 through September 30, 2012, shall be the same as the terms Lease) and a floor plan of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1space in question. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord have ten (10) days after the date Tenant receives Landlord’s offer (“Landlord’s Offer”) to accept or decline the same without modification. In the event that Tenant does not accept Landlord’s offer in writing whether (and without modification) within ten (10) days after the date on which Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenantreceives Landlord’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not be free to lease the Available Premises on Space to the terms party issuing the bona fide request for a proposal. In the event that Tenant accepts Landlord’s Offer in writing (without modification) within such time period, Landlord and conditions set forth in Tenant shall have thirty (30) days from the Notice of Offer, or if Tenant fails to notify Landlord date of Tenant’s election within acceptance in which to enter into a lease agreement for the five (5) business day period described aboveAvailable Space or Landlord shall be free to lease the Available Space to any prospective tenant. Landlord and Tenant acknowledge and agree that if the Available Space subsequently becomes available again, then Landlord Tenant shall have the same right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenantfirst refusal contained herein.
43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.”
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Samples: Office Lease (Quality Systems Inc)
Right of First Refusal. During Throughout the first (1st) three (3) years after initial Term of this Lease, the Term Commencement Date, Tenant shall have a the right of first refusal (“ROFR”the "RFR") as to any rentable premises in lease additional space, when and if such space is made available to lease by the Landlord to third parties, on the fourth floor of the Building for which Landlord is seeking a tenant as shown on EXHIBIT A-1 (“Available Premises”the "RFR SPACE"). In If the event Landlord receives a bonafide offer to lease from a third party tenant to lease the Available PremisesRFR Space, which offer is on terms and conditions acceptable to Landlord the Landlord, then in its sole and absolute discretionsuch event, Landlord shall provide written notice thereof to present Tenant (with the “Notice of Offer”), specifying the material terms and conditions of a proposed by which Landlord is prepared to lease the RFR Space to said third party. The Tenant of the Available Premisesshall, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.
43.1. Within within five (5) business days following its after receipt of a Notice of Offerthe aforesaid terms and conditions from Landlord, Tenant shall advise notify the Landlord in writing whether of the Tenant's desire to lease the RFR Space. In the event the Tenant elects to lease the Available Premises on RFR Space, then in such event the Tenant shall do so under such terms and conditions set forth presented to Tenant and this Lease shall be so amended as to incorporate the RFR Space and terms and conditions pertaining to same. Notwithstanding the foregoing, in the Notice event the lease term for the RFR Space exceeds the remaining unexpired initial term of Offerthis Lease, then in such event and as a condition to Tenant's RFR provided herein this PARAGRAPH 4.06, the Lease term of this Lease shall be extended to a period coterminous with the term of the RFR Space. If In the event Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises.
43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer.
43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election its intentions within the five (5) business day period described aboveas herein provided or declines to lease the RFR Space, then in either event, Tenant's rights under this RFR shall expire and be of no further force or effect and Landlord shall have be permitted to lease the right RFR Space to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant.
43.4. Notwithstanding anything in this Section 43 parties without any obligation to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure periodTenant.
43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.
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