Common use of Right of second negotiation Clause in Contracts

Right of second negotiation. If any of the space on the twelfth (12th) floor of the Building which is contiguous to the Premises becomes available for lease from Landlord after Landlord shall have leased such space and the tenant occupying such space shall have vacated the space, then provided Tenant is not then in default under the Lease and would not be in default under the Lease after notice or passage of time or both, and provided further that Tenant has not assigned the Lease or sublet any portion of the Premises, Tenant shall have a right of second negotiation (the "Right of Second Negotiation") to lease such space (the "Negotiable Space") as it becomes available; however, Tenant's rights under this Paragraph 10 shall be subject to and subordinate to the right of first negotiation held Trident Data Systems, Inc. ("Trident"). Within fifteen (15) days after Landlord elects in its sole discretion to so lease any Negotiable Space, Landlord shall so advise Trident by delivering to Trident a notice thereof. Upon its receipt of such notice, Trident has five (5) days to exercise its right of first negotiation as to the Negotiable Space by delivering written notice of Trident's decision to Landlord. If Trident timely exercises its right of first negotiation, Tenant shall have no further rights as to the Negotiable Space. If Trident chooses not to exercise its right of first negotiation as to the Negotiable Space, Trident shall be deemed to have waived and released its right of first negotiation as to the Negotiable Space and as to any additional Negotiable Space that may become available during the term of the Lease. Landlord shall then advise Tenant by delivering to Tenant a notice of the availability of the Negotiable Space. Upon receipt of such notice, Tenant shall have five (5) days to exercise its Right of Second Negotiation as to the Negotiable Space by delivering written notice of Tenant's decision to Landlord. If Tenant timely exercises its Right of Second Negotiation, then Landlord will negotiate with Tenant to lease the applicable Negotiable Space to Tenant on terms and conditions acceptable to Landlord, as determined by Landlord in good faith. If Tenant chooses not to exercise its Right of Second Negotiation as to the Negotiable Space either by written notice or failure to notify Landlord in writing within (5) days as provided above, Tenant shall be deemed to have waived and released its Right of Second Negotiation as to the Negotiable Space and as to any additional Negotiable Space that may become available during the term of the Lease. If Tenant chooses not to exercise its Right of Second Negotiation as to the Negotiable Space described in Landlord's notice, Landlord may lease the Negotiable Space to any other person or entity upon any terms and conditions, whether more or less favorable than Landlord's proposal as set forth in Landlord's notice to Tenant.

Appears in 2 contracts

Samples: Adexa Inc, Adexa Inc

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Right of second negotiation. If any of the space on the eleventh (11th) or twelfth (12th) floor floors of the Building which is contiguous to the Premises becomes available for lease from Landlord after Landlord shall have leased such space and the tenant occupying such space shall have vacated the space, then provided Tenant is not then in default under the Lease and would not be in default under the Lease after notice or passage of time or both, and provided further that Tenant has not been in default under the Lease on three (3) or more separate occasions during the Term, and provided further that Tenant has not assigned the Lease or sublet any portion of the Premises, Tenant shall have a right of second negotiation (the "Right of Second Negotiation") to lease such space (the "Negotiable Space") as it becomes available; provided, however, that Tenant's rights under this Paragraph 10 Section 9 shall be subject to and subordinate to the right any and all rights of first negotiation held by Trident Data Systems, Inc. ("Trident"). Within fifteen (15) days after Landlord elects in its sole discretion to so lease any Negotiable Space, Landlord shall so advise Trident by delivering to Trident a notice thereof. Upon its receipt of such notice, Trident has five (5) days to exercise its right of first negotiation as to the Negotiable Space by delivering written notice of Trident's decision to Landlord. If Trident timely exercises its right of first negotiation, Tenant shall have no further rights as to the Negotiable Space. If Trident chooses not to exercise its right of first negotiation as to the Negotiable Space, Trident shall be deemed to have waived and released its right of first negotiation as to the Negotiable Space and as to any additional Negotiable Space that may become available during the term of the LeaseSpace. Landlord shall then advise Tenant by delivering to Tenant a notice of the availability of the Negotiable Space. Upon receipt of such notice, Tenant shall have five (5) days to exercise its Right of Second Negotiation as to the Negotiable Space by delivering written notice of Tenant's decision to Landlord. If Tenant timely exercises its Right of Second Negotiation, then Landlord will negotiate with Tenant to lease the applicable Negotiable Space to Tenant on terms and conditions acceptable to Landlord, as determined by Landlord in good faith. If Tenant chooses not to exercise its Right of Second Negotiation as to the Negotiable Space either by written notice or failure to notify Landlord in writing within (5) days as provided above, Tenant shall be deemed to have waived and released its Right of Second Negotiation as to the Negotiable Space and as to any additional Negotiable Space that may become available during the term of the Lease. If Tenant chooses not to exercise its Right of Second Negotiation as to the Negotiable Space described in Landlord's notice, Landlord may lease the Negotiable Space to any other person or entity upon any terms and conditions, whether more or less favorable than Landlord's proposal as set forth in Landlord's notice to Tenant. As of the Effective Date, Section 10 of the Third Amendment shall be deleted in its entirety and of no further force or effect.

Appears in 2 contracts

Samples: Adexa Inc, Adexa Inc

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