ROFR Option Clause Samples

ROFR Option. Landlord hereby grants to Tenant the option to lease (hereinafter referred to as the "Right of First Refusal"), upon the terms and conditions hereinafter set forth, each portion of the Building that is contiguous to the Premises (hereinafter referred to as the "First Refusal Space"), upon the terms and conditions that Landlord is prepared to lease the First Refusal Space to a third party, during the Term hereof, including any extension thereof in accordance with the following terms and conditions: (a) The Tenant's rights hereunder shall not be applicable to any such First Refusal Space which becomes available for leasing during the last two (2) years of the Term or any Renewal Term. Tenant's Right of First Refusal is subject and subordinate to any expansion rights granted to another tenant if such expansion rights were set forth in a Refusal Notice, as hereinafter defined and Tenant declined to exercise its Right of First Refusal with respect to such Refusal Notice. Tenant may not exercise, and Landlord is not encumbered by, the Right of First Refusal at any time an Event of Default is existing hereunder. (b) Prior to Landlord's leasing any portion of the First Refusal Space, Landlord shall give Tenant a written notice (hereinafter referred to as the "Refusal Notice") which will include a copy of the proposal, letter of intent or term sheet which describes the terms under which Landlord is prepared to lease the First Refusal Space to a third party. The Refusal Notice or its attachments must set forth: (i) the location (which, for purposes of this Article XXVIII, is hereinafter referred to as the "Actual Refusal Space"); (ii) the Rentable Area of the Actual Refusal Space: (iii) the availability date (hereinafter referred to as the "First Refusal Space Commencement Date"); (iv) the rental rate; (v) the tenant improvement allowance, if any; and (vi) all other material economic terms being offered with respect to such Actual Refusal Space. (c) Tenant's exercise of its Right of First Refusal to lease all of the Actual Refusal Space on the terms described in the applicable Refusal Notice shall be made by written notice from Tenant to Landlord given not later than seven (7) business days after the Refusal Notice is delivered. If such right is not so exercised, Landlord may thereafter offer such Actual Refusal Space to third parties on the terms set forth in the Refusal Notice. If Landlord, within twelve (12) months after the date of the Refusal Notice, does not e...