Common use of Tenant ROFR Election Clause in Contracts

Tenant ROFR Election. Tenant will have a period of fifteen (15) Business Days from the date of its receipt of the ROFR Lease Offer (this 15-Business Day period is the “ROFR Lease Election Period”) to elect to enter into the Landlord Lease Transaction pursuant to the form of lease included in the Third Party Lease Offer. If Tenant desires to lease the Leased Property pursuant to such terms, then prior to the end of the ROFR Lease Election Period, Tenant must deliver a written notice of acceptance (the “ROFR Lease Acceptance Notice”) to Landlord. If Tenant rejects the Third Party Lease Offer or does not timely accept such offer, then Landlord may proceed to close on the Third Party Lease Offer with the proposed tenant, licensee or subtenant in accordance with the substantially unmodified terms of the Third Party Lease Offer, provided, (A) that if such Landlord Lease Transaction does not occur prior to the later to occur of (i) sixty (60) days after the last day of the ROFR Lease Election Period and (ii) the date on which all regulatory approvals required to consummate such Landlord Lease Transaction have been obtained (such dates in subsections (i) and (ii), as applicable, the “ROFR Lease Transfer Deadline”) or (B) if the terms of such Landlord Lease Transaction are modified pursuant to a Material Amendment, then Tenant shall again have the opportunity to be the tenant, licensee or subtenant under any Third Party Lease Offer, and Landlord must send Tenant a new ROFR Lease Notice and comply again with this Section 25.4 upon receipt of any new Third Party Lease Offer. Any Landlord Lease Transaction in violation of this Section 25.4 shall be void ab initio. This restriction on Landlord Lease Transactions is absolute, appurtenant, and shall run with the land with respect to the Leased Property.

Tenant ROFR Election. Tenant will have a period of fifteen (15) Business Days from the date of its receipt of the ROFR Lease Offer (this 15-Business Day period is the ““ ROFR Lease Election Period”) to elect to enter into the Landlord Lease Transaction pursuant to the form of lease included in the Third Party Lease Offer. If Tenant desires to lease the Leased Property pursuant to such terms, then prior to the end of the ROFR Lease Election Period, Tenant must deliver a written notice of acceptance (the ““ ROFR Lease Acceptance NoticeNotice ”) to Landlord. If Tenant rejects the Third Party Lease Offer or does not timely accept such offer, then Landlord may proceed to close on the Third Party Lease Offer with the proposed tenant, licensee or subtenant in accordance with the substantially unmodified terms of the Third Party Lease Offer, providedprovided , (A) that if such Landlord Lease Transaction does not occur prior to the later to occur of (i) sixty (60) days after the last day of the ROFR Lease Election Period and (ii) the date on which all regulatory approvals required to consummate such Landlord Lease Transaction have been obtained (such dates in subsections (i) and (ii)) , as applicable, the ““ ROFR Lease Transfer DeadlineDeadline ”) or (B) if the terms of such Landlord Lease Transaction are modified pursuant to a Material Amendment, then Tenant shall again have the opportunity to be the tenant, licensee or subtenant under any Third Party Lease Offer, and Landlord must send Tenant a new ROFR Lease Notice and comply again with this Section 25.4 upon receipt of any new Third Party Lease Offer. Any Landlord Lease Transaction in violation of this Section 25.4 shall be void ab initioinitio . This restriction on Landlord Lease Transactions is absolute, appurtenant, and shall run with the land with respect to the Leased Property.