Common use of Exercise of First Right to Lease Clause in Contracts

Exercise of First Right to Lease. Provided that no Event of Default, or condition as to which Tenant has received notice which, with the passage of time would constitute an Event of Default (unless Tenant commences to cure such condition prior to the occurrence of an Event of Default as a result thereof and thereafter continuously and diligently pursues such cure to completion) then exists and that Tenant and/or any Tenant Affiliates occupy not less than seventy-five percent (75%) of the Net Rentable Area included in the Leased Premises on the date of Tenant's First Lease Notice, and not greater than eighty-five percent (85%) of the total Net Rentable Area of the Office Section of the Building, Landlord shall offer any space that becomes Available Space on floor(s) eleven (11) through twenty-two (22) to Tenant for such rent and upon such other terms as Landlord proposes to offer such Available Space to third parties and otherwise substantially upon the terms and conditions set forth herein. In addition to any obligation of Landlord to inform Tenant of Available Space set forth below, Landlord agrees to use reasonable efforts to periodically advise Tenant of space in the Building which is scheduled to become Available Space. Tenant's first right to lease shall be exercised as follows: (a) Not later than sixty (60) days prior to the expiration of the term then applicable to such Available Space (except in cases where the term expires by reason of default or other causes which cannot reasonably be foreseen by Landlord, in which case Landlord shall give reasonable notice), Landlord shall give notice to Tenant of the expected availability of such Available Space together with a summary of the financial terms and other key provisions (to the extent different from the terms of this Lease) on which Landlord proposes to offer such Available Space to third parties for lease. (b) At any time within fifteen (15) days after Landlord gives the notice described in subsection (a), Tenant may, by notice to Landlord ("Tenant's First Lease Notice"), elect to (i) lease the Available Space described in Landlord's summary for the consideration and upon the business terms set forth in Landlord's summary, or (ii) lease the Available Space described in Landlord's summary for Fair Market Net Rent and upon such other of the business terms set forth in Landlord's summary as are consistent therewith, such Fair Market Net Rent to be as agreed upon by Landlord and Tenant within thirty (30) days of Tenant's First Lease Notice or, if the parties cannot agree, as determined in accordance with Article 7, or (iii) waive its first right to lease with respect to such Available Space. Tenant's failure to elect by notice to Landlord one of the options set forth above within said fifteen (15) days shall be deemed an election to waive the first right to lease such Available Space. (c) In the event Tenant elects to lease such Available Space, Landlord and Tenant shall promptly (but not later than forty-five (45) days prior to the expiration of the term then applicable to such Available Space) enter into an amendment to this Lease adding the Available Space to the Leased Premises for the consideration and upon the terms set forth in Landlord's summary (subject to Tenant's right to demand appraisal if option (ii) set forth in (b) above is elected), or, at Landlord's election, a new lease for the Available Space for the consideration and upon the terms set forth in Landlord's summary and such other terms and conditions as are contained in this Lease, or as Landlord and Tenant may mutually agree (subject to Tenant's right to demand appraisal if option (ii) set forth in (b) above is elected). (d) In the event Tenant elects or is deemed to elect to waive its right to lease such Available Space, Landlord shall be free to lease the Available Space to any other party; provided, however, that if Landlord has not entered into a lease or commitment to lease the Available Space within six (6) months after Landlord's notice to Tenant of the availability of the Available Space, Landlord shall reoffer the Available Space to Tenant by notice to Tenant given within such six (6) month period accompanied by a summary of the financial terms and other key provisions (to the extent different from the summary provided in the previous notice) on which Landlord proposes to offer to lease the Available Space to third parties. Tenant's first right to lease shall be a continuing right and Landlord shall continue to provide such a notice within each subsequent six (6) month period until Landlord has entered into a lease or commitment to lease such Available Space.

Exercise of First Right to Lease. Provided that no Event of Default, or condition as to which Tenant has received notice which, with the passage of time would constitute an Event of Default (unless Tenant commences to cure such condition prior to the occurrence of an Event of Default as a result thereof and thereafter continuously and diligently pursues such cure to completion) then exists and that Tenant and/or any Tenant Affiliates occupy not less than seventy-five percent (75%) of the Net Rentable Area included in the Leased Premises on the date of Tenant's ’s First Lease Notice, and not greater than eighty-five percent (85%) of the total Net Rentable Area of the Office Section of the Building, Landlord shall offer any space that becomes Available Space on floor(s) eleven (11) through twenty-two (22) to Tenant for such rent and upon such other terms as Landlord proposes to offer such Available Space to third parties and otherwise substantially upon the terms and conditions set forth herein. In addition to any obligation of Landlord to inform Tenant of Available Space set forth below, Landlord agrees to use reasonable efforts to periodically advise Tenant of space in the Building which is scheduled to become Available Space. Tenant's ’s first right to lease shall be exercised as follows: (a) Not later than sixty (60) days prior to the expiration of the term then applicable to such Available Space (except in cases where the term expires by reason of default or other causes which cannot reasonably be foreseen by Landlord, in which case Landlord shall give reasonable notice), Landlord shall give notice to Tenant of the expected availability of such Available Space together with a summary of the financial terms and other key provisions (to the extent different from the terms of this Lease) on which Landlord proposes to offer such Available Space to third parties for lease. (b) At any time within fifteen (15) days after Landlord gives the notice described in subsection (a), Tenant may, by notice to Landlord ("“Tenant's ’s First Lease Notice"”), elect to (i) lease the Available Space described in Landlord's ’s summary for the consideration and upon the business terms set forth in Landlord's ’s summary, or (ii) lease the Available Space described in Landlord's ’s summary for Fair Market Net Rent and upon such other of the business terms set forth in Landlord's ’s summary as are consistent therewith, such Fair Market Net Rent to be as agreed upon by Landlord and Tenant within thirty (30) days of Tenant's ’s First Lease Notice or, if the parties cannot agree, as determined in accordance with Article 7, or (iii) waive its first right to lease with respect to such Available Space. Tenant's ’s failure to elect by notice to Landlord one of the options set forth above within said fifteen (15) days shall be deemed an election to waive the first right to lease such Available Space. (c) In the event Tenant elects to lease such Available Space, Landlord and Tenant shall promptly (but not later than forty-five (45) days prior to the expiration of the term then applicable to such Available Space) enter into an amendment to this Lease adding the Available Space to the Leased Premises for the consideration and upon the terms set forth in Landlord's ’s summary (subject to Tenant's ’s right to demand appraisal if option (ii) set forth in (b) above is elected), or, at Landlord's ’s election, a new lease for the Available Space for the consideration and upon the terms set forth in Landlord's ’s summary and such other terms and conditions as are contained in this Lease, or as Landlord and Tenant may mutually agree (subject to Tenant's ’s right to demand appraisal if option (ii) set forth in (b) above is elected). (d) In the event Tenant elects or is deemed to elect to waive its right to lease such Available Space, Landlord shall be free to lease the Available Space to any other party; provided, however, that if Landlord has not entered into a lease or commitment to lease the Available Space within six (6) months after Landlord's ’s notice to Tenant of the availability of the Available Space, Landlord shall reoffer the Available Space to Tenant by notice to Tenant given within such six (6) month period accompanied by a summary of the financial terms and other key provisions (to the extent different from the summary provided in the previous notice) on which Landlord proposes to offer to lease the Available Space to third parties. Tenant's ’s first right to lease shall be a continuing right and Landlord shall continue to provide such a notice within each subsequent six (6) month period until Landlord has entered into a lease or commitment to lease such Available Space.