FIRST RIGHT TO LEASE Clause Samples
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FIRST RIGHT TO LEASE. A. In the event any portion of office space on the sixth floor shall become available for lease by Tenant after consideration of the existing rights of tenants (or their assigns) under the leases in effect as of the date of this Lease to exercise either renewal, extension or expansion rights, and provided that at such time the First Offer Conditions (below defined) shall be in effect, then and in such event Tenant shall be afforded a right to lease such available space (the “Available Space”) within the Building upon the terms and conditions more particularly described in this Article 31. For purposes hereof, the First Offer Conditions shall include all of the following; namely: (i) no Event of Default shall have occurred and be continuing; (ii) Tenant shall not then be the subject of an Event of Bankruptcy, (iii) there shall remain in effect at the time that the Available Space is anticipated to be delivered to Tenant not less than three (3) years within the Term then in effect and (iv) the original named Tenant shall remain in occupancy of the Demised Premises.
B. If the First Offer Conditions shall be in effect, Landlord shall advise Tenant of the ability of Tenant to lease the Available Space. Tenant shall have a period of fifteen (15) days following the date of Landlord’s written notice to advise Landlord in writing as to whether Tenant shall lease the Available Space. Should Tenant timely accept in writing the Available Space by written notice to Landlord (the “Election Notice”), within fifteen (15) days, then Tenant shall lease the Available Space as designated by Landlord and Landlord shall lease to Tenant such Available Space as provided herein. In such event, Tenant covenants and agrees to pay Minimum Annual Rent for the Available Space at the then Fair Market Rental terms of comparable office space. Should the parties be unable to agree on the Fair Market Rental terms within thirty (30) days following provision by Tenant of the Election Notice, then the three (3) broker described method shall be employed for purposes of determining the Fair Market Rental. The brokers shall take into consideration the period of time that Tenant will be leasing the Available Space, inasmuch as the term therefor shall be co-terminous with the Term together with the factors described in section C below. Provision by Tenant of its Election Notice shall be irrevocable and shall not be conditioned upon the acceptability of the Fair Market Rental to be determined by eit...
FIRST RIGHT TO LEASE. See Paragraph 26.1.
FIRST RIGHT TO LEASE. Provided Tenant is not in default of any of its lease obligations, Tenant shall have the Right to Lease the remaining balance of space on the first floor of ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇. At the time the Landlord enters into serious conversation with regards to leasing said approximately 3,741 square feet or any portion thereof, on the first floor, it must provide Tenant with written notice that said space is being considered for lease by a third party. Tenant has five (5) business days to inform Landlord, in writing, of its intention to either expand into said space or reject leasing the additional space at that time. Should Tenant elect to lease the additional space it must agree to extend the remaining Term of its lease so that at least three (3) years remain at the time of Tenants occupancy of the additional space with the exception of the initial two years of the lease term. The three year minimum extension period shall apply to the entire amount of space Tenant leases at the time of the expansion. Landlord agrees to repaint and shampoo carpet within the expansion space. The Base Rent for the expansion space shall be equal to the Tenant's then-current Base Rent Per Square Foot Rate.
FIRST RIGHT TO LEASE. If, during the original Term or any Extension Term, Sublandlord elects to Sublease any space in the Building, then Sublandlord shall first offer such space in writing to Subtenant on terms and conditions no less favorable than those terms Sublandlord is willing to offer such space to third parties which shall be the then fair market rental value for the Premises. If within ten (10) days after receipt of such offer, Subtenant does not notify Sublandlord that Subtenant elects to Sublease such space, then Sublandlord shall be relieved of any obligations to Subtenant with regard to any such offering; provided, however, that a failure by Subtenant to Sublease any specific space when so offered by Sublandlord shall not relieve Sublandlord of its obligation to first offer Subtenant any other space in the Building if, as and when Sublandlord elects to offer such other space to third parties. If Subtenant exercises its first right to Sublease, Sublandlord and Subtenant shall negotiate in good faith the fair market rental rate for the first right space and if the parties are unable to agree upon such fair market value within thirty (30) days of Subtenant’s election to Sublease such space (the “Outside Agreement Date”), the parties shall submit such fair market rental rate for determination by appraisal in accordance with Paragraph 27, below.
FIRST RIGHT TO LEASE. If, during the original or any additional term hereof, Landlord elects to lease any space in Building 2 of Gove▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇en Landlord shall first offer such space in writing to Tenant on terms and conditions no less favorable than those offered to third parties. If within twelve (12) days after receipt of such offer, Tenant does not notify Landlord that Tenant elects to lease such space, then Landlord shall be relieved of any obligations to Tenant with regard to any such offering; provided, however that a failure by Tenant to lease any specific space when so offered by Landlord shall not relieve Landlord of its obligation to first offer Tenant any other space in Building 2 if, as and when Landlord elects to offer such other space to third parties.
FIRST RIGHT TO LEASE. During the Lease term, Lessee shall have an ongoing first right to lease all, but not less than all, any then-available space on the Building’s fifth (5th) floor on the same terms as provided in this Lease (the “5th Floor FRL”). Lessor shall notify Lessee in writing when space becomes vacant or otherwise available on the 5th floor. Lessee shall have ten (10) business days after receipt of Lessor’s written notice to elect to lease said space (on the same terms of this Lease) by providing Lessor written notice of Lessee’s exercise of its 5th Floor FRL. If Lessee does not timely exercise its 5th Floor FRL as provided herein, Lessor may proceed to lease such space to third parties. The five (5) months of free rent described in section 3 of this Lease shall not apply to any space leased pursuant to the 5th Floor FRL. Lessor shall not offer to rent any available space on the Building’s 5th floor to any potential tenant prior to August 1, 2012.
FIRST RIGHT TO LEASE. Section 59 of the Original Lease is hereby deleted in its entirety and replaced with the following:
FIRST RIGHT TO LEASE. (Section 28.01): Tenant shall have the first right to lease any additional contiguous space on the third floor of the building in accordance with the terms and conditions set forth in Section 28.01 herein. Landlord shall give Tenant written notice of its intent to lease other contiguous space on said third floor, together with the lease terms therefor, and thereafter Tenant shall have five (5) business days after receipt of such notice to elect in writing whether or not to lease the additional space on the terms stated in Landlord’s notice. Failure of Tenant to give written notice accepting or rejecting Landlord’s proposal as set forth above shall be deemed a waiver by Tenant of its first right to lease. If Tenant does not elect to lease the additional space and Landlord fails to enter into a lease with another tenant within one hundred twenty (120) days from the date of said Landlord notice, then Tenant shall have a reinstated first right to lease the subject space in accordance with the above process.
FIRST RIGHT TO LEASE. A minimum of eighteen (18) months prior to the expiration of the full forty-year extended term of this Private Hangar Agreement, Lessee may advise the BOCC of its desire to continue operations under a new tenant lease agreement.
a. The BOCC shall give ▇▇▇▇▇▇ the first right to negotiate a new mutually acceptable tenant lease agreement
b. The BOCC has determined in an open, public meeting to negotiate a new lease and agreement with ▇▇▇▇▇▇; and
c. The BOCC and Lessee have agreed to the new lease and agreement terms at least six (6) months prior to the expiration date of this Private Hangar Agreement. The newly negotiated terms shall then begin upon the expiration of this Private Hangar Agreement. It is understood and agreed that if ▇▇▇▇▇▇ and the BOCC are unable to agree upon the terms of a new lease and agreement, then the provisions of Section XIV. D., below, regarding conveyance or removal shall apply.
FIRST RIGHT TO LEASE. Tenant is hereby granted the following right of first right to lease space in the Draper Business Park. If Tenant should desire additional space, Tenant shall notify Landlord in writing of the amount of space desired. Within ten (10) days Landlord shall advise what space is available meeting Tenant’s request and the fair market rental value of such space. (Landlord may exclude space which is not suitable or economic to modify or reduce in size to the area specified by Tenant.) Tenant shall, within five (5) days, give written notice if Tenant elects to take the additional space. Landlord and Tenant shall enter into a written lease, substantially in the form of this Lease, for the additional space, including rent increases annually Landlord, at its election, may require that the term of the lease on the new space coincide with the term of this Lease or on the date of increase under the Lease, at Landlord election.