Common use of Lapse of Right Clause in Contracts

Lapse of Right. If, after Landlord gives Tenant a Notice of Availability with respect to any ROFO Space, Landlord does not receive Tenant’s notice of exercise pursuant to Section 2.7(b) within the time specified therein, Tenant’s right of first opportunity provided for in this Section 2.7 with respect to such ROFO Space shall lapse and terminate and Landlord shall be free to enter into a Third-Party Lease with respect to such ROFO Space; provided, however, that (i) if Landlord does not enter into a Third-Party Lease for such ROFO Space at an effective rent at least 90% of that set forth in the Notice of Availability within one year after giving the Notice of Availability or (ii) when such Third-Party Lease terminates, Tenant’s right of first opportunity with respect to such ROFO Space shall be reinstated and again be effective. For purposes of Tenant’s right of first opportunity, a Third-Party Lease shall not be considered to have terminated if the term thereof is renewed or extended, whether the extension or renewal is provided for in the Third-Party Lease or accomplished by an amendment of such lease, or by a new lease.