Common use of Option Procedures Clause in Contracts

Option Procedures. If ACX either fails timely to lease Suite 304 or irrevocably waives its right lease Suite 304, then Lessor shall give to Lessee a written offer ("Offer") to lease Suite 304. Said Offer shall be upon the terms set forth in Subparagraph B(4) of this Paragraph 8 and shall be subject to the rights of CLAM to lease Suite 304 on the terms set forth in the Offer. Lessee shall have fourteen (14) business days following receipt of the Offer to give written notice ("Acceptance Notice") to Lessor accepting the Offer. If Lessee does not timely give the Acceptance Notice, Lessee shall have no further right to lease Suite 304 pursuant to this Subparagraph B, time being of the essence of this Subparagraph B. If Lessee timely gives the Acceptance Notice, then, subject to the provisions of this Subparagraph B, Lessor shall demise and lease to Lessee, and Lessee shall hire and take from Lessor Suite 304 on the terms set forth in the Offer. Notwithstanding anything to the contrary herein contained: (a) If ACX exercises its right to lease Suite 304, then Lessor shall have no obligation to give an Offer to lease Suite 304 to Lessee and Lessee shall have no further right to lease Suite 304; and (b) Lessee acknowledges that CLAM will have the right to lease Suite 304 based upon the Offer if it is accepted by Lessee. Therefore, if CLAM exercises its right to lease Suite 304, Lessee shall have no further right to lease Suite 304.

Option Procedures. If CAMBRIDGE COMMUNICATIONS and ACX either fails both fail timely to lease Suite 304 or 303 and/or irrevocably waives its right waive their tights to lease Suite 304303, then Lessor shall give to Lessee a written offer ("Offer") to lease Suite 304303. Said Offer shall be upon the terms set forth in Subparagraph B(4) C of this Paragraph 8 and shall be subject to the rights of CLAM to lease Suite 304 303 on the terms set forth in the Offer. Lessee shall have fourteen (14) business days following receipt of the Offer to give written notice ("Acceptance Notice") to Lessor accepting the Offer. If Lessee does not timely give the Acceptance Notice, Lessee shall have no further right to lease Suite 304 303 pursuant to this Subparagraph BC, time being of the essence of this Subparagraph B. C. If Lessee timely gives the Acceptance Notice, then, subject to the provisions of this Subparagraph BC, Lessor shall demise and lease to Lessee, and Lessee shall hire and take from Lessor Suite 304 303 on the terms set forth in the Offer. Notwithstanding anything to the contrary herein contained: (a) If either CAMBRIDGE COMMUNICATIONS or ACX exercises its right to lease Suite 304303, then Lessor shall have no obligation to give an Offer to lease Suite 304 303 to Lessee and Lessee shall have no further right to lease Suite 304303; and (b) Lessee acknowledges that CLAM will have the right to lease Suite 304 303 based upon the Offer if it is accepted by Lessee. Therefore, if CLAM exercises its right to lease Suite 304303, Lessee shall have no further right to lease Suite 304303.