Common use of Preferential Right to Lease Clause in Contracts

Preferential Right to Lease. If Landlord desires to lease any space that adjoins the Premises to a third party, Landlord shall promptly give written notice to Tenant with MI information concerning the proposed lease, which shall include the name and address of the prospective lessee, the rental amount, and all other terms of the lease. Tenant shall have the right for a period of ten (10) days after receipt of the notice, to elect to lease the space on the same terms and conditions. If Tenant elects to lease the space, Tenant shall have thirty (30) days after the date of its election in which to lease the space. If Tenant elects not to lease the space, and Landlord does not lease the space or does not lease the space on the terms and conditions contained in Landlord's notice to Tenant, the space shall remain subject to Tenant's preferential right to lease. If Landlord leases the space and the lease expires or terminates, the space shall again be subject to Tenant's preferential right to lease.