Right of First Offer to Lease Additional Space in the Building. Provided (i) that Tenant is not in default of its obligations under the Lease beyond any applicable notice and grace periods, (ii) has not defaulted more than twice in the payment of any monetary obligation in excess of Fifty Thousand Dollars ($50,000) under the Lease (beyond applicable notice and grace periods) during the prior twenty-four (24) month period, (iii) is not the subject of any bankruptcy or insolvency proceedings, and is not insolvent, as of the date the offer is made, the date the offer is accepted, and as of the date of the commencement of the term of the lease with respect to such space, and (iv) Tenant and/or its Affiliates are in occupancy of one hundred percent (100%) of the Premises (free of any subleases, other than subleases pursuant to Section 14.7, above), Tenant shall have a right of first offer to lease with respect to any space available or becoming available for lease on the second floor in the Building prior to the expiration or earlier termination of the Lease Term including any renewals thereof (such right to be exercised as more fully set forth in Subsection 30.2 below). Tenant’s right of first offer with respect to such space shall be continuing, but if Tenant does not accept the space when first offered by Landlord: a. Landlord shall have no obligation to re-offer the same space to Tenant for a period of one (1) year but, if any portion of the same space is still available one (1) year later (and the Lease Term with respect to the Premises has not expired or been terminated pursuant to the terms of the Lease, as amended and Tenant is in compliance with Section 30.1), Landlord shall re-offer said portion of the space to Tenant and Tenant must respond to such re-offer within a period of ten (10) business days; b. Tenant’s right of first offer with respect to the space shall thereafter also be subject to the rights then existing or thereafter granted by Landlord to any current or future tenant of the Project with respect to such tenant’s leased premises. Nothing in this Article 30 is intended to preclude or limit Landlord’s right to grant tenants of all or any portion of space in the Building renewal or extension rights in accordance with Section 30.1 which shall have priority over the rights of Tenant under this Lease.
Appears in 1 contract
Sources: Office Lease (3com Corp)
Right of First Offer to Lease Additional Space in the Building. Provided Landlord hereby grants to Tenant the right of first offer (the “ROFO”), exercisable at any time, to expand the Premises to include any “Suite” (as hereinafter defined) on the first floor of the Building which is not subject to a lease or to options of other tenant(s) and which is not then subject to active negotiations for lease or option to other existing or prospective tenant(s). For purposes hereof, a “Suite” shall mean (i) that Tenant is not in default Suite 100, containing 2,910 square feet of its obligations under the Lease beyond any applicable notice and grace periodsRentable Area, (ii) has not defaulted more than twice Suite 101, contining 6,347 square feet of Rentable Area, and/or Suite 150 containing 1,726 square feet of Rentable Area, all as depicted on Exhibit D attached hereto and made a part hereof. Any such Suite which is available for lease is herein referred to as “Option Space”. The ROFO is subject to the following terms and conditions:
(a) Landlord shall give notice (the “ROFO Notice”) to Tenant of Landlord’s desire to lease the Option Space and the terms and conditions upon which Landlord intends to offer such space for rent. If Tenant elects to lease the Option Space which is the subject of Landlord’s ROFO Notice (or in the payment response to Tenant’s “Expansion Notice”) (as defined below), Tenant shall lease such space in “AS IS” condition for a minimum of any monetary obligation in excess of Fifty Thousand Dollars ($50,000) under the Lease (beyond applicable notice and grace periods) during the prior twenty-four (24) month period, (iii) months and a term that is not coterminous with the subject expiration of any bankruptcy or insolvency proceedingsthe Lease Term, and is not insolvent, as of otherwise on the date the offer is made, the date the offer is accepted, same terms and as of the date of the commencement of the term of the lease with respect to such space, and conditions set forth in this Second Restated Lease.
(ivb) Tenant and/or its Affiliates are in occupancy of one hundred percent (100%) of the Premises (free of any subleases, other than subleases pursuant to Section 14.7, above), Tenant shall have a right of first offer to lease with respect to any space available or becoming available for lease on the second floor in the Building prior to the expiration or earlier termination of the Lease Term including any renewals thereof (such right to be exercised as more fully set forth in Subsection 30.2 below). Tenant’s right of first offer with respect to such space shall be continuing, but if Tenant does not accept the space when first offered by Landlord:
a. Landlord shall have no obligation to re-offer the same space to Tenant for a period of one (1) year but, if any portion of the same space is still available one (1) year later (and the Lease Term with respect to the Premises has not expired or been terminated pursuant to the terms of the Lease, as amended and Tenant is in compliance with Section 30.1), Landlord shall re-offer said portion of the space to Tenant and Tenant must respond to such re-offer within a period of ten (10) business days;
b. Tenantdays after Landlord’s right notice to respond as to whether Tenant desires to lease the Option Space on the terms and conditions set forth in this Second Restated Lease. If Tenant elects not to lease the Option Space or fails to respond within said ten (10) business day period, then for a period of first offer with respect twelve (12) months following the date of Landlord’s ROFO Notice to Tenant as to the space Option Space in question, Landlord shall thereafter also be free to lease or otherwise grant rights in the Option Space in question to any third party. If at the expiration of said twelve-month period, ▇▇▇▇▇▇▇▇ has not leased the subject Option Space or granted any options to the rights then existing or thereafter granted by Landlord Option Space to any current third party and is not then actively engaged in lease negotiations with a third party for the lease or future tenant of the Project with respect to such tenant’s leased premises. Nothing in this Article 30 is intended to preclude or limit Landlord’s right to grant tenants option of all or any portion of space the subject Option Space, ▇▇▇▇▇▇’s ROFO, as granted hereunder, shall again apply to the subject Option Space which is not then leased or subject to an option to lease in the Building renewal favor of a third party or extension rights in accordance with Section 30.1 which shall have priority over the rights of Tenant under this Lease.is not then subject to active negotiations between Landlord and a third party. Further, if at any time
Appears in 1 contract
Right of First Offer to Lease Additional Space in the Building. Provided Landlord hereby grants to Tenant the right of first offer (the “ROFO”), exercisable at any time, to expand the Premises to include any “Suite” (as hereinafter defined) on the first floor of the Building which is not subject to a lease or to options of other tenant(s) and which is not then subject to active negotiations for lease or option to other existing or prospective tenant(s). For purposes hereof, a “Suite” shall mean (i) that Tenant is not in default ▇▇▇▇▇ ▇▇▇, containing 2,910 square feet of its obligations under the Lease beyond any applicable notice and grace periodsRentable Area, (ii) has not defaulted more than twice Suite 101, contining 6,347 square feet of Rentable Area, and/or Suite 150 containing 1,726 square feet of Rentable Area, all as depicted on Exhibit D attached hereto and made a part hereof. Any such Suite which is available for lease is herein referred to as “Option Space”. The ROFO is subject to the following terms and conditions:
(a) Landlord shall give notice (the “ROFO Notice”) to Tenant of Landlord’s desire to lease the Option Space and the terms and conditions upon which Landlord intends to offer such space for rent. If Tenant elects to lease the Option Space which is the subject of Landlord’s ROFO Notice (or in the payment response to Tenant’s “Expansion Notice”) (as defined below), Tenant shall lease such space in “AS IS” condition for a minimum of any monetary obligation in excess of Fifty Thousand Dollars ($50,000) under the Lease (beyond applicable notice and grace periods) during the prior twenty-four (24) month period, (iii) months and a term that is not coterminous with the subject expiration of any bankruptcy or insolvency proceedingsthe Lease Term, and is not insolvent, as of otherwise on the date the offer is made, the date the offer is accepted, same terms and as of the date of the commencement of the term of the lease with respect to such space, and conditions set forth in this Second Restated Lease.
(ivb) Tenant and/or its Affiliates are in occupancy of one hundred percent (100%) of the Premises (free of any subleases, other than subleases pursuant to Section 14.7, above), Tenant shall have a right of first offer to lease with respect to any space available or becoming available for lease on the second floor in the Building prior to the expiration or earlier termination of the Lease Term including any renewals thereof (such right to be exercised as more fully set forth in Subsection 30.2 below). Tenant’s right of first offer with respect to such space shall be continuing, but if Tenant does not accept the space when first offered by Landlord:
a. Landlord shall have no obligation to re-offer the same space to Tenant for a period of one (1) year but, if any portion of the same space is still available one (1) year later (and the Lease Term with respect to the Premises has not expired or been terminated pursuant to the terms of the Lease, as amended and Tenant is in compliance with Section 30.1), Landlord shall re-offer said portion of the space to Tenant and Tenant must respond to such re-offer within a period of ten (10) business days;
b. Tenantdays after Landlord’s right notice to respond as to whether Tenant desires to lease the Option Space on the terms and conditions set forth in this Second Restated Lease. If Tenant elects not to lease the Option Space or fails to respond within said ten (10) business day period, then for a period of first offer with respect twelve (12) months following the date of Landlord’s ROFO Notice to Tenant as to the space Option Space in question, Landlord shall thereafter also be free to lease or otherwise grant rights in the Option Space in question to any third party. If at the expiration of said twelve-month period, Landlord has not leased the subject Option Space or granted any options to the rights then existing or thereafter granted by Landlord Option Space to any current third party and is not then actively engaged in lease negotiations with a third party for the lease or future tenant of the Project with respect to such tenant’s leased premises. Nothing in this Article 30 is intended to preclude or limit Landlord’s right to grant tenants option of all or any portion of space the subject Option Space, Tenant’s ROFO, as granted hereunder, shall again apply to the subject Option Space which is not then leased or subject to an option to lease in the Building renewal favor of a third party or extension rights in accordance with Section 30.1 which shall have priority over the rights of Tenant under this Lease.is not then subject to active negotiations between Landlord and a third party. Further, if at any time
Appears in 1 contract
Sources: Office Lease (Gaiam Inc)