Common use of Right of First Refusal Clause in Contracts

Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 6 contracts

Sources: Sublease Agreement (Atara Biotherapeutics, Inc.), Lease (CareDx, Inc.), Lease (CareDx, Inc.)

Right of First Refusal. During (a) Prior to any intended Transfer of any Restricted Securities that is otherwise permitted by the provisions of this Article V, a Restricted Stockholder shall first (1st) three (3) years after the Term Commencement Date, Tenant shall have a right of first refusal give written notice (“ROFROffer Notice”) as to any rentable premises in Company specifying (i) such Restricted Stockholder’s bona fide intention to sell or otherwise transfer such Restricted Securities, (ii) the Building for which Landlord is seeking a tenant name and address of the proposed purchaser(s) or transferee(s) and their beneficial owners (if different from the proposed purchaser(s) or transferee(s), (iii) the number of Restricted Securities the Restricted Stockholder proposes to sell (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of OfferOffered Securities”), specifying (iv) the price for which such Restricted Stockholder proposes to sell the Offered Securities, and (v) all other material terms and conditions of the proposed sale or other transfer. Notwithstanding the foregoing, if such Restricted Stockholder proposes to Transfer Restricted Securities pursuant to a proposed lease to Tenant Proposed Public Transfer, the name, address and price of the Available PremisesOffered Securities may not be applicable or available. In case of a Proposed Public Transfer under Rule 144, which the Offer Notice shall include only the information specified in items (i), (iii) and (v) above, and in the case of a demand pursuant to Section 4.1 or request for registration pursuant to Section 4.2 such Restricted Stockholder’s demand or request will constitute its Offer Notice. In the case of any Proposed Public Transfer, the purchase price for purposes of this Section 5.3 will be the same as the terms volume-weighted average closing price of the bonafide offer, except that Common Stock (or the term volume-weighted average closing price of any lease entered the amount of Common Stock into by Tenant with respect to which the Available Premises shall be coterminous with Capital Stock is convertible) over the Termthirty 30 days preceding Restricted Stockholder’s delivery of the Offer Notice. 43.1. (b) Within five (5) business days following its the applicable Reply Period after receipt of a Notice the Offer Notice, Company or its nominee(s) may elect to purchase all (but not less than all) of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises Offered Securities at the price and on the terms and conditions set forth in the Offer Notice by delivery of Offerwritten notice (“Acceptance Notice”) to such Restricted Stockholder. Within fifteen (15) days after delivery of the Acceptance Notice to such Restricted Stockholder, Company and/or its nominee(s) shall deliver a check or wire transfer (or, at the discretion of Company, such other form of consideration set forth in the Offer Notice) in the amount of the purchase price of the Offered Securities to be purchased pursuant to this Section 5.3, against delivery by such Restricted Stockholder of a certificate or certificates representing the Offered Securities (or book-entry account transfer instructions) to be purchased, duly endorsed for transfer to Company or such nominee(s), as the case may be. If Tenant fails Company and/or its nominee(s) do not elect to notify Landlord of Tenant’s election within said five (5) business day periodpurchase the Offered Securities, then Tenant such Restricted Stockholder shall be deemed entitled to have elected not sell the Offered Securities to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease purchaser(s) named in the Available Premises Offer Notice or in accordance with the Proposed Public Transfer at the price specified in the Offer Notice or at a higher price and substantially on the same terms and conditions set forth in the Notice of OfferOffer Notice, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlorda private sale or a Proposed Public Transfer under Rule 144 must be consummated within sixty (60) days from the date of the earlier of (i) expiration of the applicable Reply Period for the Offer Notice and (ii) if applicable, the Company’s consent election not to exercise its right of first refusal, and any proposed sale after such sixty (60) day period may be made only by again complying with the procedures set forth in this Section 5.3; and provided, further, that a Proposed Public Transfer under Section 4.1 or 4.2 herein shall be conducted in accordance with the terms described in Article IV, and shall not be required for Tenant’s assignment subject to the above sixty-day limitation. (c) The right of first refusal set forth in this Section 5.3 shall terminate upon the later of (i) the expiration of the ROFR in connection with an Allowed TransferStock Restrictions Period; and (ii) such time as the Restricted Stockholders and all of their Affiliates and Associates, individually and as a group, Beneficially Own less than 4.9% of the Company’s outstanding Common Stock (including any amount of Common Stock into which any Capital Stock Beneficially Owned could, under any circumstance, be convertible).

Appears in 5 contracts

Sources: Stockholder Agreement (Autobytel Inc), Stockholder Agreement (Autobytel Inc), Stockholder Agreement (Autobytel Inc)

Right of First Refusal. During In the first (1st) three (3) years after event the Term Commencement Additional Premises is not delivered to Tenant by the Additional Premises Delivery Date, for so long as Tenant still leases and occupies the entire Premises, Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available ROFR Premises”); provided, however, that in no event shall Landlord be required to lease any Available ROFR Premises to Tenant for any period past the date on which this Lease expires or is terminated pursuant to its terms. In the event Landlord receives a bonafide offer intends to lease from a third party tenant the Available ROFR Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available ROFR Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. 7.1 Within five ten (510) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease all (not just a portion) of the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five ten (510) business day period, then Tenant shall be deemed to have elected not to lease the Available ROFR Premises. 43.2. 7.2 If Tenant timely notifies Landlord that Tenant elects to lease the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available ROFR Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. 7.3 If Tenant notifies Landlord that Tenant elects not to lease the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five ten (5) business day 10)-day period described above, then Landlord shall have the right to consummate the lease of the Available ROFR Premises on the same terms as set forth in the Notice of Offer following Tenant’s election (or deemed election) not to a third party tenantlease the Available ROFR Premises. 43.4. 7.4 Notwithstanding anything in this Section 43 Article to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Landlord has given Tenant has committed a Default two (2) or more times notices of default under this Lease, whether or not the defaults are cured, during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. 7.5 Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Allowable Transfer. 7.6 If Tenant exercises the ROFR, Landlord does not guarantee that the Available ROFR Premises will be available on the anticipated commencement date for the Lease as to such Premises due to a holdover by the then-existing occupants of the Available ROFR Premises or for any other reason beyond Landlord’s reasonable control.

Appears in 5 contracts

Sources: Lease (CareDx, Inc.), Lease (CareDx, Inc.), Lease (CareDx, Inc.)

Right of First Refusal. During If the first (1st) three (3) years after the Term Commencement DateLease is then in full force and effect and there is no Default hereunder, Tenant shall have a the right of first refusal to lease an additional 6,917 square feet of rentable area located on the third (“ROFR”3rd) floor identified as such on Exhibit 2 attached hereto and incorporated herein for all purposes and all of the rentable area on the tenth (10th) and thirteenth (13th) floors of the Building ("ROFR Area").Such right of first refusal shall be exercisable at the following times and upon the following conditions: (a) If Landlord receives a bona fide offer from a prospective tenant (the "Prospective Tenant") to any rentable lease premises (the "Offered Premises") in the Building for which Landlord is seeking a tenant containing all or any part of the ROFR Area (“Available Premises”). In the event Landlord receives a bonafide other than an offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that renew the term of any lease entered into by Tenant with respect to or expand the Available Premises premises demised under an existing lease, as Tenant's right of first refusal shall be coterminous with subordinate to any renewal of the Term. 43.1term of and any expansion of premises demised under an existing lease) and Landlord desires to accept such offer, then Landlord shall notify Tenant of such fact. Within Tenant shall have a period of five (5) business days following its receipt from the date of a Notice delivery of Offer, Tenant shall advise such notice to notify Landlord in writing whether Tenant elects to exercise the right granted hereby to lease the Available Premises on the terms and conditions set forth in the Notice of OfferOffered Premises. If Tenant fails to notify give any notice to Landlord of Tenant’s election within said the required five (5) business day period, then Tenant shall be deemed to have elected not refused its right to lease all or any portion of the ROFR Area. (b) If Tenant refuses its right to lease the Available Offered Premises. 43.2. If Tenant timely notifies , either by giving written notice thereof or by failing to give any notice, Landlord that Tenant elects shall thereafter have the right to lease the Available Offered Premises to the Prospective Tenant on such terms and provisions as may be acceptable to Landlord, provided such terms and provisions are not materially more favorable to the Prospective Tenant than the terms and conditions provision set forth in the Notice of Offer, then notice from Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3Tenant. If Landlord and the Prospective Tenant notifies Landlord that fail to enter into a lease, Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right of first refusal described herein with respect to consummate any subsequent bona fide offers from other prospective tenants. (c) If Tenant exercises its right to lease the Offered Premises, Landlord and Tenant shall, within thirty (30) days after Tenant delivers to Landlord notice of its election, enter into a lease agreement with respect to the Offered Premises on the same terms, covenants, and conditions as are contained in this Lease, except as follows: (i) The rentable area of the Offered Premises shall be equal to the area offered to be leased by the Prospective Tenant. (ii) The Monthly Base Rent rate to be paid for the Offered Premises shall be equal to the Monthly Base Rent offered to be paid by the Prospective Tenant, including any offered increases from time to time in such rental rate. (iii) The additional rental relating the Operating Expenses for the Offered Premises shall be equal to the additional rental relating Operating Expenses offered to be paid by the Prospective Tenant, including any offered increases from time to time in such rate. (iv) The payment of monthly installments of Monthly Base Rent with respect to the Offered Premises shall continence on the effective date of the lease of the Available Offered Premises as offered to the Prospective Tenant, or in the event no specific effective date was so offered on the date mutually acceptable to Landlord and Tenant, and rent for any partial month shall be prorated. (v) Possession of such portion of the Offered Premises shall be delivered to Tenant on the basis offered to the Prospective Tenant, subject to paragraph (vii) below. Landlord will use reasonable diligence to make the Offered Premises available to Tenant as soon after the effective date stated above as it can, Landlord shall not be liable for the failure to give possession of the Offered Premises on said date by reason of the same terms as set forth in holding over or retention of possession of any tenant, tenants, or occupants, nor shall such failure impair the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision validity of this Lease. Any attempted exercise , nor extend the term hereof, but the rent for the Offered Premises shall be abated until possession is delivered to Tenant and such abatement shall constitute full settlement of all claims that Tenant might otherwise have against Landlord by reason of said failure to give possession of the ROFR during a period Offered Premises to Tenant on the scheduled effective date. (vi) The term of time in which Tenant is so in Default the lease of the Offered Premises shall be void commence on the date determined pursuant to subparagraph (c)(iv) above, and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to continue thereafter until the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure periodinitial Term terminates. 43.5. Notwithstanding anything in this Lease (vii) If the term of the lease offered to the contraryProspective Tenant exceeds the remainder of the then current Term, any and all allowances and credits offered to the Prospective Tenant (including, without limitation, any leasehold improvement allowances and expenses) shall not assign or transfer be multiplied by a fraction, the ROFRnumerator of which shall be the total number of months remaining in the then current Term, either separately or and the denominator of which shall be equal to the number of months in conjunction with an the term offered to the Prospective Tenant. (d) Any assignment or transfer subletting of the Premises by Tenant’s interest in , or any termination of the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment terminate the refusal right of the ROFR in connection with an Allowed TransferTenant hereby granted.

Appears in 4 contracts

Sources: Office Lease (Pegasus Systems Inc), Office Lease (Pegasus Systems Inc), Office Lease (Pegasus Systems Inc)

Right of First Refusal. During For so long as Tenant leases and personally occupies the first entire Premises (1st) three and the size of the then-current Premises is no smaller than size of the Premises as of the Execution Date), and subject to any other parties’ pre-existing rights and/or encumbrances with respect to Available ROFR Premises (3) years after the Term Commencement Dateas defined below), Tenant shall have a one-time right of first refusal (“ROFR”) as to any that certain rentable premises in the Building for which commonly known as Suite 150 (as more particularly shown on the floor plan attached hereto as Exhibit J, “Suite 150”) at such time as Landlord is seeking a tenant for such space (“Available ROFR Premises”); provided, however, that in no event shall Landlord be required to lease any Available ROFR Premises to Tenant for any period past the date on which this Lease expires or is terminated pursuant to its terms. In the event Landlord receives a bonafide offer to lease from a third party tenant the a bona fide offer to lease Available Premises, which offer ROFR Premises that Landlord is acceptable willing to Landlord in its sole and absolute discretionaccept, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available ROFR Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five seven (57) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease all (not just a portion) of the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five such seven (57) business day period, then Tenant shall be deemed to have elected not to lease the Available ROFR Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available ROFR Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five seven (57) business day period described above, then Landlord shall have the right to consummate the lease of the Available ROFR Premises on the same economic terms as substantially similar to those set forth in the Notice of Offer following Tenant’s election (or deemed election) not to a third party tenantlease the Available ROFR Premises. 43.4. Notwithstanding anything in this Section 43 Article to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Landlord has given Tenant has committed a Default two (2) or more times notices of default under this Lease, whether or not the defaults are cured, during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; providedprovided that, however(without limiting anything in Article 29) (a) in the event of an Exempt Transfer of Tenant’s full interest in the Lease or (b) if Landlord approves (in writing) an assignment or transfer of Tenant’s full interest in the Lease from Tenant to Tenant’s Affiliate, then, in conjunction with (and not separate from) such Exempt Transfer or assignment or transfer, as applicable, and upon prior written notice to Landlord, Tenant may assign or transfer the ROFR to the transferee of such Exempt Transfer or such Tenant’s Affiliate, as applicable. If Tenant (y) provides written notice to Landlord that Landlord’s consent shall Tenant will not be required for assigning or transferring the ROFR to the transferee of such Exempt Transfer or such Tenant’s Affiliate, as applicable, or (z) does not provide written notice of the assignment or transfer of the ROFR to the transferee of such Exempt Transfer or such Tenant’s Affiliate, as applicable, prior to the effective date of such Transfer, then the ROFR shall automatically be null and void and of no further force or effect. 43.6. If Tenant exercises the ROFR, Landlord does not guarantee that the Available ROFR Premises will be available on the anticipated commencement date for the Lease as to such Premises due to a holdover by the then-existing occupants of the Available ROFR Premises or for any other reason beyond Landlord’s reasonable control. 43.7. Notwithstanding anything in connection with an Allowed Transferthis Lease to the contrary, the ROFR shall expire on the date that is thirty-six (36) months following the Term Commencement Date.

Appears in 4 contracts

Sources: Lease (Erasca, Inc.), Lease Agreement (Erasca, Inc.), Lease (Erasca, Inc.)

Right of First Refusal. During (a) If this Lease shall be in full force and effect Landlord shall, at such time as Landlord receives its first counter offer to or acceptance of a lease proposal (the first “Counter Offer”) from a prospective tenant to lease any portion of the fourth floor of the Building (1st) three (3) years after the Term Commencement Date“Right of First Refusal Space”), notify Tenant of the Counter Offer. Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premisesoption, which offer is acceptable exercisable by notice to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within within five (5) business days following its after receipt of a Notice of OfferLandlord’s notice (the “Offer Notice”), Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on Right of First Refusal Space so offered (the “Offered Space”) upon such terms and conditions set forth as are contained in this Lease except that (i) the Security Deposit shall be proportionately increased and (ii) the per square foot Tenant Work Allowance for the Offered Space shall be obtained by multiplying the per square foot Tenant Work Allowance by a fraction, the numerator of which is the number of months remaining in the Notice initial term of Offerthis Lease at the time that Monthly Rent will commence on the Offered Space and the denominator of which is the total number of months in the initial term. If Promptly after Tenant fails exercises this option (but in no event later than twenty (20) days after the Offer Notice), the parties shall enter into a supplemental agreement to notify Landlord this Lease incorporating the Offered Space as part of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. (b) If Landlord has submitted to Tenant timely notifies an Offer Notice and Tenant shall notify Landlord that Tenant elects waives its right of first refusal as to lease the Available Premises on the terms and conditions set forth such Offered Space identified in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of OfferOffer Notice, or if Tenant fails is deemed to notify Landlord of Tenant’s election have waived such right by failure to respond within the aforesaid five (5) business day period described above(collectively, a “Waiver”), then Landlord shall have a period of nine (9) months from the right date of such Waiver to consummate the a lease in respect of the Available Premises on Offered Space. If a lease for the same terms as set forth in Offered Space is not executed within the Notice nine month period aforesaid, then the rights of Offer first refusal accorded to a third party tenant. 43.4. Notwithstanding anything Tenant in this Section 43 shall be deemed revived and reinstated with respect to any subsequent desire of Landlord to lease the Offered Space subsequent to the expiration of the nine month period aforesaid. (c) Landlord shall also keep Tenant fully informed as to (i) leasing activity as to any other space within the Building, including written notice of lease proposals issued to other tenants or prospective tenants, and (ii) the progress of negotiations as to the same. (d) Notwithstanding anything herein contained to the contrary, Tenant shall not exercise have any of the ROFR during such period of time that rights contained in this Section for so long as Tenant is shall be in default under beyond the expiration of applicable grace or cure periods of any provision of the terms, conditions, covenants or provisions of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 4 contracts

Sources: Consent to Sublease (Editas Medicine, Inc.), Sublease (Editas Medicine, Inc.), Sublease (Editas Medicine, Inc.)

Right of First Refusal. During (a) So long as the first Lease is in full force and effect, and so long as Tenant is not in default in the performance of its obligations under the Lease beyond any applicable notice, grace, or cure period at the time of exercise of the right set forth herein, if Landlord receives from a third party an acceptable bona fide offer to lease all or a portion of the remaining space located on the north side of the second floor of the Building (1st) three (3) years after the Term Commencement Date“Expansion Space”), Landlord shall notify Tenant of such availability in writing, in accordance with the notices provision of this Lease, and Tenant shall have a right of first refusal to lease the same (the ROFRRight of First Refusal) as ). Notwithstanding anything contained herein to the contrary, the parties acknowledge and agree that the Right of First Refusal shall be subordinate to any rentable premises existing expansion rights of Crew Carwash, Inc.’s to lease additional space in the Building Building. (b) Tenant shall exercise the Right of First Refusal, if at all, by delivering written notice thereof to Landlord within fifteen (15) business days of Tenant's receipt of Landlord's notice. If such right is exercised by Tenant, such Expansion Space shall be leased on the same terms and conditions, including but not limited to rent and length of term, as reflected in such bona fide third party offer to lease the Expansion Space. (c) In the event that Tenant exercises the right-of-first refusal granted herein, Landlord and Tenant shall enter into either an amendment to this Lease or a new lease agreement for which the Expansion Space within thirty (30) calendar days of receipt by Landlord is seeking a tenant (“Available Premises”)of ▇▇▇▇▇▇'s notice exercising said right-of-first refusal. In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”)i) declines to exercise its right as above-provided, specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five (5ii) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election deliver notice thereof within the five (5) business day period described abovecalendar period, or (iii) Tenant fails to execute a lease agreement or an amendment to this Lease for the Expansion Space within said thirty (30) day period, then in any of such events, Landlord shall have may lease the right Expansion Space to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a such third party tenant. 43.4. Notwithstanding anything in this Section 43 whereupon Tenant's right-of-first refusal as to the contrary, Tenant Expansion Space shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall terminate and be void and of no further force or effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 4 contracts

Sources: Office Lease (Telix Pharmaceuticals LTD), Office Lease (Telix Pharmaceuticals LTD), Office Lease (Telix Pharmaceuticals LTD)

Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Tenant Sublessee shall have a right an ongoing Right of first refusal First Refusal (“ROFR”) as to any rentable premises in on the Building for which Landlord is seeking a tenant balance of the second floor of the Premises (the Available PremisesRefusal Space”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord Sublessee shall have the right to consummate lease the lease Refusal Space on terms identical to those in a bona fide letter of intent from a third-party which Sublessor is willing to accept (the “Offer”). Upon notification in writing by Sublessor of the Available Premises receipt of an Offer (the “Refusal Space Notice”) on the Refusal Space, Sublessee shall have seven (7) business days in which to notify Sublessor in writing of its election to lease the Refusal Space on the same terms and conditions as those contained within the Refusal Space Notice. Sublessee’s rejection of the ROFR on any portion of the Refusal Space shall not affect or inhibit Sublessee’s ROFR on any other portion of the Refusal Space or the rejected portion should that lease terminate or expire for any reason. In the event Sublessee rejects the ROFR on any portion of the Refusal Space and the terms of the Refusal Space Notice materially change, Sublessor shall be required to present such ROFR to Sublessee again under the same conditions as provided above. The terms of a proposed sublease of the Refusal Space will be deemed to be materially different from the terms of the Refusal Space Notice if the financial terms (excluding the security deposit, but including, among other things, base rent, escalations and pass throughs of operating expenses, insurance, utilities and taxes, concession packages, free rent, free parking, leasing concessions, construction costs, improvement allowances, moving and other allowances, and commissions) of such proposed sublease have been reduced by more than ten percent (10%), in the aggregate, from the terms set forth in the Notice of Offer to a third party tenantRefusal Space Notice. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 4 contracts

Sources: Consent to Second Sublease Amendment (YETI Holdings, Inc.), Sublease Agreement (YETI Holdings, Inc.), Sublease Agreement (YETI Holdings, Inc.)

Right of First Refusal. During In the first (1st) three (3) years event that Landlord shall receive a Bona Fide Offer to purchase the Leased Premises at any time and from time to time on or after the date hereof and during the Term Commencement Dateof this Lease from any person or entity, Landlord shall so notify Tenant in writing, together with a true and correct copy of said Bona Fide Offer. For purposes hereof, a “Bona Fide Offer” shall be deemed to be one made in writing (including a letter of intent, memorandum of understanding or document of similar import) by a person or entity that is not related or affiliated with Landlord which Landlord intends to accept (subject to this Article). In submitting the Bona Fide Offer to Tenant, Landlord shall segregate the price and the terms of the offer for the Leased Premises from the price and other terms connected with any additional property or properties that such person or entity is offering to purchase from Landlord. Tenant may, at Tenant’s option and within fifteen (15) days after receipt of Landlord’s notice of said Bona Fide Offer and receipt of a copy thereof, offer to purchase the Leased Premises at the price and upon the terms and conditions as are contained in said Bona Fide Offer, in which event, Landlord shall sell the Leased Premises to Tenant upon said terms and conditions and said price; furthermore, in such event, Landlord shall convey the Leased Premises to Tenant by special warranty deed. Notwithstanding the foregoing, the price that Tenant shall pay for the Leased Premises shall be reduced by (i) an amount equal to broker’s fees or commissions that would have been payable by either the purchaser or Landlord if the Leased Premises were sold pursuant to a Bona Fide Offer; and (ii) the amount of any payment(s) to be made by the proposed purchaser to any entity owned or controlled by, or affiliated with, the proposed purchaser. Landlord shall provide Tenant evidence of the amount of broker’s fees or commissions payable in connection with any such Bona Fide Offer. Landlord covenants that it shall accept no such Bona Fide Offer or convey the premises until it has complied with the terms of this Article. Any conveyance of the Leased Premises made in the absence of full satisfaction of this Article shall be void. Tenant may enforce this Article, without limitation, by injunction, specific performance or other equitable relief. The failure of Tenant to exercise the right of first refusal contained herein within the aforesaid fifteen (15) day period shall be a waiver of Tenant’s right of first refusal contained in this Article 29. Tenant’s election not to exercise its right of first refusal shall not prejudice Tenant’s rights hereunder as to any further Bona Fide Offer. The terms and conditions contained in this Article shall be binding upon the heirs, successors and assigns of Landlord. It is understood by Landlord and Tenant that an offer to acquire the Leased Premises from a person or entity that is related or affiliated with Landlord is not a Bona Fide Offer and thus Tenant does not have a right of first refusal (“ROFR”) as to such offer and therefore shall not prejudice Tenant’s rights hereunder as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of further Bona Fide Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 4 contracts

Sources: Lease (Natural Grocers by Vitamin Cottage, Inc.), Lease (Natural Grocers by Vitamin Cottage, Inc.), Lease (Natural Grocers by Vitamin Cottage, Inc.)

Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a right two (2) separate rights of first refusal (each a “ROFR”) ), the first of which is as to any rentable premises in that certain space in the Building commonly known as Suite 217B (as depicted in Exhibit B attached hereto) and the second of which is as to any rentable premises in that certain space in the Building commonly known as Suite 214A (as depicted in Exhibit B attached hereto), in each case for which Landlord is seeking a tenant (each an “Available ROFR Premises”); provided, however, that in no event shall Landlord be required to lease any Available ROFR Premises to Tenant for any period past the date on which the Amended Lease expires or is terminated pursuant to its terms. To the extent that Landlord renews or extends a then-existing lease with any then-existing tenant or subtenant of any space, or enters into a new lease with such then-existing tenant or subtenant, the affected space shall not be deemed to be Available ROFR Premises. In the event Landlord receives a bonafide offer intends to lease from a third party tenant the an Available ROFR Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the applicable Available ROFR Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.17.1. Within five ten (510) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease all (not just a portion) of the applicable Available ROFR Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five such ten (510) business day period, then Tenant shall be deemed to have elected not to lease the applicable Available ROFR Premises. 43.27.2. If Tenant timely notifies Landlord that Tenant elects to lease the applicable Available ROFR Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the applicable Available ROFR Premises to Tenant upon the terms and conditions set forth in the Notice of Offer, except that Base Rent for the applicable Available ROFR Premises shall be at the then-current Base Rent rate for the Premises (other than the Storage Premises). 43.37.3. If Tenant notifies Landlord that Tenant elects not to lease the applicable Available ROFR Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five ten (510) business day period described above, then Landlord shall have the right to consummate the lease of the applicable Available ROFR Premises on the same terms as set forth in the Notice of Offer following Tenant’s election (or deemed election) not to a third party tenantlease the applicable Available ROFR Premises. 43.47.4. Notwithstanding anything in this Section 43 Article to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this the Amended Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Landlord has given Tenant has committed a Default two (2) or more times notices of default under the Amended Lease, whether or not the defaults are cured, during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.57.5. Notwithstanding anything in this the Amended Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Amended Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided. 7.6. If Tenant exercises the ROFR, however, Landlord does not guarantee that the applicable Available ROFR Premises will be available on the anticipated commencement date for the Amended Lease as to such Premises due to a holdover by the then-existing occupants of the applicable Available ROFR Premises or for any other reason beyond Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transferreasonable control.

Appears in 3 contracts

Sources: Lease (Tocagen Inc), Lease (Tocagen Inc), Lease (Tocagen Inc)

Right of First Refusal. During the first (1st) three (3) years If, at any time after the Term Commencement Datedate of this Lease and while this Lease is in full force and effect, Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease should receive from a third party tenant purchaser a written offer to purchase the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant Premises (the “Notice of "Third Party Offer"), specifying and should Landlord desire to accept the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five (5) business days following its receipt of a Notice of Third Party Offer, it shall first make a written offer (the "Tenant shall advise Landlord in writing whether Tenant elects Offer") to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within sell said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant at the price and upon the terms and conditions set forth in the Notice Third Party Offer. The Tenant Offer shall be accompanied by a copy of the Third Party Offer. 43.3. Tenant may accept the Tenant Offer by service of notice of acceptance on Landlord on or before the thirtieth (30th) day following delivery of the Tenant Offer to Tenant. If the Tenant notifies Offer is accepted, the purchase and sale shall be closed at the principal office of Landlord that Tenant elects not to lease the Available Premises on the terms and conditions date set forth in the Notice Third Party Offer or at such other place, time and date as Landlord and Tenant may agree upon, by payment of the purchase price against conveyance of the Premises free and clear of liens and encumbrances of every kind and description except as permitted by the Tenant Offer, or if . If Tenant fails to notify fully and timely accept the Tenant Offer as herein provided, Landlord of Tenant’s election within may make the five (5) business day period described above, then Landlord shall have the right to consummate the lease sale of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise prospective purchaser making the ROFR during such period of time that Tenant is Third Party Offer in default under any provision of this Lease. Any attempted exercise of accordance with the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretionterms thereof; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment if Landlord fails to consummate the sale of the ROFR Premises on exactly the same terms and conditions as are set forth in connection with an Allowed Transferthe Third Party Offer, the Premises shall again be subject to Tenant's right of first refusal. Tenant's right of first refusal as set forth in this Article XXI shall be a continuing right and shall survive each sale of the Premises during the term hereof (as it may be extended as provided herein).

Appears in 3 contracts

Sources: Industrial Building Lease (LKQ Corp), Industrial Building Lease (LKQ Corp), Industrial Building Lease (LKQ Corp)

Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Landlord hereby grants Tenant shall have a right of first refusal to lease (the ROFRRight of First Refusal”) any space in excess of 5,000 rentable square feet that is available as to any rentable premises in of the Building for which date this Lease has been fully executed or becomes available during the term of this Lease, the “Refusal Space”. If and at such time as Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from has received an expression of interest by a third party tenant in leasing the Available PremisesRefusal Space, Landlord shall notify Tenant in writing of such interest, stating the location, the rentable area, and the basic business terms under which offer Landlord proposes to lease the Refusal Space”, each a “First Refusal Notice”. Tenant shall have seven (7) days after receipt of a Refusal Notice to deliver to Landlord, in writing, its notice that it is acceptable to Landlord exercising its rights hereunder, the “Exercise Notice” on the terms set forth in its sole the First Refusal Notice. Notwithstanding the foregoing, in the event Tenant delivers an Exercise Notice, and absolute discretionTenant has at least four (4) years remaining on the term of this Lease, then notwithstanding the terms of the First Refusal Notice, Landlord shall provide written notice thereof Tenant with suite improvements comparable to those delivered to Tenant as of the Commencement Date (the “Notice e.g. similar carpet, quantities on a pro rata basis of Offer”walls, doors, hardware, lighting, electrical outlets and finishes), specifying the material terms and conditions rate of a proposed lease to Tenant of the Available Premises, which Base Rent shall be $26.00 per rentable square foot per annum, there shall be no free rent and the same as expiration date for the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises Refusal Space shall be coterminous with the Term. 43.1expiration date of this Lease. Within five In the event Tenant delivers an Exercise Notice and there is less than four (54) business days following its receipt years remaining on the term of a Notice this Lease then all of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the First Refusal Notice of Offershall be applicable on any Exercise Notice delivered by Tenant. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected does not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offerdeliver an Exercise Notice, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not be free to lease the Available Premises on Refusal Space to another party, provided, however, if Landlord fails to lease the Refusal Space within six (6) months of the delivery of the First Refusal Notice to Tenant or the economic terms and conditions set forth stated in the First Refusal Notice improve by a value of Offer, seven percent (7%) or if Tenant fails to notify Landlord more in favor of Tenant’s election within the five (5) business day period described aboveproposed tenant, then Landlord shall reoffer the Refusal Space to Tenant by sending another First Refusal Notice to Tenant stating the then-current terms. Landlord and Tenant have the right to consummate the lease of the Available Premises executed this Lease on the same terms as date and year set forth in at the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision beginning of this Lease. Any attempted exercise of the ROFR during a period of time in which 46,414 RSF ▇▇▇▇▇▇ Ranch 8, Building P ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇ ▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇ Please Initial Tenant is so in Default shall be void and of no effect. In addition( ) Landlord ( ) ALEXANDER PROPERTIES COMPANY, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two AS LANDLORD, FIVE9, AS TENANT (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.“LEASE”)

Appears in 3 contracts

Sources: Building Lease (Five9, Inc.), Building Lease (Five9, Inc.), Building Lease (Five9, Inc.)

Right of First Refusal. During So long as the first Tenant is not in default under any of the terms and conditions contained within the Lease beyond any applicable notice and cure period, in the event Landlord enters into a contract for the sale of the Premises in response to a bona fide third-party offer (1stthe “Offer”) three (3) years after at any time during the Term Commencement DateTerm, Landlord hereby grants Tenant shall have a the right of first refusal (“ROFR”) as to any rentable premises in purchase the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth and conditions specified in the Notice Offer. (a) Within ten (10) days of the execution of the Offer, Landlord shall deliver a complete copy of the Offer to a third party tenant. 43.4Tenant. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled have thirty (30) days to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, determine whether or not Tenant cures desires to exercise its right of first refusal on the Offer and shall provide written notice of such Defaults election within such thirty (30) day period (unless such thirty (30) day period ends on a non business day, then such notice will be due on the next business day). Tenant’s failure to deliver timely notice shall be deemed as Tenant’s waiver of its right of first refusal to that Offer (but not any applicable cure periodsubsequent Offer). 43.5. Notwithstanding anything (b) In the event Tenant exercises its right of first refusal, Landlord and Tenant shall enter into a contract (the “Contract”) on the same terms and conditions as the Offer with all time periods extended in this Lease relation to the contraryeffective dates of the Offer and the Contract. All terms and conditions of the Lease shall continue until the Closing under the Contract. Should Landlord fail to perform its obligations under the Contract, Tenant shall have all rights and remedies provided in the Contract. Should Tenant fail to perform its obligations under the Contract, Landlord shall not assign only have the rights and remedies provided in the Contract, but shall be entitled to revive the Offer and sell the Premises to the purchaser thereunder. (c) In the event that either the Offer is terminated or transfer a material term in the ROFROffer is changed, either separately or in conjunction with an assignment or transfer of Tenant’s interest right of first refusal shall be reinstated as to any new offer and/or the modified Offer, respectively. However, should Landlord timely and properly close on the sale of the Premises to a party who is not affiliated with Radiation Therapy Services or ▇▇▇▇▇▇▇ Enterprises (where (i) Tenant was in default beyond any applicable notice and/or cure period, (ii) did not timely exercise its right of first refusal, or (iii) the LeaseContract was properly terminated), without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for then Tenant’s assignment right of the ROFR in connection with an Allowed Transferfirst refusal shall become null and void.

Appears in 3 contracts

Sources: Lease (Radiation Therapy Services Holdings, Inc.), Lease (Radiation Therapy Services Holdings, Inc.), Lease (Radiation Therapy Services Holdings, Inc.)

Right of First Refusal. During A. Providing the first (1st) three (3) years after Tenant has not committed an uncured Event of Default, the Term Commencement Date, Landlord hereby grants to the Tenant shall have a right of first refusal (“ROFR”) as to lease any rentable premises remaining space in the Building. When the Landlord has received a bona fide written proposal signed by a third party to lease any space in the Building for acceptable to the Landlord, the Landlord shall first send a Notice to the Tenant including a copy of the proposal, which shall include but not limited to, the location in the Building of the offered space (herein FIRST REFUSAL PREMISES), its rentable square feet, the rental, the term, tenant improvement allowances and rent allowances if any, the commencement and termination dates, rights to expansion space, renewal options, and any other special terms or conditions the Landlord is seeking a tenant deems pertinent. This Notice and copy of the proposal shall hereinafter be referred to as FIRST REFUSAL NOTICE. The Tenant shall have fifteen (“Available Premises”)15) days thereafter to elect, in writing, to agree to lease the First Refusal Premises upon the provisions set forth in the First Refusal Notice. In the event Landlord receives a bonafide offer the Tenant fails to lease from a third party tenant exercise its rights hereunder by notifying the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five fifteen (515) business day period described above, then the Landlord shall have the right to consummate enter into a lease with the said thirty party described in the First Refusal Notice but only upon substantially the same economic terms set forth therein. If the Landlord substantially and materially changes or alters the economic terms of the lease to the third party, the Landlord shall give the Tenant a new First Refusal Notice, and the Tenant shall again have the same rights as provided for above. B. In the event the Tenant exercises its right of the first refusal provided in this Article XXI, the Landlord shall thereupon prepare a lease amendment to this Lease based upon the terms of said First Refusal Notice. If the Landlord and the Tenant, both acting reasonably and fairly, cannot agree upon the terminology of the said amendment within thirty (30) days after the delivery to the Tenant of the initial draft of the amendment, then the Landlord may elect, upon written Notice to the Tenant, to terminate this right of first refusal as to that particular First Refusal Premises and lease the First Refusal Premises to the third party upon the same economic terms and provisions as in the First Refusal Notice. C. The Tenant's refusal or failure to exercise its rights under this Article XXI as to a particular set of terms for a particular First Refusal Premises, or the inability of the Tenant to agree on the terminology of a lease agreement, shall not terminate this right of first refusal as to any other spaces or the same space being offered for lease thereafter. D. After the exercise of the rights provided in this Article XXI, and the entry by both parties into a lease agreement for the lease of the Available Premises on First Refusal Premises, the same terms term Leased Premises, as set forth applied in this Lease, shall also apply to the First Refusal Premises. E. This Right of First Refusal shall not apply to any space in the Notice Building being leased by Motorola, Inc. and/or any of Offer to a third party tenantits subsidiaries or affiliates. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 3 contracts

Sources: Lease Agreement (Allscripts Inc /Il), Lease Agreement (Allscripts Inc /Il), Lease Agreement (Allscripts Inc /Il)

Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a continuing right of first refusal (“ROFR”) as to any rentable premises in on the first and third floors of the Building for which Landlord is seeking a tenant (“Available Premises”)) from time to time during the Term and extensions thereof. To the extent that Landlord renews or extends a then-existing lease with any then-existing tenant of any space, or enters into a new lease with such then-existing tenant for the same premises, the affected space shall not be deemed to be Available Premises. In addition, space that has not been rented since the completion of the Building shall be Available Premises. In the event Landlord makes to a third party, or receives from a bonafide third party, a offer to lease from a third party tenant the Available Premises, which offer Premises that Landlord is acceptable willing to Landlord in its sole and absolute discretionaccept, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. 43.1 Within five ten (510) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the such Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five ten (510) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. 43.2 If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. 43.3 If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five ten (5) business day 10)-day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as are in the Notice of Offer, or on terms that, in Landlord’s reasonable, good faith judgment, are more favorable to Landlord or on other terms than are set forth in the Notice of Offer (provided that each of (a) the size of any prospective subject space to a third party tenantbe let, (b) the aggregate economic value based on the discounted present value (to be calculated with an eight percent (8%) annual interest factor) of the net rent and other amounts to be paid by the tenant and the Landlord over the term of the lease of such space and the amount of the tenant improvement allowance, and (c) the length of the term of such prospective lease does not vary by more than seven and one-half percent (7.5%) from those set forth in the Notice of Offer), within one hundred twenty (120) days following Tenant’s election (or deemed election) not to lease the Available Premises. If Landlord does not lease the Available Premises within said one hundred twenty (120)-day period, then Tenant’s ROFR shall be fully reinstated with respect to the specific Available Premises, and Landlord shall not thereafter lease the Available Premises without first complying with the procedures set forth in this Article 43. 43.4. 43.4 Notwithstanding anything in this Section Article 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default beyond applicable notice and cure periods under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default been in default (beyond applicable notice and cure periods) two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. 43.5 Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; providedprovided that this ROFR shall be exercisable by Tenant’s Affiliate to which this Lease has been assigned in accordance with the terms hereof. 43.6 If Tenant exercises the ROFR, howeverLandlord does not guarantee that the Available Premises will be available on the anticipated commencement date for the lease thereof if the then-existing occupants of the Additional Space shall hold over, that or for any other reason beyond Landlord’s consent shall not be required for Tenant’s assignment reasonable control. 43.7 Notwithstanding anything in this Lease to the contrary, if the Available Premises consists of all or any portion of the first (1St) floor, Tenant at its sole discretion may elect to exercise this ROFR with respect to all of such space on the first (1st) floor or with respect to only such portion thereof as Tenant may elect (so long as the portion of the first (1st) floor that Tenant does not elect to lease is, in connection with an Allowed TransferLandlord’s reasonable judgment, reasonably marketable).

Appears in 3 contracts

Sources: Lease (NanoString Technologies Inc), Lease (NanoString Technologies Inc), Lease (NanoString Technologies Inc)

Right of First Refusal. During In addition to the first (1st) three (3) years after Option to Purchase granted to Tenant in Section 18.01 above, Landlord does further agree that if at any time during the Term Commencement Dateterm of this Lease, provided Tenant is not in default hereunder, or any renewal term, Landlord shall receive any bona fide offer acceptable to Landlord for the sale of the Premises leased herein, Landlord, prior to acceptance thereof will give Tenant, with respect to each said offer, written notice thereof and a copy of said offer. In the event Tenant receives said notice, Tenant shall have a the option and first refusal for fifteen (15) days after receipt of such notice within which to elect to purchase the Premises on the terms of said offer. If Tenant shall elect to purchase the Premises pursuant to this right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premisesgranted herein, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord it shall provide Landlord with written notice thereof to Tenant of such election within the said fifteen (15) day period, and upon such notice having been given, the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which transaction shall be the same as closed on the terms of the bonafide offer, offer except that the term of any lease entered into by Tenant with respect to the Available Premises such closing shall be coterminous with at least sixty (60) days after the Term. 43.1date of Tenant's notice to Landlord. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects continue to lease pay the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior rentals specified herein up to the date on which Tenant seeks fee title to the property vests in Tenant. Tenant's right of first refusal set forth above shall be a continuing right during the existence of this Lease. Tenant's failure at any time to exercise the ROFR, whether or its right of first refusal shall not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in affect this Lease to and the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer continuation of Tenant’s interest in the 's right and options under this Lease, without Landlord’s prior written consent, except for the Purchase Option and the right of first refusal which consent Landlord may withhold in its sole shall both thereafter be null and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfervoid.

Appears in 3 contracts

Sources: Real Estate Lease (Wastequip Inc), Real Estate Lease (Wastequip Inc), Real Estate Lease (Wastequip Inc)

Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises Suite 210 located in the Building (as more particularly described on Exhibit D hereto, “Available ROFR Premises”) in the event that such Available ROFR Premises becomes available for which lease and Landlord is seeking a new tenant (“for such Available ROFR Premises”); provided, however, that in no event shall Landlord be required to lease any Available ROFR Premises to Tenant for any period past the date on which this Lease expires or is terminated pursuant to its terms. To the extent that Landlord renews or extends a then-existing lease with any then-existing tenant or subtenant of any space, or enters into a new lease with such then-existing tenant or subtenant, the affected space shall not be deemed to be Available ROFR Premises. In the event Landlord receives a bonafide offer desires to lease from Available ROFR Premises to a third third-party tenant the Available Premises, which offer is acceptable to Landlord in its sole upon terms and absolute discretionconditions offered or accepted by such third-party tenant, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a such proposed lease (including, without limitation, any additional space Landlord desires to Tenant of lease with the Available ROFR Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term). 43.1. Within five seven (57) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease all (not just a portion) of the Available Premises space described in the Notice of Offer on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five such seven (57) business day period, then Tenant shall be deemed to have elected not to lease the Available ROFR Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease all (not just a portion) of the Available Premises space described in the Notice of Offer on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises such space to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises space described in the Notice of Offer on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five seven (5) business day 7)-day period described above, then Landlord shall have the right to consummate the lease of the Available ROFR Premises to any other party on the same any terms as set forth in the Notice of Offer to a third party tenantand conditions that Landlord desires. 43.4. Notwithstanding anything in this Section 43 Article to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Landlord has given Tenant has committed a Default two (2) or more times notices of default under this Lease, whether or not the defaults are cured, during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided. 43.6. If Tenant exercises the ROFR, however, Landlord does not guarantee that the Available ROFR Premises will be available on the anticipated commencement date for the Lease as to such Premises due to a holdover by the then-existing occupants of the Available ROFR Premises or for any other reason beyond Landlord’s consent shall not be required for Tenant’s assignment of reasonable control. 43.7. Notwithstanding anything in this Lease to the contrary, the ROFR in connection with an Allowed Transfershall expire on the Option Date.

Appears in 3 contracts

Sources: Sublease (Zentalis Pharmaceuticals, Inc.), Sublease (Zentalis Pharmaceuticals, LLC), Sublease (Zentalis Pharmaceuticals, LLC)

Right of First Refusal. During the first (1st) three (3) years If, at any time after the Term end of the eighty fourth (84th) complete calendar month to occur after the Commencement Date and before the end of the one hundred twentieth (120th) complete calendar month to occur after the Commencement Date, Tenant shall have and while this Lease is in full force and effect, Landlord should receive from a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking bona fide, arm's-length purchaser a tenant (“Available Premises”). In the event Landlord receives a bonafide bona fide written offer to lease from purchase the Premises ("Bona Fide Offer"), and should Landlord desire to accept the Bona Fide Offer, it shall first make a third party tenant the Available Premises, which written offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of "Tenant Offer”), specifying the material terms and conditions of a proposed lease ") to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within sell said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant at the price and upon the terms and conditions set forth in the Notice Bona Fide Offer. The Tenant Offer shall be accompanied by a copy of the Bona Fide Offer. 43.3. Tenant may accept the Tenant Offer by service of notice of acceptance on Landlord on or before the thirtieth (30th) day following delivery of the Tenant Offer to Tenant. If the Tenant notifies Offer is accepted, the purchase and sale shall be closed at the principal office of Landlord that Tenant elects not to lease the Available Premises on the terms and conditions date set forth in the Notice Bona Fide Offer or at such other place, time and date as Landlord and Tenant may agree upon, by payment of the purchase price against conveyance of the Premises free and clear of liens and encumbrances of every kind and description except as permitted by the Tenant Offer, or if . If Tenant fails to notify fully and timely accept the Tenant Offer as herein provided, Landlord of Tenant’s election within may make the five (5) business day period described above, then Landlord shall have the right to consummate the lease bona fide sale of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise bona fide prospective purchaser making the ROFR during such period of time that Tenant is Bona Fide Offer in default under any provision of this Lease. Any attempted exercise of accordance with the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretionterms thereof; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment if Landlord fails to consummate the sale of the ROFR Premises on exactly the same terms and conditions as are set forth in connection with an Allowed Transferthe Bona Fide Offer, the Premises shall again be subject to Tenant's right of first refusal. Tenant's right of first refusal as set forth in this Article XXI shall be a continuing right and shall survive each sale of the Premises during the term hereof (as it may be extended as provided herein).

Appears in 3 contracts

Sources: Industrial Building Lease (LKQ Corp), Industrial Building Lease (LKQ Corp), Industrial Building Lease (LKQ Corp)

Right of First Refusal. During the first (1st1) three (3) years after the Term Commencement Date, Landlord hereby grants Tenant shall have a right of first refusal (“ROFRROFRO”) on all Available Space (as defined in the First Amendment) on the 7th Floor of the Building, which right shall be superior to the rights granted to the City of Houston to renew its lease for space in the southern portion of the Building, but will be subordinate to any rentable premises other rights in existence from the Building for date of this Third Amendment (which rights are set forth on Exhibit “D” hereto). (2) If at anytime Landlord is seeking wishes to accept a tenant (“Available Premises”). In the event Landlord receives a bonafide bona fide offer to lease from a an unaffiliated third party tenant for the lease of any of the Available PremisesSpace on the ▇▇▇ ▇▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇, which offer is acceptable ▇▇▇▇▇▇▇▇ shall deliver to Landlord in its sole and absolute discretion, Landlord shall provide written Tenant a notice thereof indicating in such notice the space that is subject to Tenant (lease, the “Notice identity of Offer”)the Tenant, specifying the material base rent, term and all terms and conditions of a proposed lease that have been agreed to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises proposed lease (“Landlord’s Notice”). Tenant shall have a period of ten (10) business days from receipt of Landlord’s Notice to notify Landlord whether it will lease the space in question. Failure to notify Landlord within such ten day period that Tenant exercises its ROFRO shall be deemed an election by Tenant to not exercise such right, and Landlord may then enter into a new lease with the proposed tenant named in Landlord’s Notice and under the same terms, conditions and provisions therein set forth. If there is any change in the identity of the proposed tenant or any of such terms, conditions and provisions, then Landlord may not lease the space in question without again complying with the provisions of this section. Tenant’s rights under this section are in addition to its Right of First Offer set forth in the First Amendment. (3) If Tenant elects to lease the space described in the Landlord’s Notice pursuant to this Section, the terms shall include the following: (i) the term for such space shall be coterminous with the Termexisting Term of this Lease, and (ii) the rental rate shall be equal to the Market Rental Rate, but shall be not less than the rate that space is being offered to the bona fide third party tenant named in Landlord’s Notice. 43.1. Within five (54) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything ROFRO granted in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled addition to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest Right of First Offer contained in the Lease, without Landlord’s prior written consentFirst Amendment, which consent Landlord may withhold shall remain in its sole full force and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfereffect.

Appears in 2 contracts

Sources: Office Lease, Office Lease (PROS Holdings, Inc.)

Right of First Refusal. During (A) As of the first (1st) three (3) years after Commencement Date and for the Term Commencement Datehereof, Tenant shall have a the right of first refusal (“ROFR”) as to any rentable premises lease additional space in the Building for which Landlord is seeking a tenant or hereafter shall become vacant (“Available Premises”the "Vacant Space"). In the event Landlord receives a bonafide bona fide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretionany Vacant Space, Landlord shall provide written notice thereof forward to Tenant (a written letter setting forth the “Notice of Offer”)proposed tenant for the Vacant Space, specifying the material all economic terms and conditions of a proposed lease to Tenant of the Available Premisesoffered, which shall be the same as the terms of the bonafide offer, except that the term of any the proposed lease entered into by Tenant with respect to and the Available Premises shall be coterminous with propsed commencement date of the Term. 43.1term of the proposed lease (the "Notice"). Within five seven (57) business days following its of Tenant's receipt of a Notice of Offerthe Notice, Tenant shall advise Landlord in writing whether if Tenant elects wishes to lease the Available Premises on Vacant Space. (B) In the event Tenant exercises its option to lease any Vacant Space, this Lease shall be modified in writing to reflect that the Vacant Space shall be added to and become part of the Demised Premises. Such written modification shall contain, among other things, the following terms and conditions set forth conditions: (i) The Vacant Space shall be leased to tenant in its "as is" condition and Landlord shall not be obligated to make any repairs or modifications to the Vacant Space prior to Tenant's taking occupancy except if the Notice contains provisions for Landlord's Work in the Notice of Offer. If Tenant fails Vacant Space or a work allowance or any other obligation Landlord agreed to notify Landlord of Tenant’s election within said five do in such bona fide offer. (5ii) business day period, then Tenant The Fixed Basic Rent for the Vacant Space shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenantNotice. 43.4. Notwithstanding anything (iii) The Commencement Date for the Vacant Space shall be the Commencement Date of the term set forth in this Section 43 to the contrary, Tenant Notice. (iv) The Termination Date for Tenant's occupancy of the Vacant Space shall not exercise be the ROFR during such period of time that Tenant is in default under any provision same as the Termination Date of this Lease. Any attempted exercise . (C) In the event Tenant either fails to advise Landlord in writing if Tenant wishes to lease the Vacant Space within seven (7) business days of Tenant's receipt of the ROFR during Notice or fails to enter into a period Lease Modification Agreement within fourteen (14) days of time in which advising Landlord that Tenant is so in Default wishes to lease the Vacant Space, the right of first refusal contained herein shall be become null and void and of no further effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 2 contracts

Sources: Lease Agreement (Infocrossing Inc), Lease Agreement (Computer Outsourcing Services Inc)

Right of First Refusal. During Subject and subordinate only to the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a continuing right of first refusal (“ROFR”) as offer granted to [***] Company with respect to any rentable premises in available space on the Building for which Landlord is seeking a tenant tenth (“Available Premises”10th) floor (as it exists as of the date of this Lease) and to [***] expansion rights covering the ROFO Encumbered Premises (as it exists as of the date of this Lease). In , if at any time during the event Right of First Refusal Period Landlord receives a bonafide offer to lease from a third party tenant bona fide proposal for any space comprising the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretionExpansion Premises (whether or not such space has been the subject of an Offer Notice), Landlord shall provide Tenant written notice thereof to Tenant along with the material terms of such offer (the “Notice of OfferRFR Notice”), specifying . Landlord may keep confidential the material terms and conditions of a proposed lease to Tenant identity of the Available Premises, which proposed tenant and Tenant shall be the same have no right to inquire as the terms of the bonafide offer, except that the term of any lease entered into by to such identity. Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five have four (54) business days following its after receipt of a RFR Notice of Offer, Tenant shall from Landlord to advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5the “RFR Acceptance”) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available subject Expansion Premises on the same terms and conditions as Landlord has specified in its RFR Offer Notice, provided that the term of this Lease for the Expansion Premises shall be co-terminous with the term of this Lease for the original Premises. If the RFR Acceptance is so given, then within promptly thereafter, Landlord and Tenant shall sign an amendment to this Lease, adding the Expansion Premises to the Premises and incorporating all of the terms and conditions originally contained in Landlord’s Offer Notice. If Tenant does not tender the RFR Acceptance of the RFR Offer Notice, within the time periods set forth herein, then Landlord may lease such portion of the Expansion Premises as is then available to any third party it chooses without liability to Tenant on all of the same material terms and conditions as those specified in Landlord’s RFR Offer Notice, subject to Tenant’s rights under this Section 24. With the express understanding that ▇▇▇▇▇▇’s expansion rights hereunder are a material inducement for Tenant to enter into this Lease, Landlord represents and warrants that, subject to [***] rights with respect to the ROFO Encumbered Premises as set forth in above, neither [***] nor any other party has a right superior to Tenant, or to which Tenant’s rights are subject and subordinate, covering any other space on the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 to 11th floor, which representation and warranty shall survive the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision expiration or earlier termination of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect[***] = CONFIDENTIAL INFORMATION HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure periodCONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THIS OMITTED INFORMATION. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 2 contracts

Sources: Office Lease (Blackline, Inc.), Office Lease (Blackline, Inc.)

Right of First Refusal. During 44.1 Provided that Tenant is not then in default under the first terms, covenants and provisions of this Lease, Landlord hereby grants to Tenant the right at any time during the term of this Lease to lease additional space on floors 3 and 4 in the Building (1sthereinafter "Expansion Space") three (3) years after which right is subject to the Term Commencement Dateprior rights of existing tenants. For purposes of this Section, Tenant "prior rights" of existing tenants shall have a include an existing tenant's right of first refusal refusal, an option to expand, an option to renew or a renewal of an existing lease whether or not pursuant to an option. The right of First Refusal is further subject to the following terms and conditions: (“ROFR”a) Tenant shall deliver to Landlord written notice of its Section ("Tenant's Election") to lease the Expansion Space on or before thirty (30) calendar days after receipt of Landlord's Notice of Negotiation/Intent to Lease (as defined in Section (b) below). (b) Landlord, within ten (10) days after receiving Tenant's written request and at Landlord's election, may either give Tenant written notice of (1) its intention to any rentable premises in negotiate with a third party for the Building for lease of such Expansion Space, which notice shall contain the terms and conditions upon which Landlord is seeking a tenant initially intends to offer the space to one or more third parties, or (“Available Premises”). In the event Landlord receives a bonafide 2) of an offer to lease received from a third party tenant the Available Premisesto lease, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord notice shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on contain the terms and conditions contained in said offer (collectively, "Landlord's Notice of Negotiation/Intent to Lease"). For purposes hereof the terms shall include rentable square footage and rate. If Tenant thereafter fails to deliver to Landlord written notice of its Section to lease such space within the applicable time periods set forth in Subsection (1) above and on the Notice same terms and conditions as contained in the Landlord's Notice, Landlord may proceed to lease such Expansion Space free and clear of Offerthis Right of First Refusal. If Tenant fails or refuses to notify Landlord so exercise its Rights of First Refusal within thirty (30) days after Landlord's written notice to Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not waived its option to lease such space, and this Article shall be null and void and have no further force and effect with respect to such portion of the Available PremisesExpansion Space. 43.2. If Tenant timely notifies (c) In the event Landlord that Tenant elects to lease does not demise the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer Expansion Space to a third party tenantupon substantially the same terms and conditions contained in Landlord's Notice of Intent to Lease, Landlord shall provide notice to Tenant as set forth above with respect to any subsequent negotiations or offer for said space. 43.4. Notwithstanding anything in (d) If Tenant exercises its Right of First Refusal then except for the rate, then all terms and conditions of this Section 43 Lease shall apply, except as to the contraryfixed rent and the term of to expansion space. As to such term, Tenant no such term shall not exercise be less than the ROFR during such period of time that Tenant is in default under any provision term of this Lease. Any attempted exercise If any such terms is in excess of this Lease, then the term of this Lease shall be deemed to have been extended commensurate with the term of the ROFR during a period Additional Space Lease pursuant to this Section. 44.2 Tenant acknowledges that its Right of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant First Refusal shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR apply in connection with an Allowed Transferthe Lease currently being negotiated between Landlord and AT&T for the balance of the 50,000 square feet of the Building.

Appears in 2 contracts

Sources: Lease Agreement (Paradyne Corp), Lease Agreement (Globespan Semiconductor Inc)

Right of First Refusal. During Provided the Tenant continuously and promptly pays the Annual and Additional Rent hereunder and fulfils its other obligations under the Lease, the Landlord hereby agrees, that if at any time during the Term, premises in the Building become vacant and available for lease, and the Landlord is in receipt of a bona fide offer to lease from a third party (“3rd Party Offer”) for all or a part of such premises (“Additional Space”), provided the Tenant is not then in default under the Lease prior to accepting such Offer, the Landlord shall first offer to lease the Additional Space to the Tenant by delivering notice, in writing, setting out the terms and conditions of the 3rd Party Offer and the Tenant shall have the right within two (1st2 ) three (3) years after business days of its receipt of such notice, to deliver to the Term Commencement DateLandlord written notice of its election to lease the Additional Space upon the same terms and conditions of the Lease, except for the rent, additional rent, tenant inducements or allowances, if any, and free-rent, if any, which shall be those contained in the 3rd Party Offer. The notice given by the Tenant to the Landlord, shall constitute a binding offer to lease and the Landlord and Tenant shall proceed diligently to amend the Lease in order to include the Additional Space and the terms and conditions related to it. If the Tenant does not so elect, the Landlord shall be free to, but not obligated to, lease the Additional Space to the third party.” Whether or not Tenant exercises its rights of first refusal on Additional Premises, Tenant shall have a right of first refusal (“ROFR”) as offer to lease any rentable premises space in the Building which is or shall become available for which leasing by the Landlord is seeking as a tenant (“Available Premises”). In the event Landlord receives discrete leased premises, subject to a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written prior notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five (5) business days following to that effect given by Tenant to Landlord (the “Vacant Premises”). Throughout the Term, at Tenant’s request, Landlord shall give Tenant a detailed list of all spaces then available for rent in the Building. Should Tenant exercise its receipt right to expand leasing of a Notice of Offer, Tenant the Vacant Premises shall advise Landlord in writing whether Tenant elects to lease the Available Premises on be under the terms and conditions set forth of this Lease which shall apply mutatis mutandis. including the expiration date of the Term, the Allowance except for the Annual Rent rate which shall the annual rent rate then being offered by the Landlord for the subject premises, Free Rent Period, which shall be a portion of the Free Rent Period under this Lease in the Notice proportion that the remaining period of Offerthe Term bears to the original Term and the value of all monetary inducements which as of the commencement of the term for the Vacant Premises shall be an amount per square foot equal to the value of the inducements under this Lease at the Commencement Date per square foot on a per month basis over the initial Term, multiplied by the remaining months of the Term. If Tenant fails to notify Landlord The Letter of Tenant’s election within said five (5) business day period, then Credit posted by the Tenant shall be deemed increased by the proportion that the total rent under this Lease including the rent for the Vacant Premises then is to have elected not the total rent prior to lease the Available Premises. 43.2leasing of the Vacant Premises by the Tenant. If Any inducements payable to the Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth shall be paid in the Notice of Offer, then Landlord shall lease same manner and corresponding times as the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default original inducements under any provision of this Lease. Any attempted exercise of the ROFR during The Tenant shall have a period of time in which Tenant is so in Default shall be void and one (1) months following vacant possession of no effect. In additionthe Vacant Premises, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest construct its improvements in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole Vacant Premises free of Annual Rent and absolute discretion; provided, however, that Landlord’s consent shall not be required Additional Rent for Tenant’s assignment of the ROFR in connection with an Allowed TransferVacant Premises.

Appears in 2 contracts

Sources: Lease Agreement (Coley Pharmaceutical Group, Inc.), Lease Agreement (Coley Pharmaceutical Group, Inc.)

Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide that Bravo seeks to offer to lease any Person the opportunity to provide system integration services or to develop application software for the Bravo System and/or Bravo Software ("Requested Services"), Bravo shall first offer PIQ the right to provide the Requested Services on the following terms; provided, however, that Bravo, in its sole discretion, may decide to offer or not to offer such Requested Services to PIQ in the event PIQ is unable to provide Requested Services of a quality generally comparable to that obtained from a third party tenant the Available PremisesPerson. (a) Bravo shall deliver a notice to PIQ setting forth, which offer is acceptable to Landlord in its sole and absolute discretionreasonable detail, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the all material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect relating to the Available Premises shall be coterminous with the Term. 43.1proposed Requested Services (each such notice, an "Offer"). Within five (5) business days following its when the Requested Services relate to a jointly marketed field, or within thirty (30) business days when such Requested Services do not relate to a jointly marketed field after receipt of a Notice of the Offer, Tenant PIQ shall advise Landlord provide Bravo with either (i) a rejection of the Offer or (ii) a written estimate of the fees payable and other terms and conditions relating to the provision of the Requested Services as set forth in writing whether Tenant elects the Offer. If Bravo accepts PIQ's estimate and proposed terms and conditions, the parties shall enter into appropriate definitive written agreements with respect to lease such arrangement as soon as reasonably practicable. (b) If (i) PIQ rejects the Available Premises on Offer, (ii) PIQ fails to reject the Offer or to provide a written estimate within the applicable five-day or thirty-day period or (iii) the parties fail to enter into definitive agreement(s) as required by Section 1.4(a) above, then Bravo may enter into arrangements with a third Person to obtain the Requested Services set forth in the relevant Offer, so long as the terms and conditions of such arrangement (the "Third Party Transaction Terms") are no less favorable (considered in their entirety) to Bravo than those that Bravo would have been able to obtain in an arrangement with PIQ (as determined by reference to the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five Offer and PIQ's written estimate) (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises"PIQ Transaction Terms"). 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 2 contracts

Sources: Operating Agreement (Cotelligent Inc), Operating Agreement (Cotelligent Inc)

Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a an ongoing right of first refusal (“11055 ROFR”) as to any rentable premises in the 11055 Building for which Landlord is seeking a tenant (“Available 11055 ROFR Premises”). In the event Landlord receives a bonafide offer intends to lease from 11055 ROFR Premises to a bona fide third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretionparty, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material agreed upon economic terms and conditions of a the proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant (with respect to the Available Premises shall be coterminous 11055 ROFR Premises) with the Termsuch bona fide third party. 43.18.1. Within five seven (57) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease all (not just a portion) of the Available 11055 ROFR Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five such seven (57) business day period, then Tenant shall be deemed to have elected not to lease the Available 11055 ROFR Premises. 43.28.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available 11055 ROFR Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available 11055 ROFR Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.38.3. If Tenant notifies Landlord that Tenant elects not to lease the Available 11055 ROFR Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five seven (5) business day 7)-day period described above, then Landlord shall have the right to consummate the lease of the Available 11055 ROFR Premises on the same terms as set forth in the Notice of Offer following Tenant’s election (or deemed election) not to a third party tenantlease the 11055 ROFR Premises. 43.48.4. Notwithstanding anything in this Section 43 Article to the contrary, Tenant shall not exercise the 11055 ROFR during such period of time that Tenant is in monetary or material non-monetary default under any provision of this Leasethe Lease beyond any applicable notice and cure period. Any attempted exercise of the 11055 ROFR during a period of time in which Tenant is so in Default default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the 11055 ROFR if Landlord has given Tenant has committed a Default two (2) or more times notices of default under the Lease, whether or not the defaults are cured, during the twelve (12) month period prior to the date on which Tenant seeks to exercise the 11055 ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.58.5. Notwithstanding anything in this the Lease to the contrary, Tenant shall not assign or transfer the 11055 ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the LeaseLease (except in connection with an assignment of the Lease to a successor to Tenant by merger, acquisition or transfer to an affiliate (“affiliate” for this purpose shall mean an entity which as of the date of determination and at all times thereafter directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with Tenant) to which Landlord has consented), without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided. 8.6. If Tenant exercises the 11055 ROFR, however, Landlord does not guarantee that the 11055 ROFR Premises will be available on the anticipated commencement date for the Lease as to such 11055 ROFR Premises due to a holdover by the then-existing occupants of the 11055 ROFR Premises or for any other reason beyond Landlord’s consent shall not be required for reasonable control. 8.7. Notwithstanding anything to the contrary, Tenant’s assignment rights under this Section 8 are subject and subordinate to any rights of renewal, extension, offer, refusal or any other rights of any other tenant at the Center as of the ROFR in connection with an Allowed Transferdate of this Amendment.

Appears in 2 contracts

Sources: Sublease Agreement (Locust Walk Acquisition Corp.), Standard Industrial Net Lease (Trovagene, Inc.)

Right of First Refusal. During the first (1st) three (3) years From and after the Term Commencement Date, Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant FFP Surrender Date with respect to the Available First Floor Premises, and from and after the SFP Surrender Date with respect to the Second Floor Premises through the expiration or earlier termination of the Term, each time that Landlord intends to accept a written proposal (the “Pending Deal”) to lease the First Floor Space or, if applicable, the Second Floor Space to a third party (“ROFR Space”), Landlord shall deliver to Tenant written notice (the “Pending Deal Notice”) of the existence and the terms of such Pending Deal; provided, however, that the terms of this Section 20(a) shall not apply to any current or future transaction pursuant to which Landlord intends to lease all or any of the Second Floor Space and/or the First Floor Premises directly to Subtenant. Tenant shall be coterminous entitled to exercise its right under this Section 20(a) only with respect to the Term. 43.1entire ROFR Space. Within five ten (510) business days following its after Tenant’s receipt of a Notice of Offerthe Pending Deal Notice, Tenant shall advise deliver to Landlord in writing whether written notice (the “Space Acceptance Notice”) if Tenant elects to lease the Available Premises ROFR Space. Tenant’s right to receive the Pending Deal Notice and election to lease or not lease the ROFR Space pursuant to this Section 20(a) is hereinafter referred to as the “Right of First Refusal.” If Tenant elects to lease the ROFR Space by delivering the Space Acceptance Notice within the required ten (10) business day period, Tenant shall be deemed to agree to lease the ROFR Space on the terms and conditions set forth in the Pending Deal Notice and any other terms agreeable to Landlord and Tenant, in the respective sole discretion of Offereach party. If (i) Tenant fails to notify deliver a Space Acceptance Notice to Landlord of Tenant’s election within said five the required ten (510) business day period, then or (ii) no lease amendment or lease agreement for the ROFR Space, acceptable to Landlord and Tenant in their respective reasonable discretion, has been executed and delivered by the parties within thirty (30) days after Landlord delivers a draft of the same to Tenant despite the good faith efforts of both parties, Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects exercise Tenant’s right to lease the Available Premises ROFR Space pursuant to the Pending Deal Notice in question in which case Tenant shall be deemed to have forever waived its right to lease the ROFR Space pursuant to the Pending Deal Notice in question, this Section 20(a) shall terminate and be of no further force or effect with respect to the Pending Deal Notice in question, and Landlord shall have the right to lease the ROFR Space to the party that was the subject of the Pending Deal Notice on substantially the same business terms and conditions set forth in the Notice Pending Deal Notice. Notwithstanding the foregoing, if Landlord negotiates with the proposed tenant economic lease terms materially more favorable (but in no event shall the economic lease terms be considered materially more favorable unless the difference in net effective base rent is 10% or greater), as reasonably determined by Landlord, than those offered to Tenant but rejected as part of Offerthe Pending Deal Notice, then Landlord shall lease be required to submit the Available Premises more favorable economic terms to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3for its review. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the shall have five (5) business day period described abovedays after receipt of the more favorable economic terms to accept or reject the revised terms. If Tenant rejects the more favorable terms, then Landlord shall have be free to enter into a lease with the right proposed tenant on such terms. Tenant’s rejection of any particular Pending Deal Notice shall not relieve Landlord of its obligation to consummate again offer any Right of First Refusal Space to Tenant at any time that Landlord intends, other than with respect to Subtenant with respect to whom the lease terms of the Available Premises on the same terms as set forth in the Notice of Offer this Section 20 shall not apply, to again agree to a third written proposal from another party tenant. 43.4. Notwithstanding anything to lease such space in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 2 contracts

Sources: Lease Agreement (Theravance Biopharma, Inc.), Lease Agreement (Theravance Inc)

Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Tenant shall have the prior right to lease Suite 445, containing approximately 7,534 rentable square feet, located on the 4th floor of the Building (“ROFR Space”), in accordance with the following terms and conditions: (a) Tenant acknowledges that Landlord is currently in negotiations with a AmeriFirst Financial, Inc., an Arizona corporation and/or its affiliates for the ROFR Space (“Anticipated 4th Floor Tenant”) and that Tenant’s right of first refusal offer to the lease ROFR Space under this Section 60 will not become effective until the termination of the lease for the Anticipated 4th Floor Tenant (the ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available PremisesSuite 445 Lease”). In . (b) Following the expiration of or earlier termination of the Suite 445 Lease, in the event Landlord receives shall receive a bonafide bona fide third party offer to lease from the ROFR Space on terms which Landlord wishes to accept, or, in the event Landlord offers (subject to Tenant’s rights hereunder) to lease the ROFR Space on terms which a bona fide third party tenant the Available Premiseswishes to accept, which offer is acceptable to Landlord then, in its sole and absolute discretioneither such event, Landlord shall forthwith provide written notice thereof to Tenant, together with a true and correct copy of such offer. Tenant (shall have the “Notice of Offer”)right, specifying the material terms at Tenant’s option and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within within five (5) business days following its after receipt of a Notice of Offersuch notice from Landlord, Tenant shall advise Landlord in writing whether Tenant elects to exercise its right hereunder to lease the Available Premises on ROFR Space at the rent and upon the terms contained in such offer, in which event Landlord shall lease the ROFR Space to Tenant at said rent and conditions set forth in upon said terms. Landlord covenants that it shall not accept any such offer nor lease the Notice of Offer. ROFR Space to any third party until it has complied with the terms hereof. (c) If Tenant fails to notify Landlord exercise its right of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election first refusal hereunder within the five (5) business day notice period described aboveprovided for in the preceding subparagraph (a), then Landlord shall have thirty (30) days thereafter within which to lease the ROFR Space at the price and upon the terms of such offer without resubmitting such offer to Tenant in accordance herewith. However, Tenant’s election not to exercise its right hereunder to consummate lease the lease ROFR Space shall not prejudice Tenant’s rights hereunder as to any further offer, and in the event the price and/or other terms of the Available Premises on the same terms as set forth offer are modified in any material manner (including, but not limited to, any reduction in the Notice rent of Offer more than four percent), then such modification shall be deemed to constitute a third party tenant. 43.4new offer and shall be subject to Tenant’s right of first refusal hereunder. Notwithstanding anything in The foregoing notwithstanding, (a) Tenant shall have no rights under this Section 43 to the contrary, Tenant shall not exercise the ROFR during such any period of time that Tenant it is in default under any provision this Lease beyond applicable cure periods, and (b) Tenant’s rights in this Section shall become null and void upon the first to occur of the following: (i) termination of this Lease. Any attempted Lease (or Tenant’s right of possession) by reason of Tenant’s default, or the termination of this Lease pursuant to other provisions of this Lease providing for termination, or (ii) Tenant’s failure to exercise its right of first refusal hereunder in accordance with Section 60(b), above, then Tenant’s rights with respect to all of the ROFR during a period Space shall terminate. Upon the occurrence of time in which any of the foregoing events, Tenant is so in Default shall be deemed to have forever waived its rights with respect to all of the ROFR Space, and Tenant’s rights hereunder shall thereafter automatically be deemed null and void and of no further force and effect. In additionNotwithstanding anything to the contrary in this Section 60, Tenant shall not be entitled acknowledges that in the event any other tenant of the Building or the Project with a prior right to lease the ROFR Space elects to exercise its right to lease the ROFR if Tenant has committed Space, Tenant’s rights set forth in this Section 60 shall be of no force or effect with respect to the ROFR. For the purposes of the foregoing sentence, a Default two “prior right to lease” shall mean any tenant occupying its premises directly or as an assignee (2but not as a subtenant, licensee, or concessionaire) or more times during the twelve under: (12a) month period a lease that was executed prior to the date on which Tenant seeks to exercise Effective Date (a “Prior Lease”); or (b) a renewal or extension of a Prior Lease; or (c) the ROFR, whether Suite 445 Lease (including any renewals or not Tenant cures such Defaults within any applicable cure periodextensions). 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 2 contracts

Sources: Commercial Lease (Ziprecruiter, Inc.), Commercial Lease (Ziprecruiter, Inc.)

Right of First Refusal. During Provided Tenant has fully and timely performed all of its obligations hereunder, the first time Landlord receives an offer from a third party that Landlord is willing to accept for a lease of space (1stand not just a portion thereof) three which becomes available for lease in Buildings A, B, C, or D in the Project (3) years after the Term Commencement Date"Refusal Space"), Tenant shall have a the first right to obtain the Refusal Space on the terms of first refusal (“ROFR”) as to any rentable premises in such offer. Promptly after the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretionreceipt of such offer, Landlord shall provide written give Tenant notice thereof to Tenant in reasonable detail (the ''Notice of Offer”Offered Lease"), specifying . On or before the material terms and conditions 5th business day after the date of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five (5) business days following its receipt of a Notice of Offersuch submission, Tenant shall advise may exercise this right by sending Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord a notice stating that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant Refusal Space upon the terms and conditions set forth in the Notice of Offer. 43.3Offered Lease (the "Offered Lease Terms"). If Tenant notifies provides such notice, Landlord that and Tenant elects not to shall enter into a lease for the Available Premises Refusal Space within 10 days after the date of Tenant's exercise notice on the Offered Lease Terms which lease shall include a contingency for Landlord's receipt of final approval from its Real Estate Committee upon substantially the same terms and conditions set forth in as Section 6 below. If Tenant does not timely exercise the Notice of Offerright, or if Tenant fails properly exercises such right but thereafter for any reason (other than the fault of Landlord) does not timely enter into the new lease, Tenant's rights under this Section shall terminate and Landlord shall be free to notify Landlord lease the Refusal Space to any third party. This right of first refusal is (a) personal to Tenant and may not be exercised by any subtenant or assignee of Tenant’s election within the five , and (5b) business day period described above, then Landlord shall have the right subject to consummate the lease all rights granted to other tenants as of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4date hereof. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant Refusal Space shall not be entitled considered available if the third party offering to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest lease space in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment Project is a current tenant of the ROFR in connection with an Allowed TransferRefusal Space.

Appears in 2 contracts

Sources: Office Lease (ArcherDX, Inc.), Office Lease (ArcherDX, Inc.)

Right of First Refusal. During (a) Subject to the terms of this Paragraph 37, during the first twenty-four (1st24) three (3) years after months of the Term Commencement Date(the “ROFR Period”), Landlord grants Tenant shall have a the right of first refusal (“ROFR”) as to any lease that portion of the subterranean floor of Building, containing approximately 8,000 rentable premises in square feet, located on the south side of the Building for which Landlord is seeking a tenant along 9”‘ Street (the Available PremisesCovered Space”). In Tenant acknowledges that Landlord will market the event Landlord receives a bonafide offer Covered Space for lease to third parties during the ROFR Period and that Tenant’s sole right to lease from the Covered Space under this Paragraph arises if Landlord accepts or enters into a third party tenant letter of intent to lease all or any portion of the Available Premises, which offer is acceptable to Covered Space (a “Qualifying Letter of Intent”). If Landlord in its sole and absolute discretionenters into or accepts a Qualifying Letter of Intent during the ROFR Period, Landlord shall provide written notice thereof to Tenant thereof, Landlord agrees to give written notice to Tenant of Landlord’s intent to lease the Covered Space (the “Notice of OfferOffer Notice”), specifying . Tenant shall have seven (7) business days from delivery of the material Offer Notice to exercise the right granted Tenant hereunder to lease the Covered Space on all of the terms and conditions of a proposed this Lease, except as provided in this Paragraph 37 (the “Acceptance Notice”). (b) If Tenant does not timely deliver an Acceptance Notice, Tenant’s right to lease to Tenant all or any portion of the Available PremisesCovered Space under this Paragraph 37 shall lapse and be of no further force and effect, which shall be notwithstanding any future availability of such space for lease by Landlord, and Landlord may lease the same as Covered Space or any portion thereof to any other person. If Tenant timely gives Landlord an Acceptance Notice, Landlord will prepare an amendment to this Lease adding the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect Covered Space to the Available Premises shall be coterminous with the Term. 43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five this Paragraph 37 (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises and otherwise on the terms and conditions set forth of this Lease). The failure of Tenant to execute the Amendment within seven (7) business days of presentation thereof by Landlord to Tenant, subject to minor clarifications and corrections not inconsistent with this Paragraph 37, shall result in a rescission of the Notice of Offer, then Landlord shall offer to lease the Available Covered Space, and Landlord may proceed to lease the Covered Space as if Tenant has not timely delivered an Acceptance Notice. (c) If Tenant timely exercises its rights under this Paragraph 37, the Covered Space will be added to the Premises to Tenant upon on all of the terms and conditions set forth in of this Lease, but at a base rent of $3.75 per rentable square foot, per month. Landlord will build out and improve the Notice Covered Space with the same level of Offerimprovements as the Premises, at Landlord’s cost, based a standard office space configuration of the Covered Space. 43.3. If (d) The foregoing right of first refusal contained in this Paragraph 37 is personal to the named Tenant notifies under this Lease and any Permitted Transferee and shall not inure to the benefit of any assignee or subtenant of the named Tenant except for any Permitted Transferee hereunder of any person, and Tenant shall have no right to exercise the foregoing right of first refusal if at the time Landlord that is required to give Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice an Offer Notice, an Event of Offer, Default shall then exist under this Lease or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described aboveor any Permitted Transferee does not occupy for its own use, then Landlord shall have the right to consummate the lease more than 50% of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenantentire Premises. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 2 contracts

Sources: Office Lease (ThredUp Inc.), Office Lease (ThredUp Inc.)

Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Landlord grants Tenant shall have a an ongoing right of first refusal (the ROFRFirst Refusal Right”) as to any rentable premises lease additional space in the Building in accordance with the following: a. The space that is subject to such First Refusal Right shall be all space that is or becomes available in the Building during the Term, as may be extended, as such space becomes available for which Landlord is seeking a tenant lease (“Available PremisesTenant’s Reserved First Refusal Space”). In the event . b. Except as otherwise provided herein below, if Landlord receives a bonafide bona fide written offer to lease from a all or any portion of Tenant’s Reserved First Refusal Space that Landlord is willing to accept, Landlord shall notify Tenant in writing (such notice being hereafter called the “Offer Notice”) of the availability of such space. Such Offer Notice shall specifically (i) describe the specific portion of Tenant’s Reserved First Refusal Space that is the subject of such proposal (the “First Refusal Space”), and if such Offer Notice is delivered to Tenant after the fourth (4th) anniversary of the Phase II Commencement Date, (ii) the date of availability of such First Refusal Space, and (iii) the material economic terms and conditions upon which such third party tenant prospect proposes to lease the Available PremisesFirst Refusal Space from Landlord including, which without limitation, Lease Term, Base Rent, additional rent, Base Year, monetary lease concessions and rent abatement, and Landlord’s security for said third-party tenant’s performance of the lease terms and agreement for tenant improvements. The Offer Notice shall also constitute an offer is acceptable by Landlord to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof lease the First Refusal Space to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as in accordance with the terms of the bonafide offer, except that the term of any lease entered into by this Special Stipulation. Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five have ten (510) business days following after its receipt of a such Offer Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to accept such offer pursuant to this First Refusal Right and to lease the Available Premises on First Refusal Space from Landlord in accordance with the terms of this Special Stipulation and, if applicable as set forth below, the material terms and conditions set forth in the Offer Notice. c. Acceptance by Tenant of the offer set forth in the Offer Notice shall be deemed effective only if such acceptance is delivered to Landlord in a written notice of Offeracceptance (the “Acceptance Notice”) specifically referring to the Offer Notice to which it relates, received by Landlord within the ten (10) business day period prescribed above for such acceptance. To be effective, such Acceptance Notice must accept the offer set forth in the subject Offer Notice with respect to all of the First Refusal Space described in such Offer Notice. d. If Tenant fails duly and timely delivers to notify Landlord its Acceptance Notice within such ten (10) business day period in accordance with this Special Stipulation and such Acceptance Notice is delivered to Landlord prior to the fourth (4th) anniversary of the Phase II Commencement Date, then the following terms shall apply: i. The term of the lease of the First Refusal Space shall commence upon the earlier to occur of (A) Tenant’s occupancy of the First Refusal Space for the purpose of conducting business therefrom; (B) substantial completion of tenant improvements with respect to such space or the date Landlord or Tenant would have substantially completed the improvements in the absence of delays caused by Tenant; or (C) one hundred twenty (120) days after delivery of the First Refusal Space to Tenant in broom clean condition, clear of all personal property and debris, and ready to receive improvements (such earlier date being hereinafter referred to as the “Expansion Commencement Date”) and shall expire and be co-terminus with the original Expiration Date of this Lease, subject to, if and as applicable, the First Extension Option and Second Extension Option. ii. Tenant improvements shall be designed and installed in accordance with the same procedures and conditions as are set forth in Exhibit B hereto; except that the Tenant Improvement Allowance per square foot of rentable area with respect to the First Refusal Space shall be equal to the product of $38.00 and a fraction, the numerator of which is the number of full calendar months, plus the fraction of any partial calendar months, remaining in the Initial Term of this Lease, measured from the Expansion Commencement Date, and the denominator of which is 84. iii. Base Rent, Additional Rent, and all other sums and charges imposed under this Lease with respect to the First Refusal Space shall commence to accrue with respect to the First Refusal Space on the Expansion Commencement Date. iv. Tenant shall receive a rental abatement for such First Refusal Space to be applied to the initial installments of Base Rent coming due commencing on the Expansion Commencement Date; subject to the provisions of Paragraph 19(ff) of the Lease; except that the aggregate abatement of Base Rent with respect to the First Refusal Space shall be an amount equal to the product of (y) the sum of the first seven (7) monthly installments of Base Rent coming due and payable with respect to the First Refusal Space using a Base Rent rate of $20.00 per square foot of rentable area per annum multiplied by (z) a fraction, the numerator of which is the number of full calendar months, plus the fraction of any partial calendar months, remaining in the Initial Term, measured from the Expansion Commencement Date, and the denominator of which is 84. v. The First Refusal Space shall become part of the Premises and shall be leased to Tenant for the remaining portion of the term of the lease of the Premises upon the terms and conditions (including, without limitation, the same Base Rent rate per square foot of rentable area and the same Base Year as the Original Premises and not the Must-Take Space) as then and thereafter in effect from time to time under the Lease for the balance of the Premises, except as otherwise provided in this subparagraph d. vi. Tenant’s Proportionate Share shall be adjusted to reflect Tenant’s lease of the First Refusal Space. vii. Tenant shall be entitled to additional unreserved, unassigned parking spaces in the parking garage serving the Building at a ratio of 3 spaces for every 1,000 square feet of Rentable Area in the First Refusal Space. Landlord shall use reasonable efforts to provide Tenant with an additional two (2) spaces for every 1,000 square feet of Rentable Area in the First Refusal Space; provided, however, that Landlord reserves the right to terminate Tenant’s rights to any such additional spaces at any time and from time to time in Landlord’s sole discretion. viii. Landlord and Tenant agree to enter into an amendment to the Lease to document the exercise of the First Refusal Right within thirty (30) days after Landlord’s receipt of the Acceptance Notice; provided, however, the parties agree that in the event an amendment is not so entered into, the provisions of this First Refusal Right and the exercise of same by Tenant pursuant to the Acceptance Notice shall be enforceable in accordance herewith. e. If Tenant duly and timely delivers to Landlord its Acceptance Notice within such ten (10) business day period in accordance with this Special Stipulation and such Acceptance Notice is delivered to Landlord after the fourth (4th) anniversary of the Phase II Commencement Date, then the following terms shall apply: i. Tenant must accept the material terms and conditions upon which such third party tenant prospect proposes to lease such First Refusal Space from Landlord including, without limitation, lease term, base rental, additional rental, Base Year, Landlord’s security for Tenant’s performance of the lease terms monetary concessions, rental abatement and agreement for tenant improvements. ii. Landlord and Tenant shall, within thirty (30) days after Landlord’s receipt of Tenant’s election Acceptance Notice, execute an amendment to this Lease with respect to the portion of the First Refusal Space to be leased by Tenant which conforms to the material terms and conditions set forth in the Offer Notice; provided, however, the parties agree that in the event an amendment is not so entered into, the provisions of this First Refusal Right and the exercise of same by Tenant shall be enforceable in accordance herewith. iii. Tenant’s Proportionate Share shall be adjusted to reflect Tenant’s lease of the First Refusal Space. f. If Tenant does not duly and timely deliver to Landlord its Acceptance Notice within said five the aforesaid ten (510) business day periodperiod in accordance with this Special Stipulation, then Tenant shall be deemed to have elected not to accept Landlord’s offer set forth in the subject Offer Notice, and Tenant’s rights with respect to the First Refusal Space shall terminate and be of no further force or effect and Landlord shall be free to enter into a lease with a prospective tenant with respect to all or any part of the Available Premises. 43.2. If Tenant timely notifies First Refusal Space that was the subject of such Offer Notice; provided, however, that if Landlord that Tenant elects and such prospective tenant, or affiliate thereof, have not executed and delivered a lease with respect to lease such First Refusal Space within one hundred eighty (180) days after the Available Premises on expiration of Tenant’s ten (10) business day acceptance period described in subparagraph b. above, or if Landlord subsequently changes by more than seven and one-half percent (7 1/2%) any of the material terms and conditions set forth in the Notice offer upon which such tenant prospect proposes to lease such space (which material terms shall be limited to decreases in the Lease Term or Base Rental rate, extensions of Offerthe Operating Costs Base Year [which shall not be subject to the foregoing percentage], and any increases in monetary concessions, rent abatements or the improvement allowance), then the provisions of this Special Stipulation shall be reactivated with respect to such First Refusal Space and Landlord shall again be required to submit an Offer Notice to Tenant, and Tenant must again not elect to accept the Offer Notice from Landlord, before Landlord will be entitled to enter into any such lease with such prospect. Notwithstanding the Available Premises foregoing, following timely execution and delivery of such lease by Landlord and such third party tenant, Tenant’s rights under this Paragraph or otherwise under the Lease shall be subject and subordinate to Tenant upon the terms rights and conditions options of the third party tenant under such lease, including, without limitation, any expansion, extension or renewal options or other rights of such third party set forth in the Notice of Offertherein. 43.3. If Tenant notifies Landlord that Tenant elects not g. Tenant’s rights under this Special Stipulation are and shall be subject and subordinate to lease the Available Premises rights and option of tenants under other leases of portions of the Building and their successors or assigns, as such rights and options exist on the terms and conditions set forth Effective Date. Accordingly, Landlord shall not be obligated to give Tenant an Offer Notice prior to or in conjunction with the Notice exercise of Offerany such rights or options. Furthermore, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the enter into a lease of the Available Premises all or a portion of First Refusal Space with a tenant or subtenant other than Tenant occupying such space on the same terms as set forth in date such space would otherwise become available for lease without first being required to submit an Offer Notice to Tenant, and such lease with any such occupant shall be superior to, but shall not have the effect of terminating, Tenant’s rights under this Special Stipulation. Tenant acknowledges that Landlord may make simultaneous offers to lease any portion of First Refusal Space to Tenant and to any tenant holding such superior rights (and any such Offer Notice of Offer shall state such superior rights), and thus if the tenant holding such superior rights elects to a third party tenantaccept such offer from Landlord, Landlord will not be bound by its offer to Tenant. 43.4. h. Notwithstanding anything in this Section 43 Special Stipulation to the contrary, Tenant shall have no right to exercise any right or option under this Special Stipulation, nor shall Landlord have any obligation to submit an Offer Notice to Tenant with respect to any portion of First Refusal Space before entering into a third party lease with respect thereto, or to enter into any lease of any portion of First Refusal Space with Tenant, at any time after which (i) a default is continuing with respect to Tenant under this Lease beyond applicable notice and cure periods, (ii) this Lease is not exercise in full force and effect, (iii) Tenant has assigned this Lease or has entered into a sublease with respect to all or more than forty (40%) of the ROFR during Premises (which, for purposes of calculating such period of time that 40%, shall be deemed to include the Must-Take Space) other than with a Permitted Transferee or a Contractor Subtenant, or (iv) Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior other written agreement with Landlord with respect to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any Project beyond applicable notice and cure periodperiods. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 2 contracts

Sources: Office Lease (SecureWorks Corp), Office Lease (SecureWorks Holding Corp)

Right of First Refusal. During (a) Subject to the first terms and provisions of this Section 30, provided that (1sta) three there then exists no Event of Default by Tenant under this Lease, nor any event that with the giving of notice and/or the passage of time would constitute a default, (3b) years after Tenant, its Strategic Partners, and Permitted Transferees occupy at least 80% of the Term Commencement DatePremises, during the initial 36 months of the Term, Tenant has the option to lease all of space immediately adjacent to the Premises (being 14,462 rentable square feet) (the “Expansion Space”), pursuant to the terms of this Section 30. Landlord shall have notify Tenant when Landlord desires to lease such adjacent space and constructs a right of first refusal (ROFR”) as to any rentable premises in the Building for which speculative suite” or when Landlord is seeking prepared to respond to a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease proposal or request for proposals from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the Notice of OfferAvailability Notice”), specifying the material terms and conditions of a proposed lease to . Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within must exercise its option within five (5) business days following its from receipt of a Notice of Offerthe Availability Notice. If Landlord has constructed the speculative suite in the Expansion Space, Tenant the terms and conditions for the Expansion Space shall advise Landlord in writing whether Tenant elects to lease the Available Premises on be the terms and conditions set forth in the Availability Notice. If Landlord has not constructed the speculative suite in the Expansion Space, if Tenant exercises its option, the Expansion Space shall be added to this Lease on the date set forth in the Availability Notice (the “Expansion Date”) and all Lease obligations of Offerthe parties remain the same, except: (i) if the Expansion Date is within the first 15 months of the Term, the Minimum Annual Rent for the Expansion Space shall be calculated at the same per square foot basis then in effect for the initial Premises, with annual increases occurring as set forth in Section 1(f) above, the Tenant Improvement Allowance for the Expansion Premises shall be prorated to reflect the then remaining Term, and any other financial obligations based upon square footage shall be proportionate to the terms specified in this Lease; and (ii) if the Expansion Date is after the first 15 months of the Term, the Minimum Annual Rent and other financial terms based upon square footage shall be equal to the Fair Market Value determine in the same manner as provided in Section 4(c). Unless otherwise agreed to in writing by the Parties, increases in Minimum Rent and Operating Expenses become effective at the earlier of (i) the date when Tenant opens for business in the adjacent space, and (ii) 60 days after delivery of the adjacent space to Tenant. If Tenant fails to notify Landlord of Tenant’s election does not exercise its option within said the five (5) business day period, then Tenant shall be deemed subject to have elected not the immediately following sentence, Landlord may proceed to lease the Available Premises. 43.2. If adjacent space to third parties; provided that if the rental rate terms to be agreed to with third parties are more favorable than those that had been offered to Tenant timely notifies by ten percent (10%) or more, Landlord that Tenant elects shall submit an offer to lease to Tenant on such terms (“Second Availability Notice”), and Tenant shall, for a period of five (5) business days, have the Available Premises on right to accept such terms and lease the Expansion Space pursuant thereto. In addition, if Landlord does not enter into a lease agreement with a third party tenant for the adjacent space within six (6) months of Landlord’s delivery to Tenant of the Availability Notice, then if Landlord thereafter desires to lease such adjacent space or respond to a proposal or request for proposals from a third party, Landlord shall provide to Tenant another Availability Notice and the terms and conditions set forth above shall apply; provided, that in no event shall Landlord be required to provide an Availability Notice more than two (2) times during the Notice of OfferTerm. If T▇▇▇▇▇ fails to accept such terms within such period, then T▇▇▇▇▇’s “right of first refusal” is deemed void. Tenant acknowledges that Landlord shall lease the Available Premises have no obligation to Tenant upon the terms and conditions construct any improvements whatsoever to such adjacent space, except as may be set forth in the Availability Notice of Offeror the Second Availability Notice. 43.3. (b) If Tenant notifies Landlord that Tenant elects not to lease exercises such right of first refusal, the Available Premises on parties enter into an amendment concerning the terms and conditions set forth in the Notice leasing of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenantsuch Expansion Space. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 2 contracts

Sources: Lease Agreement (Caris Life Sciences, Inc.), Lease Agreement (Caris Life Sciences, Inc.)

Right of First Refusal. During the first (1st) three (3) years after Term, provided the Term Commencement DateTenant is Kinduct Technologies Inc. and is not in default, Tenant shall have a right and has not been in substantial or repetitive default under this lease, is itself in occupancy of first refusal (“ROFR”) as the whole Premises, and subject to any rentable premises existing rights of other tenants in the Building for Building, should the Landlord receive a bona fide third party offer to lease, which the Landlord is seeking a tenant (“Available Premises”). In prepared to accept with respect to any premises located on the event Landlord receives a bonafide offer to lease from a third party tenant 16th and 17th floors of the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant Building (the “Notice of OfferAvailable Space”), specifying the material Landlord shall notify the Tenant in writing of its intention to lease the Available Space and shall include a copy of said third party offer redacted so as to contain all, but only, the main business terms and conditions. The Tenant shall thereafter, subject to the following paragraph, have the opportunity to lease the Available Space under the same terms and conditions of a proposed lease to Tenant of the Available Premises, which said third party offer (the “ROFR”). The tenant shall be have the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall after receiving the Landlord’s written notice to advise the Landlord in writing whether Tenant elects that it wishes to lease the Available Premises Space. For greater certainty, it is agreed that the Tenant shall inform the Landlord of its total lack of interest in the Available Space in order to prevent any unnecessary disclosure of confidential information. Should the Tenant elect to lease such Available Space on the such terms and conditions (exactly as set forth out in the Notice third party offer), the Tenant shat forthwith enter into an agreement amending the lease to include the Available Space so leased. Should the Tenant elect not to lease such Available Space or should the Tenant fail to respond in accordance with the provisions of Offerthe foregoing paragraphs, the Landlord may, at its sole discretion accept the said third party offer and the tenant shall have no further rights pursuant to this ROFR to lease such Available Space. If Tenant fails The ROFR granted to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant the tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the be a personal right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled assignable or transferable by the Tenant nor shall it pass to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether devolve upon any assignee or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in transferee of this Lease to the contrary, Tenant shall not assign lease or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transferrights granted thereby or subtenant of the whole or a portion of the proposed Premises selected.

Appears in 2 contracts

Sources: Net Lease (Movella Holdings Inc.), Net Lease (Pathfinder Acquisition Corp)

Right of First Refusal. During Sublandlord and Subtenant, agree that neither will retain any right to exercise the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a right rights of first refusal (“ROFR”) as to any rentable premises in under Article 52 of the Building for which Landlord is seeking a tenant (“Available Premises”). In Master Lease and Article 52 of the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord Master Lease will be deleted in its sole entirety. Notwithstanding the foregoing, Subtenant, and absolute discretiononly Subtenant, Landlord shall provide written notice thereof to Tenant (will have the “Notice following first right of Offer”)refusal: a. During the Sublease Term, specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same so long as the terms Subtenant is not in default under the Master Lease or the Sublease and no event has occurred or fact exists which, but for the passage of time or the bonafide offergiving of notice, except that would constitute a default under the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term.Master Lease or 43.1. Within b. If, within five (5) business days following its after receipt of Landlord's notice, Subtenant delivers to Landlord a Notice written notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects Subtenant's intent to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected Additional 11th Floor Space for a lease term not to exceed the Sublease Term (including any then exercised lease the Available Premises. 43.2. If Tenant timely notifies renewal options), Landlord that Tenant elects will proceed to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the negotiate directly with Subtenant for a lease of the Available Premises Additional 11th Floor Space on the same terms as set forth contained in the Notice Master Lease and the Sublease, except: (i) the Rental Terms will be incorporated into a new lease or an amendment to the Master Lease and Sublease; (ii) if a new lease is utilized, the new lease and the Master Lease and Sublease will be cross-defaulted; and (iii) lease terms that are dependent upon the size of Offer the premises, such as Subtenant's proportionate share of expenses, will be modified accordingly. If the lease renewal option available under Paragraph 15 of the Sublease has not been exercised, the new lease or lease amendment also will contain a renewal option similar to that contained in the Sublease at the fair rental value for the Additional 11th Floor Space. If Subtenant does not deliver its notice of intent to lease the Additional 11th Floor Space in a timely manner, or if Landlord and Subtenant are unable to agree on the terms of a lease for the Additional 11th Floor Space within ten (10) days following Subtenant's delivery of its written notice of intent, Subtenant's FRR for the Additional 11th Floor Space will terminate, and Landlord will have the right to lease the Additional 11th Floor Space or any portion of the Additional 11th Floor Space to a third party tenanton the same or substantially similar Rental Terms. 43.4. Notwithstanding anything in this Section 43 c. This first right of refusal to lease the contraryAdditional 11th Floor Space is a one time right that is personal only to Ugly Duckling Holdings, Tenant shall Inc. and is not exercise transferrable or assignable and is not exercisable by the ROFR during such period of time that Tenant is in default Sublandlord under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.Sublease,

Appears in 2 contracts

Sources: Sublease Agreement (Cygnet Financial Corp), Sublease Agreement (Cygnet Financial Corp)

Right of First Refusal. During In the event that at any time during the first two (1st) three (32) years of the Term, Landlord receives a bona fide offer to lease any space on the second (2nd) floor of the Building ("FIRST REFUSAL SPACE") that Landlord desires to accept, Landlord shall give Tenant written notice ("FIRST REFUSAL NOTICE") of such offer. The First Refusal Notice shall set forth the offer and the terms thereof. On or before the date which is five (5) days after Tenant's receipt of the Term Commencement DateFirst Refusal Notice (the "ELECTION DATE"), Tenant shall have a deliver written notice to Landlord ("TENANT'S ELECTION NOTICE") pursuant to which Tenant shall elect either to (i) lease the entire First Refusal Space described in the First Refusal Notice upon the terms set forth in the First Refusal Notice; (ii) decline to lease such First Refusal Space identified in the First Refusal Notice, specifying that such decline is not based upon the terms set forth in the First Refusal Notice, but upon Tenant's lack of need for such First Refusal Space, in which event Landlord may lease such First Refusal Space to any entity on any terms Landlord desires and Tenant's right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises First Refusal Space specified in the First Refusal Notice shall thereupon terminate and be coterminous with the Term. 43.1. Within five of no further force or effect; or (5iii) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects decline to lease the Available Premises on First Refusal Space, specifying that such decline is based upon the terms and conditions set forth in the First Refusal Notice, in which event Tenant shall also specify in Tenant's Election Notice of Offerrevised terms upon which Tenant would be willing to lease such First Refusal Space. If Tenant fails does not so respond in writing to notify Landlord of Tenant’s election within said five (5) business day periodthe First Refusal Notice by the Election Date, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2option described in clause (ii) above. If Tenant timely notifies delivers to Landlord that Tenant elects Tenant's Election Notice pursuant to clause (iii) above, Landlord may elect either to: (a) lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises such First Refusal Space to Tenant upon the revised terms and conditions set forth specified by Tenant in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to Tenant's Election Notice; or (b) lease the Available Premises on First Refusal Space to any person or entity upon any terms Landlord desires; provided, however, if (1) the terms and conditions set forth of Landlord's proposed lease to said third party are more favorable in any material way to the Notice of Offerthird party than those terms proposed by Tenant in Tenant's Election Notice, or if (2) the size of the First Refusal Space to be leased to such third party is less than the size of the First Refusal Space offered to Tenant, before entering into such third party lease, Landlord shall notify Tenant fails to notify Landlord of Tenant’s election within the five such more favorable terms (5or such reduced size) business day period described above, then Landlord and Tenant shall have the right to consummate lease the First Refusal Space upon such more favorable terms (or as to such reduced size) by delivering written notice thereof to Landlord within five (5) days after Tenant's receipt of Landlord's notice. If Tenant does not elect to lease such space from Landlord within said five (5) day period, Tenant shall be deemed to have elected the option described in clause (ii) above. In determining whether the terms of the Available Premises on the same terms as set forth in the Notice of Offer Landlord's proposed lease to a third party tenant. 43.4are more favorable to the third party than those terms proposed by Tenant in Tenant's Election Notice, all concessions shall be blended into an effective rental rate over the term of the proposed lease to said third party and such effective rental rate shall be compared with the effective rental rate of the terms proposed by Tenant in Tenant's Election Notice. Notwithstanding anything If Tenant leases any First Refusal Space pursuant to this Section 1.4, as soon as reasonably possible after the Election Date, Landlord and Tenant shall enter into a lease incorporating the terms of Tenant's lease of the First Refusal Space. The right of first refusal set forth in this Section 43 to 1.4 shall be exercisable by the contraryoriginal Tenant and a Permitted Transferee only if the original Tenant or Permitted Transferee, as applicable, occupies the entire Premises as of the date it exercises its right in accordance with the terms of this Section 1.4. Tenant shall not have the right to exercise its right of first refusal if, as of the ROFR during date of the attempted exercise of such period of time that right by Tenant, Tenant is in default under any provision this Lease after the expiration of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any all applicable cure periodperiods. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 2 contracts

Sources: Multi Tenant Industrial Lease (Aurora Biosciences Corp), Multi Tenant Industrial Lease (Triple Net) (Aurora Biosciences Corp)

Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). 20.1 In the event Landlord receives shall receive a bonafide bona fide offer to lease from a third party tenant for the Available purchase of the Leased Premises, or any part thereof, whether or not in conjunction with any other property, which offer is acceptable Landlord desires to Landlord in its sole and absolute discretionaccept, Landlord shall provide give written notice thereof (hereinafter called “Offering Notice”) to Tenant. Said Offering Notice shall contain the following: (a) The name and address of the proposed purchaser (“Third Party”); (b) The terms and conditions of said offer; and (c) An offer to sell the Leased Premises to Tenant upon the same terms and conditions of the aforesaid offer made by the Third Party. 20.2 Tenant shall be entitled to purchase such Leased Premises offered by giving written notice thereof to Tenant Landlord within fifteen (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant 15) days after receipt of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of OfferOffering Notice. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day periodagree, then Tenant shall be deemed in writing, to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available purchase such Leased Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described abovetime aforesaid, then Landlord shall have the right to consummate complete the lease sale to the Third Party who shall then become the owner of the Available Premises Leased Premises. 20.3 In the event of a change in the identity of the Third Party or a substantial change in the terms and conditions of the Offering Notice, notice thereof and opportunity to Tenant shall again be given by Landlord to Tenant in accordance with the terms hereof. Provided, however, if the proposed purchaser is an affiliate or assignee of Third Party, then such change in the proposed purchaser shall not constitute a change in the identity of the Third Party for purposes of this paragraph. 20.4 Exercise of the right to purchase the Leased Premises, by Tenant, shall require that closing on the sale occur (between Landlord and Tenant) under the same terms and conditions as set forth in the Notice of Offer to a third party tenantOffering Notice. 43.4. Notwithstanding anything in 20.5 In the event that Tenant shall exercise its rights to purchase the Leased Premises pursuant to this Section 43 Article, then the term of this Lease shall be automatically extended, if necessary, to the contrarydate of Closing and, upon Closing, this Lease shall terminate and be of no further force or effect. 20.6 In the event that Tenant shall not exercise its rights to purchase the ROFR during such period of time that Tenant is in default under any provision of Leased Premises pursuant to this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In additionArticle, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in then this Lease to shall continue in full force and effect upon the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed TransferClosing.

Appears in 2 contracts

Sources: Lease Agreement (Vera Bradley, Inc.), Lease Agreement (Vera Bradley, Inc.)

Right of First Refusal. During In addition to the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a right of first refusal as set forth in Paragraph 60 of Original Lease (which right shall remain in full force and effect and shall be independent of the rights granted to Tenant under this Section 9), Tenant is hereby granted the prior right to lease the space currently available on the ground floor of the Building, containing approximately 18,267 rentable square feet, (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available PremisesROFR Ground Floor Space”). , in accordance with the following terms and conditions: (i) In the event Landlord receives shall receive a bonafide bona fide third party offer to lease from the ROFR Ground Floor Space on terms which Landlord wishes to accept, or, in the event Landlord offers (subject to Tenant’s rights hereunder) to lease the ROFR Ground Floor Space on terms which a bona fide third party tenant the Available Premiseswishes to accept, which offer is acceptable to Landlord then, in its sole and absolute discretioneither such event, Landlord shall forthwith provide written notice thereof to Tenant, together with a true and correct copy of such offer. Tenant (shall have the “Notice of Offer”)right, specifying the material terms at Tenant’s option and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within within five (5) business days following its after receipt of a Notice of Offersuch notice from Landlord, Tenant shall advise Landlord in writing whether Tenant elects to exercise its right hereunder to lease the Available Premises on ROFR Ground Floor Space at the rent and upon the terms contained in such offer, in which event Landlord shall lease the ROFR Ground Floor Space to Tenant at said rent and conditions set forth in upon said terms. Landlord covenants that it shall not accept any such offer nor lease the Notice of Offer. ROFR Ground Floor Space to any third party until it has complied with the terms hereof. (ii) If Tenant fails to notify Landlord exercise its right of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election first refusal hereunder within the five (5) business day notice period described aboveprovided for in the preceding subparagraph (a), then Landlord shall have one hundred fifty (150) days thereafter within which to lease the ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ Space at the price and upon the terms of such offer without resubmitting such offer to Tenant in accordance herewith. However, Tenant’s election not to exercise its right hereunder to consummate lease the lease ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ Space shall not prejudice Tenant’s rights hereunder as to any further offer, and in the event the price and/or other terms of the Available Premises on the same terms as set forth offer are modified in any material manner (including, but not limited to, any reduction in the Notice rent of Offer more than four percent [4%]), then such modification shall be deemed to constitute a third party tenantnew offer and shall be subject to Tenant’s right of first refusal hereunder. 43.4. Notwithstanding anything in (iii) The foregoing notwithstanding, (a) Tenant shall have no rights under this Section 43 to the contrary, Tenant shall not exercise the ROFR during such any period of time that Tenant it is in default under any provision of this Lease. Any attempted exercise Lease beyond applicable cure periods, and (b) Tenant’s rights in this Section shall become null and void, and Tenant’s rights with respect to all of the ROFR during a period Ground Floor Space shall terminate, upon the first to occur of time the following termination of this Lease (or Tenant’s right of possession of the Premises) by reason of Tenant’s default, or the termination of this Lease pursuant to other provisions of this Lease providing for termination (except that Landlord’s termination of this Lease as to the Expansion Premises as provided in which Section 8 above shall not impact Tenant’s rights under this Section 9). Upon the occurrence of any of the foregoing events, Tenant is so in Default shall be deemed to have forever waived its rights with respect to all of the ROFR Ground Floor Space, and Tenant’s rights hereunder shall thereafter automatically be deemed null and void and of no further force and effect. In additionNotwithstanding anything to the contrary in this Section 9, Tenant shall not be entitled acknowledges that in the event any other tenant of the Building or the Project with a prior right to lease the ROFR Ground Floor Space elects to exercise its right to lease the ROFR if Tenant has committed Ground Floor Space, Tenant’s rights set forth in this Section 9 shall be of no force or effect with respect to the ROFR Ground Floor Space. For the purposes of the foregoing sentence, a Default two “prior right to lease” shall mean any tenant occupying its premises directly or as an assignee (2but not as a subtenant, licensee, or concessionaire) or more times during the twelve under: (12a) month period a lease that was executed prior to the date on which Tenant seeks to exercise the ROFR, whether Effective Date (a “Prior Lease”); or not Tenant cures such Defaults within any applicable cure period(b) a renewal or extension of a Prior Lease. 43.5. Notwithstanding anything (iv) The rights granted to Tenant in this Lease Section 9 are personal to the contraryparty executing this First Amendment as Tenant and to any Permitted Assignee, but may not otherwise be assigned or transferred to or exercised by any other assignee, sublessee or other transferee. If Tenant shall not assign or transfer a Permitted Assignee assigns the ROFR, either separately Lease or sublets all or substantially all of the Premises in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without subletting that requires Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment under Article 38 of the ROFR Lease prior to the exercise of the rights granted to Tenant in connection with an Allowed Transferthis Section 9, then the rights granted to Tenant in this Section 9 shall lapse and therefore be of no further force or effect.

Appears in 2 contracts

Sources: Commercial Lease (Ziprecruiter, Inc.), Commercial Lease (Ziprecruiter, Inc.)

Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a one-time right of first refusal (“ROFR”) as to any each rentable premises in the Building for which Landlord is seeking a tenant (“Available ROFR Premises”); provided, however, that in no event shall Landlord be required to lease any Available ROFR Premises to Tenant for any period past the date on which this Lease expires or is terminated pursuant to its terms unless Tenant simultaneously extends the Term with respect to the entire Premises. To the extent that Landlord renews or extends a then-existing lease with any then-existing tenant of any space, or enters into a new lease with such then-existing tenant, the affected space shall not be deemed to be Available ROFR Premises. In the event Landlord receives a bonafide offer intends to lease from a third party tenant the Available ROFR Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available ROFR Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five ten (510) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease all (not just a portion) of the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five ten (510) business day period, then Tenant shall be deemed to have elected not to lease the Available PremisesROFR Premises pursuant to such Notice of Offer. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available ROFR Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five ten (5) business day 10)-day period described above, then Landlord shall have the right to consummate the lease of the Available ROFR Premises on the same terms as set forth in the Notice of Offer following Tenant’s election (or deemed election) not to a third party tenantlease the Available ROFR Premises. 43.4. Notwithstanding anything in this Section Article 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Landlord has given Tenant has committed a Default two (2) or more times notices of default under this Lease, if the defaults were not cured within applicable notice and cure periods, during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, except for Exempt Transfers or other Transfers to a Tenant Affiliate to which Landlord consents in writing, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 2 contracts

Sources: Lease (Ardelyx, Inc.), Lease (Ardelyx, Inc.)

Right of First Refusal. During Provided that (i) the first Conditions Precedent described in Section 2.5 (1stexcluding, however, the condition set forth in subsection (v) three thereof) hereof have been satisfied in their entirety, and (3ii) years after Landlord does not wish to use the Term Commencement DateExpansion Space (as defined below) for Landlord’s own purposes, Tenant shall have a right of first refusal (“ROFR”) as to for all or any portion of the approximately 26,156 rentable premises in square foot portion of the first floor of the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant shown on Schedule 5 hereof (the “Notice of OfferExpansion Space), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as ) on the terms of this Section 22.32. If Landlord shall have reached agreement in an arm’s-length negotiation with a bona fide third party on the bonafide offerterms on which Landlord would lease all or any portion of the Expansion Space to such third party, except that the term of any lease entered into by then Landlord shall promptly provide Tenant with respect written notice (the “Offer Notice”) offering to lease that portion of the Available Premises Expansion Space at issue to Tenant on such terms. Tenant shall be coterminous with the Term. 43.1. Within have a period of five (5) business days following its receipt from the date of a the Offer Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects which to accept Landlord’s offer to lease that portion of the Available Premises Expansion Space at issue from Landlord on all of the terms and conditions set forth in of the Offer Notice of Offer. If Tenant fails to notify by providing Landlord of Tenant’s election with written notice thereof (the “Acceptance Notice”) within said such five (5) 5)- business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offerdelivers an Acceptance Notice, then Landlord shall promptly prepare an amendment to this Lease memorializing the terms of Landlord’s leasing of that portion of the Expansion Space at issue to Tenant and, upon full execution thereof, Landlord shall lease the Available Premises portion of the Expansion Space at issue to Tenant, and Tenant upon shall lease the same from Landlord, on all of the terms and conditions set forth in of this Lease (provided that the Notice Security Deposit shall be increased by Five Hundred Thousand Dollars ($500,000) (or a pro rata portion of Offer. 43.3Five Hundred Thousand Dollars ($500,000) based on the ratio of the amount of the Expansion Space leased by Tenant pursuant to this Section 22.32 to the aggregate size of the Expansion Space), as amended by the terms of such amendment. If Tenant notifies Landlord that Tenant elects not shall fail to lease the Available Premises on the terms and conditions set forth in the Notice execute such amendment within ten (10) business days of Offerreceipt thereof, or if Tenant fails shall fail to notify timely deliver an Acceptance Notice to Landlord as provided for herein, then Tenant’s rights to the particular Expansion Space at issue shall be deemed waived, and Landlord shall be free to lease that portion of the Expansion Space at issue to third parties or use such Expansion Space for Landlord’s own purposes. Tenant’s Right of First Refusal shall be continuous during the Term of this Lease and any extension thereof. Tenant’s rejection of any particular offer of Expansion Space shall not relieve Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right its obligation to consummate the lease again offer all or any portion of the Available Premises on Expansion Space to Tenant at any time that that portion of the same terms as set forth in the Notice of Offer Expansion Space at issue, or any new Expansion Space, subsequently becomes subject to another agreement to lease such space to a third party tenant. 43.4. Notwithstanding anything in this Section 43 to party, the contrary, parties hereto acknowledging and agreeing that Tenant shall not exercise the ROFR during have no rights hereunder if Landlord instead decides to use such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without space for Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transferown use.

Appears in 2 contracts

Sources: Lease Agreement (Palmsource Inc), Lease Agreement (Palm Inc)

Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a right of first refusal (“ROFR”) as to any six hundred thirty-four (634) rentable premises square feet located in Suites 315 B and C of the Building for which Landlord is shall be seeking a tenant following the Original Premises Surrender Date (“Available ROFR Premises”). In the ; provided, however, that in no event shall Landlord receives a bonafide offer be required to lease from a third party tenant any Available ROFR Premises to Tenant for any period past the date on which this Lease expires or is terminated pursuant to its terms. Following the Original Premises Surrender Date, Landlord intends to lease the Available ROFR Premises, which offer is acceptable to Landlord in its sole and absolute discretion, . Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available ROFR Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.110.1. Within five ten (510) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease all (not just a portion) of the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five ten (510) business day period, then Tenant shall be deemed to have elected not to lease the Available ROFR Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 2 contracts

Sources: Lease (Genelux Corp), Lease (Genelux Corp)

Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Tenant shall have have, until February 1, 2008, a one-time right of first refusal offer (“ROFRROFO”) as to any rentable premises in the Building up to five thousand (5,000) rentable square feet other than the Available ROFR Premises, in each case for which Landlord is seeking a tenant (“Available ROFO Premises”). In the event Landlord receives a bonafide offer intends to lease from a third party tenant make the Available Premises, which offer is acceptable ROFO Premises available to Landlord in its sole and absolute discretionlease, Landlord shall provide written notice thereof to Tenant (the “Notice of OfferAvailability”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. (a) Landlord will send Tenant a Notice of Availability within ten (10) days after Landlord determines to seek a tenant for any Available ROFO Premises. (b) Within five fifteen (515) business days following its receipt of a Notice of OfferAvailability, Tenant shall advise Landlord in writing whether and on what material terms Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of OfferROFO Premises. If Tenant fails to notify Landlord of Tenant’s election within said five fifteen (515) business day period, then Tenant shall be deemed to have elected not to lease the Available ROFO Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. (c) If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of OfferROFO Premises, or if Tenant fails to notify Landlord of Tenant’s election within the five fifteen (5) business day 15)-day period described above, then Landlord shall have the right to consummate the lease of the Available ROFO Premises on the same terms as set forth in the Notice of Offer to a third party with another tenant. 43.4. (d) Notwithstanding anything in this Section 43 9 to the contrary, Tenant shall not exercise the ROFR ROFO during such period of time that Tenant is in default under any provision of the Lease, as modified by this LeaseAmendment. Any attempted exercise of the ROFR ROFO during a period of time in which Tenant is so in Default default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR ROFO if Landlord has given Tenant has committed a Default two (2) or more times notices of default under the Lease, as modified by this Amendment, whether or not the defaults are cured, during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure periodROFO. 43.5. (e) Notwithstanding anything in the Lease or this Lease Amendment to the contrary, Tenant shall not assign or transfer the ROFRROFO, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 2 contracts

Sources: Office/Laboratory Lease (Tetralogic Pharmaceuticals Corp), Office/Laboratory Lease (Tetralogic Pharmaceuticals Corp)

Right of First Refusal. During the first Initial Term (1st) three (3) years after but not any extensions or renewals thereof), Landlord shall not lease all or any part of the Term Commencement DateReserved Area specified in Paragraph 22 of the Basic Lease Information, Tenant shall have a right except as provided in this Section 43. Subject to the current rights of first refusal (“ROFR”) as to any rentable premises other tenants in the Building for which Building, if at any time during the Initial Term Landlord is seeking receives from a tenant bona fide third party an offer (or offers to a bona fide third party the right) to lease all or any part of the Reserved Area on terms acceptable to Landlord. Landlord agrees to deliver to Tenant a notice as set forth in this Section 43.a (the Available PremisesAvailability Notice”). In Such Availability Notice shall set forth the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is rental rate and such other terms as are acceptable to Landlord in its sole discretion (consistent with the terms set forth in the offer received from or delivered to such bona fide third party), and absolute discretion, Landlord shall provide written notice thereof set forth the portion of the Reserved Area offered to Tenant the third party and any additional area in the Building included in such offer (the “Notice of OfferExpansion Area”). If Tenant, specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within within five (5) business days following its after receipt of a Notice of Offerthe Availability Notice, Tenant shall advise Landlord indicates in writing whether Tenant elects its agreement to lease the Available Premises Expansion Area on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day periodAvailability Notice, then Tenant the Expansion Area shall be deemed included within the Premises and leased to have elected not Tenant pursuant to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease terms and conditions of the Available Premises Availability Notice and otherwise on the terms and conditions set forth in of this Lease. Accordingly, the Notice Base Rent payable under this Lease shall be increased by the amount of OfferBase Rent attributable to the Expansion Area and Tenant’s proportionate share of Estimated Operating Costs and Actual Operating Costs shall be adjusted to reflect the addition of the Expansion Area. The parties shall promptly execute an amendment to this Lease stating the addition of the Expansion Area to the Premises, then Landlord shall lease the Available Premises to Tenant upon the terms rent adjustments and conditions set forth in the Notice of Offer. 43.3such other modifications described above. If Tenant notifies Landlord that Tenant elects does not to lease the Available Premises on the terms and conditions set forth in the Notice of Offerindicate, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described abovedays after receipt of the Availability Notice, then its agreement to lease the Expansion Area, Landlord thereafter shall have the right to consummate lease the lease of the Available Premises on the same terms as set forth in the Notice of Offer Expansion Area to a any third party tenant. 43.4. Notwithstanding anything in and Tenant shall no longer have any right to the Reserved Area, it being the agreement by the parties hereto that Tenant’s right to the Reserved Area pursuant to the terms of this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure periodone-time right only. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 2 contracts

Sources: Office Building Lease, Office Building Lease (E2open Inc)

Right of First Refusal. During the first (1st) three (3) years If after the Term Lease Commencement Date, Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord Date Lessor receives a bonafide an offer to lease from a third party tenant all or any portion of the Available Premisessecond floor of the Building (such space hereinafter referred to as the "RIGHT OF FIRST REFUSAL SPACE"), which offer and if this Lease is acceptable to Landlord then in its sole full force and absolute discretioneffect, Landlord Lessor shall provide written notice thereof to notify Tenant (the “Notice "RIGHT OF FIRST REFUSAL NOTICE") of Offer”), specifying the material prospective lease and the terms and conditions of a proposed lease to Tenant of thereof, including the Available Premisesspace in question (the "SUBJECT SPACE"), which shall be the same as the offered terms of the bonafide offerminimum rent, except that the term of any tenant improvements allowance, lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1commencement date and lease termination date, annual escalation, and other material terms. Within five (5) business days following its receipt after Landlord gives the Right of a First Refusal Notice of Offerto Tenant, Tenant shall advise notify Landlord in writing whether or not Tenant elects desires to lease accept the Available Premises Subject Space on the terms and conditions set forth in the Notice Right of OfferFirst Refusal Notice. If Tenant fails to notify Landlord of Tenant’s election accepts the. Subject Space within said such five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice Right of OfferFirst Refusal Notice, then Landlord the parties shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3execute an agreement within ten days. If Tenant notifies Landlord that Tenant elects does not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election accept such space within the five (5) business day period described abovedays. after Landlord issues a Right of First Refusal Notice, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in thereafter be free from ail restrictions or conditions imposed by this Section 43 18.6 with respect to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.Subject Space

Appears in 2 contracts

Sources: Lease (Vastera Inc), Lease (Vastera Inc)

Right of First Refusal. During the first (1sta) three (3) years after the Term Commencement Date, Tenant shall have a continuing right of first refusal (“ROFR”) as with respect to any rentable premises contiguous space in the Building for of ten thousand (10,000) square feet or greater as measured by the ANSI/BOMA Z65.1-1996 standards that becomes available during the term of the Lease, excluding any space on the ground floor of the Building (the "Refusal Space"), subject to the existing rights of existing tenants to the Refusal Space. Provided that no Event of Default has occurred which has not been cured, if Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide shall receive an offer to lease from a third party tenant any portion of the Available PremisesRefusal Space, which offer is acceptable Landlord shall desire to Landlord in its sole and absolute discretionaccept, Landlord shall provide give written notice thereof of the said offer to Tenant (the “"Landlord's Refusal Notice"). The Landlord's Refusal Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as set forth in reasonable detail the terms of the bonafide offer, except that including a description of the space, the Base Monthly Rental (including escalations thereof), condition of the space (i.e., as is, building standard construction, tenant improvement allowances), taxes, maintenance costs and other pass-throughs, term and any other material terms of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1offer. Within five ten (510) business days following its receipt of a Notice of Offerreceiving Landlord's Refusal Notice, Tenant shall advise Landlord in writing whether Tenant elects may elect, by written notice to lease Landlord, to accept the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant Refusal Space upon the terms and conditions stated in the Landlord's Refusal Notice. Tenant's failure to make a timely election to accept the specified space shall be deemed a rejection of the Refusal Space. Upon Tenant's rejection or deemed rejection of the Refusal Space, Landlord shall be free to accept the offer to lease and lease the space to a third party pursuant to the terms thereof. Upon Tenant's acceptance of the Refusal Space, the parties shall prepare and execute an amendment incorporating the Refusal Space into the Lease subject to all of the terms, covenants, and conditions herein, except as modified by the terms of the offer. The right contained in this Section is personal to ▇▇▇▇.▇▇▇, Inc. and its Affiliates, and such right shall not inure to the benefit of any assignee or subtenant of ▇▇▇▇.▇▇▇, Inc., except for its Affiliates and such right shall be subject to the provisions of Section 18. (b) Tenant's rights under this Section are subject and subordinate to and only to the rights of the existing tenants of the Building which currently have expansion rights, rights of first refusal or rights of first negotiation with respect to space on the Refusal Space. A list of said existing tenants is set forth in on SCHEDULE 1 attached hereto and made a part hereof. Notwithstanding the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offerforegoing, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate negotiate amendments to the lease Lease of the Available Premises on the same terms as set forth any tenant in the Notice Building to provide for an extension of Offer to said tenant's expiration of Lease Term for a third party tenant. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such reasonable period of time that Tenant is in default under any provision to facilitate said tenant's vacation of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure periodits Premises. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 2 contracts

Sources: Office Lease (NBC Internet Inc), Office Lease (Xoom Inc)

Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a one-time right of first refusal (“ROFR”) as to any rentable premises in the Building adjacent to the New Premises for which Landlord is seeking a tenant (“Available ROFR Premises”). In the event Landlord receives a bonafide bona fide offer to lease Available ROFR Premises from a third party another tenant or potential tenant (the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion“Offer”), Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the TermOffer. 43.1. (a) Landlord will send Tenant a Notice of Offer within ten (10) days after Landlord receives an Offer. (b) Within five fifteen (515) business days following its receipt of a bona fide Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five fifteen (515) business day period, then Tenant shall be deemed to have elected not to lease the Available ROFR Premises. 43.2. (c) If Tenant timely notifies Landlord that Tenant elects to lease the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available ROFR Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. (d) If Tenant notifies Landlord that Tenant elects not to lease the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five fifteen (5) business day 15)-day period described above, then Landlord shall have the right to consummate the lease of the Available ROFR Premises on the same terms as set forth in the Notice of Offer within ninety (90) days following Tenant’s election (or deemed election) not to a third party tenantlease the Available ROFR Premises. If Landlord does not lease the Available ROFR Premises within said ninety (90) day period, then the ROFR shall be fully reinstated, and Landlord shall not thereafter lease the Available ROFR Premises without first complying with the procedures set forth in this Section 8. 43.4. (e) Notwithstanding anything in this Section 43 8 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of the Lease, as modified by this LeaseAmendment. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Landlord has given Tenant has committed a Default two (2) or more times notices of default under the Lease, as modified by this Amendment, whether or not the defaults are cured, during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. (f) Notwithstanding anything in the Lease or this Lease Amendment to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 2 contracts

Sources: Office/Laboratory Lease (Tetralogic Pharmaceuticals Corp), Office/Laboratory Lease (Tetralogic Pharmaceuticals Corp)

Right of First Refusal. During (a) Except as otherwise provided in Paragraph 35(g), and provided an Event of Default does not then exist, if Landlord shall enter into a contract (the first “Sale Contract”) for the sale of the Leased Premises or any Related Premises (1stany such premises, a “Sale Premises”) three with a Third Party Purchaser (3and which may include other property owned by Landlord so long as a specific purchase price is allocated to the Leased Premises), which Sale Contract shall be conditioned upon Tenant’s failure to exercise its right under this Paragraph 35, then promptly following the execution thereof, Landlord shall give written notice to Tenant, together with a copy of the executed Sale Contract. (b) years after the Term Commencement DateFor a period of fifteen (15) days following receipt of such notice, Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premisesright, which offer is acceptable exercisable by written notice to Landlord in its sole and absolute discretiongiven within said fifteen (15) day period, Landlord shall provide written notice thereof to Tenant elect to purchase the Sale Premises at the purchase price (the “Notice of Offer”), specifying the material terms and conditions of calculated on a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant comparable after-tax basis with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five (5capital gains, including depreciation) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on and upon all the terms and conditions set forth in the Notice Sale Contract except that no contingencies contained in such Sale Contract as to environmental assessments, engineering studies, inspection of Offer. the Sale Premises, availability of financing, sale of other property, state of the title to or encumbrances on the Sale Premises, or any other condition or contingency to the Third Party Purchaser’s obligation to purchase the Sale Premises which pertains to the condition of the Sale Premises, the Third Party Purchaser’s ability to take certain action or any other factor beyond the control of Landlord, shall apply to Tenant’s obligation to purchase the Sale Premises under this Paragraph 35, and Tenant shall be obligated to purchase the Sale Premises without any such condition or contingency. (c) If at the expiration of the aforesaid fifteen (15) day period Tenant fails shall have failed to notify exercise the aforesaid option by written notice to Landlord, Landlord may sell the Sale Premises to such Third Party Purchaser upon the terms set forth in such contract. (d) Except as otherwise specifically provided herein, the closing date for any purchase of the Sale Premises by Tenant pursuant to this Paragraph 35 shall be the earlier to occur of (i) ninety (90) days after the date of Tenant’s election within said five (5) business day period, then Tenant shall be deemed notice to have elected not Landlord of its intention to lease purchase the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Sale Premises on upon the terms and conditions set forth of the Sale Contract with a Third Party Purchaser or (ii) the closing date provided in the Notice of Offer, then such Sale Contract. At such closing Landlord shall lease convey the Available Sale Premises to Tenant upon in accordance with, and Tenant shall pay to Landlord the terms purchase price and conditions other consideration set forth in in, the Notice of Offerapplicable Sale Contract. 43.3. If (e) Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate during the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled Term to exercise the ROFR if Tenant has committed a Default two (2) foregoing right of first refusal upon each proposed sale of the Leased Premises or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFRany Related Premises. NOTWITHSTANDING ANYTHING TO THE CONTRARY, whether or not Tenant cures such Defaults within any applicable cure periodIF THE TERM OF THIS LEASE SHALL TERMINATE OR THIS LEASE SHALL EXPIRE, SUCH RIGHTS OF FIRST REFUSAL GRANTED PURSUANT TO THIS PARAGRAPH 35 SHALL TERMINATE AND BE NULL AND VOID AND OF NO FURTHER FORCE AND EFFECT. IN SUCH EVENT TENANT SHALL EXECUTE A QUITCLAIM DEED AND SUCH OTHER DOCUMENTS AS LANDLORD SHALL REASONABLY REQUEST EVIDENCING THE TERMINATION OF ITS RIGHT OF FIRST REFUSAL. 43.5. Notwithstanding anything in this Lease (f) If Tenant does not exercise its right of first refusal to purchase the contrarySale Premises and the Sale Premises are transferred to a Third Party Purchaser, Tenant will attorn to any Third Party Purchaser as Landlord so long as such Third Party Purchaser and Landlord notify Tenant in writing of such transfer. At the request of Landlord, Tenant will execute such documents confirming the agreement referred to above and such other agreements as Landlord may reasonably request, provided that such agreements do not increase the liabilities and obligations of Tenant hereunder. (g) The provisions of this Paragraph 35 shall not assign apply to or transfer the ROFRprohibit (i) any mortgaging, either separately subjection to deed of trust or in conjunction with an assignment or transfer other hypothecation of TenantLandlord’s interest in the LeaseSale Premises, without (ii) any sale of the Sale Premises pursuant to a private power of sale under or judicial foreclosure of any Mortgage or other security instrument or device to which Landlord’s prior written consentinterest in the Sale Premises is now or hereafter subject, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that (iii) any transfer of Landlord’s consent shall not be required for Tenant’s assignment interest in the Sale Premises to a Lender, beneficiary under deed of trust or other holder of a security interest therein or their designees by deed in lieu of foreclosure, (iv) any transfer of the ROFR Sale Premises to any governmental or quasi-governmental agency with power of condemnation, (v) any transfer of the Sale Premises or any interest therein to any affiliate or holder of an interest in connection with an Allowed TransferLandlord, (vi) any Person to whom Corporate Property Associates I4 Incorporated transfers or sells all or substantially all of its assets, or (vii) any transfer of the Sale Premises to any of the successors or assigns of any of the Persons referred to in the foregoing clauses (i) through (iv).

Appears in 2 contracts

Sources: Lease Agreement (Tower Automotive, LLC), Lease Agreement (Tower Automotive, LLC)

Right of First Refusal. During No Sankaty Stockholder may make any Transfer of Preferred Stock pursuant to clause (b)(v) of Section 2.1 unless such Sankaty Stockholder complies with the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a right provisions of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”)this Section 2.4. In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant The transferring Sankaty Stockholder (the “Transferring Sankaty Stockholder”) will deliver a written notice (the “Sankaty Offer Notice”) to each HIG Stockholder. The Sankaty Offer Notice will disclose in reasonable detail the desired number of Offer”)shares of Preferred Stock to be transferred, specifying and the material desired price, terms and conditions of a proposed lease the Transfer. The HIG Stockholders (or their designees) may elect to Tenant purchase all (but not less than all) of the Available Premises, which shall be Preferred Stock specified in the same as Sankaty Offer Notice at the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises price and on the terms specified therein by delivering written notice (the “HIG Acceptance Notice”) of such election to the Transferring Sankaty Stockholder and conditions set forth the other non-transferring Sankaty Stockholders within twenty (20) days after receipt of the Sankaty Offer Notice (the “Election Period”). If the HIG Stockholders elect to purchase all of the Preferred Stock being offered, the Transfer of such Preferred Stock will be consummated within thirty (30) days after expiration of the Election Period. If the HIG Stockholders do not elect to purchase all of the Preferred Stock being offered, the Transferring Sankaty Stockholder may, within ninety (90) days after the expiration of the Election Period, complete the Transfer of such Preferred Stock at a price equal to or greater than the price listed in the Sankaty Offer Notice and otherwise on terms no more favorable to the transferees than the terms offered to the HIG Stockholders in the Sankaty Offer Notice, provided, that no such Transfer may be completed unless each of Offersuch transferees shall have executed and delivered to the Company an Instrument of Accession. If Tenant the Transferring Sankaty Stockholder fails to notify Landlord consummate such Transfer on such terms within the ninety (90) day period after the expiration of Tenant’s election within said five (5) business day periodthe Election Period, then Tenant any subsequent proposed transfer of such Sankaty Securities shall be deemed once again subject to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice provisions of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period2.4. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 2 contracts

Sources: Stockholder Agreement (Advanced Communications Technologies Inc), Stockholder Agreement (Act-De LLC)

Right of First Refusal. During a. If during the first (1st) three (3) years after the Term Commencement DateLease Term, Tenant shall have Suite 300 of Building B is available for lease and Landlord enters into a right letter of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from intent with a third party tenant covering all of the Available Premisesessential terms (collectively, which offer is acceptable to Landlord in its sole and absolute discretionthe “Third Party Terms”) for any of such space (the “First Refusal Space”), then Landlord shall provide written deliver a notice thereof to Tenant (the “Notice of OfferFirst Refusal Notice), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects offering to lease the Available Premises on First Refusal Space to Tenant under the terms and conditions Third Party Terms (the “ROFR Terms”). As used in this Paragraph 6 only, the term available for lease means that the First Refusal Space is neither: (i) subject to any rights of third parties existing as of the date of this Amendment, including, without limitation, previously granted rights of first notice, expansion rights, extension rights, options to lease, or other previously granted rights, nor (ii) subject to renewal by its current tenant, Statewide, whether or not such renewal is pursuant, to an option to renew set forth in its lease as of the Notice date of Offer. If this Amendment. b. Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not may elect to lease the Available Premises. 43.2First Refusal Space under the ROFR Terms by delivering a notice (the “Response Notice”) to Landlord within 5 business days after the date Tenant receives the First Refusal Notice. If Tenant timely notifies (i) Landlord that Tenant elects to lease does not receive the Available Premises on Response Notice within the terms and conditions set forth 5 business day period or (ii) in the Response Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on First Refusal Space under the ROFR Terms, then Tenant is deemed to waive its right to lease the First Refusal Space and Tenant has no further rights under this Paragraph 6. Notwithstanding the foregoing, however, if Landlord does not then execute a lease for the First Refusal Space with any third party, under economic terms and conditions no more than 5% different from those set forth in the Third Party Terms, then this Paragraph 6, and the parties’ rights and obligations hereunder, will be reinstated in their entirety. c. If Tenant timely delivers a Response Notice of Offer, or if Tenant fails electing to notify Landlord of Tenant’s election within lease First Refusal Space under the five (5) business day period described aboveROFR Terms, then Landlord shall have promptly prepare, and deliver to Tenant an amendment to the right Lease adding the First Refusal Space to consummate the lease of Premises upon the Available Premises on the same terms as set forth ROFR Terms, which amendment will be in the Notice of Offer a form substantially similar to a third party tenantthis Amendment. Landlord and Tenant shall execute and deliver such amendment within 5 business days thereafter. 43.4. Notwithstanding anything in this Section 43 d. Landlord is not obligated to offer the contraryFirst Refusal Space to Tenant, and Tenant shall may not exercise its option to lease the ROFR during such period of time that First Refusal Space, if Tenant is in default under any provision the Lease at the time Landlord would otherwise be obligated to give notice to Tenant under this Paragraph. The Right of this Lease. Any attempted exercise First Offer set forth in Section 7 of the ROFR during a period of time in which Tenant First Amendment is so in Default hereby deleted and shall be void and of no further force and effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 2 contracts

Sources: Commercial Lease Agreement (Neos Therapeutics, Inc.), Commercial Lease Agreement (Neos Therapeutics, Inc.)

Right of First Refusal. During the first Subject to any other parties’ pre-existing rights with respect to Available ROFR Premises (1st) three (3) years after the Term Commencement Dateas defined below), Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant space described on Exhibit E attached hereto (the Available PremisesROFR Space”), subject to the terms, conditions and provisions of this Article. In no event shall Landlord be required to lease any Available ROFR Premises to Tenant for any period past the date on which the Lease expires or is terminated pursuant to its terms. To the extent that Landlord renews or extends a then-existing lease with any then-existing tenant of any space, or enters into a new lease with such then-existing tenant, the affected space shall not be deemed to be Available ROFR Premises. In the event that (a) Landlord receives a bonafide offer to lease from a third party tenant a bona fide offer to lease all or any portion of the ROFR Space (together with any additional space that is the subject of such offer, “Available ROFR Premises”), which offer and (b) Landlord is acceptable willing to Landlord in its sole and absolute discretionaccept such offer, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available ROFR Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. I 0.1 Within five seven (57) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease all (not just a portion) of the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five such seven (57) business day period, then Tenant shall be deemed to have elected not to lease the Available ROFR Premises. 43.2. I 0.2 If Tenant timely notifies Landlord that Tenant elects to lease the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available ROFR Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. I 0.3 If Tenant notifies Landlord that Tenant elects not to lease the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five seven (57) business day period described above, then Landlord shall have the right to consummate the lease of the Available ROFR Premises on any terms Landlord desires; provided, however, if Landlord desires to enter into a lease for the same Available ROFR Premises on economic terms as and conditions (i.e., base rent rate, base rent abatement (if applicable), tenant improvement allowance) that are more favorable than those set forth in the Notice of Offer, then Landlord shall deliver a second Notice of Offer (“Second Offer Notice”) to Tenant containing the improved economic terms and conditions upon which Landlord desires to lease the Available ROFR Premises and Tenant shall have seven (7) business days following its receipt of a third party tenantSecond Offer Notice to advise Landlord in writing whether Tenant elects to lease all (not just a portion) of the Available ROFR Premises on the terms and conditions set forth in the Second Offer Notice. If Tenant notifies Landlord that Tenant elects not to lease the Available ROFR Premises on the terms and conditions set forth in the Second Offer Notice, or if Tenant fails to notify Landlord of Tenant’s election within the· seven (7) business day period described above, then Landlord shall have the right to consummate the lease of the Available ROFR Premises on any terms Landlord desires. 43.4. I 0.4 Notwithstanding anything in this Section 43 Article to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this the Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Landlord has given Tenant has committed a Default two (2) or more times notices of default under the Lease, whether or not the defaults are cured, during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. I 0.5 Notwithstanding anything in this the Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; providedprovided that, however, that Landlord’s consent shall not be required for (without limiting anything in Article 29 of the Lease) (a) in the event of an Exempt Transfer of Tenant’s full interest in the Lease or (b) if Landlord approves (in writing) an assignment or transfer of Tenant’s full interest in the Lease from Tenant to Tenant’s Affiliate, then, in conjunction with (and not separate from) such Exempt Transfer or assignment or transfer, as applicable, and upon prior written notice to Landlord, Tenant may assign or transfer the ROFR in connection with an Allowed Transferto the transferee of such Exempt Transfer or such Tenant’s Affiliate, as applicable.

Appears in 2 contracts

Sources: Lease (Erasca, Inc.), Lease Agreement (Erasca, Inc.)

Right of First Refusal. During Tenant shall have a one-time right of first refusal to lease that certain space within the Property known and numbered as Suite 185 (the “Option Space”), pursuant to the following terms and conditions. Provided this Lease is in full force and effect and Tenant is not in Default hereunder, Landlord agrees to notify Tenant in writing the first (1st) three (3) years after the Term Commencement Datetime Landlord has a prospective third party tenant who in Landlord’s reasonable determination is ready, willing and able to occupy and lease all or any portion of said Option Space. Upon receipt of Landlord’s notice, Tenant shall have a right ten (10) days in which to notify Landlord in writing of first refusal (“ROFR”) as its election to any rentable premises lease not less than all of the Option Space set forth in the Building for which Landlord is seeking a tenant (“Available Premises”)Landlord’s notice. In the event Tenant does not notify Landlord receives a bonafide offer within said ten (10) days, Tenant’s rights with respect to the space identified in Landlord’s notice will be null and void, and Landlord may lease from a third party tenant the Available Premisessuch space to any prospective tenant, which offer is acceptable to at such rental and upon such terms and conditions as Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3judgement may desire. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord within said ten (10) days of Tenant’s election within to lease the five (5) business day period described abovespace identified in Landlord’s notice, then Landlord Tenant shall have lease the right to consummate the lease of the Available Premises on applicable Option Space upon the same terms and conditions as set forth in this Lease, except as follows: (a) The term for the Notice Option Space shall commence on the first day of Offer the calendar month following Tenant’s notice of election to Landlord, and shall thereafter run concurrent with the term of this Lease with respect to the primary space. (b) Tenant shall accept any said Option Space in its then “AS IS” condition; and, except to the extent that any interior finish construction or allowance is included as part of the determination of market rate pursuant to Section 32(c), Landlord shall have no obligation to perform any alterations or improvements within such space, other than to remove one (1) secretarial desk and repair or replace the carpet under such desk. (c) The Base Rent for any said Option Space shall be based upon the Base Rent that Tenant is paying for the primary space at the time that Tenant wishes to take delivery of the applicable Option Space. Notwithstanding anything to the contrary in this Section, in no event shall the annual per square foot rate payable for any Option Space be less than the then current annual per square foot rate payable for the primary space then being leased by Tenant. (d) Tenant’s proportionate share, for purposes of determining Tenant’s obligation for Additional Rent or any other charge payable to Landlord under this Lease shall be equitably increased to reflect the additional square footage of the applicable Option Space. WHEREFORE, Landlord and Tenant have respectively executed this Lease the day and year first above written. TENANT: LANDLORD: EARGO, INC. LAGOS PROPERTIES, LLC By: /s/ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ By: /s/ ▇▇▇▇ ▇▇▇▇▇▇ Print Name: ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Print Name: ▇▇▇▇ ▇▇▇▇▇▇ Title: CEO Title: CEO Tenant agrees to comply with the following rules and regulations, and any subsequent rules or regulations which Landlord may adopt or modify from time to time. Tenant shall be bound by such rules and regulations to the same extent as if such rules and regulations were covenants of (his Lease; and any non-compliance thereof shall constitute a third party Default tinder this Lease. Landlord shall not be liable to Tenant for the non-observance of any of said rules and regulations by any other tenant. 43.4(1) No sign or advertisement shall be displayed by Tenant on the outside or the inside (and visible from the outside) of the Premises without the prior written consent of Landlord. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under use any provision of this Lease. Any attempted exercise picture or likeness of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall Property many not be entitled to exercise the ROFR if Tenant has committed a Default two (2) ices or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Leaseadvertisements, without Landlord’s prior written consent. (2) Landlord shall provide and install, at Tenant’s expense, such letters and/or numerals on the main entrance to the Premises, and on the building directory, to identify Tenant’s name. All such letters and numerals shall be of building standard graphics, and no other signage shall be used or permitted. All such signage so placed shall be at Tenant’s risk. Tenant shall cause the removal of all such signage from the Property at the end of Tenant’s term, or Landlord may cause such removal at Tenant’s expense, (3) No additional locks shall be placed upon any door of the Premises, and Tenant shall not permit any duplicate keys to he made, without the prior consent of Landlord. Upon the expiration or earlier termination of this Lease, Tenant shall surrender to Landlord all keys to the Premises and Properly. (4) Landlord retains the power to prescribe the weight and proper position of safes, mechanical equipment, and any other bulky or excessively weighty objects. All such objects shall be moved into or out of the Premises under the prior written consent and supervision of Landlord and at such times and according to such regulations as may be designated from time to time by Landlord. Notwithstanding such supervision, Tenant shall be responsible for all damage to the Property caused by moving such objects. (5) Tenant shall not install any additional lighting, or use any data processing equipment which utilizes power other than 110 electrical current to the Premises. Tenant shall not use any other fuel source other than electricity to heat, cool or light the Premises. Tenant shall not install any air-conditioning apparatus in the Premises. Tenant shall not permit any animals or any foul or noxious gas, noise, odors and/or vibrations in the Premises which may obstruct or interfere with the rights of other tenant(s) in the Property. (6) Tenant shall not permit within the Premises any animals other than service animals; nor shall Tenant create or allow any foul or noxious gas, noise, odors, sounds, and/or vibrations within the Premises, or create any interference with the operation of any equipment or radio or television broadcasting/reception from within or about the Property, which consent Landlord may withhold obstruct or interfere with the rights of any other tenant(s) in its sole and absolute discretion; provided, however, that the Property. (7) Tenant shall not contract for any work or service to be performed to or within the Premises which might involve the employment of labor incompatible with Landlord’s consent employees or the employees of contractors doing work or performing services by or on behalf of Landlord. (8) No sidewalks, loading areas, stairways, doorways, corridors, and other common areas shall be obstructed by Tenant or used for any purpose other than for ingress and egress. (9) Tenant shall not install any window treatments other than existing treatments or otherwise obstruct the windows of the Premises without Landlord’s prior written consent. (10) After normal business hours Tenant shall lock all doors and windows of the Premises; and, in the event the building is locked after normal business hours and Tenant allows its employees, agents, contractors, invitees or licensees to enter the building after such hours, Tenant shall be responsible that such persons lock the building upon exiting. Tenant shall be liable for all damages sustained by Landlord arising from such failure. (11) Any person(s) other than Landlord’s selected janitorial service, who shall be employed by Tenant for the purpose of cleaning the Premises shall be employed at Tenant’s cost. Tenant shall indemnify and hold Landlord harmless from all losses, claims, liability, damages, and expenses for any injury to person or damage to property of Tenant, or third persons, caused by Tenant’s cleaning contractor, (12) Tenant shall not canvass or solicit business, or allow any employee of Tenant to canvass or solicit business, from other tenants in the Property. (13) Landlord reserves the right to place into effect a “no smoking” policy within all or selected portions of the common areas of the Property, wherein Tenant, its agents, employees and invitees shall not be required for Tenant’s assignment allowed to smoke. Tenant shall not be allowed to smoke in any common stairwells, elevators or bathrooms; nor shall Tenant dispose of any smoking material including, without limitation, matches, ashes and cigarette butts on the floors of the ROFR Property, about the grounds of the Property, or in connection with an Allowed Transferany receptacle other than a specifically designated receptacle for smoking.

Appears in 2 contracts

Sources: Standard Office Building Lease (Eargo, Inc.), Standard Office Building Lease (Eargo, Inc.)

Right of First Refusal. During At any time during the first (1st) three (3) years after term of this Lease, and on the Term Commencement Dateterms and conditions hereinafter set forth, provided that this Lease is in full force and effect and Tenant is not in default under this Lease beyond applicable notice and cure periods, Tenant shall have a continuing right of first refusal to negotiate for additional space within the Building (“ROFRExpansion Space”) as on the terms and conditions hereinafter set forth: A. During the term of this Lease, prior to any rentable premises in the Building for which Landlord is seeking Landlord’s executing a tenant lease (“Available PremisesProposed Lease). In ) for any space within the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretionBuilding, Landlord shall provide written notice thereof notify Tenant in writing of the rentable area of the Expansion Space proposed to Tenant be leased, the proposed rental rate, the proposed commencement date (the “Notice of OfferExpansion Space Commencement Date), specifying ) and the material proposed terms and conditions of a proposed the Proposed Lease. B. If Tenant desires to negotiate for the lease to Tenant of the Available PremisesExpansion Space, which shall be the same as the terms of the bonafide offerTenant must, except that the term of any lease entered into by Tenant with respect written notice to the Available Premises shall be coterminous with the Term. 43.1. Within Landlord given within five (5) business days following its receipt after Landlord’s notice, commence negotiation for the lease of the Expansion Space. C. If Landlord and Tenant do not enter into a lease agreement for all of the Expansion Space within fifteen (15) days of the date of Landlord’s notice of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease prospective tenant for the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day periodExpansion Space, then Tenant shall be deemed to have elected not no further rights to lease such Expansion Space under this Section 42. In the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects event such space again becomes available, Tenant’s rights to lease the Available Premises on the terms and conditions set forth negotiate for such space in the Notice of Offer, then Landlord future shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offerrenew. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 2 contracts

Sources: Office Lease (Paylocity Holding Corp), Office Lease (Paylocity Holding Corp)

Right of First Refusal. During At all times during the first (1st) three (3) years after the Term Commencement DateTerm, Tenant shall have a right of first refusal to purchase the Leased Premises on the following terms and conditions: (“ROFR”a) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide third party offer to lease from a purchase the Leased Premises and Landlord is willing to accept the offer on the terms and conditions contained therein, it shall, in turn, submit such offer to Tenant in writing prior to accepting such offer. Provided Tenant is not then in default under the Lease, Tenant shall have three (3) business days to elect to purchase the Leased Premises upon the same terms and conditions as stated in the third party tenant offer. In the Available event Tenant desires to exercise its first right to purchase the Leased Premises, which offer is acceptable it shall do so by delivering written notice to Landlord of such intention within such three (3) business day period. In the event that the terms and conditions in its sole and absolute discretionsuch offer change, Landlord shall provide written notice thereof resubmit such offer to Tenant Tenant, who shall then have an additional three (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five (53) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease exercise this right to purchase the Available Leased Premises on upon the new terms and conditions set forth in the Notice of Offerrevised offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease In the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that event Tenant elects not to lease exercise its first right to purchase the Available Leased Premises, Landlord shall be free to proceed with the sale of the Leased Premises on to the terms third party offeree. (b) Title to the Leased Premises shall be conveyed to Tenant by general warranty deed warranting that fee simple indefeasible title to the Leased Premises is good and conditions marketable and free and clear of all liens and encumbrances except (i) taxes and assessments, both general and special, that are a lien but are not then due and payable, (ii) zoning ordinances, if any, (iii) reasonable easements, covenants and restrictions of record as may be approved in writing by Tenant. In addition, Landlord shall at its sole cost and expense, deliver to Tenant as of the date of transfer of title an ALTA Owner's Fee Policy of Title Insurance (the "Title Policy") in the amount of the purchase price and issued by a title company specified by Tenant (the "Title Company") insuring fee simple indefeasible and marketable title to be vested in Tenant subject only to the matters set forth in items (i) through (iii) of this subparagraph (b). (c) If the Notice right of Offerfirst refusal is so exercised, or if Tenant fails all funds and documents necessary to notify Landlord convey title to the Leased Premises shall be deposited in escrow with the Title Company within ninety (90) days of receipt of Tenant’s election within 's written notice of its desire to exercise such right (the five (5) business day period described "Closing Date"). On the condition that the Title Company can and will issue the Title Policy as specified above, then the Title Company shall complete the transaction on the Closing Date upon receipt of all funds and documents. If a defect in title appears which is not permitted hereunder, Landlord shall have sixty (60) days after actual notice of such defect to cause such defect to be removed. If the defect is not removed, Tenant shall have the right, at its option, to revoke the exercise of its right of first refusal, whereupon all funds and documents deposited in escrow shall be returned to the depositing party, all escrow fees and other charges incurred in anticipation of transfer of title to Tenant shall be paid or satisfied by Landlord, and this Lease shall continue in accordance with its terms, including the right of first refusal, which may be thereafter re- exercised in anticipation of the defect in title being removed. Notwithstanding anything herein to the contrary, Landlord shall have the right unconditional obligation (without necessity of notice from Tenant) to consummate cause to be released of record any mortgage or other lien for the lease payment of money affecting the Leased Premises. (d) The Title Company shall charge Landlord and pay out of escrow the cost of the Available Premises on owner's title insurance policy, any and all costs to cure title defects and one-half of the same terms as set forth escrow fee. The Title Company shall charge Tenant the fee for filing the deed and any mortgage for record, the remaining one-half of the escrow fee, the cost of any lender's title insurance policy and the fees relating to any endorsements requested by Tenant and/or any lender of Tenant. Conveyance tax and transfer fees, if any, shall be borne by the party specified in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything applicable statute or ordinance or, in this Section 43 to the contraryevent the applicable statute or ordinance is silent, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default tax and/or fees shall be void and of no effect. In addition, Tenant shall not be entitled to exercise borne equally by the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure periodparties. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 2 contracts

Sources: Industrial Building Lease (Motors & Gears Inc), Industrial Building Lease (Motors & Gears Inc)

Right of First Refusal. During the first eighteen (1st18) three (3) years after month period commencing on the Term Commencement Date, Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant suite across the hall from the Premises on the fourth (4th) floor of the Building, consisting of approximately eight thousand three hundred eighty-six (8,386) square feet of space, as shown on Exhibit H attached hereto (“Available ROFR Premises”); provided, however, that in no event shall Landlord be required to lease the ROFR Premises to Tenant for any period past the date on which this Lease expires or is terminated pursuant to its terms and as such if the Notice of Offer contains a term for the ROFR space that extends past the Term Expiration Date then in order to lease the ROFR upon the terms in the Notice of Offer Tenant shall be required to extend the Term with respect to the Premises. In the event Landlord receives a bonafide offer intends to lease from a third party tenant the Available ROFR Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available ROFR Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.142.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease all (not just a portion) of the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available ROFR Premises. 43.242.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available ROFR Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.342.3. If Tenant notifies Landlord that Tenant elects not to lease the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available ROFR Premises on the same terms as set forth in the Notice of Offer following Tenant’s election (or deemed election) not to a third party tenantlease the ROFR Premises. If after Tenant’s election (or deemed election) not to lease the ROFR Premises, the material economic terms change by more than ten percent (10%) from the initial terms in the Notice of Office, then the ROFR shall be fully reinstated, and Landlord shall not thereafter lease the ROFR Premises without first complying with the procedures set forth in this Article. 43.442.4. Notwithstanding anything in this Section 43 Article to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in monetary or material non-monetary default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default monetary or material non-monetary default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Landlord has given Tenant has committed a Default two four (24) or more times notices of default under this Lease, whether or not the defaults are cured, during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.542.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent rights shall be as set forth in Article 29. 42.6. If Tenant exercises the ROFR, Landlord may withhold in its sole and absolute discretion; provided, however, does not guarantee that Landlord’s consent shall not the ROFR Premises will be required available on the anticipated commencement date for Tenant’s assignment the Lease as to such Premises due to a holdover by the then-existing occupants of the ROFR Premises or for any other reason beyond Landlord’s reasonable control. 42.7. Notwithstanding anything in connection with an Allowed Transferthis Lease to the contrary, the ROFR shall expire on the date that is eighteen (18) months following the Term Commencement Date.

Appears in 2 contracts

Sources: Sublease Agreement (Natera, Inc.), Sublease Agreement (Natera, Inc.)

Right of First Refusal. During (a) If Landlord shall receive an offer from a third party to lease all or a portion of the space then available for lease and contiguous to the Demised Premises on the sixth (6th) floor of the Building, as more particularly set forth in the attached Exhibit B-2 (the “Sixth Floor Refusal Space”) or on the fourth (4th) floor of the Building, as more particularly set forth in the attached Exhibit B-3 (the “Fourth Floor Refusal Space” together with the “Sixth Floor Refusal Space” shall collectively be referred to as the “First Refusal Space”), which Landlord intends to accept, prior to leasing the same pursuant to such offer, Tenant shall have the one-time right of first refusal to lease such space upon the terms and conditions hereinafter set forth (1stthe “Right of First Refusal”). (b) three In the event such third party offer to lease such First Refusal Space includes a commencement date which occurs anytime following the Commencement Date of this Lease but prior to the conclusion of the third (33rd) years after Lease Year following the Term Commencement Date of this Lease, Tenant’s Right of First Refusal to lease such First Refusal Space shall be upon the same terms and condition as the Lease, except that: i. The commencement date with respect to the First Refusal Space (the “First Refusal Space Commencement Date”) shall occur one hundred twenty (120) days following delivery of the First Refusal Space to Tenant vacant and free of tenants. ii. Commencing upon the First Refusal Space Commencement Date, Tenant shall have pay Annual Basic Rental for the First Refusal Space equal to the product obtained by multiplying (x) the quotient obtained by dividing the Annual Basic Rental payable with respect to the Demised Premises (in accordance with Section 1(g) hereof) by the rentable square foot area of the Demised Premises (in accordance with Section 1(d) hereof), by (y) the rentable square foot area of the First Refusal Space, as measured by Landlord’s architect in accordance with Section 2.2 hereof. The above notwithstanding, provided Tenant is not in an Event of Default beyond applicable notice, grace or cure periods, Basic Rental for the First Refusal Space shall be abated for the number of months following the First Refusal Space Commencement Date obtained by multiplying twelve (12) by the fraction which has a right denominator equal to one hundred thirty two (132) and a numerator equal to the number of first refusal months remaining in the Term of the Lease as of the First Refusal Space Commencement Date (as such date is reasonably estimated by Landlord at that time). iii. In the event that the First Refusal Space is vacant at the time of the execution of the First Refusal Amendment, as hereinafter defined, Landlord shall deliver vacant possession of the First Refusal Space in its “as-is” condition, broom clean, to Tenant so Tenant can perform improvements within the First Refusal Space (“ROFRTenant’s First Refusal Space Work”) within two (2) business days of execution of the First Refusal Amendment. In the event that the Expansion Premises is occupied by another tenant at the time of the execution of the Expansion Amendment, Landlord shall deliver possession of the Expansion Space in its as-is condition, broom clean, as soon as reasonably practical. iv. Landlord shall provide Tenant with an allowance to any be applied towards the Cost of Tenant’s improvements to the First Refusal Space of the amount which is obtained by multiplying the rentable premises square foot area of the First Refusal Space (as measured by Landlord’s architect in accordance with Section 2.2 hereof) by the product obtained by multiplying: (a) the fraction where the denominator is one hundred thirty two (132) and the numerator is the number of months remaining in the Lease Term as of the First Refusal Space Commencement Date (as such date is reasonably estimated by Landlord at that time), and (b) Fifty Dollars ($50.00) (the “First Refusal Space Improvement Allowance”). v. Tenant’s improvements to the First Refusal Space and the First Refusal Space Improvement Allowance shall be subject to the same terms and conditions imposed on Tenant and Landlord with respect to Tenant’s Work in the Original Premises and the Tenant Improvement Allowance, as defined in and in accordance with Section 4 except that Landlord’s obligation to perform Landlord’s Work in the Demised Premises shall not create any obligation on behalf of Landlord to perform any work in the First Refusal Space except that, in the event the First Refusal Space comprises less than a full floor of the Building for but more than half of the rentable area included in the floor of the Building on which the First Refusal Space is located, Landlord shall perform such work as is seeking reasonably necessary to construct a tenant public corridor to service the First Refusal Space as required by code (including associated lighting, HVAC, electric, wall finishes, ceiling finishes, and floor finishes using building standard materials). (c) In the event such third party offer to lease such First Refusal Space includes a commencement date which occurs anytime after the conclusion of the third (3rd) Lease Year following the Commencement Date of this Lease, Tenant’s Right of First Refusal to lease such First Refusal Space shall be upon the same terms being offered by such third party pursuant to such offer. (d) Landlord shall notify Tenant in writing of its intent to accept an offer to lease all or a portion of the First Refusal Space (“Available PremisesLandlord’s First Refusal Notice”). In the event Landlord receives a bonafide the third party offer to lease from such First Refusal Space includes a commencement date which occurs anytime after the conclusion of the third party tenant (3rd) Lease Year following the Available PremisesCommencement Date of this Lease, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord Landlord’s First Refusal Notice shall provide written notice thereof to Tenant (contain the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to such third party offer (including the Basic Rental therefor and Landlord’s construction obligations, if any, thereto). Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within have five (5) business days following its from receipt of a Landlord’s First Refusal Notice of Offer, Tenant shall advise to notify Landlord in writing whether that Tenant elects desires to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant First Refusal Space upon the terms and conditions set forth in the Notice of OfferLandlord’s notice, which shall be issued in accordance with this paragraph and Sections 43(b) or 43(c), as applicable. 43.3(e) If Tenant exercises its right to lease such First Offer Space in accordance with this Section 43, Landlord will prepare and deliver to Tenant an amendment (“First Refusal Amendment”) containing the above referenced terms and conditions upon which Tenant shall lease the First Offer Space. Tenant’s lease of the First Refusal Space shall otherwise be upon the same terms and conditions of this Lease. Tenant shall have twenty (20) days to execute and deliver the First Refusal Amendment to Landlord. If Tenant notifies fails to execute and deliver the First Refusal Amendment to Landlord within twenty (20) days of receipt of the First Refusal Amendment, Tenant will be have conclusively deemed to have declined its Right of First Refusal as to that Tenant elects not particular First Refusal Space, and Landlord shall be free to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if space to a third party. (f) If Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the does not exercise its right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer a First Refusal Space and Landlord leases such space to a third party and the Term of the lease with the third party expires prior to the Term of this Lease causing the same First Refusal Space to become available again and Landlord shall again receive an offer to lease the same First Refusal Space from a third party (or an offer to renew the lease with the existing tenant), Landlord shall not be obligated to re-offer such First Refusal Space to Tenant. The parties hereto acknowledge and agree that Tenant’s Right of First Refusal shall apply one time only with respect to any portion of the First Refusal Space. 43.4. (g) Tenant’s Right of First Refusal shall be subject to the right of The ▇▇▇▇▇▇▇▇ Companies, Inc. to renew its lease for the Fourth Floor Refusal Space. (h) Notwithstanding anything in any contrary provision of this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under 41 or any other provision of this Lease. Any attempted , any exercise by Tenant of the ROFR during a period of time in which Tenant is so in Default its right to lease First Refusal Space shall be void and of no effect unless on the date Tenant notifies Landlord that it elects to lease First Refusal Space and on the commencement date of the First Refusal Amendment: (i) this Lease is in full force and effect. In addition, (ii) no Event of Default has occurred under this Lease which remains continuing and uncured after expiration of any applicable notice and opportunity to cure, (iii) Tenant shall not be entitled to exercise is then occupying the ROFR if entire Demised Premises for the conduct of its business and Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in assigned this Lease or sublet the Demised Premises other than to the contrarya Related Entity or pursuant to a permitted transfer under Section 17 and (iv) Tenant has not exercised its Contraction Option pursuant to paragraph 36 above (any of which conditions described in clauses (i), Tenant shall not assign or transfer the ROFR(ii), either separately or (iii), and (iv) may be waived by Landlord at any time in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer).

Appears in 2 contracts

Sources: Lease (Covisint Corp), Lease (Covisint Corp)

Right of First Refusal. During Provided Tenant is not then in default under the first (1st) three (3) years after the Term Commencement DateLease, Tenant shall have the right exercisable on seven (7) business days prior written notice to lease any space contiguous to the Premises on the same terms and conditions as the Landlord may receive in writing from and signed by a third party. Such right of first refusal (“ROFR”) as shall not apply to any rentable premises renewals or extensions of leases currently in effect in the Building for which Landlord is seeking a tenant (“Available Premises”)Building. In the event If Landlord receives a bonafide bona fide, arm’s length offer from some third party for the lease thereof which Landlord wishes to accept, Landlord shall furnish a copy of the offer to Tenant within seven (7) business days after receipt from the third party, and offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof space to Tenant (with the “Notice of Offer”), specifying same deposit on the material same terms and conditions of a proposed lease to Tenant of the Available Premisesconditions, which shall be using the same as the terms of the bonafide offer, except that the term of any lease entered into by form. Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five have seven (57) business days following its after receipt of a Notice of Offer, Tenant shall advise an offer from Landlord in writing whether Tenant elects within which to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails give written notice to notify Landlord of Tenant’s election within said five (5) business day periodto lease the space on the same terms and conditions and deliver the deposit to Landlord. Upon a timely election to lease, then Landlord and Tenant shall be deemed to have elected not to (i) entered into a written lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on with the same terms terms, conditions, and form as set forth in made by the Notice of Offer to a third third-party tenant. 43.4. Notwithstanding anything in this Section 43 to the contrary, and Landlord and Tenant shall not exercise thereafter execute and deliver a lease to that effect (the ROFR during such period “Expansion Space Lease”); and (ii) extended the then current term of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer ending date of the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Expansion Space Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent the then current term of this Lease shall not under any circumstances be required for Tenant’s assignment shortened even if the Expansion Space Lease ends prior to the Ending Date of this Lease. If Landlord does not receive the ROFR in connection with deposit and a timely written election to lease from Tenant within the seven (7) business days, it is an Allowed Transferelection by Tenant not to lease. All rights of first refusal end upon an election not to lease as provided above.

Appears in 2 contracts

Sources: Lease Agreement (Bancshares of Florida Inc), Lease (Bancshares of Florida Inc)

Right of First Refusal. During (a) Except as otherwise provided in Paragraph 35(g), and provided an Event of Default does not then exist, if Landlord shall enter into a contract (the first “Sale Contract”) for the sale of the Leased Premises or any Related Premises (1stany such premises, a “Sale Premises”) three with a Third Party Purchaser (3and which may include other property owned by Landlord so long as a specific purchase price is allocated to the Leased Premises), which Sale Contract shall be conditioned upon Tenant’s failure to exercise its right under this Paragraph 35, then promptly following the execution thereof, Landlord shall give written notice to Tenant, together with a copy of the executed Sale Contract. (b) years after the Term Commencement DateFor a period of fifteen (15) days following receipt of such notice, Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premisesright, which offer is acceptable exercisable by written notice to Landlord in its sole and absolute discretiongiven within said fifteen (15) day period, Landlord shall provide written notice thereof to Tenant elect to purchase the Sale Premises at the purchase price (the “Notice of Offer”), specifying the material terms and conditions of calculated on a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant comparable after-tax basis with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five (5capital gains, including depreciation) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on and upon all the terms and conditions set forth in the Notice Sale Contract except that no contingencies contained in such Sale Contract as to environmental assessments, engineering studies, inspection of Offer. the Sale Premises, availability of financing, sale of other property, state of the title to or encumbrances on the Sale Premises, or any other condition or contingency to the Third Party Purchaser’s obligation to purchase the Sale Premises which pertains to the condition of the Sale Premises, the Third Party Purchaser’s ability to take certain action or any other factor beyond the control of Landlord, shall apply to Tenant’s obligation to purchase the Sale Premises under this Paragraph 35, and Tenant shall be obligated to purchase the Sale Premises without any such condition or contingency. (c) If at the expiration of the aforesaid fifteen (15) day period Tenant fails shall have failed to notify exercise the aforesaid option by written notice to Landlord, Landlord may sell the Sale Premises to such Third Party Purchaser upon the terms set forth in such contract. (d) Except as otherwise specifically provided herein, the closing date for any purchase of the Sale Premises by Tenant pursuant to this Paragraph 35 shall be the earlier to occur of (i) ninety (90) days after the date of Tenant’s election within said five (5) business day period, then Tenant shall be deemed notice to have elected not Landlord of its intention to lease purchase the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Sale Premises on upon the terms and conditions set forth of the Sale Contract with a Third Party Purchaser or (ii) the closing date provided in the Notice of Offer, then such Sale Contract. At such closing Landlord shall lease convey the Available Sale Premises to Tenant upon in accordance with, and Tenant shall pay to Landlord the terms purchase price and conditions other consideration set forth in in, the Notice of Offerapplicable Sale Contract. 43.3. If (e) Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate during the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled Term to exercise the ROFR if Tenant has committed a Default two (2) foregoing right of first refusal upon each proposed sale of the Leased Premises or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFRany Related Premises. NOTWITHSTANDING ANYTHING TO THE CONTRARY, whether or not Tenant cures such Defaults within any applicable cure periodIF THE TERM OF THIS LEASE SHALL TERMINATE OR THIS LEASE SHALL EXPIRE, SUCH RIGHTS OF FIRST REFUSAL GRANTED PURSUANT TO THIS PARAGRAPH 35 SHALL TERMINATE AND BE NULL AND VOID AND OF NO FURTHER FORCE AND EFFECT. IN SUCH EVENT TENANT SHALL EXECUTE A QUITCLAIM DEED AND SUCH OTHER DOCUMENTS AS LANDLORD SHALL REASONABLY REQUEST EVIDENCING THE TERMINATION OF ITS RIGHT OF FIRST REFUSAL. 43.5. Notwithstanding anything in this Lease (f) If Tenant does not exercise its right of first refusal to purchase the contrarySale Premises and the Sale Premises are transferred to a Third Party Purchaser, Tenant will attorn to any Third Party Purchaser as Landlord so long as such Third Party Purchaser and Landlord notify Tenant in writing of such transfer. At the request of Landlord, Tenant will execute such documents confirming the agreement referred to above and such other agreements as Landlord may reasonably request, provided that such agreements do not increase the liabilities and obligations of Tenant hereunder. (g) The provisions of this Paragraph 35 shall not assign apply to or transfer the ROFRprohibit (i) any mortgaging, either separately subjection to deed of trust or in conjunction with an assignment or transfer other hypothecation of TenantLandlord’s interest in the LeaseSale Premises, without (ii) any sale of the Sale Premises pursuant to a private power of sale under or judicial foreclosure of any Mortgage or other security instrument or device to which Landlord’s prior written consentinterest in the Sale Premises is now or hereafter subject, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that (iii) any transfer of Landlord’s consent shall not be required for Tenant’s assignment interest in the Sale Premises to a Lender, beneficiary under deed of trust or other holder of a security interest therein or their designees by deed in lieu of foreclosure, (iv) any transfer of the ROFR Sale Premises to any governmental or quasi-governmental agency with power of condemnation, (v) any transfer of the Sale Premises or any interest therein to any affiliate or holder of an interest in connection with an Allowed TransferLandlord, (vi) any Person to whom Corporate Property Associates 15 Incorporated transfers or sells all or substantially all of its assets, or (vii) any transfer of the Sale Premises to any of the successors or assigns of any of the Persons referred to in the foregoing clauses (i) through (iv).

Appears in 2 contracts

Sources: Lease Agreement (Tower Automotive, LLC), Lease Agreement (Tower Automotive, LLC)

Right of First Refusal. During the first (1st) three (3) years after the Term Commencement DateLease Term, Tenant shall have a right of first refusal (each a ROFRRight of First Refusal”) to lease rentable area located adjacent to the Premises as portions of it become available from time to any rentable premises in time (each such portion being referred to herein as an “Additional Space”), on the Building for which same terms and conditions that Landlord is seeking a tenant (“Available Premises”)prepared to accept from any third party. In the event When Landlord receives a bonafide an offer to lease the Additional Space from a third party tenant the Available Premises, which offer is acceptable Landlord desires to Landlord in its sole and absolute discretionaccept, Landlord shall provide written present the same, in writing, to Tenant, and Tenant shall thereafter have ten (10) days in which to accept or reject that offer by notice thereof to Tenant (the “Notice Landlord. The Right of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which First Refusal shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant apply only with respect to the Available Premises shall entire Additional Space subject of the third party offer, and may not be coterminous exercised with the Term. 43.1. Within five (5) business days following its receipt of respect to only a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offerportion thereof. If Tenant rejects that offer or fails to notify Landlord of Tenant’s election accept the same in writing within said five (5) business day such time period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall be free to lease the Available Premises Additional Space to Tenant upon the third party on substantially similar terms and conditions set forth to those offered to Tenant in the Notice foregoing manner. Each Right of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms First Refusal shall, at Landlord’s election, be null and conditions set forth in the Notice of Offer, or void if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under the Lease at the date Landlord would otherwise notify Tenant of the offer concerning the Additional Space or at any provision time thereafter and before commencement of the Lease for the Additional Space. After Tenant validly exercises a Right of First Refusal provided in this Lease. Any attempted , the parties shall execute an amendment to the Lease adding the Additional Space, or a new lease for the Additional Space, or such other documentation as Landlord shall require, promptly after Landlord shall prepare the same, confirm the leasing of such Additional Space to Tenant, but an otherwise valid exercise of the ROFR during a period Right of time First Refusal contained in which Tenant is so in Default this Lease shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFRfully effective, whether or not such confirmatory documentation is executed. If the term of an Additional Space lease extends (including by an option timely exercised) beyond the Lease Term, then, (i) the Lease Term shall be extended to coincide with the term of the Additional Space Lease and (ii) Base Rent for the Premises from and after expiration of the Lease Term shall be the higher of the Base Rent per square foot during the last calendar month of the Lease Term or the Base Rent per square foot of the Additional Space for the corresponding time period. If Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything shall exercise a Right of First Refusal granted in this Lease. Landlord does not guarantee that the Additional Space will be available on the commencement date for the Lease thereof if the then existing occupants of the Additional Space shall holdover, or for any other reason beyond Landlord’s reasonable control. In that event, Tenant’s sole recourse shall be that the Base Rent with respect to the contraryAdditional Space shall be abated until Landlord legally delivers the same to Tenant. Tenant’s exercise of that Right of First Refusal shall not operate to cure any default by Tenant of any of the terms or provisions in this Lease, nor to extinguish or impair any rights or remedies of Landlord arising by virtue of such default. Each and all Rights of First Refusal are personal to Tenant and may not be exercised or enjoyed by any other person. If the Lease or Tenant’s right to possession of the Premises shall terminate in any manner whatsoever before Tenant shall not assign exercise a Right of First Refusal, or transfer the ROFR, either separately if Tenant shall have subleased or in conjunction with an assignment or transfer of Tenant’s assigned its interest in Tenant or its right to possess all or any portion of the Premises, then immediately upon such termination, sublease or assignment, the Right of First Refusal shall simultaneously terminate and become null and void. Under no circumstances whatsoever shall a subtenant under a sublease of the Premises, or the assignee under a full or a partial assignment of the Lease, without Landlord’s prior written consent, which consent Landlord may withhold have any right to exercise a Right of First Refusal granted in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transferthis Lease.

Appears in 2 contracts

Sources: Industrial Real Estate Lease (LENSAR, Inc.), Industrial Real Estate Lease (LENSAR, Inc.)

Right of First Refusal. During The “Right of First Refusal” shall mean the right of first refusal set forth in Section 24.4 of the Original Lease, as amended by Section 9.2 of the First Amendment. Notwithstanding any contrary provision of the Lease, the Right of First Refusal shall apply solely to any demised space on the ninth (1st9th) three floor of the Building that is vacant and available to lease to third parties (3) years after or Landlord has knowledge that such space will be available in the Term Commencement Datereasonably near future). Landlord and Tenant agree that, Tenant until November 30, 2014, the right of first refusal shall have be subject and subordinate only to a right of expansion and a right of first refusal for the remaining portion of the 9th floor (“ROFR”both of which rights expire on November 30, 2014) as granted to any rentable premises Aris. Notwithstanding the foregoing, in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives enters into an extension of the term of the Aris lease commencing on December 1, 2014 (which may be for any time period and may or may not include a bonafide offer to lease from of all or a third party tenant portion of the Available Premisesremaining unoccupied 9th floor of the Building, which offer is acceptable to Landlord in its Landlord’s sole and absolute discretion, Landlord shall provide written notice thereof to Tenant discretion (the “Notice of OfferAris Extension”); provided, specifying however, if Aris or any other tenant leases less than the material terms entire 9th floor, then if Tenant leases any space on the 9th floor pursuant to its right of first offer or right of first refusal under the Lease, Landlord shall, at its sole cost and conditions expense, and not as part of Operating Expenses, construct a proposed lease Building standard multi-tenant corridor on the 9th floor in accordance with Landlord’s plans and specifications in accordance with a construction schedule consistent with the delivery of the applicable ninth (9th) floor space to Tenant. Landlord agrees not to ▇▇▇▇▇ ▇▇▇▇ any extension of its expansion right or its right of first refusal and, notwithstanding anything to the contrary in the Lease, on and after November 30, 2014, Tenant’s right of first refusal shall not be subject or subordinate to the rights of Aris or any other tenant. Notwithstanding anything to the contrary in the Lease, the Right of First Refusal Period shall mean the time period commencing on the date this Third Amendment is mutually executed and ending upon the expiration of the New Expansion Premises Term (as may be extended), and the Right of First Refusal shall be a continuing right and shall not expire or terminate during the New Expansion Premises Term (as may be extended). Landlord represents and warrants to Tenant that the rights of Aris (as set forth above) are the sole and exclusive rights that are superior to Tenant’s right of first refusal, and that the rights of Aris unconditionally expire and terminate on November 30, 2014. Additionally, without limiting the foregoing, at such time as Landlord delivers a notice to Tenant regarding the potential lease of any of the Available Premises, which shall be the same as the terms Expansion Premises under Section 24.4 of the bonafide offerOriginal Lease, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms represented and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises warranted to Tenant upon that the terms rights of Aris are no longer in effect with respect to the Expansion Premises in question and conditions set forth particular transaction in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4question. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest contrary in the Lease, without Landlord’s prior written consent, which consent Landlord the Right of First Refusal may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transferexercised by Tenant or any Affiliate assignee or any other permitted assignee. [***] = CONFIDENTIAL INFORMATION HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. CONFIDENTIAL TREATMENT HAS BEEN REQUESTED WITH RESPECT TO THIS OMITTED INFORMATION.

Appears in 2 contracts

Sources: Office Lease (Blackline, Inc.), Office Lease (Blackline, Inc.)

Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Subject to Subsections A and B below. ---------------------- Landlord hereby grants to Tenant shall have a right of first refusal for the Easterly portion of Building A shown on Exhibit A, containing approximately 22,399 rentable square feet and which is commonly known as ▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ (“ROFR”) as the "ROFR Space"), to be exercised in accordance with terms and conditions set forth ---------- below. This right of first refusal shall not apply to any rentable premises in the Building for lease renewal or extension which Landlord is seeking a may enter into in connection with any then existing tenant of the ROFR Space (“Available Premises”collectively, an "Existing Tenant"). In --------------- A. If Landlord desires to enter into a Lease for the event Landlord receives a bonafide offer to lease from ROFR Space with a third party tenant (other than an Existing Tenant), Landlord shall so notify Tenant ("Landlord's ROFR Notice") identifying the Available Premisesterms and ---------------------- conditions upon which Landlord shall lease the ROFR Space to such third party. Tenant shall notify Landlord within five (5) business days of receipt of Landlord's ROFR Notice whether it desires to lease the Subject ROFR Space on the terms and conditions set forth in Landlord's ROFR Notice. If Tenant does not notify Landlord within such 5 business day period that it will lease the ROFR Space on such terms and conditions, Tenant shall be deemed to have refused the ROFR Space. After any refusal, Landlord shall be free to lease such ROFR Space to any third party on substantially the same terms and conditions set forth in Landlord's ROFR Notice. If Tenant exercises its right of first refusal with respect to the ROFR Space, such space shall be added to the Premises for all purposes of this Lease on (a) the terms and conditions specified in Landlord's ROFR Notice, and (b) the terms of this Lease, to the extent that they do not conflict with the terms and conditions specified in Landlord's ROFR Notice, shall also apply to the ROFR Space. B. Tenant's right of first refusal is subject to the conditions that: (i) in the event Tenant cannot demonstrate to Landlord's satisfaction (e.g., based on Tenant's most recently audited financial statements) that Tenant's business operations at the Premises are profitable as of the date Tenant elects to exercise its right of first refusal hereunder, then notwithstanding any provision herein to the contrary Landlord may require Tenant to provide additional lease/security deposits or other alternative security (i.e., in excess of that which offer was required in Landlord's ROFR Notice) which is acceptable to Landlord in its sole and absolute discretiondiscretion as a condition of exercising this right of first refusal, (ii) on the date that Tenant delivers its notice exercising its right of first refusal, Tenant is not in default under this Lease after the expiration of any applicable notice and cure periods, and (iii) Tenant shall not have assigned the Lease for the remainder of the Term, or sublet all of the Premises under a sublease for the remainder of the Term, unless pursuant to a Permitted Transfer. C. Promptly after Tenant's exercise of its right of first refusal, Landlord shall provide written notice thereof execute and deliver to Tenant (an amendment to the “Notice of Offer”)Lease to reflect changes in the Premises, specifying Base Rent, Tenant's Proportionate Share and any other appropriate terms changed by the material terms and conditions of a proposed lease to Tenant addition of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1ROFR Space. Within five (5) business 15 days following its receipt of a Notice of Offerthereafter, Tenant shall advise Landlord in writing whether Tenant elects execute and return the amendment to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available PremisesLandlord. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 2 contracts

Sources: Lease (Wavesplitter Technologies Inc), Lease (Wavesplitter Technologies Inc)

Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a right of first refusal (“ROFR”) as Subject to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth below and subject to the existing prior rights of tenants and such tenants’ rights to extend with respect to such spaces, Tenant shall have an ongoing “Right of First Refusal” for the 4,346 rentable square foot space adjacent to the Premises as more particularly shown on Exhibit A (the “ROFR Space”). Any lease to Tenant of the ROFR Space shall be for a term which shall be coterminous with this Lease, provided that if the Third Party Offer (defined below) is for a period in excess of the Notice of Offer. If Tenant fails to notify Landlord of then-remaining Term (or initial Extension Term), then Tenant’s election within said five (5) business day period, then Tenant right to exercise the Right of First Refusal for such ROFR Space shall be deemed to have elected not to lease the Available Premises. 43.2. If contingent upon Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions effectively exercising its Extension Option set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant Section B above upon the terms and conditions set forth in Section B at the same time as it exercises such Right of First Refusal, and the term of the ROFR Space shall be coterminous with the expiration of the applicable Extension Term (as defined in Section B above). If Landlord receives a bona fide written offer (“Third Party Offer”) to lease ROFR Space, and if Landlord desires to accept the Third Party Offer, it shall first make a written offer to Tenant (the “ROFR Notice”) upon the same terms as the Third Party Offer (except that the term of such ROFR Space shall be as set forth in this Section D) and any improvements contributed by Landlord shall be pro-rated to account for any variance in the length of term. The ROFR Notice to Tenant shall specify the rent for such ROFR Space, the date of Offer. 43.3availability of such ROFR Space and all other material terms and conditions which will apply to such ROFR Space. In the event the Third Party Offer includes space or property in addition to the ROFR Space, the ROFR Notice shall reasonably eliminate such additional space and adjust or prorate financial terms to cover only the ROFR Space and the ROFR Notice shall disclose such modifications. Tenant will notify Landlord within five (5) Business Days of Tenant’s receipt of the ROFR Notice if Tenant wishes to lease such ROFR Space from Landlord on the terms and conditions so specified. If Tenant notifies Landlord that Tenant elects not it wishes to lease the Available ROFR Space, Landlord and Tenant shall execute an amendment to the Lease incorporating the ROFR Space into the Premises on upon the terms and conditions set forth contained in the ROFR Notice within fifteen (15) days following the later of Offer, the date of giving of Tenant’s Notice or if the date a draft of the amendment is first delivered by Landlord to Tenant. If Tenant fails to notify Landlord within said five (5) Business Day period that Tenant intends to lease such ROFR Space, or fails to simultaneously exercise an Extension Option if required as aforesaid, or fails to execute the aforesaid amendment within fifteen (15) days following the later of the date of giving of Tenant’s election Notice or the date a draft of the amendment is first delivered by Landlord to Tenant (or, if later, within the five (5) business day period described above, then days following Tenant’s receipt from Landlord shall have of an execution version of such amendment incorporating the right to consummate the lease of the Available Premises on the same terms as set forth contained in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 to ROFR Notice) (the contrary“ROFR Waiver Date”), Tenant shall not exercise be deemed to have waived its rights with respect to the ROFR during such Space for a period of time that Tenant is one (1) year from the ROFR Waiver Date and Landlord shall be entitled to lease all or any portion of such ROFR Space to any third party or parties on such terms and conditions, including, without limitation, options to extend the term of such lease and/or expand the premises under such lease, and for such rent as Landlord determines all in default under its sole discretion. Following the expiration of the one-year period following any ROFR Waiver Date, the ROFR Space shall again be subject to Tenant’s Right of First Refusal in accordance with and subject to the provisions of this Section D. Notwithstanding any contrary provision of this Section or any other provision of this Lease. Any attempted , any Right of First Refusal and any exercise by Tenant of the ROFR during a period any Right of time in which Tenant is so in Default First Refusal shall be void and of no effect. In additioneffect unless on the date Tenant notifies Landlord that it is exercising the Right of First Refusal and on the commencement date of the amendment for the ROFR Space (i) this Lease is in full force and effect and (ii) no default of Tenant has occurred under the Lease which remains continuing and uncured after any applicable notice and opportunity to cure and (iii) Tenant shall not have assigned this Lease (other than to an Affiliate), and there shall not be any sublease or subleases in effect as of the commencement of the term of the Lease for any of the ROFR Space as of the date of Landlord’s notice of the ROFR Space availability and (iv) if such ROFR Notice is delivered prior to any exercise by Tenant of the Early Termination Option set forth in Section E below, Tenant shall waive such Early Termination Option in writing. Additionally, the Right of First Refusal shall not be entitled apply to exercise any Third Party Offer which is for a term which exceeds the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in Term of this Lease and any remaining exercisable Extension Options, and Landlord shall have no obligation to the contrary, provide Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer notice of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transferany such Third Party Offer.

Appears in 2 contracts

Sources: Office Lease Agreement (Marlborough Software Development Holdings Inc.), Office Lease Agreement (Bitstream Inc)

Right of First Refusal. During Provided this Lease is then in full force and effect and Tenant is in full compliance with the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed this Lease, and there is no sublease of in excess of fifty percent (50%) of the rentable square feet within the Premises, Landlord hereby grants Tenant the right to lease any portion of the 5th floor of the Building not leased to Tenant of under Special Stipulation 1 above, in accordance with the Available Premiseswithin terms and conditions. If the Expansion Space has been offered to and not leased by Tenant, which then at any time after the space is initially leased to a third party, if Landlord receives an offer from an unaffiliated third party to lease the Expansion Space, upon terms and conditions and at a rental rate acceptable to Landlord, Landlord shall be the same as notify Tenant thereof in writing setting forth the terms and conditions of the bonafide such offer, except that and offering to lease the term of any lease entered into by Expansion Space to Tenant with respect to upon the Available Premises financial terms contained in the third party offer. Tenant shall be coterminous with the Term. 43.1. Within have five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offeraccept or reject such offer. If Tenant rejects such offer or fails to notify Landlord of Tenant’s election respond within said five (5) business day period, then Tenant Landlord shall be deemed entitled to have elected rent said space to such third party on such terms and conditions not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on materially more favorable than the terms and conditions set forth in the Notice of Offeroffered to Tenant. If Tenant accepts said offer, then Landlord Tenant shall lease the Available Premises to Tenant have leased such space upon the financial terms contained in said offer, and upon the other terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything contained in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction and for a term co-terminus with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consentexcept that the space shall be leased "as is, which consent Landlord may withhold in its sole and absolute discretion; providedwhere is". The Rent for said Expansion Space shall commence on the earlier to occur of (i) ninety (90) days after Tenant accepts such offer for such Expansion Space, however, that Landlord’s consent shall not be required for Tenant’s assignment of or (ii) on the ROFR in connection with an Allowed Transferdate Tenant occupies said Expansion Space.

Appears in 2 contracts

Sources: Lease Agreement (Carter William Co /Ga/), Lease Agreement (Carters Imagination Inc)

Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). A. In the event Landlord receives shall receive a bonafide bona fide offer during the term hereof to lease from a third party tenant any space on the Available Premises24th floor in the building, which offer is acceptable to Landlord then, provided Tenant shall not then be in its sole default, beyond applicable periods of notice and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term grace of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within monetary or material non-monetary obligations hereunder and at least five (5) business days following its years is then remaining on the term of this Lease (including any then exercised extension option), Landlord shall send written notice thereof (the “First Refusal Notice”) to Tenant by hand or by certified mail, return receipt requested, which notice shall be accompanied by a brief description of a the material terms offered by the prospective tenant. Such description shall include the name of the prospective tenant, the space proposed to be leased by the prospective tenant, the square footage of the space, the term of the proposed lease (including the proposed commencement date thereof) and the method for determining electricity and, if the Option Commencement Date (as defined below) is expected to occur on or before the third (3rd) anniversary of the Commencement Date, such First Refusal Notice shall also include the proposed fixed annual rent, rent escalation terms, other scheduled additional rent (including base years), the number of Offermonths of free rent, if any, work to be performed by Landlord, if any, and tenant improvements contribution to be made by Landlord, if any. Notwithstanding anything to the contrary contained in this Article 53 or in Article 52, if at the time of Landlord’s First Refusal Notice there are more than 21 months remaining before the Expiration Date but less five (5) years remaining in the term hereof, Landlord shall permit Tenant shall advise Landlord in writing whether to extend the term of this lease prior to the date which is twenty-one (21) months prior to the Expiration Date provided, however, that simultaneously therewith Tenant elects to lease the Available Premises Option Space as contemplated in this Article. B. Within ten (10) business days after Tenant receives the First Refusal Notice, time being of the essence, Tenant shall have the right to elect to lease the space which is the subject of such First Refusal Notice (the “Option Space”) on the same terms and conditions as are outlined in such First Refusal Notice and, if Tenant elects to lease such space on such terms and conditions, Landlord and Tenant shall promptly proceed to enter into a lease modification agreement on such terms and conditions; provided, however, if Tenant elects to lease such space, then (a) if the commencement date of the term with respect to the Option Space (the “Option Commencement Date”) is prior to the third (3rd) anniversary of the Commencement Date, the initial fixed annual rent shall be the product of (x) the rentable square footage of the Option Space and (y) the then per square foot escalated rent of the premises originally demised under this lease (i.e., the sum of the fixed annual rent, as escalated and all additional rent then being charged under this lease with respect to such space) (it being agreed that all other terms and conditions, other than fixed annual rent (which will be determined as set forth above), shall be as outlined in such First Refusal Notice including, for example, the number of months of free rent, if any, the work to be performed by Landlord, if any, and the tenant improvements contribution to be made by Landlord, if any) and (b) if the Option Commencement Date is on or after the third (3rd) anniversary of the Commencement Date, the initial fixed annual rent shall be the FMR of the Option Space as of the third (3rd) anniversary of the Option Commencement Date. Regardless of the expiration date set forth in the Notice of Offer. If Tenant fails to notify Landlord First Refusal Notice, the expiration date of Tenant’s election within said five (5) business day period, then Tenant lease of the Option Space shall be deemed the Expiration Date of this lease, as same may be extended pursuant to have elected not to lease the Available Premises. 43.2provisions of this lease. If Tenant timely notifies Landlord that Tenant elects to lease The FMR shall be determined in accordance with the Available Premises on the terms and conditions procedures set forth in Article 52 above. In either case, during the Notice term of Offerthe lease with respect to the Option Space, then Landlord shall lease the Available Premises to Tenant upon initial fixed annual rent for the terms and conditions Option Space (determined in the manner set forth above) shall be subject to operating expense and real estate tax escalations, at the same time and in the Notice same manner as applicable to the balance of Offer. 43.3the demised premises. If Tenant notifies Landlord that Tenant elects not In the event the Option Commencement Date is prior to lease the Available Premises on third (3rd) anniversary of the terms and conditions set forth in Commencement Date, the Notice $5.00 per square foot increase as of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described year five (5) month and one (1) week anniversary of the Commencement Date contemplated in Article 2 shall also be applicable to the Option Space. The additional security deposit required for the Option Space as of the Option Commencement Date shall be reasonably agreed to between Landlord and Tenant in the lease modification agreement. C. In the event Tenant shall fail or elect not to exercise its option to lease such space within the time provided in Paragraph B above, then Landlord shall have the right be free to consummate the lease transaction summarized in the First Refusal Notice with the prospective tenant, it being agreed that the terms of the Available Premises on lease entered into between Landlord and the same terms prospective tenant identified in such First Refusal Notice only must be substantially similar to, but not identical to, the summary of the transaction as set forth provided in the First Refusal Notice, and further provided that if Landlord fails to consummate such a substantially similar transaction with the proposed tenant within ninety (90) days after delivery of its First Refusal Notice of Offer to a third party tenantTenant, the space shall again be offered to Tenant pursuant hereto. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 2 contracts

Sources: Lease Agreement (On Deck Capital Inc), Lease Agreement (On Deck Capital Inc)

Right of First Refusal. During (a) Provided that Subtenant is not in Default under any term or provision of the first (1st) three (3) years after Sublease beyond the Term Commencement Dateapplicable cure period, Tenant Subtenant shall have a an ongoing right of first refusal during the initial four (“ROFR”4) as years of the Term of the Sublease with respect to the sublease of space on the seventh (7th) floor of the North Tower containing 26,657 RSF on the following terms and conditions; provided, however, that such right shall be subject to any rentable premises pre-existing rights within the Complex and shall not be applicable if Subtenant has assigned the Sublease or sublet or otherwise afforded any other party, whether by license or other arrangement, to use any portion of the Subleased Premises (other than to a Permitted Transferee as defined in the Building for which Landlord is seeking a tenant (“Available Premises”Master Lease). In the event Landlord If Sublandlord receives a bonafide offer to lease fully executed letter of intent from a third party tenant to sublease all or any portion of the Available Premises, which offer is space on the seventh (7th) floor of the North Tower (the space specified in such letter of intent being referred to as the “Right of First Refusal Space”) on terms acceptable to Landlord Sublandlord in its sole and absolute discretiondiscretion (the “Third Party Proposal”), Landlord then Sublandlord shall notify Subtenant of (i) the basic economic terms of such Third Party Proposal, and (ii) the permitted use of the Right of First Refusal Space specified therein; and Subtenant shall have five (5) business days after receipt of the Third Party Proposal to provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as Sublandlord that Subtenant accepts the terms of the bonafide offerThird Party Proposal for the sublease of the Right of First Refusal Space specified in the Third Party Proposal, except that the term of any lease entered into such sublease shall be appropriately adjusted to be co-terminous with the Term of the Sublease. The failure of Subtenant to provide written notice of acceptance within said time period shall be deemed an election by Tenant with respect Subtenant not to accept the Third Party Proposal, in which case Sublandlord shall be free to sublease the Right of First Refusal Space to the Available Premises shall be coterminous with party making the Term. 43.1. Within five proposal (5or any of its affiliates or assignees) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises substantially on the terms and conditions proposed in the Third Party Proposal, subject to the Second Chance Provisions set forth in the Notice subsection (b) below. The foregoing right of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 first refusal is personal to the contrary, Tenant original party signing the Sublease as Subtenant and any Permitted Transferee but may not be transferred or assigned to or exercised by any other party. Such right of first refusal shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void expire and of no effect. In addition, Tenant shall not be entitled applicable to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to any Third Party Proposal received by Sublandlord after the date on which Tenant seeks to exercise that is four (4) years after the ROFR, whether or not Tenant cures such Defaults within any applicable cure periodCommencement Date. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 1 contract

Sources: Sublease (Vir Biotechnology, Inc.)

Right of First Refusal. During Section 17 of the first Third Amendment is hereby deleted in its entirety and the following is inserted in lieu thereof: “Provided Tenant is not in default of the Lease and is still occupying the Premises, Landlord shall grant Tenant one (1st1) three (3) years after the Term Commencement Date, Tenant shall have a right of first refusal on any space located on the second (2nd) floor of the Building (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of OfferFirst Refusal Space”), specifying subject to the material terms and conditions rights of a proposed lease existing tenants to Tenant such space. The exercise of the Available Premises, which Tenant’s right of first refusal shall be the same accomplished as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. follows: Within five (5) days of Landlord entering into a signed letter of intent with a prospective tenant for the First Refusal Space, Landlord shall provide Tenant with written notice of the same, which notice shall include all of the business terms of such proposed lease (“Landlord’s Notice”). Tenant shall have seven (7) days following its after receipt of a Landlord’s Notice to either accept all of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth contained in Landlord’s Notice or reject the Notice offer contained in Landlord’s Notice. Tenant’s failure to respond within such time period shall be deemed a waiver of OfferTenant’s right of first refusal. If Tenant fails to notify accepts such offer, Landlord of Tenant’s election within said five (5) business day period, then and Tenant shall be deemed thereafter execute an amendment to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease Lease expanding the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant include the First Refusal Space upon the terms and conditions set forth contained in the Notice of Offer. 43.3Landlord’s Notice. If Tenant notifies Landlord that Tenant elects not to lease rejects the Available Premises on the terms and conditions set forth in the Notice of Offeroffer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate lease the lease First Refusal Space to any other tenant (or third party) without regard to the Lease or Tenant’s rights thereunder. Time is of the Available Premises on essence with regard to the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything notifications in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure periodsection. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 1 contract

Sources: Lease Agreement (Fusion Telecommunications International Inc)

Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Landlord hereby grants to Tenant shall have a an on-going right of first refusal (“ROFR”the "Right of First Refusal") as to lease any rentable premises other space in the Building which becomes available for lease (the "Refusal Space") during the term of this Lease. If Landlord receives a bona fide offer to lease all or any part of the Refusal Space which Landlord is seeking intends to accept or if Landlord makes a bona fide offer to lease all or any part of the Refusal Space which the prospective tenant intends to accept, then Landlord shall deliver written notice of such offer to Tenant (“Available Premises”)the "Refusal Notice") and Tenant shall have the right to exercise the Right of First Refusal upon the terms and conditions set forth in such Refusal Notice, within ten (10) business days after receipt of the Refusal Notice. If Tenant fails to timely exercise its Right of First Refusal, Tenant shall be deemed to have rejected the Refusal Space designated in the Refusal Notice and Landlord shall have the right to lease the Refusal Space to the third party upon terms and conditions set forth in the Refusal Notice. In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide accepts Landlord's offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to execute a new lease for the Available Premises on Refusal Space under the terms and conditions set forth in the Notice of OfferRefusal Notice. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant or elects not to exercise the Right of First Refusal and the third party prospective tenant does not lease the Available Premises on Refusal Space, the terms and conditions set forth in Refusal Space shall again become subject to the Notice Right of Offer, or if First Refusal herein contained as to any subsequent third party offer submitted to Landlord. In the event Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall or elects not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR Right of First Refusal and the third party prospective tenant does lease the Refusal Space, if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior Refusal Space again becomes available for lease, then the Refusal Space shall again become subject to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure periodRight of First Refusal. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 1 contract

Sources: Lease (Fuisz Technologies LTD)

Right of First Refusal. During the first (1st) three (3) years after the Term Commencement DateProvided no default, beyond applicable notice and cure periods, then exists, Tenant shall have a right of first refusal (the ROFRRight of First Refusal”) commencing on the date hereof and continuing for the first thirty-six (36) months of the Initial Term to lease any space within the remainder of the 2315 Building as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide bona fide written offer to lease from a an unaffiliated third party tenant the Available Premises, which offer is acceptable Landlord desires to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant accept (such space being the “Notice of OfferOffered Space”), specifying subject to all the material terms and conditions of this Section 19.E. If Landlord receives a proposed term sheet, letter of intent or similar document from a prospective tenant (or its affiliate or broker) (a “Lease Offer”) which Landlord desires to accept for the lease of space within the Offered Space setting forth the space to be leased, the economic terms (meaning for the purposes of this Section 19.E monthly rent, monthly rent escalations, tenant improvement allowance (if any), free rent (if any)), and length of initial lease term (including any options to renew or extend), then Landlord agrees to deliver a copy of the Lease Offer to Tenant together with written notice to Tenant tendering the same to Tenant in accordance with this paragraph (the “Lease Notice”), subject to this Section 19.E below; provided, however, if Tenant exercises the Right of First Refusal, the Termination Date and the initial Lease Term shall be automatically extended to the date that is sixty (60) months from the commencement date of Tenant’s lease of the Available PremisesOffered Space if such date is after the original Termination Date (which is ninety (90) months following the Commencement Date). For example, which shall be if Tenant exercised the same as Right of First Refusal and the terms commencement date of the bonafide offerOffered Space is forty-two (42) months after the original Commencement Date, except that then the term Expiration Date would be extended to one hundred two (102) months after the original Commencement Date. If Tenant exercised the Right of any lease entered into by Tenant with respect First Refusal and the commencement date of the Offered Space is twenty-five (25) months after the original Commencement Date, then the Expiration Date would not change, since adding sixty (60) months to the Available Premises shall twenty-fifth (25th) month would be coterminous with earlier than the Term. 43.1original Expiration Date. Within five Not later than seven (57) business days following its receipt after delivery of a the Lease Offer and Lease Notice of Offerto Tenant, Tenant shall advise have the right to accept the offer by written notice delivered to Landlord within this seven (7) business day period. If Tenant does not respond to Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five seven (57) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of rejected Landlord’s Lease Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate lease the lease Offered Space to the proposed tenant or any affiliate of the Available Premises on the same terms as set forth in the Notice of Offer to proposed tenant for a third party tenant. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two six (2) or more times during the twelve (126) month period prior following such seven (7) business day period at rents and other economics that are not less than ninety percent (90%) of the rents and other economics offered to the date Tenant and on which Tenant seeks such other terms and conditions acceptable to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything Landlord in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, howeverfree of Tenant’s rights under this Section 19.E, that Landlordand upon Landlord entering into such lease Tenant’s consent rights under this paragraph with respect to the Offered Space shall not be required subject to revival until such time as such Offered Space once again becomes available for Tenant’s assignment lease. If Landlord wishes to lease the Offered Space to the proposed tenant or any affiliate of the ROFR proposed tenant on rents and other economics that are less than ninety percent (90%) of the rents and other economics offered to Tenant or to another party or after such six (6) month period, then Landlord must first deliver another Lease Notice to Tenant and deliver to Tenant a copy of the Lease Offer reflecting the new economic terms, and Tenant shall respond to such additional Lease Notice in connection the time and manner provided for in this Section 19.E. If ▇▇▇▇▇▇ accepts ▇▇▇▇▇▇▇▇’s offer in writing within the required seven (7) business day period, an amendment to this Lease shall be prepared by Landlord setting forth the terms in the Lease Notice as modified by this Section 19.E, but otherwise containing the same terms and conditions of this Lease, except to the extent inconsistent with an Allowed Transferthe Lease Notice and except that this Section 19.E shall not be included in the amendment to this Lease and the Security Deposit shall be increased to the amount of the Base Monthly Rent for the last full calendar month of the Lease Term as increased with the addition of the Offer Space to the Premises. Each amendment to this Lease for space within the Offered Space which is entered into between Landlord and Tenant pursuant to this Section 19.E is referred to in this Lease as a “Lease Amendment”, and collectively the “Lease Amendments.” The Lease Amendments presented to Tenant for the Offered Space shall be consistent with the terms of this Section 19.E and shall be promptly signed by both Parties.

Appears in 1 contract

Sources: Lease Agreement (Astera Labs, Inc.)

Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Landlord hereby grants to Tenant and Tenant shall have a right of first refusal (“ROFR”"Right of First Refusal") as with respect to any rentable premises in available space ("Right of First Refusal Space") on the Building 10,098 rsf on the 15th floor shown on Exhibit "A-1" and a Secondary Right of Refusal subject to previous rights of expansion of the 18th floor as shown on Exhibit "A-2" for the term of the Lease, which First Right Refusal is subject to the following terms and conditions: a) The Right of First Refusal may not be exercised if a material event of default under the terms of this Lease has occurred by Tenant. b) If Landlord is seeking a tenant (“Available Premises”). In intends to rent all or part of the event Landlord receives a bonafide offer available Right of First Refusal Space to lease from a third party tenant (the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion"Third Party"), Landlord shall provide written notice thereof ("First Right of Refusal Notice") to Tenant that negotiations are proceeding with a bona fide third party (the “Notice of "Third Party Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous ") with the Term. 43.1intent to lease First Right of Refusal Space. Within Tenant shall thereafter have five (5) business days following its from receipt of a the First Right of Refusal Notice of Offerin which to notify Landlord, Tenant shall advise Landlord in writing whether ("Acceptance Notice"), that it elects to lease all, but not less than all of the space set out in the First Right of Refusal Notice. If Tenant elects to lease the Available Premises on the terms and conditions space set forth in the Notice First Right of Offer. Refusal Notice, then, within ten (10) Business Days of receipt by Landlord of the Acceptance Notice, Tenant and Landlord shall execute and deliver an amendment to this Lease upon the terms set forth in subparagraphs d & e hereof. c) If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day perioddoes not timely deliver the Acceptance Notice, then Tenant Landlord shall be deemed free to have elected not to enter into a lease of the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions space set forth in the First Right of Refusal Notice with the Third Party. If Landlord does not execute a lease for the space to such Third Party within one hundred eighty (180) days of Offerthe First Right of Refusal Notice, Tenant shall then Landlord shall lease again have the Available Premises to Tenant upon the terms and conditions rights concerning such space set forth in the Notice of Offerthis Article. 43.3. If Tenant notifies Landlord that Tenant elects not to lease d) The initial Base Rent for the Available Premises Right of First Refusal Space shall equal the number of rentable square feet in the Right of First Refusal Space as shown on Exhibit A-1 located on the terms and conditions set forth in the Notice of Offer, 15th floor or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises "A-2" located on the same terms as set forth in 18th floor multiplied times the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 to Base Rent per square foot then payable for the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period Leased Premises prior to the date expansion. The Right of First Refusal Space will be subject to the rent schedule on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure perioda pro rata rentable square foot basis as shown in Article 16 on a prospective basis. 43.5. Notwithstanding anything in this Lease e) Prior to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer tender of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment possession of the ROFR in connection with an Allowed TransferRight of First Refusal Space, the Right of First Refusal Space shall be improved per the allowance schedule ("Tenant Improvement Allowance") hereinbelow to integrate the Right of First Refusal Space into the Leased Premises, including, but not limited to, hard construction costs, architectural, space planning, engineering, and a construction management fee cost payable to Landlord. The following schedule outlines the allowance the Landlord will allow for improvements.

Appears in 1 contract

Sources: Lease Agreement (National Health Enhancement Systems Inc)

Right of First Refusal. During Provided the first (1st) three (3) years after Tenant is not in default under the Term Commencement DateLease, then subordinate to any existing rights of other tenants in the Building as of the date of unconditional acceptance of this Agreement, the Tenant shall will have a right of first refusal (the ROFRRight of First Refusal”) as to on any rentable premises in office space on the main and second (2nd) floors of the Building for which Landlord is seeking having a tenant rentable area greater than two thousand five hundred (2,500) rentable square feet that come available from time to time (the Available PremisesRFR Space”). In If at any time during the event term of this Lease the Landlord receives a bonafide offer to lease from a third party tenant an offer to lease that incorporates all or part of the Available Premises, RFR space which offer the Landlord is acceptable prepared to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant accept (the “Notice of Third Party Offer”), specifying the material Landlord shall offer the RFR space to the Tenant, in writing, at the terms and conditions of a proposed the Third Party Offer in its entirety, including without limitation the lease to Tenant of space that is not RFR space, with the exception of the Available Premisesfollowing: i) In the event the party submitting the Third Party Offer is substantially more creditworthy than the Tenant, which then any upfront allowances or inducements may not be granted to the Tenant provided that in such an event the Minimum Rent payable by the Tenant shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by discounted on a pro-rata basis. The Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within will have five (5) business days following its receipt of the terms for the Third Party Offer to advise the Landlord of its acceptance or refusal of the Landlord’s offer. If the Tenant does not exercise its Right of First Refusal and thereafter if the Landlord does not enter into a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease with the Available Premises new tenant based on the terms and conditions set forth provisions of the Third Party Offer within sixty (60) days after notice is provided to the Tenant then the Tenant’s Right of First Refusal will be in the Notice of Offerfull force and effect. If the Tenant fails to notify does not exercise its Right of First Refusal and thereafter the Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to enters into a lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises with a new tenant based on the terms and conditions set forth in provisions of the Notice of OfferThird Party Offer within sixty (60) days after notice is provided to the Tenant, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease Right of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 First Refusal with respect to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall Third Party Offer space will be null and void and of no further force or effect. In additionHowever, Tenant the Right of First Refusal shall not continue to be entitled to exercise in effect for the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior remaingin RFR Space. The Provisions of this Right of First Refusal are personal to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure periodTenant. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 1 contract

Sources: Lease Agreement (Eloqua, Inc.)

Right of First Refusal. During the first term of the Lease, and providing Tenant is not in default, Landlord agrees that prior to leasing the premises curre▇▇▇▇ ▇▇▇upied by Tenant (1stthe "Premises") three to a third party, Landlord shall ▇▇▇▇▇t to Tenant a copy of the proposed lease terms which have submitted by the third party and which Landlord is prepared to enter into with the third party (3▇▇▇ "▇▇fered Lease"). On or before the fifth (5th) years day after the Term Commencement Datedate of such submission, Tenant shall have a the right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice "First Right of Offer”), specifying the material terms and conditions of Refusal") to send Landlord a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except notice stating that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease rent the Available Premises on upon the identical terms and conditions set forth in the Notice Offered Lease (the "Offered Lease Terms"). Such notice must be postmarked within the fifth (5th) day period and sent by registered or certified mail, return receipt requested. Tenant shall have only a two (2) day period to respond to such submission if less than 120 days remain on term of Offerlease. If Tenant duly and timely exercises the First Right of Refusal, Landlord and Tenant shall promptly enter into a lease for the Premises (the "New Lease") under the terms of the Offered Lease. If for any reason Tenant fails to notify Landlord duly and timely exercise the First Right of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of OfferRefusal, or if Tenant fails to notify Landlord properly exercises such right but thereafter for any reason (other than the fault of Tenant’s election within Landlord) does not timely enter into the five (5) business day period described aboveNew Lease, then Landlord shall have be free to lease the right Premises to consummate the lease of the Available Premises another tenant on the same terms as set forth in the Notice Offered Lease Terms and Right of Offer to a third party tenant. 43.4. Notwithstanding anything in First Refusal and Landlord's obligation under this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default paragraph shall be null and void and of no without further force and effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 1 contract

Sources: Industrial Real Estate Lease (Arterial Vascular Engineering Inc)

Right of First Refusal. During (a) Except as otherwise provided in Paragraph 35(h), and provided an Event of Default does not then exist, if Landlord shall enter into a letter of intent or similar document, instrument or agreement (the first “LOI”) for the sale of the Leased Premises with a Third Party Purchaser which LOI shall be conditioned upon Tenant’s failure to exercise its right under this Paragraph 35, then promptly following the execution thereof, Landlord shall give written notice to Tenant, together with a copy of the executed LOI. (1stb) three For a period of fifteen (315) years after the Term Commencement Datedays following receipt of such notice, Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premisesright, which offer is acceptable exercisable by written notice to Landlord in its sole given within said fifteen (15) day period, to elect to purchase the Leased Premises at the purchase price and absolute discretion, Landlord shall provide written notice thereof to Tenant (upon all the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five (5) general business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice LOI except that no contingencies contained in such LOI as to environmental assessments, engineering studies, inspection of Offer. If the Leased Premises, availability of financing, sale of other property, state of the title to or encumbrances on the Leased Premises, or any other condition or contingency to the Third Party Purchaser’s obligation to purchase the Leased Premises which would otherwise be the obligation of Tenant fails under this Lease, shall apply to notify Landlord of Tenant’s election within said five (5) business day periodobligation to purchase the Leased Premises under this Paragraph 35, then and Tenant shall be deemed obligated to have elected not to lease purchase the Available PremisesLeased Premises without any such condition or contingency. 43.2. (c) If at the expiration of the aforesaid fifteen (15) day period Tenant timely notifies shall have failed to exercise the aforesaid option by written notice to Landlord, Landlord that Tenant elects may sell the Leased Premises to lease the Available Premises on such Third Party Purchaser upon the terms and conditions set forth in the Notice LOI. (d) The closing date for any purchase of Offer, then the Leased Premises by Tenant pursuant to this Paragraph 35 shall be ninety (90) days after the date of Tenant’s notice to Landlord of its intention to purchase the Leased Premises upon the general business terms of the LOI with a Third Party Purchaser. At such closing Landlord shall lease convey the Available Leased Premises to Tenant upon in accordance with, and Tenant shall pay to Landlord the terms purchase price and conditions other consideration set forth in, the LOI and otherwise in the Notice of Offeraccordance with Paragraph 20. (e) NOTWITHSTANDING ANYTHING TO THE CONTRARY, IF TENANT FAILS TO EXERCISE THE RIGHT OF FIRST REFUSAL GRANTED PURSUANT TO THIS PARAGRAPH 35 AND THE SALE TO THE THIRD PARTY PURCHASER IS CONSUMMATED OR IF TENANT SHALL EXERCISE SUCH RIGHT AND THEREAFTER FAIL TO PURCHASE THE LEASED PREMISES IN ACCORDANCE WITH THE REQUIREMENTS OF PARAGRAPH 35(d) OR IF THE TERM OF THIS LEASE SHALL TERMINATE OR EXPIRE, SUCH RIGHTS OF FIRST REFUSAL GRANTED PURSUANT TO THIS PARAGRAPH 35 SHALL TERMINATE AND BE NULL AND VOID AND OF NO FURTHER FORCE AND EFFECT. IN SUCH EVENT TENANT SHALL EXECUTE A QUITCLAIM DEED AND SUCH OTHER DOCUMENTS AS LANDLORD SHALL REASONABLY REQUEST EVIDENCING THE TERMINATION OF ITS RIGHT OF FIRST REFUSAL. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 1 contract

Sources: Lease Agreement

Right of First Refusal. During If at any am during the first (1st) three (3) years after term of the Term Commencement DateLease, Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease request for a proposal from a third party prospective tenant for other space in the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretionBuilding, Landlord shall provide written notice thereof to notify Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant in writing of the Available Premisessame (hereafter a "Landlord's Notice"). The Landlord's Notice shall contain a description of the space, and the economic terms under which shall be Landlord would propose to lease the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1third party. Within If within five (5) business days following its receipt of a Notice Landlord's Notice, Tenant desires to expand into the space in the Building which is the subject of Offerthe Landlord's Notice, Tenant shall advise notify Landlord in writing whether of Tenant's desire and requirements (a "Request for Proposal"), which Request for Proposal shall make specific reference to this section of this Lease. Landlord, upon receipt of such Request for Proposal, shall provide to Tenant elects a written outline of terms, which shall be generally consistent with the terms contained in the Landlord's Notice, including without limitation Landlord's reasonably estimated value of concessions, which outline is not intended to be an offer creating a power of acceptance, but which shall be the framework for negotiations between Landlord and Tenant for a lease of such available space ("Expansion Proposal"). Landlord and Tenant shall thereupon endeavor to consummate a lease embodying the Available Premises on the terms of such Expansion Proposal, and such other terms and conditions set forth in as may be desired and agreed upon by the Notice parties, within thirty (30) days following Landlord's issuance of Offerthe Expansion Proposal. If In the event that for any reason, Tenant fails to notify Landlord of Tenant’s election does not issue a Request for Proposal within said five (5) business days after receipt of a Landlord's Notice, Tenant shall have no rights with respect to the space which was the subject of Landlord's Notice, unless Landlord fails to execute a lease for such space with the prospective tenant, in which event Tenant's right to receive a Landlord's Notice shall apply to the next request for a proposal received by Landlord from a prospective Tenant for such space. If following Tenant's issuance of a Request for Proposal, Landlord and Tenant do not execute a lease pursuant to an Expansion Proposal within such (30) day period, then Tenant Landlord shall thereafter be deemed to have elected not permitted to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth space described in the Notice of OfferExpansion Proposal, then and Tenant shall thereafter have no rights whatsoever with respect to such space, and Landlord shall lease the Available Premises not thereafter be obligated to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offerprovide a Landlord's Notice, or if an Expansion Proposal in response to any subsequent request or inquiry by Tenant fails pertaining to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenantsuch space thereafter. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 1 contract

Sources: Lease Agreement (3 Dimensional Pharmaceuticals Inc)

Right of First Refusal. During Provided this Lease is then in full force and effect and Tenant is in full compliance with the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of this Lease, and there is no sublease of any portion of the Premises or assignment of any of Tenant's interest in the Lease, Landlord hereby grants Tenant the right to lease approximately 10,000 rentable square feet on the 16th floor of the Building, more particularly shown on SCHEDULE "1" attached hereto and by this reference incorporated herein (the "Expansion Space"), in accordance with the within terms and conditions. Should Landlord receive an offer from an unaffiliated third party to lease the Expansion Space, upon terms and conditions and at a proposed rental rate acceptable to Landlord, Landlord shall notify Tenant thereof in writing setting forth the terms and conditions of such offer, and offering to lease the Expansion Space to Tenant upon the financial terms contained in the third party offer. Tenant shall have five (5) days to accept or reject such offer. If Tenant rejects such offer or fails to respond within said five (5) day period, then Landlord shall be entitled to rent said space to such third party on such terms and conditions not materially more favorable than the terms and conditions offered to Tenant. If Tenant accepts said offer and such offer occurs within the first two (2) years of the Available PremisesTerm, which then Tenant shall be have leased such space upon the same financial terms contained in said offer, and upon the other terms and conditions as the terms of the bonafide offercontained in this Lease and for a term coterminous with this Lease, except that the term of any lease entered into by Tenant with respect to the Available Premises space shall be coterminous with leased "as is, where is". The Rent for said Expansion Space shall commence on the earlier to occur of (i) thirty (30) days after Tenant accepts such offer for such Expansion Space, or (ii) on the date Tenant occupies said Expansion Space. If Tenant accepts such offer and such offer occurs after the end of the second year of the Term. 43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the then all terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 to offer shall apply, including the contraryterm, Tenant shall which may not exercise the ROFR during such period of time that Tenant is in default under any provision of be coterminous with this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 1 contract

Sources: Lease Agreement (Delphi Information Systems Inc /De/)

Right of First Refusal. During Landlord is the first (1st) three (3) years after owner of the Term Commencement Dateherein demised premised and "expansion space," as well as the adjacent 3,000 square feet of space, It is agreed that Tenant shall have a the right of first refusal (“ROFR”) as to any rentable premises EXHIBIT "C" ADDITIONAL PROVISIONS CONTINUED lease the adjacent space from the Landlord subject to the existing leases in the Building for which Landlord is seeking a tenant (“Available Premises”)place. In the event Landlord receives a bonafide offer prospective tenant desires to lease this space from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretionLandlord, Landlord shall provide written notice notify Tenant thereof to in the manner provided herein for notice, whereupon Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within have five (5) business days following its after receipt of a Notice such notice in which to elect to exercise Tenant's right of Offer, first refusal. In the event Tenant shall advise fails to give Landlord in writing whether Tenant elects written notice of Tenant's election to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election adjacent space within said five (5) business day period, then Tenant shall have no further right, title or interest in the adjacent space and this right of first refusal shall terminate and be deemed to have elected not to lease the Available Premises. 43.2of no further force and effect. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises If, on the terms other hand, Tenant exercises its right of first refusal in the manner provided above, the lease of the adjacent property shall be consummated at a fair market rental rate. RENEWAL OPTION Tenant shall have the right and option to renew this Lease for one (1) additional five (5) year term by delivering written notice thereof to Landlord at least One Hundred Eighty (180) days prior to the expiration date of the lease term, provided that at the time of such notice and at the end of the lease term, Tenant is not in default hereunder. Upon the delivery of said notice and subject to the conditions set forth in the Notice of Offerpreceding sentence, then Landlord this Lease shall lease the Available Premises to Tenant be extended upon the terms same terms, covenants and conditions set forth as provided in this Lease, except that the rental payable during said extended term shall be the prevailing market rental rate for space of comparable size, quality and location at the commencement of such extended term. If a conflict arises in the Notice determination of Offer. 43.3such a FMV rental rate, a three-member committee, selected from the Austin Board of Realtors, shall determine the FMV rental rate. If The first two members of such committee shall be selected by Landlord and Tenant notifies Landlord that Tenant elects not to lease respectively, which two members shall select the Available Premises on third. In no event shall the terms and conditions set forth in rate decrease below the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that rate Tenant is in default under any provision of this Leasecurrently paying. Any attempted exercise of EXHIBIT "D" GUARANTY OF LEASE THIS GUARANTY given by ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ (hereinafter called the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled "Guarantors," whether one or more) to exercise AEtna Life Insurance Company (hereinafter called the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without "Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer."):

Appears in 1 contract

Sources: Lease Agreement (Tanisys Technology Inc)

Right of First Refusal. During Subject to the first (1st) three (3) years after the Term Commencement Dateterms of this Paragraph 35, Tenant shall have a continuing right of first refusal (“ROFRFirst Refusal Right”) as to any rentable premises in lease that certain space within the Building for consisting of approximately 14,556 square feet of Net Rentable Area commonly known as Suite B300, as shown on Exhibit “H” attached hereto and by this reference made a part hereof (“First Refusal Space”). (i) If the First Refusal Space, or a portion thereof, has or will become available, and Landlord has an offer or proposal to lease all or part of such First Refusal Space from a “bona fide” prospect (the “Prospect”) which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer willing to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretionaccept, Landlord shall provide deliver written notice thereof to Tenant (the “Notice of OfferFirst Refusal Notice), specifying the material terms and conditions of a proposed lease to Tenant ) of the Available Premisesavailability of such portion of the First Refusal Space. The First Refusal Notice shall specify the approximate location and Net Rentable Area of the portion of the First Refusal Space which has or will become available, which shall be the same as well as the Term, Monthly Rental and other economic terms agreed upon with the Prospect. If the Prospect is interested in combining all or part of the bonafide offerFirst Refusal Space with other space in the Building, except that Landlord shall also specify such additional space in its First Refusal Notice to Tenant. The portion of the term of any lease entered into by First Refusal Space, plus such additional space, if any, is hereinafter referred to as the “Offered Space.” (ii) Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within have five (5) business days following from its receipt of a the First Refusal Notice of Offer, Tenant shall advise to notify Landlord in writing whether that Tenant elects desires to lease the Available Premises on the terms and conditions set forth in the Notice of OfferOffered Space. If Tenant fails to notify does so exercise its First Refusal Right by notifying Landlord of Tenant’s election within said such five (5) business day period, then Tenant the Offered Space shall be deemed added to have elected not to lease the Available Premises. 43.2Premises in accordance with the provisions of this Paragraph 35. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects does not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, exercise such First Refusal Right or if Tenant fails to notify Landlord of Tenant’s election within the such five (5) business day period described aboveof its election, Landlord shall thereafter have the right to lease that portion of the First Refusal Space to any prospective tenant on any terms and conditions, in Landlord’s sole discretion, for a period of one hundred eighty (180) days after the expiration of such five (5) business day period. If Landlord desires to enter into a lease for such portion of the First Refusal Space following the expiration of such one hundred eighty (180) day period, Landlord may not enter into such lease without again complying with the provisions of this First Refusal Right. However, if Landlord leases such portion of the First Refusal Space during such one hundred eighty (180) day period, this First Refusal Right shall expire and be of no further force and effect as to such portion of the First Refusal Space. (b) If Tenant exercises any First Refusal Right, the Commencement Date, Term, Monthly Rental and other economic terms of this Lease for the Offered Space shall be the Commencement Date, Term, Monthly Rental and other economic terms agreed upon with the Prospect. All other terms and conditions for the lease of such Offered Space shall be those terms, covenants, agreements, provisions and conditions then in effect under this Lease at the Commencement Date for such Offered Space (exclusive of tenant improvement allowances, space planning allowances, refurbishment allowances, other allowances, rent abatements, and other concessions). The term “Tenant’s Share,” as such term is defined in this Lease, and as such term is used to determine Tenant’s Operating Expense Payment, shall be increased effective as of the Commencement Date for any Offered Space to reflect the additional rentable square footage of such Offered Space, and Tenant’s payment obligations under Paragraph 3 of this Lease shall be adjusted accordingly. (c) Upon the exercise of the First Refusal Right by Tenant, and the determination of the Monthly Rental and other economic terms with respect thereto, Landlord and Tenant, upon demand of either of them, shall enter into an amendment to this Lease adding such Offered Space to the Premises, setting forth such Monthly Rental, and setting forth Tenant’s Share after the addition of such Offered Space to the Premises, provided that failure to enter into any such amendment shall not affect Tenant’s obligation to pay Monthly Rental and Tenant’s Operating Expense Payment for such Offered Space. If Tenant properly exercises a First Refusal Right but thereafter, for any reason (except for delays caused by Landlord), does not enter into an amendment to this Lease adding such Offered Space to the Premises within fifteen (15) days after its submission to Tenant by Landlord, in addition to any other remedies available to Landlord under this Lease, Landlord shall have the right option, by written notice to consummate Tenant, to elect to cancel Tenant’s exercise of its First Refusal Right, and, if Landlord so elects, Landlord will be free to rent such Offered Space to any other prospective tenant and the lease First Refusal Right granted to Tenant under this Paragraph 35 shall immediately expire and be of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenantno further force or effect and Tenant shall have no further rights, and Landlord shall have no further obligations, under this Paragraph 35. 43.4. (d) Notwithstanding anything in this Section 43 contained herein to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, : (i) Tenant shall not be entitled to exercise a First Refusal Right if, at the ROFR if time of the exercise of the First Refusal Right, there exists an Event of Default by Tenant has committed under this Lease, or a situation which, with the giving of notice or the passage of time, or both, would constitute an Event of Default two by Tenant; (2ii) the termination, cancellation or surrender of this Lease shall terminate any rights of Tenant pursuant to this Paragraph 35; (iii) this First Refusal Right is provided to Tenant for the exclusive benefit of Tenant and shall terminate upon the sublease of all or any portion of the Premises or upon the assignment of this Lease; and (iv) Tenant’s rights under this Paragraph 35 shall expire upon expiration of the original Term of this Lease. (e) Notwithstanding any other term or provision of this Lease or this Paragraph 35, express or implied, it is understood and agreed by Tenant that: (i) Tenant’s rights under this Paragraph 35 may be subject and subordinate to existing third party leases in effect with one or more times during tenants for the twelve (12) month period prior First Refusal Space, or a portion thereof, as of the Commencement Date of this Lease, and Landlord reserves the right to extend the lease expiration date of, or renew, any such third party lease, whether pursuant to the date on which exercise of any extension or renewal option, or otherwise; (ii) other tenants do have and may have certain rights of first refusal, rights of first offer or other expansion rights or options with respect to space in the Building, including the First Refusal Space [the tenants referred to in clauses (i) and (ii) of this Paragraph 35(e), together with their respective successors, assigns and subtenants, are herein referred to as “Existing Tenants”]; (iii) the rights and interests in and to the First Refusal Space and all portions thereof granted by Landlord to Tenant seeks in this Paragraph 35 are, in all respects, subject and subordinate to all such options and rights of Existing Tenants, and to the rights Landlord has reserved with respect to Existing Tenants and may be wholly or partially rendered void and of no effect by such options, rights of and reservations with respect to Existing Tenants; (iv) Landlord shall not be liable for the failure or inability of Tenant to exercise the ROFR, whether or not Tenant cures such Defaults within benefit from any applicable cure period. 43.5. Notwithstanding anything or all rights granted in this Lease Paragraph 35 with respect to the contrary, First Refusal Space or any portion thereof by reason of the rights Landlord has reserved with respect to the Existing Tenants or such rights and options of Existing Tenants; and (v) Tenant shall not assign be entitled to compensation, consolation, consideration, replacement of such space or transfer the ROFR, either separately any remedy from or in conjunction with an assignment against Landlord by reason of such failure or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent inability. Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required liable for Tenant’s assignment any failure to give possession of any portion of the ROFR in connection with an Allowed TransferFirst Refusal Space by reason of the unlawful holding over or retention of possession of any previous tenant, tenants or occupants of same, nor shall such failure impair the validity of this Lease or extend the Term of this Lease. However, Landlord does agree to use reasonable diligence to deliver possession of the applicable First Refusal Space to Tenant upon the dates described herein.

Appears in 1 contract

Sources: Lease Agreement (Jacada LTD)

Right of First Refusal. During the first (1st) three (3) years after the Term Commencement DateWithout limiting Tenant's rights under paragraph 2 foregoing, Tenant shall will have a the continuing and reoccurring right of first refusal throughout the Term (“ROFR”"Right of First Refusal") as to expand the Leased Premises to include any rentable premises space on the fifth (5th) and sixth (6/th/) floors of the Building (to the extent not leased by Tenant hereunder) that is offered to a third party (the "ROFR Space"). In that regard, in the Building for event Landlord receives a bona fide third party offer to lease any portion of the ROFR Space which Landlord is seeking intends to accept ("Third Party Offer"), Landlord will deliver notice to Tenant accompanied by a tenant written summary of the economic and all other material terms of such offer. Tenant shall have ten (“Available Premises”)10) business days to deliver written acceptance of the terms of such offer to Landlord. If Tenant fails to deliver written acceptance, within said ten (10) day period, Landlord shall be free to Lease the space covered by the Third Party Offer to the third party on terms no more favorable to the third party than the Third Party Offer. In the event Landlord receives does not consummate the execution of a bonafide offer to lease from a with the third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant on such basis within one hundred eighty (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant 180) days after Tenant's rejection of the Available PremisesThird Party Offer, which Tenant's Right of First Refusal shall be again apply. In the same as the terms of the bonafide offer, except event that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with Third Party Offer expires before the Term. 43.1. Within five (5) business days following its receipt of a Notice of OfferExpiration Date, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall will have the right to consummate extend the lease term of the Available Premises on ROFR Space to be conterminous with the same terms as set forth Term hereof, with the rent during any extension period of the term of the ROFR Space being at the highest per square foot rental rates to be paid by Tenant under this Lease during such period. If the term of the Third Party Offer expires after the Expiration Date, Tenant will have the right to lease the ROFR Space for a term conterminous with the Term hereof, providing Landlord the right to extend an equivalent proration of any monetary allowances provided by Landlord in the Notice of Offer to a third party tenant. 43.4Third Party Offer. Notwithstanding anything in this Section 43 lease to the contrary, Tenant shall not exercise will have the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of same leasehold improvements allowance as the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In additionthird party offeree, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during exercises the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure periodrights herein granted. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 1 contract

Sources: Lease Agreement (Wells Real Estate Investment Trust Inc)

Right of First Refusal. During (a) Landlord and Tenant acknowledge that there is currently approximately 7,320 rentable square feet of office space on the second (2nd) floor of the Building (hereinafter the "First Refusal Space"), as demarcated on Exhibit "I" to this Lease as the "First Refusal Space". Landlord acknowledges that Tenant may wish to expand the Premises and lease a portion or portions of the First Refusal Space. Tenant, however, acknowledges that Landlord must be in a position to lease the First Refusal Space to other tenants. In order to accommodate Tenant's desires regarding the First Refusal Space and Landlord's requirement for future leasing of the First Refusal Space, provided Tenant has not assigned or subleased any portion of the Premises, Landlord grants to Tenant the right of first refusal to lease the First Refusal Space in accordance with the terms and conditions contained herein. If Tenant has not assigned or subleased any portion of the Premises except for those parties referenced in Paragraph 11(d) of the Lease, and Landlord makes a written offer (1stin response to a request, written or oral, for proposal) three to a prospective tenant to lease all or any portion of the First Refusal Space, then Landlord shall submit to Tenant in writing a copy of such proposed offer to lease (3hereinafter referred to as the "Offer") years and, for a period of ten (10) business days after Landlord submits the Term Commencement Dateoffer to Tenant, Tenant shall have a the right and option to lease the First Refusal Space covered by the Offer upon the same monetary terms and conditions, including any offer of first refusal (“ROFR”) free rent and leasehold improvement allowances, as to any rentable premises embodied in the Building copy of such Offer submitted to Tenant by Landlord, but upon all other terms and conditions contained in this Lease and for which Landlord is seeking a tenant (“Available Premises”)term expiring as of the date of the expiration of this Lease. In the event Landlord receives a bonafide offer the remaining months in the Term or any extension thereof, are less than the number of months in the term embodied in the Offer, then such free rent and leasehold improvement allowances shall be reduced to lease from a third party tenant the Available Premises, which offer is acceptable amounts that bear the same ratio to Landlord the free rent and leasehold improvement allowances embodied in its sole and absolute discretion, Landlord shall provide written notice thereof the Offer as the remaining months in the Term bears to Tenant (the “Notice number of Offer”), specifying the material terms and conditions of a proposed lease to Tenant months of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth embodied in the Notice of Offer. If Tenant fails shall elect to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not exercise its right to lease the Available Premises. 43.2. If First Refusal Space covered by the Offer, written notice of such election shall be given to Landlord within ten (10) business days from the time that Landlord submitted a copy of the Offer to Tenant timely notifies Landlord (hereinafter referred to as the "Offer Period"), which notice by Tenant shall specify a date that Tenant elects shall lease the space covered by the Offer, which date shall be not less than thirty (30) nor more than ninety (90) days after the giving of notice thereof. 52 (b) Upon the exercise of its right to lease the Available First Refusal Space covered by the Offer, Landlord and Tenant shall enter into a written agreement modifying and supplementing this Lease and specifying that the First Refusal Space is a part of the Premises on the and under this Lease and containing other appropriate terms and conditions set forth in provisions relating to the Notice addition of Offersuch area to this Lease, then Landlord shall lease including, without limitation, increasing, adjusting or augmenting Base Rental, Additional Rent and Letter of Credit requirements as a result of the Available Premises to Tenant upon the terms and conditions set forth in the Notice addition of Offersuch space. 43.3. (c) If Tenant notifies Landlord that Tenant elects not a right to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails pursuant to notify Landlord of Tenant’s election this Section shall not be exercised within the five Offer Period or shall be waived (5) business day period described aboveno notice is deemed to be a waiver of such right), then Landlord shall have the right to consummate lease such space to the prospective tenant, and if such transaction is consummated, Tenant's rights under this Section shall automatically terminate and be of no further force or effect. If a right to lease pursuant to this Section shall not be exercised within the Offer Period or shall be waived (no notice is deemed to be a waiver of such right), and Landlord fails to lease the space covered by the Offer within six (6) months after Landlord's submission of a copy of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenantTenant, then this Section shall be applicable to any subsequent offer to lease the First Refusal Space or any portion thereof. 43.4. (d) Notwithstanding anything in the foregoing right of first refusal and any other provision of this Section 43 Lease to the contrary, such right of first refusal is conditioned upon (i) this Lease being in full force and effect and there being no default under this Lease and no previous monetary default hereunder by Tenant on more than two (2) occasions for which Landlord has provided written notice to Tenant, and (ii) some portion of the First Refusal Space covered by the Offer being adjacent to the Premises. If Tenant fails to exercise the foregoing right of first refusal as provided in and in strict accordance with the terms of this Section, or if conditions (i) and (ii) in this subsection (d) are not entirely satisfied, the foregoing right of first refusal shall automatically terminate and be of no further force or effect, or if exercised, shall be null and void. (e) Tenant shall not have the right to assign its right of first refusal to any sublessee of the Premises or any portion thereof or to any assignee of this Lease (except an "Affiliate Transfer"), nor may any such sublessee or assignee exercise or enjoy the ROFR during benefit of such period right of time that Tenant is in default under first refusal. (f) Notwithstanding any other term or provision of this Section or elsewhere in this Lease. Any attempted , expressed or implied, it is understood and agreed by Tenant that (i) Landlord shall not be liable for the failure or inability of Tenant to exercise or benefit from any or all rights granted in this Section with respect to said First Refusal Space or any portion thereof and options of the ROFR during a period Existing Tenants (ii) Tenant shall not be entitled to any compensation, consolation, consideration, replacement of time such space, or any other remedy from or against Landlord by reason of such failure or inability, and (iii) if Tenant elects to lease all or any portion of the First Offer Space described in which Tenant is so in Default Paragraph 3 of this Exhibit E, Tenant's rights to the First Refusal Space shall be void and of no further force and effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 1 contract

Sources: Lease Agreement (Witness Systems Inc)

Right of First Refusal. During Lessor hereby grants to Lessee the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a exclusive right of first refusal in the event Lessor engages in the sale or other transfer of all or part of the Premises to any party (a ROFRTransfer”) during the Term or, so long as Lessee continues to occupy the Premises, any rentable premises Extension Period, and Lessee may record a memorandum in the Building county records giving notice of such right of first refusal. However, a Transfer shall not include any present or future grant by Lessor of a security interest in the Premises for which Landlord is seeking purposes of securing a tenant (“Available Premises”)loan to Lessor by a financial institution. In the event Landlord receives a bonafide offer to lease from a Lessor agrees with any third party tenant upon the Available Premisesterms of a Transfer, which offer is acceptable Lessor shall submit to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant Lessee the material terms of such Transfer (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five ten (510) business days following its of Lessee’s receipt of a Notice of the Offer, Tenant Lessee shall advise Landlord in writing notify Lessor whether Tenant elects it intends to lease purchase the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on under the same terms as set forth in the Notice Offer. If Lessee declines to purchase the Premises or fails to timely notify Lessor with any response, Lessor may sell the Premises to the prospective purchaser under the terms set forth in the Offer. If Lessor alters the terms of Offer the sale to a the third party tenant. 43.4that in any way benefits the third party, Lessor shall resubmit the revised terms to Lessee and Lessor shall have the same time period to reconsider the revised Offer. Notwithstanding anything In the event Lessee elects to purchase the Premises as set forth herein, Lessor and Lessee shall negotiate and execute a purchase contract in this Section 43 good faith under the terms set forth in the Offer. If Lessor includes the Premises within a sale of multiple properties or a sale of all or substantially all of Lessor’s assets or stock in a transaction other than a transfer of stock to family members of Lessor’s members by gift or devise, such transaction shall constitute a Transfer and the parties shall work in good faith to sever the Premises from the balance of the assets involved in the Transfer and reasonably allocate financial terms applicable solely to the contraryPremises, Tenant and Lessee shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior its rights hereunder with respect to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure periodPremises-only terms. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 1 contract

Sources: Stock Purchase Agreement (Nn Inc)

Right of First Refusal. During the first (1st) three (3) years after the Term Commencement DateProvided this Lease is in full force and effect and no default by Lessee has occurred hereunder, Tenant Lessee shall have a the right of first refusal (“ROFR”) as to any rentable premises lease space in the Building for which Landlord is seeking a tenant in accordance with the provisions set forth below, as such Space (“Available Premises”)as hereinafter defined) becomes available to lease to third parties. In the event Landlord If Lessor receives a bonafide bona fide offer to lease (the "Offer") from a third party tenant to lease any portion of the Available PremisesBuilding (each such portion a "Space"), which offer and the Offer is acceptable to Landlord in its sole and absolute discretionLessor, Landlord Lessor, prior to acceptance of the Offer, shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as Lessee with the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect Offer in writing. Lessee must deliver written notice to the Available Premises shall be coterminous with the Term. 43.1. Within Lessor within five (5) business days following its after receipt of a Notice such written terms of Offer, Tenant shall advise Landlord in writing the Offer whether Tenant elects Lessee intends to lease the Available Premises on the terms and conditions set forth in the Notice of OfferSpace. If Tenant fails Lessee's failure to notify Landlord of Tenant’s election Lessor within said five (5) business day period, then Tenant such time shall be deemed a waiver of Lessee's right to have elected not lease such Space. If Lessee timely notifies Lessor that it desires to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to Space covered by the Offer, Lessor shall thereupon lease the Available Premises on the terms Space to Lessee (and conditions set forth in the Notice of Offer, then Landlord Lessee shall lease the Available Premises to Tenant accept such Space) upon the terms and conditions set forth as contained in this Lease except for any terms specified in the Notice Offer which differ from the terms of Offer. 43.3this Lease, in which case the terms of the Offer shall govern. If Tenant notifies Landlord that Tenant elects not Lessee exercises its right to lease the Available Premises on Space, the parties shall promptly thereafter execute an amendment to the Lease to include the Space and to document the lease terms and conditions set forth in thereof. If Lessee fails to accept the Notice of Offer, or if Tenant fails Lessor may at any time thereafter lease such Space to notify Landlord of Tenant’s election within the five (5) business day period any party upon any terms Lessor deems appropriate. Lessee's rights described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 provision are personal to the contrary, Tenant shall not exercise original Lessee executing the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void Lease and of no effect. In addition, Tenant shall may not be entitled exercised or be assigned voluntarily or involuntarily, by or to exercise any person or entity other than the ROFR if Tenant has committed a Default two original Lessee (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within and any applicable cure periodPermitted Assignee). 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 1 contract

Sources: Office Lease (PMC Sierra Inc)

Right of First Refusal. During If, during the first period (1st"RFR Period") three commencing on the mutual execution of this Lease and expiring on the last day of the twenty-fourth (324/th/) years after full calendar month following the Term Commencement Date, Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide letter of intent or other offer to lease from all or a third party tenant portion of the Available Premises, fourth (4/th/) floor of the Building which offer is acceptable to Landlord has been accepted in its sole and absolute discretionwriting by Landlord, Landlord shall provide written notice thereof deliver a copy to Tenant Tenant, who shall then have ten (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five (510) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease same portion of the Available Premises Building on the same terms and rental rate as set forth contained in this Lease, including, without limitation, that Tenant shall be entitled to receive from Landlord a Tenant Allowance of Thirty Dollars ($30.00) per square foot of Rentable Area contained in such newly leased area on the Notice same terms and conditions as described in Exhibit D, but Landlord shall not be obligated to provide any other improvements to the expansion area of Offer the Premises; provided that if Tenant leases only part of the 4/th/ floor by exercising its right of first refusal, Landlord shall not be obligated to construct a demising wall or multi-tenant hallway to separate such space from the remaining Rentable Area of the 4/th/ floor. In addition to the foregoing, if the terms of the offer include space on other floors in addition to the fourth floor, Tenant shall be required to lease such other space as well. If Tenant does not elect to so lease within such ten (10) business day period, Tenant's preferential right to lease the area subject to such offer shall lapse and Landlord may lease such area to the third party free of any further rights of Tenant. In the event that Landlord leases any portion of the fourth (4/th/) floor to a third party tenant. 43.4. Notwithstanding anything in this Section 43 after Tenant was offered such first right of refusal which right Tenant did not exercise, Tenant's right of first refusal with respect to the contraryremainder of the fourth (4/th/) floor shall thereafter lapse, but Tenant instead shall have the same right of first refusal in accordance with the above terms as to the third (3/rd/) floor during the remainder of the RFR Period, unless any portion of the third (3/rd/) floor was leased to a third party before Tenant was required to exercise its right of first refusal with respect to the fourth (4/th/), and in such latter event Tenant shall not exercise have a right of first refusal with respect to the ROFR during such period of time that Tenant is in default under any provision of this Leasethird (3/rd/) floor. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled have any such preferential right to exercise the ROFR if Tenant has committed a Default two (2) or more times lease during the twelve (12) month period prior to continuation of any default by Tenant under the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in terms of this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole beyond applicable notice and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfercure periods.

Appears in 1 contract

Sources: Office Lease Agreement (Zymogenetics Inc)

Right of First Refusal. During In the first event that Tenant fails to exercise the Expansion Option, then, commencing on the date that is twelve (1st12) three (3) years months after the Term Commencement Execution Date (the “ROFR Date”), Tenant shall have a right of first refusal (“ROFR”) (a) as to any rentable premises in the Building for which Landlord is seeking a tenant Primary Expansion Space not leased to Tenant (“Available Primary Expansion Space”) and (b) subject to the Prior Right, as to any Secondary Expansion Space not leased to Tenant (“Available Secondary Expansion Space” and, collectively with Available Primary Expansion Space, “Available ROFR Premises”); provided, however, that in no event shall Landlord be required to lease any Available ROFR Premises to Tenant for any period past the date on which this Lease expires or is terminated pursuant to its terms. To the extent that Landlord renews or extends a then-existing lease with any then-existing tenant of any space, or enters into a new lease with such then-existing tenant, the affected space shall not be deemed to be Available ROFR Premises. In the event Landlord receives a bonafide offer intends to lease from a third party tenant Available Primary Expansion Space (or, if not leased by Revance pursuant to the Prior Right, any Available Premises, which offer is acceptable to Landlord in its sole and absolute discretionSecondary Expansion Space) after the ROFR Date, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available ROFR Premises. Notwithstanding anything in this Lease to the contrary, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant ROFR with respect to the Available Premises Secondary Expansion Space shall be coterminous with subject to the TermPrior Right. 43.144.1. Within five ten (510) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease all (not just a portion) of the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five ten (510) business day period, then Tenant shall be deemed to have elected not to lease the Available ROFR Premises. 43.244.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available ROFR Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. Notwithstanding anything in this Lease to the contrary, in the event that Tenant leases the entire Building, the Premises shall be deemed to consist of three hundred five thousand twenty-six (305,026) rentable square feet, subject to adjustment in accordance with Section 7.1. 43.344.3. If Tenant notifies Landlord that Tenant elects not to lease the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five ten (510) business day period described above, then Landlord shall have the right to consummate the lease of the Available ROFR Premises on the same terms as set forth in the Notice of Offer within one hundred eighty (180) days following Tenant’s election (or deemed election) not to a third party tenantlease the Available ROFR Premises. If Landlord does not lease the Available ROFR Premises within said one hundred eighty (180)-day period, then the ROFR shall be fully reinstated, and Landlord shall not thereafter lease the Available ROFR Premises without first complying with the procedures set forth in this Article 44. 43.444.4. Notwithstanding anything in this Section 43 Article 44 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default Defaulted under this Lease two (2) or more times during the twelve (12) month 12)-month period immediately prior to the date on which that Tenant seeks to exercise exercises the ROFR, whether or not Tenant cures has cured such Defaults within any applicable cure periodDefaults. 43.544.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease (other than as part of an Exempt Transfer in accordance with this Lease), without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 1 contract

Sources: Lease (Daystar Technologies Inc)

Right of First Refusal. During Section 34.01 In consideration of the first sum of Ten and 00/100 Dollars (1st$10.00) three (3) years after paid to Landlord by Tenant, the Term Commencement Datereceipt and sufficiency of which is hereby acknowledged, Landlord hereby grants Tenant shall have a right of first refusal to purchase a Demised Property, subject to the terms and conditions set forth in this Article 34. If at any time during the Lease Term, Landlord shall receive a bona fide offer from a Competitor for the purchase of any of the Demised Properties (whether or not solicited by Landlord) and Landlord either has accepted such offer or shall desire to accept such offer, Landlord shall notify Tenant of any such offer -35- A&R MASTER LAND AND BUILDING LEASE ACTIVE 230595713 (the ROFROffering Notice”) by notice to Tenant specifying the following terms and information: (a) the name and address of the third-party offeror, (b) the purchase price for such Demised Property, and (c) any other terms and conditions set forth in such offer or, if applicable, the purchase agreement between Landlord and such third-party offeror (the “Third-Party Purchase Agreement”) that are material to the sale of such Demised Property, as determined by Landlord in Landlord’s commercially reasonable discretion. Section 34.02 Tenant shall have fifteen (15) Business Days after the date of delivery of the Offering Notice to any rentable premises exercise the right of first refusal granted in this Article 34 (the Building for which Landlord is seeking a tenant (Available PremisesReview Period”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice Such right of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which first refusal shall be the same as the terms of the bonafide offer, except that the term of any lease entered into exercisable by Tenant with respect notifying Landlord (within such Review Period) of Tenant’s irrevocable election to purchase the Available Premises shall be coterminous with the Term. 43.1. Within five (5) business days following its receipt of a Notice of Offerapplicable Demised Properties, Tenant shall advise Landlord in writing whether Tenant elects subject only to lease the Available Premises on the terms and conditions set forth in the Offering Notice (the “Exercise Notice”). Time shall be of Offer. If Tenant fails the essence with respect to notify Landlord of Tenant’s election and the giving of the Exercise Notice, and any failure to give Landlord the Exercise Notice within said five (5) business day period, then Tenant such Review Period shall be deemed to have elected not be an election by Tenant to lease waive the Available Premisesrights with respect to the Offering Notice granted to Tenant under this Article 34. 43.2. If Section 34.03 Upon Tenant timely notifies giving Landlord that the Exercise Notice, Landlord and Tenant elects to lease the Available Premises on shall irrevocably instruct counsel, consistent with this Article 34 and the terms and conditions set forth of the Offering Notice. At or before the close of the purchase of a Demised Property pursuant to the terms of this Article 34, Landlord shall deliver to its counsel its deed of sale (or such other type of deed as is specified in the Notice of Offer, then Landlord shall lease the Available Premises Offering Notice) conveying to Tenant upon the terms all of Landlord’s right, title and conditions set forth interest in such Demised Property, in the Notice condition and state of Offertitle specified in the Offering Notice. Both Landlord and Tenant agree to execute a purchase agreement, escrow instructions, an amendment to this Lease, an amended notice of lease or memorandum of lease (or similar instrument) and such other instruments as may be necessary or appropriate to consummate the sale of such Demised Property in the manner provided in this Article 34. 43.3. If Section 34.04 In the event Tenant notifies Landlord that Tenant elects not waives or is deemed to lease have waived its right of first refusal to purchase the Available Premises on the terms and conditions set forth in the Notice of Offerapplicable Demised Property, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate sell and convey the lease of the Available Premises Demised Properties to such third-party offeror on the same terms as set forth in the Offering Notice, and upon the consummation of such a sale, Tenant’s right of first refusal shall cease to exist with respect to such Demised Property. Landlord shall not (a) consummate such a sale to the third party offeror for a net effective purchase price less than ninety five percent (95%) of the net purchase price set forth in the Offering Notice of Offer or (b) sell such Demised Property to a third party tenantdifferent Competitor than the Competitor disclosed in the applicable Offering Notice, without once again being required to offer such Demised Property to Tenant in accordance with this Article 34; it being agreed Tenant’s right of first refusal shall remain in full force and effect for the remainder of the Lease Term with respect to such Demised Property, subject to the terms of this Article 34. 43.4. Section 34.05 Notwithstanding anything in this Section 43 contained herein to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default it shall be void and a condition to Tenant’s right of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to first refusal under this Article 34 that on the date on which Tenant seeks to exercise that the ROFRExercise Notice is delivered, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in (a) this Lease to the contraryhas not been terminated, (b) Tenant shall not assign or transfer the ROFR, either separately or in conjunction (together with an assignment or transfer of Tenant’s interest in Affiliates) is the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole named tenant herein and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment (c) there is no Event of the ROFR in connection with an Allowed TransferDefault then occurring or continuing.

Appears in 1 contract

Sources: Master Land and Building Lease (Forterra, Inc.)

Right of First Refusal. During 37.1 Effective as of the date of this First Amendment and for so long as this Lease remains in force and effect (including continuation via extensions and renewals), in the event Landlord proposes to sell the Premises (or any portion thereof) pursuant to a bona fide written offer from a third party (the "Bona Fide Offer"), then Landlord will first offer the Premises (1stor applicable portion thereof) three (3) years after for sale to Tenant under the Term Commencement Dateexact same terms and conditions as those contained in the Bona Fide Offer, Tenant shall have a except that the date of the Bona Fide Offer will be deemed to be the date of Tenant's Notice to Exercise its right of first refusal hereunder as referenced below. Landlord will offer this right of first refusal to Tenant in a written Notice of Right of First Refusal that will include the terms, conditions, and a copy of the Bona Fide Offer. Tenant may exercise its Right of First Refusal by providing written notice of exercise to Landlord (“ROFR”the "Notice of Exercise") as on or before the thirtieth (30th) day following receipt of the Notice of Right of First Refusal. The date Tenant provides the Notice of Exercise to any rentable premises Landlord will be the "Notice of Exercise Date". 37.2 Within seven (7) days following the Notice of Exercise Date, Landlord will order for delivery to Tenant a commitment for a policy of title insurance without standard exceptions issued by a title insurance company acceptable to Tenant dated concurrently or after the Notice of Exercise Date, in the Building for amount of the purchase price, committing to insure Tenant as the holder of marketable title to the Premises free and clear of all liens, claims and subject only to encumbrances of record and, current easements, zoning regulations and building and use restrictions and such items set forth in the commitment to which Landlord is seeking a tenant Tenant has approved in writing (“Available Premises”"Permitted Exceptions"). In If the event title commitment fails to indicate marketable title to the Premises in the condition set forth above, Tenant will so notify Landlord receives a bonafide offer in writing within fifteen (15) days after receipt of such title commitment specifying the defects claimed and desired remedy. Landlord will have thirty (30) days from and after the date such notice is delivered to Landlord to cure any defects and, having done so, will cause the title commitment to be modified to reflect the same and will deliver the revised title commitment to Tenant. If Landlord fails or refuses to cure any defects set forth in such notice and furnish the revised commitment within the thirty (30)-day period, then Tenant may, at its sole option, upon written notice to Landlord, either (i) waive such defects and proceed with the purchase as herein provided, or (ii) cure such defects, whereupon Landlord will promptly reimburse Tenant for any and all reasonable costs, including reasonable attorneys' fees, costs of collection and will defend, indemnify and hold Tenant harmless from and against any and all such defects and liabilities, and the purchase price will be reduced by the reasonable costs incurred by Tenant in curing such defects, or (iii) terminate the sale and purchase transaction; provided that upon Tenant's election to so terminate the right of first refusal, the purchase transaction contemplated hereby will be terminated, and Tenant will continue to lease from a third party tenant the Available Premises pursuant to the provisions of this Lease, which will remain in force and effect. 37.3 Within seven (7) days following the Notice of Exercise Date, Landlord will forward to Tenant any documents in Landlord's possession or available to Landlord that relate to the physical structure and/or condition of the Premises, which offer is acceptable including but not limited to Landlord engineering and architectural drawings and reports, environmental reports and studies and surveys (the "Premises Information"). Tenant or its agents (including but not limited to its consultants, engineers and the local building inspector) will have a period of thirty (30) days from and after the date Tenant receives the Premises Information, to conduct investigations and to inspect the Property (at Tenant's expense) in whatever manner Tenant deems necessary, including without limitation, to conduct investigations with respect to the land and the condition thereof, including environmental conditions. At any time prior to the expiration of such inspection period, Tenant, in its sole and absolute discretiondiscretion if it is dissatisfied with the results of such inspection and investigations for any reason whatsoever, may elect to rescind, cancel and terminate its right of first refusal by sending a written notice to such effect to the Landlord during such period. Upon Tenant's election to so rescind, cancel and terminate the right of first refusal, the purchase transaction contemplated hereby will be terminated, and Tenant will continue to lease the Premises pursuant to the provisions of this Lease, which will remain in force and effect. 37.4 The closing will be consummated within one hundred twenty (120) days following the Notice of Exercise Date. In the event Tenant does not elect to exercise the Option, Landlord shall provide written notice thereof may then sell the Property (or applicable portion thereof) to Tenant (the “Notice third party pursuant to the Bona Fide Offer, but only upon the precise terms and conditions as stated in the Bona Fide Offer. In the event of Offer”), specifying any change in the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth Bona Fide Offer or in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election event such transaction is not consummated within said five (5) business such 120 day period, then the Property will be offered again to Tenant shall be deemed to have elected not to lease under the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the same terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenantrevised Bona Fide Offer. 43.4. Notwithstanding anything in 37.5 If Tenant does not timely exercise its right of first refusal or otherwise does not purchase the Property (or applicable portion thereof) pursuant to this Section 43 37, Tenant will continue to lease the Leased Premises pursuant to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision provisions of this Lease. Any attempted exercise , which will remain in force and effect Executed as of the ROFR during 1st day of _____________, 2005. ▇▇▇▇ PROPERTIES, L.L.C. MTM ACQUISITION COMPANY "LANDLORD" "TENANT" By:_______________________________ By: __________________________________ Print Name: ______________________ Print Name: __________________________ Title: ___________________________ Title: _______________________________ EXHIBIT A TO LEASE Description of Premises and Easements A part of Section 22, Township 4 North, Range 10 East, Madison Township, Jefferson County, Indiana, described as follows: Beginning at a period P.K. nail found in Michigan Road at the ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇ ▇▇,▇▇▇, ▇▇▇▇; thence South 87 degrees 51 minutes 53 seconds West 1151.03 feet to a rebar set; thence South 00 degrees 03 minutes 22 seconds East 566.78 feet to a rebar set; thence North 87 degrees 59 minutes 13 seconds East 115.103 feet to Michigan Road; thence along said road North 00 degrees 03 minutes 53 seconds West 569.25 feet to the point of time beginning, consisting of 15.00 acres more or less. ALSO, subject to a sixty foot (60') wide easement for the purpose of ingress, egress, and utilities the centerline of which is described as follows: Commencing at a P.K. nail found in which Tenant is so Michigan Road at the Northeast ▇▇▇▇▇▇ ▇▇ ▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ ▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇ East; thence along Michigan Road South 00 degrees 03 minutes 53 seconds East 441.77 feet to the point of beginning; thence South 88 degrees 48 minutes 31 seconds West 1150.57 feet to the point of termination. ALSO, subject to a two-lane road easement in Default favor of Landlord and Landlord's assignees for the purposes of ingress and egress, and construction, from any entrance to the Premises from Michigan Road on the eastern boundary of the Premises, across the parking lot of the Premises, to certain property consisting of approximately 16 acres situated on the western boundary of the Premises, either directly across the parking lot of the Premises, or in the case of road construction generally paralleling the southern boundary of the Premises. Provided, that the costs of any such construction shall be void borne exclusively by Landlord of Landlord's assignees, and of no effect. In addition, Tenant shall not be entitled have no obligation or responsibility to exercise the ROFR if Tenant has committed a Default two maintain such road. * * * * * * * EXHIBIT 2.7(a)(viii) NON-COMPETITION AGREEMENT ------------------------- THIS NON-COMPETITION AGREEMENT (2"Agreement") or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole is made and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment executed as of the ROFR in connection with an Allowed Transfer____ day of ______________, 2005, by and between ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ ("▇▇▇▇▇▇▇") and MTM ACQUISITION COMPANY, a Michigan corporation ("Buyer").

Appears in 1 contract

Sources: Asset Purchase Agreement (Tarpon Industries, Inc.)

Right of First Refusal. During If Terra acquires the first Pipeline Customer Contracts (1st) three (3) years after the Term Commencement Datelegally or beneficially), Tenant shall have a right of first refusal (“ROFR”) as in accordance with Subsection 6.1, and Terra decides to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease purchase methanol from a third party tenant methanol supplier in order to meet its supply obligations under the Available PremisesPipeline Customer Contracts or decides to assign the Pipeline Customer Contracts to a third party (“Supply Right”), which then neither Terra nor its Affiliates shall offer is acceptable the Supply Right to Landlord a third party methanol supplier, unless Terra first offers the Supply Right to Methanex by notice in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant writing (the “Notice of Offer”), specifying the ) delivered to Methanex. The Offer shall include all material terms and conditions of the Supply Right including, without limitation, the price for methanol supplied, and that the Offer is open for acceptance by Methanex for a proposed lease to Tenant period of 14 days (the “Offer Period”) after delivery of the Available Premises, which shall be Offer by Terra to Methanex. At the same as the terms expiration of the bonafide offerOffer Period, except that Methanex shall advise Terra whether or not the term of any lease entered into by Tenant with respect to Offer has been accepted. If Methanex accepts the Available Premises shall be coterminous with the Term. 43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant then Terra and Methanex shall advise Landlord in writing whether Tenant elects to lease the Available Premises enter into a supply agreement on the terms and conditions substantially as set forth out in the Notice of Offer. If Tenant Methanex rejects the Offer or fails to notify Landlord of Tenant’s election respond to Terra within said five (5) business day periodthe Offer Period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord Terra shall have the right to consummate offer the lease Supply Right to another third party methanol supplier, provided that Terra shall not offer the Supply Right to another third party methanol supplier on terms more favourable than those specified in the Offer including, without limitation, at a price that is less than the price specified in the Offer. If Terra intends to offer the Supply Right to another third party methanol supplier on terms more favourable than those specified in the Offer, then Terra shall first offer such amended terms to Methanex by notice in writing (“Amended Offer”) delivered to Methanex. In the event of an Amended Offer the Available Premises on the same terms as right of first refusal procedure set forth in the Notice of this Subsection 6.6 shall apply to any Amended Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 and any reference to the contrary, Tenant term “Offer” shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure periodmean “Amended Offer”. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 1 contract

Sources: Services Agreement (Terra Industries Inc)

Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building building located at ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ (the “9775 Building”), for which Landlord is seeking a tenant (“Available ROFR Premises”); provided, however, that in no event shall Landlord be required to lease any Available ROFR Premises to Tenant for any period past the date on which this Lease expires or is terminated pursuant to its terms. To the extent that Landlord renews or extends a then-existing lease with any then-existing tenant or subtenant of any space, or enters into a new lease with such then-existing tenant or subtenant for the same premises, the affected space shall not be deemed to be Available ROFR Premises. In the event Landlord receives a bonafide offer to lease from a third party tenant the a bona fide offer to lease Available ROFR Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available ROFR Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five ten (510) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease all (not just a portion) of the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five such ten (510) business day period, then Tenant shall be deemed to have elected not to lease the Available ROFR Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available ROFR Premises to Tenant upon the terms and conditions set forth in the Notice of OfferOffer (pursuant to an amendment to this Lease or pursuant to a new lease, at Landlord’s election). 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five ten (5) business day 10)-day period described above, then Landlord shall have the right to consummate the lease of the Available ROFR Premises on the same terms as set forth in the Notice of Offer following Tenant’s election (or deemed election) not to a third party tenantlease the Available ROFR Premises. 43.4. Notwithstanding anything in this Section 43 Article to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in monetary or material non-monetary default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default monetary or material non-monetary default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Landlord has given Tenant has committed a Default two (2) or more times notices of monetary or material non-monetary default under this Lease, whether or not the defaults are cured, during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided. 43.6. If Tenant exercises the ROFR, however, Landlord does not guarantee that the Available ROFR Premises will be available on the anticipated commencement date for the Lease as to such Premises due to a holdover by the then-existing occupants of the Available ROFR Premises or for any other reason beyond Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transferreasonable control.

Appears in 1 contract

Sources: Lease (Ignyta, Inc.)

Right of First Refusal. During Section 34.01 In consideration of the first sum of Ten and 00/100 Dollars (1st$10.00) three (3) years after paid to Landlord by Tenant, the Term Commencement Datereceipt and sufficiency of which is hereby acknowledged, Landlord hereby grants Tenant shall have a right of first refusal to purchase a Demised Property, subject to the terms and conditions set forth in this Article 34. If at any time during the Lease Term, Landlord shall receive a bona fide offer from a Competitor for the purchase of any of the Demised Properties (whether or not solicited by Landlord) and Landlord either has accepted such offer or shall desire to accept such offer, Landlord shall notify Tenant of any such offer (the ROFROffering Notice”) by notice to Tenant specifying the following terms and information: (a) the name and address of the third-party offeror, (b) the purchase price for such Demised Property, and (c) any other terms and conditions set forth in such offer or, if applicable, the purchase agreement between Landlord and such third-party offeror (the “Third-Party Purchase Agreement”) that are material to the sale of such Demised Property, as determined by Landlord in Landlord’s commercially reasonable discretion. Section 34.02 Tenant shall have fifteen (15) Business Days after the date of delivery of the Offering Notice to any rentable premises exercise the right of first refusal granted in this Article 34 (the Building for which Landlord is seeking a tenant (Available PremisesReview Period”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice Such right of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which first refusal shall be the same as the terms of the bonafide offer, except that the term of any lease entered into exercisable by Tenant with respect notifying Landlord (within such Review Period) of Tenant’s irrevocable election to purchase the Available Premises shall be coterminous with the Term. 43.1. Within five (5) business days following its receipt of a Notice of Offerapplicable Demised Properties, Tenant shall advise Landlord in writing whether Tenant elects subject only to lease the Available Premises on the terms and conditions set forth in the Offering Notice (the “Exercise Notice”). Time shall be of Offer. If Tenant fails the essence with respect to notify Landlord of Tenant’s election and the giving of the Exercise Notice, and any failure to give Landlord the Exercise Notice within said five (5) business day period, then Tenant such Review Period shall be deemed to have elected not be an election by Tenant to lease waive the Available Premisesrights with respect to the Offering Notice granted to Tenant under this Article 34. 43.2. If Section 34.03 Upon Tenant timely notifies giving Landlord that the Exercise Notice, Landlord and Tenant elects to lease the Available Premises on shall irrevocably instruct counsel, consistent with this Article 34 and the terms and conditions set forth of the Offering Notice. At or before the close of the purchase of a Demised Property pursuant to the terms of this Article 34, Landlord shall deliver to its counsel its deed of sale (or such other type of deed as is specified in the Notice of Offer, then Landlord shall lease the Available Premises Offering Notice) conveying to Tenant upon the terms all of Landlord’s right, title and conditions set forth interest in such Demised Property, in the Notice condition and state of Offertitle specified in the Offering Notice. Both Landlord and Tenant agree to execute a purchase agreement, escrow instructions, an amendment to this Lease, an amended notice of lease or memorandum of lease (or similar instrument) and such other instruments as may be necessary or appropriate to consummate the sale of such Demised Property in the manner provided in this Article 34. 43.3. If Section 34.04 In the event Tenant notifies Landlord that Tenant elects not waives or is deemed to lease have waived its right of first refusal to purchase the Available Premises on the terms and conditions set forth in the Notice of Offerapplicable Demised Property, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate sell and convey the lease of the Available Premises Demised Properties to such third-party offeror on the same terms as set forth in the Offering Notice, and upon the consummation of such a sale, Tenant’s right of first refusal shall cease to exist with respect to such Demised Property. Landlord shall not (a) consummate such a sale to the third party offeror for a net effective purchase price less than ninety five percent (95%) of the net purchase price set forth in the Offering Notice of Offer or (b) sell such Demised Property to a third party tenantdifferent Competitor than the Competitor disclosed in the applicable Offering Notice, without once again being required to offer such Demised Property to Tenant in accordance with this Article 34; it being agreed Tenant’s right of first refusal shall remain in full force and effect for the remainder of the Lease Term with respect to such Demised Property, subject to the terms of this Article 34. 43.4. Section 34.05 Notwithstanding anything in this Section 43 contained herein to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default it shall be void and a condition to Tenant’s right of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to first refusal under this Article 34 that on the date on which Tenant seeks to exercise that the ROFRExercise Notice is delivered, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in (a) this Lease to the contraryhas not been terminated, (b) Tenant shall not assign or transfer the ROFR, either separately or in conjunction (together with an assignment or transfer of Tenant’s interest in Affiliates) is the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole named tenant herein and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment (c) there is no Event of the ROFR in connection with an Allowed TransferDefault then occurring or continuing.

Appears in 1 contract

Sources: Master Land and Building Lease (Forterra, Inc.)

Right of First Refusal. During the first (1st1) three (3) years after the Term Commencement DateProvided that Tenant is not in default under this Lease, Tenant shall have a the absolute right to match any purchase agreement for the Premises that Landlord receives from any third party. In the event that Landlord receives an offer to purchase the Premises it shall provide written notice to Tenant of first refusal the purchase price, terms and conditions of said proposed sale (“ROFRTerm Notice”). Tenant shall have a period of Fifteen (15) days after receipt of the Term Notice to notify Landlord that it desires to purchase the Premises in accordance with Term Notice (“Tenant’s Acceptance Notice”) as and a initial down payment equal to Five (5%) percent of the purchase price, which shall be non-refundable. In the event that Tenant timely provides Tenant’s Acceptance Notice, the closing of the sale will take place no later than thirty (30) days after Tenant provides said Tenant’s Acceptance Notice. If Tenant fails to provide the Tenant’s Acceptance Notice or if, after providing Tenant’s Acceptance Notice, Tenant fails to close the transaction with said thirty (30) day period then any rentable premises in rights of Tenant to acquire the Building for which Premises shall cease and be of no further force or effect and Landlord is seeking shall have the right to sell to market and sell the Premises to a tenant third party on terms and conditions reasonably acceptable to Landlord. 2) In the event that the Landlord desires to sell the Premise, it shall provide written notice to Tenant of the purchase price, terms and conditions of the price it would propose to sell said premise (“Available PremisesOffer Term Notice”).Tenant shall have a period of thirty (30) days after receipt of the Offer Term Notice to notify Landlord that it desires to purchase the Premises in accordance with Offer Term Notice (“Tenant’s Offer Acceptance Notice”). In the event Landlord receives a bonafide offer to lease from a third party tenant that Tenant timely provides Tenant’s Offer Acceptance Notice, the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant closing of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by sale will take place no later than thirty (30) days after Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offerprovides said Tenant’s Offer Acceptance Notice. If Tenant fails to notify Landlord of provide the Tenant’s election within said five (5) business day periodOffer Acceptance Notice or if, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offerafter providing Tenant’s Acceptance Notice, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within close the five transaction with said thirty (530) business day period described above, then any rights of Tenant to acquire the Premises shall cease and be of no further force or effect and Landlord shall have the right to consummate sell to market and sell the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 on terms and conditions reasonably acceptable to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent the Tenant shall have the right to match any offer received by Landlord from such persons, as provided in Section 1 of this paragraph. This provision shall not be required apply to a sale between the present shareholders of Landlord to one another or among their respective heirs, which will not trigger this right of first refusal, nor shall any gifts to the heirs of such owner. However the death of all present shareholders of Landlord will in fact trigger the Tenants right to acquire the property for Tenant’s assignment of the ROFR in connection with an Allowed TransferLandlord for fair market value.

Appears in 1 contract

Sources: Business Lease (VCG Holding Corp)

Right of First Refusal. During A. Subject to any and all rights of tenants and/or any other parties as of the first date this Lease becomes fully executed, during the initial term only of the Lease (1stsubject to the limitations set forth below and, also, expressly excluding the “Renewal Term” as defined below) three (3) years after and provided Tenant is not then in default under the Term Commencement DateLease beyond the expiration of any applicable notice and cure periods, Landlord hereby grants Tenant shall have a right of first refusal (the ROFRFirst Refusal Right”) to lease pursuant to the terms set forth in this paragraph below all or a portion of the space located contiguous to the Premises (the “Right of First Refusal Space”), as shown on Exhibit E attached to this Lease. B. In the event a prospective tenant makes a bona fide arms-length offer (the “Offer”) to lease or occupy all or any rentable premises in portion of the Building for Right of First Refusal Space which Landlord is seeking desires to accept, then, in such event, Landlord shall send Tenant a tenant written notice setting forth the material business terms of the Offer (“Available PremisesLandlord’s Offer Notice”). In the event Upon receipt of Landlord’s Offer Notice, Tenant shall have ten (10) business days in which to exercise its First Refusal Right by sending Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof (“Tenant’s Acceptance Notice”) stating that Tenant is exercising its First Refusal Right with respect to Tenant that portion of the Right of First Refusal Space which is the subject of the Offer (the “Notice of OfferAccepted Space”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of send Tenant’s election Acceptance Notice within said five such ten (510) business day period, then Tenant Tenant’s rights to exercise its First Refusal Right with respect to that particular space shall be deemed forever null and void pursuant to have elected not this subparagraph, unless Landlord fails to enter into a lease agreement consistent in all material respects to the Available Premisesterms set forth in Landlord’s Offer Notice with a third party within a timeframe as determined from time to time by Landlord (failing which Tenant’s applicable First Refusal Right shall then be reinstated). 43.2. C. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offerproperly exercises its First Refusal Right, then Landlord shall lease prepare, and the Available parties shall execute, a formal document by which the Accepted Space becomes part of the Demised Premises to Tenant upon the terms and conditions contained in the applicable Offer, subject only to the following: (a) The Base Rent for the Accepted Space will commence (the “Accepted Space Commencement Date”) upon the date specified in the Offer (but not later than sixty (60) days following the date upon which Tenant delivers the applicable Tenant’s Acceptance Notice). (b) Commencing upon the Accepted Space Commencement Date and continuing for the applicable portion of the Term of the Lease, Base Rent for the applicable Accepted Space shall be payable in monthly installments as set forth in Article 3 of this Lease and shall terminate at the Notice end of the Lease Term in accordance with the Offer. 43.3. If Tenant notifies Landlord that Tenant elects not (c) Tenant’s Proportionate Share shall automatically be increased upon the Accepted Space Commencement Date to lease reflect the Available Premises on the terms and conditions set forth increase in the space being leased by Tenant as a result of the Accepted Space; however the number of parking spaces will be calculated based on a rate of six (6) spaces per 1,000 rentable square feet. In the event that Landlord determines, in Landlord’s sole discretion, at the time of delivery of Landlord’s Offer Notice of Offer, that enough parking spaces are or if Tenant fails will be available so as to notify Landlord of Tenant’s election within increase the five parking space rate to ten (510) business day period described abovespaces per 1,000 rentable square feet by using the area in the Remote Parking Lot, then Landlord shall have the right so state in Landlord’s Offer Notice, and Tenant shall provide written notice to consummate the lease of the Available Premises on the same terms as set forth Landlord in the Tenant’s Acceptance Notice of Offer whether or not Tenant desires to a third party tenantaccept said additional parking spaces, if available. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, (d) Tenant shall not be entitled to exercise any allowance credit, rent abatement, or any other concessions whatsoever with respect to any of the ROFR if Tenant has committed a Default two (2) or more times during Accepted Space other than provided in the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure periodOffer. 43.5. Notwithstanding anything in this Lease to (e) Upon the contraryAccepted Space Commencement Date and continuing for the applicable portion of the Term of the Lease, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest all other terms and conditions contained in the Lease, without Landlord’s prior written consentas amended, which consent Landlord may withhold in its sole and absolute discretion; providedshall be equally applicable to the Accepted Space, however, (except that Landlord’s consent Tenant shall not be required for Tenant’s assignment of entitled to any allowance or any rent abatement or any other concession, other than provided in the ROFR in connection with an Allowed TransferOffer).

Appears in 1 contract

Sources: Lease Agreement (Clayton Holdings Inc)

Right of First Refusal. During Provided that Tenant is not then in default under this Lease beyond any applicable notice and cure period and the first (1st) three (3) years after Tenant named herein has not assigned this Lease or sublet any part of the Premises, if, during the Term Commencement Dateof this Lease and any extension thereof, Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer proposal or expression of intent to lease from a third party tenant which Landlord is willing to accept (an “Offer”) for the Available lease of all or any portion of any space contiguous to the Premises, which offer is acceptable to Landlord in its sole and absolute discretion, then Landlord shall provide written notice thereof notify Tenant of the Offer. Tenant shall thereupon have a one time right and option to Tenant lease the space described in the Offer (the “Notice of OfferOffered Space), specifying the material ) upon such terms and conditions of a proposed lease as are set forth in the Offer by delivering notice to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within Landlord within five (5) business days following its after receipt of a Notice Landlord's notice, time being of Offer, Tenant shall advise Landlord in writing whether Tenant elects the essence. Promptly following Tenant’s election to lease the Available Premises on Offered Space, the parties shall act in good faith to prepare and negotiate the terms of a supplemental agreement to this Lease incorporating the Offered Space as part of the Premises, such supplemental agreement to be on terms agreeable to both parties in their reasonable discretion. If the parties are unable to agree upon the form of the supplemental agreement within a reasonable time not to exceed thirty (30) days from the date that Landlord notifies Tenant of the Offer, then Tenant’s acceptance of the Offer shall be deemed revoked, and conditions Landlord shall be entitled to accept the Offer from the third party. Notwithstanding the foregoing, in the event that Landlord fails to finalize the transaction contemplated by the Offer or Landlord receives any new Offer from another third party within three (3) months of the original Offer, then in any such case, Tenant’s right of first refusal as set forth herein shall once again be in effect in accordance with the Notice of Offerterms hereof. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on Offered Space in compliance with the terms and conditions set forth of this section then Tenant shall have no further rights under this section. Tenant’s rights under this section will be subject to the rights of expansion, renewal, first refusal, first offer, or similar rights contained in any lease or leases with existing tenants of any space contiguous to the Notice of OfferPremises, then as the same may be amended from time to time, provided however that Landlord shall lease the Available Premises not grant rights of expansion, first refusal, first offer or similar rights to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord other tenants or third parties that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of would take precedent over Tenant’s election within the five (5) business day period described above, then Landlord shall have the rights contained herein. Tenant’s right of first refusal provided herein does not apply to consummate the lease any space which is available as of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision date of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant Landlord shall not be entitled to exercise the ROFR if liable for any damages incurred by Tenant has committed as a Default two (2) result of any holdover by a tenant or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment occupant of the ROFR in connection with an Allowed TransferOffered Space.

Appears in 1 contract

Sources: Lease Agreement (Echo Therapeutics, Inc.)

Right of First Refusal. During (a) Except as otherwise provided in clause (e) of this Paragraph 35, and provided an Event of Default does not then exist if Landlord shall enter into a contract for the first sale (1stthe "Sale Contract") three of the Leased Premises with a Third Party Purchaser (3and which may include other property owned by Landlord so long as a specific purchase price is allocated to the Leased Premises), which Sale Contract must be conditioned upon Tenant's failure to exercise its right under this ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇▇▇▇ shall give written notice to Tenant of the Sale Contract, together with a copy of the executed Sale Contract and the name and business address of the Third Party Purchaser. (b) years after the Term Commencement DateFor a period of fifteen (15) days following receipt of such notice, Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premisesone time right, which offer is acceptable exercisable by written notice to Landlord in its sole given within said fifteen (15) day period, to elect to purchase the Leased Premises at the purchase price and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on upon all the terms and conditions set forth in such Sale Contract except that no contingencies contained in such Sale Contract as to environmental assessments, engineering studies, inspection of the Notice Leased Premises, availability of Offer. If Tenant fails financing, sale of other property, state of the title to notify Landlord or encumbrances on the Leased Premises, or any other condition or contingency to the Third Party Purchaser's obligation to purchase the Leased Premises which pertains to the condition of the Leased Premises, the Third Party Purchaser's ability to take certain action or any other factor beyond the control of Landlord, shall apply to Tenant’s election within said five (5) business day period's obligation to purchase the Leased Premises under this Paragraph 35, then and Tenant shall be deemed obligated to have elected not purchase the Leased Premises without any such condition or contingency, except that Landlord shall transfer the Leased Premises to lease Tenant subject only to the Available PremisesPermitted Encumbrances. 43.2. (c) If at the expiration of the aforesaid fifteen (15) day period Tenant timely notifies shall have failed to exercise the aforesaid option by written notice to Landlord, Landlord that Tenant elects may sell the Leased Premises to lease the Available Premises on such Third Party Purchaser upon the terms and conditions set forth in such contract. (d) Except as otherwise specifically provided herein, the Notice closing date for any purchase of Offer, then the Leased Premises by Tenant pursuant to this Paragraph 35 shall be the earlier to occur of (i) ninety (90) days after the date of Tenant's notice to Landlord of its intention to purchase the Leased Premises upon the terms of a Sale Contract with a Third Party Purchaser or (ii) the closing date provided in such Sale Contract. At such closing Landlord shall lease convey the Available Leased Premises to Tenant upon in accordance with, and Tenant shall pay to Landlord the terms purchase price and conditions other consideration set forth in, the applicable contract, and Landlord shall convey the Leased Premises to Tenant free and clear of all encumbrances except the Permitted Encumbrances. (e) NOTWITHSTANDING ANYTHING TO THE CONTRARY, IF TENANT FAILS TO EXERCISE THE RIGHT OF FIRST REFUSAL GRANTED PURSUANT TO THIS PARAGRAPH 35, IF THIS LEASE TERMINATES OR THE TERM EXPIRES, SUCH RIGHT SHALL TERMINATE AND BE NULL AND VOID AND OF NO FURTHER FORCE AND EFFECT. IN SUCH EVENT TENANT SHALL EXECUTE A QUITCLAIM DEED AND SUCH OTHER DOCUMENTS AS LANDLORD SHALL REASONABLY REQUEST EVIDENCING THE TERMINATION OF ITS RIGHT OF FIRST REFUSAL. (f) If Tenant does not exercise its right of first refusal to purchase the Leased Premises and the Leased Premises are transferred to a Third Party Purchaser, Tenant will attorn to any Third Party Purchaser as Landlord so long as such Third Party Purchaser and Landlord notify Tenant in writing of such transfer and the Third Party Purchaser takes the Leased Premises subject to this Lease. At the request of Landlord, Tenant will execute such documents confirming the agreement set forth in the Notice of Offerthis subparagraph. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice (g) The provisions of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant Paragraph 35 shall not exercise the ROFR during such period apply to or prohibit (i) any mortgaging, subjection to deed of time that Tenant is in default under any provision trust or other hypothecation of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s Landlord's interest in the LeaseLeased Premises, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment (ii) any sale of the ROFR Leased Premises pursuant to a private power of sale under or judicial foreclosure of any Mortgage or other security instrument or device to which Landlord's interest in connection the Leased Premises is now or hereafter subject, (iii) any transfer of Landlord's interest in the Leased Premises to a Lender, beneficiary under deed of trust or other holder of a security interest therein or their designees by deed in lieu of foreclosure, (iv) any transfer of the Leased Premises to any governmental or quasi-governmental agency with power of condemnation, (v) any transfer of the Leased Premises or any interest therein or in Landlord to any affiliate of or holder of an Allowed Transferinterest in Landlord to any affiliate of Landlord or to any entity for whom W.P. ▇▇▇▇▇ & Co. LLC or any of their affiliates or successors provides advisory or management services or investment advice, (vi) any Person to whom any shareholder of Landlord transfers or sells all or substantially all of its assets, or (vii) any transfer of the Leased Premises to any of the successors or assigns of any of the Persons referred to in the foregoing clauses (i) through (iv).

Appears in 1 contract

Sources: Lease Agreement (Pemstar Inc)

Right of First Refusal. During a. If during the first (1st) three (3) years after the Term Commencement DateLease Term, Tenant shall have Suite 300 of Building B is available for lease and Landlord enters into a right letter of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from intent with a third party tenant covering all of the Available Premisesessential terms (collectively, which offer is acceptable to Landlord in its sole and absolute discretionthe “Third Party Terms”) for any of such space (the “First Refusal Space”), then Landlord shall provide written deliver a notice thereof to Tenant (the “Notice of OfferFirst Refusal Notice), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects offering to lease the Available Premises on First Refusal Space to Tenant under the terms and conditions Third Party Terms (the “ROFR Terms”). As used in this Paragraph 6 only, the term available for lease means that the First Refusal Space is neither: (i) subject to any rights of third parties existing as of the date of this Amendment, including, without limitation, previously granted rights of first notice, expansion rights, extension rights, options to lease, or other previously granted rights, nor (ii) subject to renewal by its current tenant, Statewide, whether or not such renewal is pursuant to an option to renew set forth in its lease as of the Notice date of Offer. If this Amendment. b. Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not may elect to lease the Available Premises. 43.2First Refusal Space under the ROFR Terms by delivering a notice (the “Response Notice”) to Landlord within 5 business days after the date Tenant receives the First Refusal Notice. If Tenant timely notifies (i) Landlord that Tenant elects to lease does not receive the Available Premises on Response Notice within the terms and conditions set forth 5 business day period or (ii) in the Response Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on First Refusal Space under the ROFR Terms, then Tenant is deemed to waive its right to lease the First Refusal Space and Tenant has no further rights under this Paragraph 6. Notwithstanding the foregoing, however, if Landlord does not then execute a lease for the First Refusal Space with ​ any third party, under economic terms and conditions no more than 5% different from those set forth in the Third Party Terms, then this Paragraph 6, and the parties’ rights and obligations hereunder, will be reinstated in their entirety. c. If Tenant timely delivers a Response Notice of Offer, or if Tenant fails electing to notify Landlord of Tenant’s election within lease First Refusal Space under the five (5) business day period described aboveROFR Terms, then Landlord shall have promptly prepare, and deliver to Tenant an amendment to the right Lease adding the First Refusal Space to consummate the lease of Premises upon the Available Premises on the same terms as set forth ROFR Terms, which amendment will be in the Notice of Offer a form substantially similar to a third party tenantthis Amendment. Landlord and Tenant shall execute and deliver such amendment within 5 business days thereafter. 43.4. Notwithstanding anything in this Section 43 d. Landlord is not obligated to offer the contraryFirst Refusal Space to Tenant, and Tenant shall may not exercise its option to lease the ROFR during such period of time that First Refusal Space, if Tenant is in default under any provision the Lease at the time Landlord would otherwise be obligated to give notice to Tenant under this Paragraph. The Right of this Lease. Any attempted exercise First Offer set forth in Section 7 of the ROFR during a period of time in which Tenant First Amendment is so in Default hereby deleted and shall be void and of no further force and effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 1 contract

Sources: Lease (Aytu Biopharma, Inc)

Right of First Refusal. During the first (1sta) three (3) years after the Term Commencement Date, Tenant shall have is hereby granted a right of first firs: refusal (“ROFR”the "First Refusal Right") as to lease any rentable premises and all space in the Building for pursuant to the term of ass Paragraph 3. Landlord shall deliver written notice to Tenant (the "First Refusal Notice") prior to the time Landlord intends to offer the space which is the subject of a lease within the Building (the "First Refusal Space") to a bona fide third party or prior to the time Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide intends to accept an offer to lease from a third party tenant to lease such First Refusal Space (in either rise a 'Third Party Offer'). The Third Party Offer may be in the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, form of & non-binding later of intent or deal point memorandum Landlord shall provide written notice thereof to Tenant (set forth in the First Refusal Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the essential business terms of the bonafide offerThird Party Offer, except that the term of any the lease entered for the First Refusal Spars mall be co-terminus with the Term of this Lease. and except that there shall be an appropriate adjustment of tae rental rate for the First Refusal Space as set forth in the Third Party Offer to take into by Tenant with respect account the difference in the leasehold improvements to the Available Premises First Refusal Spate desired by Tenant, such adjustment m the rental note to be established as follows (i) The monthly renal for the First Refusal Space shall be coterminous reduced by the amounts of the monthly amortization of the- cost to Landlord to construct and install the improvements needed pursuant to the Third Party Offer, plus interest at 10% per annum, ova the proposed term of the lease which is the subject of the Third Party Offer, and (ii) The monthly rental for the First Refusal Space shall be increased by the amount of the monthly amortization of the cost to Landlord to construct and install the improvements needed to cause the First Refusal Space to be improved consistent with the Termremaining Premises and integrated within the remainder of the Premises (collectively the 'First Refusal Space Improvements'), plus interest at 10% per annum, over the remaining term of this Lose (sot to exceed five years); provided, however, that the cost to Landlord for the First Refusal Space Improvements shall not exceed $21.21 per usable square foot of the Pest Refusal Space provided further, that if the term of the lease for the First Refusal Spar is less than five (5) years, they such amount shall be further reduced by a fraction, the numerator of which is the number of saints: in the tam of the lease for the First Refusal Space (after commencement of the term thereof) through die expiration date of this Lease, and the denominator of which is sixty (60) months. 43.1(b) Tenant shall exercise its First Refusal Right. Within if at all, by delivering written notice of the exercise thereof to Landlord within five (5) business days days, following its Tenant's receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer▇▇▇▇▇ Refusal Notice. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected does not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described exercise its First Refusal Right as provided above, then Landlord shall have the right to consummate lose, the lease of the Available Premises First Refusal Space to any third party or parties on the same terms as set and conditions substantially similar to those so forth in the First Refusal Notice of Offer or on suds terms as am more beneficial to a third party tenantLandlord. 43.4(c) If Tenant exercises is First Refusal Right, then same shall automatically cause Tenant's Cancellation Option (as defined below) to be terminated and thereafter to be null and void. (d) The First Refusal Rights granted to Tenant herein am personal to Tenant and ma) lot be ex▇▇▇▇▇▇d or assigned voluntarily or involuntarily. Notwithstanding anything in this Section 43 by or to any person or entity other than the original Tenant. The First Refusal Rights herein granted to Tenant am not assignable separate and span from the Lease. In the event that at the time any First Refusal Rights am exercisable by Tenant, the Lease has be▇▇ ▇▇▇igned, or a sublease exists as to twenty percent (20%) x more of the Premises, such First Refusal Rights of Tenant call be deemed null and void and Tenant, any assignee, or any sublessee, shall not have the right to exercise aid First Refusal Rights. (e) Tenant shall have to right to exercise its First Refusal Rights, notwithstanding my provision herein to the contrary, (i) during the time commencing from the date Landlord gives to Tenant shall not exercise a races of default under the ROFR during such Lease and continuing until the default alleged in said notice of default is cured, (ii) d-g the period of time commencing on the date after a monetary obligation to Landlord is due from Tenant and unpaid (without any necessity for notice thereof to Tenant) and continuing until the obligation is paid. of (ii: in the event that Landlord has given to Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) three or more times notices of default during the twelve (12) month period pond prior to the date on time that Tenant exercises such First Refusal Rights. (1) The period of time within which Tenant seeks any First Refusal Rights mad be exercised shall not be extended or enlarged by reason of Tenant's inability to exercise such First Refusal Rights because of the ROFRprovisions of subparagraph 3(e). (2) All rights of Tenant under the provisions of such First Refusal Rights shall terminate and be of no further force or effect. notwithstanding Tenant's due and timely exercise of 51411 First Refusal Rights, if, after such exercise, (i) Tenant fails to pay to Landlord a monetary obligation of Tenant for a period of ten (10) days after such obligation becomes due (without any necessity for notice thereof to Tenant), (ii) Tenant fails to cure a non-monetary default within thirty (30) days after the date that Landlord gives notice to Tenant of such default, or (iii) Landlord gives to Tenant three or more notices of default for the same type of default during the period commencing twelve (12) months prior to the exercise of the First Refusal Rights and continuing through the date of the commencement of the tern for the First Refusal Space, whether or not the defaults are cured. If Tenant cures exercises its First Refusal Rights and subsequently such Defaults within any applicable cure period. 43.5exercise is caused to be null and void as provided herein. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent stall reimburse Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR all reasonable costs end expenses incurred by Landlord in connection with an Allowed TransferTenant's exercise of its ▇▇▇▇t Refusal Rights (including, without limitation, the brokerage commissions, design std architectural fees, construction eats, repair and renovation, and any and all other costs and expenses; incurred by Landlord in connection therewith). Under such circumstances, this Lease shall continue in full force and effect as to the remainder of late Premises excluding the First Refusal Space.

Appears in 1 contract

Sources: Master Lessor's Consent to Sublease (Spectrian Corp /Ca/)

Right of First Refusal. During 41.01 Except during any period of time that Tenant has delivered an Option Notice and the first (1st) three (3) years after parties are proceeding under the Term Commencement Date, Tenant shall have a right terms and provisions of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretionSection 40 above, Landlord shall provide have the right to Sell the Property to any third party, subject to Tenant's prior right (the "Right of First Refusal") to purchase the Property under this Section 41. If Landlord desires to Sell the Property to any third party at any time during the Lease Term, Landlord shall first give written notice thereof to Tenant (the “Notice "First Refusal Notice"). Said notice shall set forth the exact and complete terms of Offer”), specifying the material terms proposed Sale and conditions shall have attached thereto a photocopy of a proposed lease bonafide offer (and counteroffer, if any) duly executed by both Landlord and the prospective purchaser. 41.02 For a period of fifteen (15) days after delivery to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five (5) business days following its receipt of a Notice of OfferFirst Refusal Notice, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate give written notice to Landlord of Tenant's election to purchase the lease of the Available Premises Property on the same terms and conditions as set forth therein, except that (i) the purchase price for the Property shall be equal to the lesser of (a) the purchase price set forth in the First Refusal Notice, or (b) the Purchase Price, as delivered in Section 40.03, as of the scheduled closing date of the transaction described in the First Refusal Notice, and (ii) if the proposed Sale includes the Sale of more real property than just the Property, then Tenant shall only be obligated, upon timely exercise of its Right of First Refusal, to purchase just the Property. Notwithstanding anything set forth in the preceding sentence to the contrary, if the proposed Sale includes the Sale of more real property than just the Property, Tenant shall have the right to exercise the Right of First Refusal with respect to the entire real property described in the First Refusal Notice, and the purchase price of such entire real property shall, in such case, be equal to the total purchase price set forth in the First Refusal Notice. If Tenant does not timely deliver to Landlord said notice with said fifteen (15) day period, then Tenant's Right of First Refusal and the Option, as set forth in Section 40, shall lapse, terminate, be null and void and of no further force or effect and Landlord shall have no obligation thereafter to Sell the Property to Tenant under either this Section 41 or Section 40 above. In such case, Landlord shall be free to Sell the Property on the same terms set forth in the First Refusal Notice to the prospective purchaser described therein or to any other third party. Upon the consummation of Offer the Sale proposed therein, the Property shall be transferred subject to a third party tenantthis Lease, but expressly excluding any rights of Tenant under Section 40 of this Section 41 of this Lease. 43.4. 41.03 Notwithstanding anything set forth in this Section 43 section 41.02 to the contrary, Tenant if Tenant's Right of First Refusal and the Option lapse and are terminated pursuant to Section 41.02 but the Sale of the Property is not consummated on or before the latter of (i) the closing date set forth in the First Refusal Notice, or (ii) that date which is two hundred seventy (270) days after the date of delivery of the First Refusal Notice, then Tenant's Right of First Refusal and Option shall not exercise the ROFR during such period of time that Tenant is in default under lapse and shall apply to said transaction and any provision of this Lease. Any attempted exercise other proposed Sale of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more Property at all times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5thereafter. Notwithstanding anything set forth in this Lease to the contrary, the Right of First Refusal is personal to Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for assignable to or exercisable (or enforceable) by any assignee, subtenant, transferee or other successor in interest of Tenant’s assignment . Upon any Transfer described in Section 18 above, the Right of the ROFR in connection with an Allowed TransferFirst Refusal shall terminate and be null and void and of no further force or affect.

Appears in 1 contract

Sources: Standard Industrial Lease (Intuit Inc)

Right of First Refusal. During Provided that Tenant is not in default under this Lease at the first (1st) three (3) years after the Term Commencement Datetime of Tenant's exercise of its right hereunder, Tenant shall have have, during the Initial Term, in addition to the right Tenant has under Subsection 1.3 above, a continuous right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease all or any portion of the space located on the first floor of the building ("First Right Space") in accordance with the terms described below. Tenant's right to lease the First Right Space is subject and subordinate to all leases and options on the First Right Space in existence as of the date of Lease execution. Landlord represents that all encumbrances related to the right to lease the First Right Space are identified in Exhibit "G." The First Right Space, encompassing approximately 17,000 square feet of rentable floor area, is outlined on Exhibit "A-3." If at any time during the Initial Term, Landlord shall receive a bona fide offer from a third party tenant any third-person to lease the Available PremisesFirst Right Space, or any portion thereof, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall desire to accept, then Landlord shall promptly provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1a copy of such offer. Within Tenant may, within five (5) business days following its receipt of a Notice of Offerthereafter, Tenant shall advise Landlord in writing whether Tenant elects elect to lease the Available Premises First Right Space on the same terms and conditions as those set forth in the Notice third-party offer (unless Landlord and Tenant mutually agree to other terms). Notwithstanding anything to the contrary in this Lease, Landlord and Tenant agree that under no circumstances shall the Basic Rent be less for the First Right Space than the Premises. Failure of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election exercise its option within the five (5) business day period described above, then prescribed time shall waive Tenant's right as to that offer and Landlord shall have the right to consummate lease the lease First Right Space to the entity making that offer on essentially the terms contained in the offer. Tenant's right of first refusal during the Initial Term shall continue as to the First Right Space and the procedure described in this Subsection shall be followed if there is any material modification in the terms of the Available Premises on offer, or a failure to enter into a lease with the same terms as set forth in third-party making the Notice offer, or the First Right Space again becomes available at the termination of Offer to a third party tenant. 43.4lease. Notwithstanding anything in All rights of Tenant under the provisions of this Section 43 right of first refusal shall terminate and be of no further force or effect even after Tenant's due and timely exercise of its right of first refusal, if after such exercise, but prior to the contraryoccupancy of the First Right Space, (1) Tenant shall not exercise the ROFR during such fails to pay to Landlord a monetary obligation of Tenant for a period of time ten (10) days after notice from Landlord that such obligation is due; or (2) Tenant is in fails to commence to cure a nonmonetary default under any provision within ten (10) days after the date Landlord, during the term of this Lease, gives notice to Tenant of such default. Any attempted exercise of the ROFR during a period of time in which This option is personal to Tenant is so in Default shall be void and of no effect. In addition, Tenant shall may not be entitled exercised or be assigned, voluntarily or involuntarily, by or to exercise the ROFR if Tenant has committed a Default two (2) any person or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of entity other than Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that this option may be assigned in those circumstances described in Section 8 below under which Landlord’s 's consent to an assignment is not required. The option herein granted to Tenant is not assignable separate and apart from this Lease. Tenant's right of first refusal to lease the First Right Space shall not expire and be required for Tenant’s assignment of no further force or effect upon the termination of the ROFR in connection with an Allowed TransferInitial Term.

Appears in 1 contract

Sources: Office Building Lease (Coinstar Inc)

Right of First Refusal. During the first (1sta) three (3) years Provided Tenant is not then in default after the Term Commencement Dateexpiration of the applicable cure period, Landlord hereby grants Tenant shall have a the one time right of first refusal in accordance with the terms of this Section 2.4 (the “First Refusal Right”) to lease such space (“ROFRFirst Refusal Space”) as to any rentable premises that (i) is located in the Building for which and contiguous to the Premises; and (ii) Landlord is seeking has received a tenant (“Available Premises”). In the event Landlord receives a bonafide offer bona fide signed letter of intent to lease the space described in Section 2.4(i) from a third party potential tenant the Available Premises, which offer that is acceptable to Landlord as Landlord shall determine in its sole and absolute discretiondiscretion (“Acceptable LOI”). The First Refusal Right shall apply only to the first Acceptable LOI that Landlord receives during the eighteen (18) month period immediately following the date of execution of this Lease. If Tenant fails to exercise the First Refusal Right, Landlord fails to receive an Acceptable LOI during the eighteen (18) month period immediately following the date of execution of this Lease or Tenant exercises the First Refusal Right with respect to an Acceptable LOI, the First Refusal Right shall be of no further force and effect and the Tenant shall not have any right of first refusal to lease any additional space in the Building. Promptly after receipt of an Acceptable LOI, Landlord shall provide written notice thereof prepare an amendment to this Lease setting forth the terms upon which Tenant may lease the First Refusal Space and deliver same to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed for Tenant’s consideration. Such lease to Tenant of the Available Premises, which amendment shall be on the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms this Lease as modified by each and conditions every term and condition set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3Acceptable LOI. If Tenant notifies desires to exercise the First Refusal Right, Tenant shall execute and return to Landlord that Tenant elects the aforementioned lease amendment within three (3) business days after delivery by Landlord. Tenant’s failure to timely return such lease amendment shall be deemed Tenant’s election not to exercise the First Refusal Right and Landlord shall be free to lease the Available Premises on First Refusal Space free and clear of the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify First Refusal Right. If requested by Landlord of following Tenant’s election within failure to exercise the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 to the contraryFirst Refusal Right, Tenant shall execute a waiver and release of the First Refusal Right and deliver same to Landlord within three (3) business days after demand. Tenant’s failure to deliver such waiver and release shall constitute a material default hereunder. Tenant’s rights under this Section 2.4(a) shall belong solely to Engenio Information Technologies, Inc., a Delaware corporation, and may not exercise the ROFR during such period of time that Tenant is in default under any provision of this Leasebe assigned or transferred by it. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default assignment or transfer shall be void and of no force or effect. Notwithstanding anything contained in this Section 2.4(a) to the contrary, it is understood that Tenant’s First Refusal Right shall be subordinate to the intervening rights of first offer, if any, of the Ground Lessor under the ground lease underlying the First Refusal Space, and to any preexisting extension or expansion rights granted by Landlord to any third party tenant leasing, or with the right to lease the First Refusal Space or any portion thereof, and in no event shall the First Refusal Space be subject to the provisions of this First Refusal Right unless and until such prior rights are waived and/or not exercised by the holder thereof. (b) In addition to the rights set forth in Section 2.4(a) above, provided Tenant is not then in default after the expiration of the applicable cure period, Landlord hereby grants Tenant the right (“Suite 120 Leasing Right”) to lease that certain space located in the Building and identified as Suite 120 and consisting of approximately eleven thousand nine hundred fifty two rentable square feet as set forth on the attached Exhibit A (“Suite 120”). The Suite 120 Leasing Right shall commence on the date of execution of this Lease and shall expire on the date that is six (6) months after such execution date if the Tenant has not provided written notice of its election to exercise the Suite 120 Leasing Right. Tenant’s failure to exercise the Suite 120 Leasing Right shall not limit Tenant’s rights set forth in Section 2.4(a) above. The Suite 120 Leasing Right shall be on the same terms and conditions of this Lease, including, but not limited to, the per rentable square foot (i) Basic Rent; (ii) Security Deposit; (iii) tenant improvement allowance provided pursuant to the Work Letter and (iv) vehicle parking spaces; but excepting therefrom, (a) the Lease term for Suite 120 will expire concurrently with the expiration of the Premises; (b) Basic Rent payments shall commence concurrently with the Basic Rent for the Premises; and (c) the estimated delivery date for Suite 120 will be forty five (45) days after Tenant’s exercise of the Suite 120 Leasing Right. In addition, Tenant the Floor Area and Tenant’s Share will be appropriately adjusted. Promptly after receipt Tenant’s notice exercising the Suite 120 Leasing Right, Landlord shall not be entitled prepare an amendment to exercise this Lease (the ROFR if Tenant has committed a Default two (2“Amendment”) or more times during setting forth the twelve (12) month period prior to the date on terms upon which Tenant seeks may lease Suite 120 and deliver same to exercise Tenant for Tenant’s consideration. If the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease Amendment is acceptable to the contraryTenant, Tenant shall execute and return the Amendment to Landlord within ten (10) business days after delivery by Landlord. Tenant’s failure to timely return such lease amendment shall act to void Tenant’s exercise of the Suite 120 Leasing Right and Landlord shall be free to lease S▇▇▇▇ ▇▇▇, subject to Tenant’s rights set forth in Section 2.4(a) above. Tenant’s rights under this Section 2.4(b) shall belong solely to Engenio Information Technologies, Inc., a Delaware corporation, and may not assign be assigned or transfer the ROFR, either separately or in conjunction with an transferred by it. Any attempted assignment or transfer shall be void and of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transferno force or effect.

Appears in 1 contract

Sources: Lease (Lsi Logic Corp)

Right of First Refusal. (a) During the first (1st) three (3) years after the Term Commencement DateTerm, Tenant shall have a the right of first refusal (the ROFRRight of First Refusal”) to lease Available Premises (as to any rentable premises hereinafter defined). (b) Available Premises shall mean space which is or becomes vacant during the Term in the Building for or the building located at ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇. Space shall not be deemed to be Available Premises if: (1) after the receipt of the Offer Notice (as hereinafter defined), Tenant does not timely exercise its Right of First Refusal, or (2) the existing tenant in the Available Space extends the term of its lease pursuant to the terms of an extension right. (c) During the Term, whenever Landlord receives a written offer from a bona fide third party prospective tenant or current tenant of the Project to lease Available Premises on terms and conditions that Landlord is prepared to accept, prior to entering into a letter of intent with a bona fide third party prospective tenant, Landlord shall give Tenant written notice (“Offer Notice”) of any Available Premises which identifies the space to be leased, the rental rate, parking terms, the term of the lease, any tenant improvement allowances or improvements, alterations or other monetary concessions to be provided by Landlord and other material economic terms on which Landlord is seeking a tenant prepared to enter such letter of intent (“Available PremisesMaterial Terms”). In Tenant shall have a period of ten (10) days in which to notify Landlord (“Response Notice”) whether it will lease the event Available Premises on the Material Terms. If Tenant does not provide a Response Notice, Tenant’s rights with respect to such Available Space shall be waived for a period of six (6) months and Landlord receives shall be free for such six (6) months to enter into a bonafide offer lease for such space upon the Material Terms; provided that this Right of First Refusal shall continue to exist during the Term for other Available Premises which was not subject to the Offer Notice. If Landlord fails to enter a bona fide lease from a of the Available Premises with such third party tenant within such six-month period, or if Landlord desires within such six-month period to lease such Available Premises on terms materially more favorable to a tenant than the Material Terms, then the Right of First Refusal shall once again apply to such Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five (5d) business days following its receipt of If Tenant provides a Response Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects agreeing to lease the Available Premises on the terms and conditions set forth in Material Terms, then such Available Premises shall be added to the Notice of OfferPremises on such terms. If Tenant fails Landlord shall prepare a draft amendment to notify Landlord of this Lease for Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease reasonable approval incorporating the Available Premises on into the terms and conditions set forth Premises (“Available Premises Amendment”) which amendment shall reflect changes in the Notice Monthly Base Rent, Rentable Area of Offerthe Premises, then Landlord shall lease Tenant’s Share, and other appropriate terms. A copy of the Available Premises Space Amendment shall be sent to Tenant upon within a reasonable time after Landlord’s receipt of the terms and conditions set forth in the Notice of OfferResponse Notice. 43.3. If (e) Notwithstanding anything to the contrary contained herein Tenant notifies Landlord that Tenant elects shall not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period Right of Refusal with respect to any particular Available Premises, if: (1) a Default exists at the time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period Right of First Refusal or at the time in which Tenant is so in Default shall be void and of no effect. In additioncommencement of the term for such Available Premises, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two or (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with has been assigned (except an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, for which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall is not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transferunder this Lease).

Appears in 1 contract

Sources: Lease Agreement (Transcept Pharmaceuticals Inc)

Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the 11120 Building that is immediately adjacent to the 11120 Premises and for which Landlord is seeking a tenant (“Available ROFR Premises”). To the extent that Landlord renews or extends a then-existing lease with any then-existing tenant or subtenant of any space, or enters into a new lease with such then-existing tenant or subtenant (for the same space), the affected space shall not be deemed to be Available ROFR Premises. In the event Landlord receives a bonafide offer intends to lease from Available ROFR Premises to a bona fide third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretionparty, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material agreed upon economic terms and conditions of a the proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant (with respect to the Available Premises shall be coterminous ROFR Premises) with the Termsuch bona fide third party. 43.1. 3.1 Within five seven (57) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease all (not just a portion) of the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five such seven (57) business day period, then Tenant shall be deemed to have elected not to lease the Available ▇▇▇▇ Premises. 43.2. 3.2 If Tenant timely notifies Landlord that Tenant elects to lease the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available ROFR Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. 3.3 If Tenant notifies Landlord that Tenant elects not to lease the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five seven (5) business day 7)-day period described above, then Landlord shall have the right to consummate the lease of the Available ROFR Premises on the same terms as set forth in the Notice of Offer following Tenant’s election (or deemed election) not to a third party tenantlease the Available ROFR Premises. 43.4. 3.4 Notwithstanding anything in this Section 43 Article to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this the Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Landlord has given Tenant has committed a Default two (2) or more times notices of default under the Lease, whether or not the defaults are cured, during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. 3.5 Notwithstanding anything in this the Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided. 3.6 If Tenant exercises the ROFR, however, Landlord does not guarantee that the Available ROFR Premises will be available on the anticipated commencement date for the Lease as to such Available ROFR Premises due to a holdover by the then-existing occupants of the Available ROFR Premises or for any other reason beyond Landlord’s consent shall not be required for reasonable control. 3.7 Notwithstanding anything to the contrary, Tenant’s assignment rights under this Article 3 are subject and subordinate to any rights of renewal, extension, offer, refusal or any other rights of any other tenant at the Center as of the ROFR Execution Date. 3.8 Article 26 of the Existing Lease is hereby deleted in connection with an Allowed Transferits entirety and is no longer of any further force or effect.

Appears in 1 contract

Sources: Standard Industrial Net Lease (Trovagene, Inc.)

Right of First Refusal. During Landlord and Tenant hereby expressly acknowledge and agree that Article 43 of the first Original Lease and Section 7 of the First Amendment are hereby deleted in their entirety and are of no further force or effect. Subject to any and all rights of Maverick Therapeutics, Inc., a Delaware corporation (1stand its successors and assigns) three with respect to the Available ROFR Premises (3as defined below), Tenant shall, for the thirty-six (36) years after month period commencing on the Term Commencement Amendment Execution Date, Tenant shall have a right of first refusal (“ROFR”) as to any rentable premises in the Building for which Landlord is seeking a tenant (“Available ROFR Premises”); provided, however, that in no event shall Landlord be required to lease any Available ROFR Premises to Tenant for any period past the date on which the Lease expires or is terminated pursuant to its terms. To the extent that Landlord renews or extends a then-existing lease with any then-existing tenant or subtenant of any space, or enters into a new lease with such then-existing tenant or subtenant for the same premises, the affected space shall not be deemed to be Available ROFR Premises. In the event Landlord receives a bonafide offer to lease from a third party tenant the a bona fide offer to lease Available ROFR Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed under which Landlord is prepared to lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant with respect ROFR Premises to the Available Premises shall be coterminous with the Termsuch third party. 43.1. a.  Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease all (not just a portion) of the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said such five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available ROFR Premises. 43.2. b.  If Tenant timely notifies Landlord that Tenant elects to lease the Available ROFR Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available ROFR Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 1 contract

Sources: Lease (CareDx, Inc.)

Right of First Refusal. During the first (1st) three (3) years after the Term Commencement Date, Tenant Provided that no default beyond any applicable notice and cure periods shall have occurred under this Lease, the Landlord grants to the Tenant a right of first refusal refusal, exercisable from the date hereof and continuing through one (“ROFR”1) year prior to the expiration of the term of this Lease, unless Tenant, prior to such one (1) year, elects to renew the term hereof as provided in Paragraph 2B hereof, inclusive, to any rentable premises in lease the Building for which Landlord is seeking Expansion Premises as described on Exhibit "A-1" attached hereto and made a tenant part hereof upon the terms herein provided (“Available Premises”the "Right of First Refusal Term"). In If during the event Right of First Refusal Term the Landlord receives shall receive a bonafide BONA-FIDE third-party offer to lease from all or a third party tenant portion of the Available PremisesExpansion Premises ("Third Party Offer"), which offer is acceptable to Landlord in its sole and absolute discretion, then Landlord shall provide written notice thereof advise Tenant, in writing, of Landlord's intention to accept such Third Party Offer and shall furnish to Tenant (all of the “Notice of Offer”), specifying the material basic terms and conditions of a proposed such Third Party Offer (the "Landlord's Notice"). Tenant shall thereafter have the option, within ten (10) days following Tenant's receipt of Landlord's Notice, to exercise its Right of First Refusal to lease to Tenant not less than all of the Available Premises, which shall be entire Expansion Premises (notwithstanding a Third Party Offer for the same as the terms lease of less than all of the bonafide offerExpansion Premises) by giving notice of its election to exercise its Right of First Refusal in writing to Landlord (the "Tenant's Acceptance"). If Tenant timely exercises the right of first refusal, except that the term of any lease entered into by Landlord and Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within shall, within five (5) business days following thereafter, enter into an amendment to this Lease affirming the covenants and conditions contained in this Lease, except that the amendment, with respect to the Expansion Premises shall contain the applicable business terms and conditions as contained in the Third Party Offer. If Tenant waives or fails to exercise its receipt right of a Notice first refusal, the Landlord may then lease all or such portion of Offerthe Expansion Premises to any other party, Tenant shall advise Landlord in writing whether Tenant elects to lease including the Available Premises third party offerer on the same terms and conditions set forth in the Notice Landlord's notice and the Right of Offer. If First Refusal shall thereafter be terminated on a self- effectuating basis and be of no further force or effect until the third party lease expires (after all elected renewal terms thereof) Notwithstanding the immediately preceding sentence, Landlord may, additionally, request the Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease execute a written certification of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise lapse and termination of the ROFR during a period Right of time in which Tenant is so in Default shall be void and of no effect. In addition, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure periodFirst Refusal as herein contained. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment of the ROFR in connection with an Allowed Transfer.

Appears in 1 contract

Sources: Standard Lease (1997 Corp)

Right of First Refusal. During Subject to the first (1st) three (3) years after rights, as of the Term Commencement Datedate of the full ---------------------- execution of this Lease, of existing tenants, Landlord hereby grants to Tenant shall have a an on-going right of first refusal (“ROFR”"Right of First Refusal") as to lease any rentable premises in space which becomes available for lease (the Building for which Landlord is seeking a tenant "Refusal Space") following the full execution of this Lease (“Available Premises”subject to the terms set forth below). In the event If Landlord receives a bonafide bona fide offer to lease from a third party tenant all or any part of the Available PremisesRefusal Space, which offer is acceptable to Landlord in its sole and absolute discretion, then Landlord shall provide deliver written notice thereof of such offer to Tenant (the “Notice "Refusal Notice") outlining the material terms of Offer”), specifying the offer and Tenant shall have the right to exercise the Right of First Refusal upon all of the material terms and conditions of a proposed lease set forth in such Refusal Notice, by written notice to Landlord, delivered no later than ten (10) business days after Landlord's delivery to Tenant of the Available Premises, which Refusal Notice. Included with Tenant's written response to the Refusal Notice (if positive) shall be current financial statements. After reviewing these statements, Landlord reserves right to request such credit enhancements as Landlord deems reasonable given the same as rent for the terms space to be leased (and with no such enhancements to be required unless Tenant's financial condition has materially deteriorated since the execution of this Lease). If Tenant fails to exercise its Right of First Refusal, within such ten (10) business day period (time being of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1. Within five (5) business days following its receipt of a Notice of Offeressence), Tenant shall advise be deemed to have rejected the Refusal Space designated in the Refusal Notice and Landlord in writing whether Tenant elects shall have the right to lease the Available Premises on Refusal Space to the third party upon effectively the same terms and conditions set forth in the Notice of OfferRefusal Notice. If In the event Tenant fails to notify Landlord of Tenant’s election within said five (5) business day periodaccepts Landlord's offer, then Tenant shall be deemed execute a new lease for the Refusal Space using the legal terms set forth in this Lease, but modifying the business terms as necessary to have elected not conform to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the business terms and conditions set forth in the Notice of Offerbona fide offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth as reflected in the Notice of Offer. 43.3Refusal Notice. If Tenant notifies Landlord that Tenant elects not Notwithstanding the foregoing, with respect to lease the Available Premises remaining space on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything in this Section 43 to the contrarysecond floor, Tenant shall not exercise the ROFR during such period of time that Tenant is in default under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In additionhave, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default after full Lease execution, an additional two (2) or more times during full Lease Year Right of First Refusal at the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in same terms and conditions of this Lease to include: (i) a Twenty Dollar ($20.00) per square foot Tenant Improvement Allowance ("Improvement Allowance") if Tenant leases the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest space in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold first (1st) year of its term; (ii) a Fifteen Dollar ($15.00) per square foot Improvement Allowance if Tenant leases the space in the second year of its sole term; and absolute discretion; provided, however, that Landlord’s consent shall not be required for Tenant’s assignment (iii) a pro-rata share of the ROFR rental abatement, provided for in connection with an Allowed TransferArticle 1.4 of the Lease (determined by comparing the Lease Term for the Premises to the lease term for the Expansion Space).

Appears in 1 contract

Sources: Lease (Call Points Inc)

Right of First Refusal. 1. During the first (1st) three (3) years after Term, before Lessor may convey, assign, or otherwise transfer its ownership interest in all or any portion of the Term Commencement DatePremises to a third party, Tenant Lessee shall have a right of first refusal (“ROFR”) as to any rentable premises in purchase the Building for which Landlord is seeking a tenant (“Available Premises”). In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying Premises on the material terms and conditions that Lessor is willing to sell the Premises to a third party following the procedures set forth in this Paragraph 30(e). 2. Prior to entering into a binding agreement to sell the Premises to a third party, Lessor shall deliver to Lessee written notice (the “Right of a proposed lease to Tenant First Refusal Offer Notice”) of the Available Premisesmaterial terms and conditions that Lessor has negotiated in good faith, and is willing to accept, from a third party, including the purchase price at which shall be Lessor is willing to sell the same as Premises (such price, the terms “Right of the bonafide offer, except that the term of any lease entered into by Tenant with respect to the Available Premises shall be coterminous with the Term. 43.1First Refusal Purchase Price”). Within five (5) business days following its Upon Lessee’s receipt of a Right of First Refusal Offer Notice, Lessee shall have fifteen (15) calendar days to deliver written notice (a “Right of First Refusal Acceptance Notice”) to Lessor that it will purchase the Premises for the Right of First Refusal Purchase Price and on the terms and conditions set forth in the Right of First Refusal Offer Notice. 3. If Lessee timely delivers a Right of First Refusal Acceptance Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects electing to lease purchase the Available Premises on the terms and conditions set forth in the Notice Right of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day periodFirst Refusal Offer Notice, then Tenant Lessor shall be deemed bound to have elected not convey, assign, or otherwise transfer the Premises to lease Lessee promptly thereafter at the Available Right of First Refusal Purchase Price and on the terms and conditions set forth in the Right of First Refusal Offer Notice, and the parties shall proceed to consummate the sale of the Premises. 43.24. If Tenant Lessee (i) fails to timely notifies Landlord that Tenant deliver a Right of First Refusal Acceptance Notice, or (ii) elects not to lease purchase the Available Premises on the terms and conditions set forth in the Notice Right of OfferFirst Refusal Offer Notice, then Landlord Lessor shall lease the Available Premises be free for a period of one hundred fifty (150) calendar days (such 150-calendar day period, “Lessor’s Sale Period”) to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offerconvey, assign, or if Tenant fails to notify Landlord of Tenant’s election within otherwise transfer the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same terms as set forth in the Notice of Offer to a third party tenant. 43.4. Notwithstanding anything at a price not less than the Right of First Refusal Purchase Price and not on more favorable material terms and conditions than those stated in this Section 43 to the contrary, Tenant shall not exercise the ROFR during such period Right of time that Tenant is in default under any provision of this LeaseFirst Refusal Offer Notice. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void and of no effect. In additionconveyance, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFRassignment, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole Premises by Lessor to a third party shall be fully subject to the terms of this Lease and absolute discretion; provided, however, that Landlord’s consent Lessor agrees to take all necessary steps to ensure the terms of this Lease shall be binding upon any new third party owner of the Premises. 5. If Lessor shall not have so conveyed, assigned, or transferred the Premises to a third party within Lessor’s Sale Period, then Lessor may not sell the Premises (or any portion thereof) to a third party without providing a new Right of First Refusal Offer Notice to Lessee and complying with the foregoing provisions of this Paragraph 30(e). 6. Lessee’s rights under this Paragraph 30(e) shall be required for Tenantat all times subordinate in all respects to all rights and remedies of JPMorgan Chase Bank, N.A. (the “Bank”) under the Bank’s assignment deed of trust encumbering the Premises, such that Lessee’s rights under this Paragraph 30(e) shall not survive any foreclosure on the Premises by the Bank pursuant to its deed of trust, and shall not apply to any sale of the ROFR in connection with an Allowed TransferPremises by a receiver appointed by the Bank pursuant to its deed of trust.

Appears in 1 contract

Sources: Lease Agreement (Tutor Perini Corp)

Right of First Refusal. During Provided that (i) Tenant is not in default at the first time of exercise or commencement of this option, (1stii) three the creditworthiness of Tenant has not materially diminished, (3iii) years after Tenant originally named herein remains in possession of and has been continuously operating in the Term Commencement Dateentire Leased Premises throughout the Lease Term, and (iv) the use of the Leased Premises has not changed, and subject to any existing rights of other tenants to the Refusal Space (as hereinafter defined) as of the date of this Lease, Tenant shall have a the right of first refusal (“ROFR”"Refusal Option") as to any rentable premises lease additional space in the Building located on the third (3rd) floor, the fourth (4th) floor and the seventh (7th) floor ("Refusal Space") as such space becomes available for which Landlord is seeking a tenant (“Available Premises”)leasing during the Lease Term. In the event Landlord receives a bonafide offer to lease from a third party tenant the Available Premises, which offer is acceptable to Landlord in its sole and absolute discretion, Landlord shall provide written notice thereof to Tenant (the “Notice of Offer”), specifying the material terms and conditions of a proposed lease to Tenant of the Available Premises, which shall be the same as the terms of the bonafide offer, except that the term of any lease entered into by Tenant This Refusal Option with respect to any space located on the Available Premises third (3rd) floor of the Building shall be coterminous with at the Term. 43.1. Within five (5) business days following its receipt of a Notice of Offer, Tenant shall advise Landlord in writing whether Tenant elects to lease the Available Premises on the terms rental rates and conditions set forth in the Notice of Offer. If Tenant fails to notify Landlord of Tenant’s election within said five (5) business day period, then Tenant shall be deemed to have elected not to lease the Available Premises. 43.2. If Tenant timely notifies Landlord that Tenant elects to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, then Landlord shall lease the Available Premises to Tenant upon the terms and conditions set forth in the Notice of Offer. 43.3. If Tenant notifies Landlord that Tenant elects not to lease the Available Premises on the terms and conditions set forth in the Notice of Offer, or if Tenant fails to notify Landlord of Tenant’s election within the five (5) business day period described above, then Landlord shall have the right to consummate the lease of the Available Premises on the same such other terms as set forth in Section 18.21 during the Notice first three years of Offer the Lease Term. The Refusal Space on the fourth (4th) and seventh (7th) floors, and on the third (3rd) floor after the third year of the Lease Term, shall be offered to Tenant at the rental rate then being offered by Landlord to a specific third party tenant. 43.4. Notwithstanding anything prospective tenant for such space, excluding free rent, but in this Section 43 to no event less than the contrary, Tenant shall not exercise the ROFR during such period of time that Tenant is in default then current rental rate under any provision of this Lease. Any attempted exercise of the ROFR during a period of time in which Tenant is so in Default shall be void , and of no effect. In additionupon such other terms as determined by Landlord, Tenant shall not be entitled to exercise the ROFR if Tenant has committed a Default two (2) or more times during the twelve (12) month period prior to the date on which Tenant seeks to exercise the ROFR, whether or not Tenant cures such Defaults within any applicable cure period. 43.5. Notwithstanding anything in this Lease to the contrary, Tenant shall not assign or transfer the ROFR, either separately or in conjunction with an assignment or transfer of Tenant’s interest in the Lease, without Landlord’s prior written consent, which consent Landlord may withhold in its sole and absolute discretion; provided, however, that Landlord’s consent the tenant finish improvement allowance shall be that which is being offered to the third party prospective tenant. Said allowance shall be available only for tenant finish improvements in the Refusal Space, which improvements shall be mutually agreed upon by Landlord and Tenant, and shall not be required for available to reduce or abat▇ ▇▇▇t in any manner or as any form of cash allowance. Upon notification in writing by Landlord that the Refusal Space or any portion thereof is available, Tenant shall have ten (10) business days in which to notify Landlord in writing of its election to lease such Refusal Space at such rental rates and other terms described above, in which event this Lease shall be amended to incorporate such Refusal Space. In the event Tenant declines or fails to elect to lease such Refusal Space, then this Refusal Option shall automatically terminate and shall thereafter be null and void as to such space. It is understood and agreed that this Refusal Option shall not be construed to prevent any tenant in the Building from extending or renewing its lease or exercising any other options pursuant to its lease. In addition, during the Lease Term, Landlord hereby agrees to provide Tenant’s assignment , upon Tenant's written request, but not more than once a month, a report indicating the availability of space in the ROFR in connection with an Allowed TransferBuilding.

Appears in 1 contract

Sources: Lease Agreement (NHP Inc)