Tenant’s Right of First Offer Clause Samples
The Tenant’s Right of First Offer clause grants the tenant the opportunity to negotiate for the purchase or lease of a property before the landlord offers it to third parties. Typically, if the landlord decides to sell or lease the premises, they must first notify the tenant and allow them a specified period to make an offer under terms set by the landlord. This clause ensures the tenant has a preferential chance to expand or secure their occupancy, helping them avoid displacement or missed opportunities for growth.
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Tenant’s Right of First Offer. Prior to marketing the Premises for any Transfer of the Premises, Landlord shall first give written notice to Tenant (a "Transfer Notice") of Landlord's desire to transfer the Premises and the specific terms and conditions that would be acceptable to Landlord, including but not limited to price, closing conditions and time for closing ("Landlord's Transfer Terms"). Tenant shall have the right (but not the obligation) during the fifteen (15) day period after receipt of the Transfer Notice in which to give Landlord either (1) written notice of Tenant's agreement to Landlord's Transfer Terms, in which event Landlord shall transfer the Premises to Tenant, and Tenant shall acquire the Premises from Landlord, in accordance with Landlord's Transfer Terms, or (2) written notice of such other terms and conditions on which Tenant would be willing to acquire the Premises from Landlord, including but not limited to price, closing conditions and time for closing ("Tenant's Transfer Terms"), in which event Landlord shall have fifteen (15) days after receipt of Tenant's Transfer Terms to accept or reject Tenant's Transfer Terms by written notice to Tenant. If Landlord accepts Tenant's Transfer Terms, Landlord shall transfer the Premises to Tenant, and Tenant shall acquire the Premises from Landlord, in accordance with Tenant's Transfer Terms and such other terms as are mutually acceptable to Landlord and Tenant. If Landlord rejects Tenant's Transfer Terms, Landlord shall be free, for a period of one hundred eighty (180) days after its written notice to Tenant rejecting Tenant's Transfer Terms, to transfer the Premises to any other Person on Landlord's Transfer Terms or such other terms and conditions as Landlord may determine, provided that such terms and conditions shall provide Landlord with at least 95% of the purchase price included in Tenant's Transfer Terms. Tenant shall have the right to review all agreements between Landlord and any other Person governing the Transfer of the Premises to confirm that the terms and conditions thereof are not less favorable than Tenant's Transfer Terms. If Landlord does not so Transfer the Premises within the applicable one hundred eighty (180) day period, the Premises shall forthwith again become subject to Tenant's Right of First Offer hereunder. In the event Tenant fails to respond to any Transfer Notice within thirty (30) days after receipt of same, Landlord shall be free, for a period of one hundred eighty (180) days after such...
Tenant’s Right of First Offer. Provided that (a) Tenant is not then in default under any of the terms, covenants or conditions of this Lease on Tenant's part to be observed or performed beyond applicable notice and cure periods and (b) the original named Tenant of this Lease (i.e., Immunomedics, Inc.) or any assignee or subtenant for which Landlord's consent was not required under the terms of this Lease, in contradistinction to any other subtenants or other occupants, shall then be leasing the entire Demised Premises then Tenant shall have the one-time right (sometimes referred to herein as "Tenant's First Offer Right"), subject to the provisions of this Lease, exercisable in accordance with the provisions of Section 29.2, to lease the entirety of the first space in the Building which is contiguous to the Demised Premises (such space, the "Additional Space"), which becomes "available for leasing" during the Lease Term. No Additional Space shall be deemed "available for leasing" if(a) the then tenant of the Additional Space or any assignee, successor, subtenant or other occupant holding through or under such tenant, shall enter into (i) any Lease with Landlord extending the letting Lease affecting the Additional Space or (ii) any new lease with Landlord affecting the Additional Space, or (b) any other tenant of the Building or any assignee or successor of such other tenant shall have or shall exercise any contractual option or right which it has as of the date of this Lease to lease the Additional Space (whether the Additional Space in question is specifically referred to in any such contractual option or right or Landlord must utilize such Additional Space in question in order to satisfy such contractual option or right). Without limiting the foregoing, so long as a tenant or other occupant leases or occupies a portion of the applicable Additional Space, Landlord shall be free to extend any such tenancy or occupancy, whether or not pursuant to a lease or other Lease, and such space shall not be deemed to be available for leasing. Notwithstanding the foregoing provisions of this Section 29.1, Tenant shall not have the right to lease any Additional Space pursuant to Tenant's First Offer Right which becomes available for leasing if, the Expected Vacancy Date (as defined in Section 29.2A) as set forth in Landlord's Availability Notice (as defined in Section 29.2A) is later than the date two (2) years immediately preceding the then current Expiration Date of the Lease unless Tenant simultan...
Tenant’s Right of First Offer. (A) As of the date hereof, (i)the entire third floor space in the Building as shown on Exhibit E-1 (the "Allegiance Space") is leased to Allegiance Telecom Company Worldwide ("Allegiance") and (ii) the portion of the first floor space in the Building as shown on Exhibit E-2 (the "Authentica Space") is leased to Authentica, Inc.,("Authentica"). The Allegiance Space and the Authentica Space are hereinafter sometimes collectively called the "Offering Space." The existing lease to Allegiance and the terms thereof including, but not limited to, the original term thereof, options to extend the term thereof, rights of the first offer, rights of the first refusal, and any other types of expansion options and rights and any amendments thereto is hereinafter called the "Allegiance Lease." The existing lease to Authentica and the terms thereof including, but not limited to, the original term thereof, options to extend the term thereof, rights of first offer, rights of first refusal, any other types of expansion options and rights and amendments thereto is hereinafter called the "Authentica Lease." Each of Allegiance (and its successors and assigns) and Authentica (and its successors and assigns) is hereinafter individually referred to as an "Existing Tenant" as the context admits and Allegiance and Authentica and their successors and assigns are hereinafter collectively sometimes called the "Existing Tenants." The Allegiance Lease is sometimes called an "Existing Lease" and the Authentica Lease is sometimes called an Existing Lease and the Authentica Lease is sometimes called an Existing Lease and the Allegiance Lease and the Authentica Lease are hereinafter collectively sometimes called the "Existing Leases." The rights of Tenant under this Section 2.1.1. are hereby made subject and subordinate to the Existing Leases and the rights of the Existing Tenants thereunder, which rights are prior to the rights of Tenant under this Section notwithstanding that amendments to the Existing Leases may be executed subsequent to the date of this Lease.
Tenant’s Right of First Offer. 54.1 As used herein, “Offer Space” means space on the first floor of the Building. Landlord shall from time to time give Tenant a written notice (the “Availability Notice”) identifying the particular Offer Space (the “Specific Offer Space”) that is Available (as defined below) or that Landlord believes will become Available within ninety (90) days. As used herein, “Available” means that the space (i) is not part of the Premises, and (ii) is not then subject to a lease; provided, however, Landlord’s obligations shall not apply if the current tenant thereof has an option to extend that it wishes to (or has the right to) exercise.
Tenant’s Right of First Offer. (A) On the conditions (which conditions Landlord may waive by written notice to Tenant) that both at the time that Landlord delivers Landlord’s RFO Notice, as hereinafter defined, or on the Effective RFO Commencement Date, as hereinafter defined, (i) there exists no “Event of Default”, (ii) this Lease is still in full force and effect, and (iii) Tenant or a Permitted Transferee (as hereinafter defined) shall actually occupy the entire Premises, Tenant shall have the right (the “RFO Right”) to lease the RFO Premises, as hereinafter defined, when the RFO Premises become available for lease to Tenant, as hereinafter defined, prior to the date that is five (5) years prior to the then-scheduled expiration date of the Term (as such expiration date may be extended pursuant to Section 3.2 of this Lease); provided, however, it shall be a condition of Tenant’s right to lease the RFO Premises if the RFO Premises becomes available to lease during the period arising after the date that is five (5) years prior to the expiration of the then current Term of the Lease, that Tenant has at least one extension option that has not lapsed unexercised and that Tenant has previously or simultaneously properly exercised such option to extend. Subject only to Section 2.3(F), the RFO Right shall be a one-time right only.
Tenant’s Right of First Offer. If, at any time during the term of this lease, Landlord desires to sell all or any portion of its interest in the Premises (“Landlord’s Interest”), Landlord shall deliver a written notice thereof to Tenant, which notice shall indicate the sale price and the other terms and conditions upon which Landlord is willing to sell Landlord’s Interest (the “Sale Notice”). The Sale Notice shall constitute an offer to sell Landlord’s Interest to Tenant at the price and upon the terms and conditions contained therein. Tenant shall have thirty (30) calendar days after its receipt of the Sale Notice within which to deliver an executed counterpart of the Sale Notice to Landlord, which shall then constitute the purchase and sale agreement between the parties. If Tenant fails to deliver an executed Sale Notice to Landlord as provided herein or fails to close the purchase of Landlord’s Interest in accordance with the terms and conditions set forth in the Sale Notice, then Landlord shall be relieved of its obligations under this Section 9.04 and may freely sell Landlord’s Interest to any person or entity, provided that (i) such sale is consummated within eight (8) months following the date the Sale Notice was delivered to Tenant, (ii) the purchase price for such sale is not less than ninety-five percent (95%) of the price set forth in the Sale Notice and (iii) the material terms of such sale are substantially the same as the terms set forth in the Sale Notice. After the consummation of such sale or if Tenant fails to close the purchase of Landlord’s Interest in accordance with the terms and conditions set forth in the Sale Notice, Landlord’s Interest shall no longer be subject to this Article 9.04.
Tenant’s Right of First Offer. 54.1 As used herein, “Offer Space” means space in the Building that is contiguous to any part of the Premises. Landlord shall from time to time give Tenant a written notice (the “Availability Notice”) identifying the particular Offer Space (the “Specific Offer Space”) that becomes Available (as defined below). As used herein, “Available” means that the space (i) is not part of the Premises, (ii) is not then subject to a lease, (iii) is not then subject to any rights of any tenants existing on the date of the First Amendment to this Lease to renew their lease or expand their premises as set forth in their lease, and (iv) is not then subject to any negotiations between Landlord and an existing tenant of that space.
Tenant’s Right of First Offer. Provided no Event of Default shall have occurred and then be continuing, Tenant shall have a right of first offer as more fully set forth in this Article 46. The term “
Tenant’s Right of First Offer. A. First Offer Space. Commencing on the Commencement Date, Tenant (or a Permitted Transferee as defined in Article 16.B hereinabove) shall have a continuing right of first offer to lease Suite 500 (consisting of 10,485 rentable square feet) located on the Fifth Floor of the Building (the “First Offer Space”), which is currently vacant, and, therefore, currently “available for lease.” Without limitation, the First Offer Space shall not be deemed “available for lease” within the meaning of this paragraph 32.A, if any currently existing tenant of the Building exercises an expansion option or right of first offer or refusal to lease the First Offer Space, which expansion option or right of first offer or refusal is included in such tenant’s lease and has been granted prior to the Commencement Date. Prior to the execution of this Lease, Landlord shall provide Tenant with a list of all tenants having priority over Tenant’s rights under the preceding sentence. In the event that the First Offer Space shall become available for lease during the Term (regardless of whether or not Landlord has offered such First Offer Space or any other First Offer Space to Tenant previously) prior to negotiating a lease of such First Offer Space to any other party Landlord shall so notify Tenant in writing (“Landlord’s ROFO Notice”), identifying the availability date (or estimated availability date), the rental rate, any proposed tenant improvement allowance and the other basic terms upon which Landlord desires to lease such First Offer Space.
Tenant’s Right of First Offer. 54.1 As used herein, “Offer Space” means space on the first floor of the Building that is contiguous to the Premises. Landlord may from time to time give Tenant a written notice (the “Availability Notice”) identifying the particular Offer Space (the “Specific Offer Space”) that is Available (as defined below). As used herein, “Available” means that the space (i) is not part of the Premises, (ii) is not then subject to a lease, (iii) is not then subject to any rights of tenant to renew their lease or expand their premises as set forth in their lease, and (iv) is not then subject to any negotiations between Landlord and a prospective tenant or an existing tenant.