1) Tenant Shall Have the Right of First Offer (The “First Offer Right Sample Clauses


1) Tenant shall have the right of first offer (the “First Offer Right on the terms and conditions hereinafter set forth, at any time during the term of this Lease, to lease additional space in the Building which is owned by Landlord (the “First Offer Space”), at such time as such space becomes available after its initial leasing or occupancy by another tenant. Tenant shall have the right to lease the First Offer Space upon the same terms and conditions as such space is sought to be leased by a bona fide prospective tenant and acceptable to Landlord, or, if there is no third party offer to lease such space, upon such terms and conditions as Landlord, in good faith, intends to market such space (in either case, the “Offer Terms”). (2) Tenant’s exercise of its First Offer Right shall be effective only upon written notification by Tenant to Landlord of Tenant’s exercise of the First Offer Right (the “Notice”) and its acceptance of the Offer Terms set forth in Landlord’s Offer (defined below). Such notification must be given to Landlord before the close of business on the tenth (10th) business day (the “Offer Period”) after Landlord’s written notification to Tenant (“Landlord’s Offer”) of a bona fide offer for rental of the First Offer Space or of the vacancy or termination of a lease for the First Offer Space (a bona fide offer shall not include the exercise by another tenant of its right of refusal or expansion) setting forth the Offer Terms for such space. Time is of the essence with respect to Tenant’s exercise of its rights under this Rider, and Tenant acknowledges that Landlord requires strict adherence to the requirement that the Notice be timely made and in writing. (3) In the event Tenant fails to so notify Landlord within said Offer Period, or gives written notice to Landlord that Tenant does not intend to exercise its First Offer Right, Landlord shall be free to offer said First Offer Space to a third party on any terms whatsoever, and this First Offer Right shall be null and void and of no further force and effect with respect to that portion of the First Offer Space that was the subject of Landlord’s Offer. Notwithstanding the foregoing, upon the termination or expiration of any lease between Landlord and a third party for any portion of the First Offer Space that was the subject of a prior Landlord’s Offer, Tenant’s First Offer Right shall again be effective with respect to such portion of the First Offer Space, subject to the terms and conditions set forth in this Rider. (4) In the event that the First Offer Right ...