First Offer Space. Landlord shall, prior to offering any First Offer Space to any prospective tenant, subtenant or other occupant, deliver to Tenant from time to time during the First Offer Period a written notice (a “Landlord Offer Notice”) offering to sublease such First Offer Space to Tenant on a commencement date described therein and expiring on the Expiration Date. If Tenant shall deliver to Landlord a written acceptance of the offer contained in any Landlord Offer Notice (any such acceptance, a “Tenant Acceptance Notice”) within ten (10) Business Days after Tenant’s receipt thereof, then, on the date on which Landlord delivers vacant possession of such First Offer Space to Tenant in the condition provided for hereunder (the “First Offer Space Inclusion Date”), such First Offer Space shall become part of the Premises, upon all of the terms and conditions set forth in this Lease, except Rent and other charges payable under this Lease shall each be increased proportionately based upon the increase of space to the Premises on a per rentable square foot basis on account of the First Offer Space in question, provided that Tenant shall be entitled to an abatement of the Fixed Rent payable with respect to the First Offer Space in question equal to 180 days multiplied by a fraction, the numerator of which is the remaining term of the Lease as of the First Offer Space Inclusion Date and the denominator of which is the term of the Lease as of the Commencement Date (such fraction being referred to herein as the “Multiplying Fraction”). Promptly after the occurrence of a First Offer Space Inclusion Date, Landlord and Tenant shall confirm the occurrence thereof and the inclusion of the applicable First Offer Space in the Premises by executing an instrument reasonably satisfactory to Landlord and Tenant; provided, however, that failure by Landlord and Tenant to execute such instrument shall not affect the inclusion of the applicable First Offer Space in the Premises in accordance with this Article 12.
First Offer Space. (a) Subject to the provisions of this Section 5.5, Landlord shall not lease any portion of the Building ("First Offer Space") unless Landlord shall notify Tenant in writing ("First Offer Notice") of (A) the rentable area and location of such space proposed to be leased, (B) the prevailing market rental for such space, and (C) the proposed commencement date (the "First Offer Space Occupancy Date") for the lease of such space. Landlord agrees that the First Offer Space Occupancy Date for any such space shall occur not earlier than ninety (90) days after the end of Tenant's Refusal Period (as hereinafter defined) for such space. Upon receipt of a First Offer Notice, Tenant may, within thirty (30) consecutive days thereafter ("Refusal Period") by written notice given to Landlord, elect to exercise its option to lease the space described in Landlord's First Offer Notice. Tenant's notice shall also specify whether or not Tenant agrees with Landlord's determination of the prevailing market rental for such space and failure to so specify shall be deemed Tenant's acceptance of Landlord's determination of the prevailing market rental. If Tenant does not exercise its option to lease the space described in any First Offer Notice, then Landlord shall be free to lease such space on any terms and conditions.
First Offer Space. Subject to the terms and conditions set forth in this Paragraph 58, effective beginning December 1, 2020 Tenant shall have an ongoing right of first offer (“Right of First Offer”) to lease space within the Project that consists ten thousand (10,000) or more contiguous rentable square feet (a “First Offer Space”), if and when any such First Offer Space becomes available for lease to third parties. For purposes of this Paragraph 58, the First Offer Space shall be “available for lease to third parties” if such space becomes vacant and (i) Landlord is free to lease such space to the general public, unencumbered by any renewal rights, expansion rights, rights of first offer or other similar rights of other tenants in the Building that are contained in existing leases as of the Lease Date, and (ii) the First Offer Space will not be occupied by Landlord or Landlord’s property manager (all of the foregoing are herein referred to as “Superior Rights”). Landlord shall have no obligation to offer the First Offer Space to Tenant, and Tenant shall have no right to lease the First Offer Space pursuant to this Paragraph, until all of the Superior Rights have expired or are otherwise terminated. Nothing contained in this Paragraph 58 shall be deemed to impose any obligation on Landlord to refrain from negotiating with an existing tenant or subtenant of the First Offer Space in order to make the First Offer Space available to Tenant. In addition, Landlord shall have no obligation to offer the First Offer Space to Tenant if the First Offer Space does not become available for lease to third parties during the final nine (9) months of the Term )as may be extended).
First Offer Space. The “First Offer Space,” as that term is defined in Section 1.3 of the Original Lease, shall mean (i) the remaining leasable space in Building B (i.e., all of the leasable space in Building B except the Building B Substitute Premises) (the “Building B First Offer Space”), and (ii) the entire first (1st) floor of Building C (the “Building C First Offer Space”).
First Offer Space. Notwithstanding anything in Section 1.2 (B) of the Lease to the contrary, the First Offer Space shall be comprised of all of the space located on floors 41, 45, 46, 48, 49 and 50 of the Building and the Landlord Designated First Offer Floors. In connection with the Landlord Designated First Offer Floors, as applicable, the Load Factors shall be as follows:
First Offer Space. The Base Rental for First Offer Space leased by Tenant pursuant to the First Offer Right shall be at a per annum rate equal to the product obtained by multiplying (a) the Market Base Rental Rate as of the Rent Determination Date for the First Offer Space in question by (b) ninety percent (90%). Such rate shall apply until the Base Rental rate for such space is determined and becomes effective pursuant to Section 6.1.2 in connection with the next occurring Extension Term, if any. In determining the Market Base Rental for any First Offer -28- Space applicable to the period, if any, from the commencement of accrual of Base Rental for such First Offer Space to the commencement of the next occurring Extension Term, if any, the following adjustments shall be made; (y) if the time period that such rate applies is less than five (5) years, such time period shall be deemed to be five (5) years; and (z) there shall be taken into consideration the effect on the Market Base Rental Rate of any Superior Rights, if any, applicable to such space, including the Expansion Options, if any, held by Tenant with respect to such space which have a scheduled delivery date under Section 8.1 either prior to the commencement of the next Extension Term or within any deemed five (5) year time period as provided in clause (y) above and, if the Market Base Rental Rate is reduced by any such Expansion Option held by Tenant, then the amount of such reduction shall also be determined and such Market Base Rental Rate shall be increased by the amount of such reduction for the period after the scheduled delivery date for such space under such Expansion Option, whether or not such Expansion Option is exercised. If Landlord and Tenant do not agree on the Market Base Rental Rate for any First Offer Space, then the Market Base Rental Rate shall be determined by Arbitration.
First Offer Space. Initial: L_____ T_____ LIST OF CERTAIN DEFINED TERMS Base Rent....................................................... Paragraph 2A
First Offer Space. Any space on the eighth (8th) Floor of the Building or any contiguous space on the seventh (7th) floor of 2 Prudential.
First Offer Space. Landlord hereby grants to Tenant a one-time right of first offer with respect to one (1) entire floor of the Building if the same becomes vacant and available following the Effective Date (the “First Offer Space”). The term of the Lease with respect to the First Offer Space shall (x) commence only following the expiration or earlier termination of the existing lease (including renewals) of the First Offer Space and after the First Offer Space is actually vacated and becomes available for lease following the Effective Date, and (y) expire on the Termination Date, as the same may be extended pursuant to Section 10 of this Second Amendment. The right of first offer granted to Tenant herein shall be subordinate to the existing rights held by Xxxxx Xxxx (the “Superior Right Holder”) with respect to the First Offer Space on the date of this Second Amendment. Tenant’s right of first offer shall be on the terms and conditions set forth in this Section 11.
First Offer Space. Subject to the currently existing rights of “first offer” or “first refusal” of other tenants in the Building, Landlord agrees that if any part of the [ ] floor becomes available during the Term (the “First Offer Space”), the following will apply:
