First Offer Term Clause Samples
A First Offer Term is a contractual provision that requires a party wishing to sell its interest in an asset or business to first offer it to a specified party, typically a co-owner or partner, before seeking outside buyers. In practice, this means that if one party decides to sell, they must notify the other party and give them the opportunity to purchase the interest on terms that would be offered to third parties. This clause helps ensure that existing stakeholders have the chance to maintain their involvement or control, and it prevents unwanted third parties from entering the arrangement without giving current parties the right of first refusal.
First Offer Term. Tenant shall commence payment of Rent for the First Offer Space, and the term of the First Offer Space (the "First Offer Term") shall commence upon the date set forth in the First Offer Notice (the "First Offer Commencement Date") and shall terminate on the Lease Expiration Date.
First Offer Term. The term of Tenant’s lease of any First Offer Space (the “First Offer Term”) shall be coterminous with the initial Premises so long as at least three (3) years shall remain in the then Lease Term as of the First Offer Commencement Date. In the event that less than three (3) years shall remain in the then Lease Term as of the “First Offer Commencement Date,” as that term is defined in Section 3.6, below, then the First Offer Term shall be a period equal to the shorter of (a) the Landlord Proposed Lease Term, and (b) the period commencing as of the First Offer Commencement Date and continuing until the expiration date of the next succeeding, unexercised Option Term (notwithstanding that the same has not been exercised by Tenant), provided that if no Option Term remains, the term of Tenant’s lease of the First Offer Space shall be for the Landlord Proposed Lease Term.
First Offer Term. The term of Tenant's lease of the Designated First Offer Space (the "First Offer Term") shall commence upon the date (the "First Offer Commencement Date") set forth in the First Offer Notice and shall expire coterminously with the remainder of the Premises on the Lease Expiration Date. For a proposed lease of First Offer Space that would have a First Offer Commencement Date during the final three (3) years of the then-existing Lease Term, if Tenant has any remaining Extension Option rights, and Tenant elects to exercise its right to lease First Offer Space as provided in this Exhibit F, then Tenant shall be required to also concurrently irrevocably exercise its right to extend this Lease for an "Option Term" as provided in Exhibit F and in such event the First Offer Term will be coterminous with the Option Term.
First Offer Term. The term of Tenant's lease of the Designated First Offer Space (the “First Offer Term”) shall commence upon the date (the “First Offer Commencement Date”) set forth in the First Offer Notice and shall either (i) expire on June 30, 2039 if Tenant delivers the First Offer Exercise Notice with at least seven years remaining in the Lease Term, or (ii) if Tenant delivers the First Offer Exercise Notice with less than seven years remaining in the Lease Term, then Tenant shall lease the Designated First Offer Space for the term of seven (7) years and simultaneously with the delivery of the First Offer Exercise Notice, to extend the term of the Lease with respect to the existing Premises by the period of time required to have the Term for the existing Premises terminate upon expiration of such term (for example, if at the time of the First Offer Exercise Notice, there are four (4) years remaining in the Term, then the Term with respect to the Premises would be extended for three (3) years, to be coterminous with the term for the Designated First Offer Space), provided in any case that no election made by Tenant in this Section 14.4 shall affect or limit Tenant’s rights set forth in Section 2.4(b) above.
First Offer Term. Tenant shall commence payment of Rent for the First Offer Space, and the term of the First Offer Space (the "First Offer Term") shall commence on the date set forth in the First Offer Notice and shall terminate concurrently with Tenant's lease of the Premises; provided, however, the First Offer Term shall not be less than ten (10) years and if less than ten (10) years are remaining in the Lease Term of this Lease, then the Lease Term of this Lease shall be extended to be coterminous with the First Offer Term, and all terms of this Lease will be appropriately adjusted to reflect the change in the Lease Term, with (i) the extension of the then-existing Premises being on all of the same terms and conditions as this Lease (including annual increases in Base Rent of 3.5%), provided that the then-existing Premises will be leased in its "as is" condition for any extended term and no improvement allowance will be paid on account of the existing Premises, (ii) the lease of the First Offer Space on all of the terms and conditions set forth in the First Offer Notice, and (iii) Tenant's rights to the Option Terms pursuant to Section 2.2 will apply to the entire Premises, as expanded to include the First Offer Space.