First Right Space Clause Samples
The First Right Space clause grants a party the initial opportunity to lease or occupy a specific space before the property owner offers it to others. In practice, if the designated space becomes available, the holder of this right is notified and given a set period to accept or decline the offer to lease or use the space. This clause ensures that the party with the first right has priority access, thereby protecting their interests and providing certainty regarding future space needs.
First Right Space. For the purposes of this Article 32, the “First Right Space” shall mean one full floor of the Building other than the Premises. In the event that at any time and from time to time during the Term of this Lease, and so long as there does not exist an Event of Default, any First Right Space becomes available for lease and Landlord and a prospective tenant have agreed upon a lease which is acceptable to both parties, under which such prospective tenant will rent such First Right Space, Landlord shall deliver to Tenant a notice that such First Right Space is available on a particular date along with a copy of the agreed upon lease between Landlord and such prospective tenant (such notice and lease are, collectively, the “First Right Notice”), and shall offer Tenant the opportunity to lease the First Right Space under the same terms and conditions as had been agreed to with such prospective tenant, including all Base Rent, Escalation Rent, and other payments payable by such prospective tenant to Landlord under such lease. Tenant shall have ten (10) days from receipt of the First Right Notice to accept the offer, reject the offer, or state that Tenant does not desire to lease such First Right Space. In the event Landlord does not receive written notice of Tenant’s exercise of the right herein granted within said 10-day period, there shall be a conclusive presumption that Tenant has rejected such offer. If Tenant rejects such offer or states that it does not desire to lease such First Right Space, Landlord, in its sole discretion, may lease said First Right Space to third party tenants at rates, terms and conditions which are not more favorable to such tenants than the rates, terms and conditions upon which Landlord had offered the First Right Space to Tenant. Further, in the event that Landlord reaches an agreement with a prospective tenant to lease such First Right Space at rates, terms or conditions that Landlord may deem acceptable but which rates, terms and conditions are more favorable to such prospective tenant than the rates, terms and conditions which were contained in the original First Right Notice to Tenant covering the First Right Space in question, Landlord shall deliver to Tenant a new First Right Notice and offer Tenant the opportunity to lease the First Right Space at the same rates, terms and conditions as are contained in such new third party lease. Any failure of Tenant to elect to lease any First Right Space pursuant to this right of first re...
First Right Space. See Exhibit A. This right of first refusal to lease is in effect beginning upon mutual execution of this Amendment #1 and will expire upon expiration of the term, provided:
First Right Space. Subject to Section 23.B.1.1, if, during the Term, any First Right Space shall become Available for Lease, Landlord shall, prior to offering such First Right Space to any other person, deliver to Tenant a notice (a "FIRST RIGHT AVAILABILITY NOTICE") (a) stating that Landlord intends to offer such First Right Space for lease and (b) describing such First Right Space and the material business terms at which Landlord intends to market such space. If Tenant shall deliver to Landlord a notice (a "TENANT'S INTEREST NOTICE") that it desires to
First Right Space. Subject to any rights granted to tenants occupying the Project prior to Tenant, and provided that Tenant is not in default under the terms of this Lease, Tenant shall have the right (the "First Offer Right") to lease any space that may become available on the tenth (10th) floor of the Building (the "First Right Space"), if all or any portion of the First Right Space comes available for lease during the Lease Term, as the same may be extended. Upon all or any portion of the First Right Space coming available, Landlord shall give Tenant a written notice ("Offer Notice") of the availability of all or such portion of the First Right Space, which Offer Notice shall include a summary of the economic terms for which Landlord is willing to enter into a lease of the available portion of the First Right Space. The parties acknowledge and agree that except with respect to such economic terms, all of the terms and provisions of this Lease shall apply to any lease by Tenant of any portion of the First Right Space.