Common use of Grant of Option; Conditions Clause in Contracts

Grant of Option; Conditions. Following initial leasing of such space by Landlord, Tenant shall have the one time right of first offer (the “Right of First Offer”) on any space immediately adjacent to the Premises on the 2nd floor (any such space being referred to as “Offering Space”). Tenant’s Right of First Offer shall be exercised as follows: at any time after Landlord has determined that the then existing tenant in the Offering Space will not extend or renew the term of its lease for the Offering Space (but prior to leasing such Offering Space to a party other than the existing tenant or a party with superior rights), Landlord shall advise Tenant (the “Advice”) of the terms under which Landlord is prepared to lease the Offering Space to Tenant for the remainder of the Term, which terms shall reflect the greater of the Prevailing Market (hereinafter defined) rate for such Offering Space as reasonably determined by Landlord or the Base Rent per rentable square foot and Tax and Expense Base Year for the Premises. Tenant may lease such Offering Space in its entirety only, under such terms, by delivering written notice of exercise to Landlord (the “Notice of Exercise”) within 3 business days after the date of the Advice, except that Tenant shall have no such Right of First Offer and Landlord need not provide Tenant with an Advice, if:

Appears in 1 contract

Samples: Office Lease (Optimer Pharmaceuticals Inc)

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Grant of Option; Conditions. Following initial leasing of such space by Landlord, Tenant shall have the one time an ongoing right of first offer (the “Right of First Offer”) on any space immediately adjacent with respect to the Premises entire 22nd floor of the Building shown on the 2nd floor demising plan attached hereto as Exhibit A-2 (any such space being referred to as the “Offering Space”). Tenant’s Right of First Offer shall be exercised as follows: at if during the Term Landlord determines (in Landlord’s sole judgment) that any time after Landlord has determined that the then existing tenant in portion of the Offering Space will not extend or renew the term of its is available to lease for the Offering Space (but prior to leasing such Offering Space to a third party other than (i) the existing tenant or a party with superior rights)occupant of the Offering Space, or (ii) any person or entity then having any preexisting rights to the Offering Space, then Landlord shall advise Tenant (the “Advice”) of the economic and other terms and conditions under which Landlord is prepared willing to lease the Offering Space to Tenant for the remainder of the Term, which terms shall reflect the greater of the Prevailing Market (hereinafter defined) rate for such Offering Space as reasonably determined by Landlord or the Base Rent per rentable square foot and Tax and Expense Base Year for the PremisesTenant. Tenant may lease such Offering Space in its entirety only, under such terms, by delivering written notice of exercise to Landlord (the “Notice of Exercise”) within 3 business days 5 Business Days after the date of the Advice, which Notice of Exercise shall include a representation and warranty from Tenant to Landlord that the Offering Space is intended for the exclusive use of Tenant during the Term, except that Tenant shall have no such Right of First Offer and Landlord need not provide Tenant with an Advice, if:

Appears in 1 contract

Samples: Office Lease Agreement (Ironwood Pharmaceuticals Inc)

Grant of Option; Conditions. Following initial leasing of such space by Landlord, Tenant shall have the one time continuing right of first offer (the “Right of First Offer”) on with respect to any available and vacated rentable space immediately adjacent to in the Premises on Lake Marriott Business Park (so long as Landlord or its affiliate owns the 2nd floor subject building at the Property) (any such space being referred to as the “Offering Space”). Tenant’s Right of First Offer shall be exercised as follows: at any time after Landlord has determined that the then existing tenant in a portion of the Offering Space will not extend or renew the term of its lease for the Offering Space (but prior to leasing such Offering Space to a party other than the existing tenant or a party with superior rightstenant), Landlord shall advise Tenant (the “Advice”) of the terms under which Landlord is prepared to lease the subject Offering Space to Tenant for the remainder of the Term, which terms shall reflect the greater of the Prevailing Market (hereinafter defined) rate for such Offering Space as reasonably determined by Landlord or the Base Rent per rentable square foot and Tax and Expense Base Year for the PremisesLandlord. Tenant may lease such Offering Space in its entirety only, under such terms, by delivering written notice of exercise to Landlord (the “Notice of Exercise”) within 3 business days 5 Business Days after the date of the Advice, except that Tenant shall have no such Right of First Offer and Landlord need not provide Tenant with an Advice, if:

Appears in 1 contract

Samples: Office Lease Agreement (Silicon Valley Bancshares)

Grant of Option; Conditions. Following initial leasing Subject to the terms and conditions of such space by Landlordthis Rider No. 1, Tenant shall have the one a one-time right of first offer to lease (the “Right of First Offer”) on any space immediately adjacent to the Premises Suite 100 on the 2nd first (1st) floor in the Building (any such space being referred to as Offering ROFO Space”). Tenant’s Right of First Offer shall be exercised as follows: at any time after Landlord has determined that the then existing tenant in the Offering ROFO Space as of the Effective Date of the Amendment to which this Rider is attached (Cisco) will not extend or renew the term of its lease for the Offering such ROFO Space (but prior to leasing such Offering ROFO Space to a party other than the existing tenant or a party with superior rightstenant), Landlord shall advise deliver written notice to Tenant (the “AdviceROFO Notice”) of the terms under which Landlord is prepared to lease the Offering ROFO Space to Tenant for the remainder including rental rate and length of the Termterm, which terms shall reflect the greater of the Prevailing Market then fair market rental rate (hereinafter defined) rate for such Offering Space as reasonably determined by Landlord or the Base Rent per rentable square foot and Tax and Expense Base Year for the PremisesROFO Space. Tenant may lease such Offering ROFO Space in its entirety only, under such terms, by delivering written notice of exercise to Landlord (the “Notice of Exercise”) within 3 business thirty (30) days after the date of the AdviceROFO Notice, except that Tenant shall have no such Right of First Offer and Landlord need not provide Tenant with an Advicea ROFO Notice, if:

Appears in 1 contract

Samples: Office Lease (Tandem Diabetes Care Inc)

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Grant of Option; Conditions. Following initial leasing of such space by Landlord, Tenant shall have the one time a right of first offer (the “Right of First Offer”) on with respect to any space immediately adjacent to currently leased by 24M Technologies, Inc. at the Premises on the 2nd floor Building (any such space being referred to as an “Offering Space”). Tenant’s Right of First Offer shall be exercised as follows: at any time after if during the Term Landlord has determined determines (in Landlord’s sole judgment) that the then existing tenant in all or a portion of the Offering Space will not extend or renew the term of its is available to lease for the Offering Space (but prior to leasing such Offering Space to a third party other than 24M Technologies, Inc., its successors or assigns (hereafter the existing tenant or a party with superior rights“Existing Tenant”), then Landlord shall advise Tenant (the {X00000000.9 } "Advice") of the economic and other terms and conditions under which Landlord is prepared to lease such portion of the Offering Space to Tenant for the remainder of the TermTenant, which terms shall reflect the greater of the Prevailing Market (hereinafter defined) fair market rental rate for such Offering Space as reasonably determined by Landlord or the Base Rent per rentable square foot and Tax and Expense Base Year for the PremisesLandlord. Tenant may lease such Offering Space in its entirety only, under such terms, by delivering written notice of exercise to Landlord (the "Notice of Exercise") within 3 10 business days after the date of the Advice. In any event, except that Tenant’s delivery of a Notice of Exercise shall be deemed to be the irrevocable exercise by Tenant of its Right of First Offer subject to and in accordance with the provisions of this Section 6. Notwithstanding the foregoing, Tenant shall have no such Right of First Offer and Landlord need not provide Tenant with an Advice, if:

Appears in 1 contract

Samples: Lease (Intellia Therapeutics, Inc.)

Grant of Option; Conditions. Following initial leasing of such space by Landlord, Tenant shall have the one time an on-going right of first offer (the “Right of First Offer”) on with respect to any space immediately adjacent contiguous to the Premises on the 2nd 6th floor of the Building, as more particularly shown on Exhibit D hereto (any portion of such space being referred to as or collectively, the “Offering Space”). Tenant’s Right of First Offer shall be exercised as follows: at any time after Landlord has determined that the then existing tenant in the Offering Space will not extend or renew the term of its lease for the Offering Space (but prior to leasing such Offering Space to a party other than the existing tenant or a party with superior rightstenant), Landlord shall advise notify Tenant (the “AdviceOffer”) of the terms under which Landlord is prepared to lease the Offering Space to Tenant for the remainder of the Lease Term, which terms shall reflect the greater of the Prevailing Market (hereinafter defined) rate for such Offering Space as reasonably determined by Landlord or the Base Rent per rentable square foot and Tax and Expense Base Year for the PremisesLandlord. Tenant may lease such Offering Space in its entirety only, under such terms, by delivering written notice of exercise to Landlord (the “Notice of Exercise”) within 3 business 10 days after the date Tenant’s receipt of the AdviceOffer, except that Tenant shall have no such Right of First Offer and Landlord need not provide Tenant with an AdviceOffer, if:

Appears in 1 contract

Samples: Tenth Amendment (Click2learn Inc/De/)

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