Common use of Procedure for Acceptance Clause in Contracts

Procedure for Acceptance. If Tenant wishes to exercise -------------------------- Tenant's right of first offer with respect to the space described in the First Offer Notice, then within five (5) business days after delivery of the First Offer Notice to Tenant, Tenant shall deliver notice to Landlord of Tenant's intention to exercise its right of first offer with respect to the entire space described in the First Offer Notice. If concurrently with Tenant's exercise of the first offer right, Tenant notifies Landlord that it does not accept the Economic Terms set forth in the First Offer Notice, Landlord and Tenant shall, for a period of fifteen (15) days after Tenant's exercise, negotiate in good faith to reach agreement as to such Economic Terms. If Tenant does not so notify Landlord that it does not accept the Economic Terms set forth in the First Offer Notice concurrently with Tenant's exercise of the first offer right, the Economic Terms shall be as set forth in the First Offer Notice. In addition, if Tenant does not exercise its right of first offer within the five (5) business day period, or, if Tenant exercises its first offer right but timely objects to Landlord's determination of the Economic Terms and if Landlord and Tenant are unable to reach agreement on such Economic Terms within said fifteen (15) day period, then Landlord shall be free to lease the space described in the First Offer Notice to anyone to whom Landlord desires on any terms Landlord desires and Tenant's right of first offer shall terminate as to the First Offer Space described in the First Office Notice, Notwithstanding anything to the contrary contained herein, Tenant must elect to exercise its right of first offer, if at all, with respect to all of the space offered by Landlord to Tenant at any particular time, and Tenant may not elect to lease only a portion thereof.

Procedure for Acceptance. If Tenant Lessee wishes to exercise -------------------------- Tenant's Lessee’s right of first offer with respect to the space described in the a First Offer Notice, then within five seven (57) business days after of delivery of the such First Offer Notice to TenantLessee, Tenant Lessee shall deliver notice to Landlord Lessor of Tenant's Lessee’s intention to exercise its right of first offer with respect to the entire space described in such First Offer Notice on the terms contained therein; provided, however, Lessee may elect to exercise its right of first offer with respect to the space described in a First Offer Notice, but object to the First Offer Notice. If concurrently with Tenant's exercise of the first offer right, Tenant notifies Landlord that it does not accept the Economic Terms Rent set forth in the First Offer Notice, Landlord and Tenant shallin which event the First Offer Rent shall be determined pursuant to the terms of Section 11.3, for a period of fifteen (15) days after Tenant's exercise, negotiate in good faith to reach agreement as to such Economic Termsbelow. If Tenant does not so notify Landlord that it does not accept Lessee exercises its right of first offer with respect to the Economic Terms space described in a First Offer Notice, but fails to object to the First Offer Rent set forth in the First Offer Notice concurrently with Tenant's exercise of the first offer rightNotice, the Economic Terms then Lessee shall be as deemed to have accepted the First Offer Rent set forth in the First Offer Notice. In addition, if Tenant If Lessee does not exercise its right of first offer so notify Lessor within the five seven (57) business day period, or, if Tenant exercises its first offer right but timely objects to Landlord's determination of the Economic Terms and if Landlord and Tenant are unable to reach agreement on such Economic Terms within said fifteen (15) day period, then Landlord Lessor shall be free to lease the space described in the such First Offer Notice to anyone to whom Landlord Lessor desires on any terms Landlord desires and Tenant's right of first offer shall terminate as to the First Offer Space described in the First Office Notice, Lessor desires. Notwithstanding anything to the contrary contained herein, Tenant Lessee must elect to exercise its right of first offer, if at all, with respect to all of the space offered by Landlord Lessor to Tenant Lessee at any particular time, and Tenant Lessee may not elect to lease only a portion thereof. If Lessee does not exercise its right of first offer with respect to any space described in a First Offer Notice or if Lessee fails to respond to a First Offer Notice within seven (7) business days of delivery thereof, then Lessee’s right of first offer as set forth in this Section 10 shall terminate as to all of the space described in such First Offer Notice.

Procedure for Acceptance. If Tenant wishes to exercise -------------------------- Tenant's ’s right of first offer with respect to the space described in the First Offer Notice, then within five thirty (530) business days after delivery of the First Offer Notice to Tenant, Tenant shall deliver notice to Landlord of Tenant's intention to ’s exercise of its right of first offer with respect to the entire space described in the First Offer Notice. If concurrently with Tenant's exercise of the first offer right, Tenant notifies Landlord that it does not accept the Economic Terms set forth in Notice and on the First Offer Notice, Landlord and Tenant shall, for a period of fifteen (15) days after Tenant's exercise, negotiate in good faith to reach agreement as to such Economic TermsTerms contained therein. If Tenant does not so notify Landlord that it does not accept the Economic Terms set forth in the First Offer Notice concurrently with Tenant's exercise of the first offer right, the Economic Terms shall be as set forth in the First Offer Notice. In addition, if Tenant does not exercise its right of first offer within the five said 30-day period (5) business day period, or, if Tenant exercises its first offer right but timely objects to Landlord's determination on all of the First Offer Economic Terms and if Landlord and Tenant are unable to reach agreement on such Economic Terms within said fifteen (15) day periodTerms), then Landlord shall be free to lease the space described in the First Offer Notice to anyone to whom Landlord desires on any provided the economic terms Landlord desires and Tenant's right conditions of first offer shall terminate as such lease are not more favorable to the tenant thereunder than the terms and conditions in the First Offer Space described Notice. Landlord agrees that it will not offer to lease, or enter into a lease of the First Offer Space, on economic terms and conditions more favorable to the tenant thereunder than the terms and conditions in the First Office Notice, Offer Notice without first delivering Tenant another First Offer Notice containing such more favorable terms and conditions and repeating the procedures set forth in this Paragraph 55. Notwithstanding anything to the contrary contained herein, Tenant must elect to exercise its right of first offer, if at all, with respect to all of the space comprising the First Offer Space offered by Landlord to Tenant at any particular time, and Tenant may not elect to lease only a portion thereofthereof or object to any of the First Offer Economic Terms.

Procedure for Acceptance. If Tenant wishes to exercise -------------------------- Tenant's ’s right of first offer with respect to the space described in the First Offer Notice, then within five (5) business days after delivery of the First Offer Notice to Tenant, Tenant shall deliver notice to Landlord of Tenant's intention to ’s exercise of its right of first offer with respect to the entire space described in the First Offer Notice. If concurrently with Tenant's exercise of the first offer right, Tenant notifies Landlord that it does not accept the Economic Terms set forth in Notice and on the First Offer Notice, Landlord and Tenant shall, for a period of fifteen (15) days after Tenant's exercise, negotiate in good faith to reach agreement as to such Economic TermsTerms contained therein. If Tenant does not so notify Landlord that it does not accept the Economic Terms set forth in the First Offer Notice concurrently with Tenant's exercise of the first offer right, the Economic Terms shall be as set forth in the First Offer Notice. In addition, if Tenant does not exercise its right of first offer within the five (5) business day period, or, if Tenant exercises its first offer right but timely objects to Landlord's determination period (on all of the First Offer Economic Terms and if Landlord and Tenant are unable to reach agreement on such Economic Terms within said fifteen (15) day periodTerms), then Landlord shall be free to lease the space described in the First Offer Notice to anyone to whom Landlord desires on any terms Landlord desires (provided they are not materially more favorable to such third party than the First Offer Economic Terms, except to the extent commercially reasonably appropriate due to the improved creditworthiness of the proposed tenant compared to the creditworthiness of Tenant) and Tenant's ’s right of first offer shall thereupon automatically terminate as to the First Offer Space described in the First Office Notice, and this Section 1.5 shall be null and void and of no further force or effect. Notwithstanding anything to the contrary contained herein, Tenant must elect to exercise its right of first offer, if at all, with respect to all of the space comprising the First Offer Space offered by Landlord to Tenant at any particular time, and Tenant may not elect to lease only a portion thereofthereof or object to any of the First Offer Economic Terms. For purposes hereof, First Offer Economic Terms shall be materially more favorable to a third party if such First Offer Economic Terms reflect a net effective rental rate (including any rent abatement and Tenant Improvement costs/allowance and any other economic concessions) less than ninety percent (90%) of the net effective rental rate for such First Offer Space as those proposed by Landlord in the First Offer Notice to Tenant.

Procedure for Acceptance. If Tenant wishes to exercise -------------------------- Tenant's right of first offer with respect to the space described in the a First Offer Notice, then within five seven (57) business days after of delivery of the such First Offer Notice to Tenant, Tenant shall deliver notice to Landlord of Tenant's intention to exercise its right of first offer with respect to the entire space described in the such First Offer Notice. If concurrently with Tenant's exercise of Notice on the first offer right, Tenant notifies Landlord that it does not accept the Economic Terms set forth in the First Offer Notice, Landlord and Tenant shall, for a period of fifteen (15) days after Tenant's exercise, negotiate in good faith to reach agreement as to such Economic Termsterms contained therein. If Tenant does not so notify Landlord that it does not accept the Economic Terms set forth in the First Offer Notice concurrently with Tenant's exercise of the first offer right, the Economic Terms shall be as set forth in the First Offer Notice. In addition, if Tenant does not exercise its right of first offer within the five seven (57) business day period, or, if Tenant exercises its first offer right but timely objects to Landlord's determination of the Economic Terms and if Landlord and Tenant are unable to reach agreement on such Economic Terms within said fifteen (15) day period, then Landlord shall be free to lease the space described in the such First Offer Notice to anyone to whom Landlord desires on any terms Landlord desires and Tenant's right of first offer shall terminate that are not “materially more favorable” (as to defined below) than the terms set forth in the First Offer Space described in the First Office Notice, . Notwithstanding anything to the contrary contained herein, Tenant must elect to exercise its right of first offer, if at all, with respect to all of the space offered by Landlord to Tenant at any particular time, and Tenant may not elect to lease only a portion thereof. If Tenant does not exercise its right of first offer with respect to any space described in a First Offer Notice or if Tenant fails to respond to a First Offer Notice within seven (7) business days of delivery thereof, then Tenant's right of first offer as set forth in this Section 1.3 shall terminate as to all of the space described in such First Offer Notice. If Landlord fails to enter into a lease with a third party for such First Offer Space within nine (9) months thereafter, or if Landlord wishes to enter into a lease on terms that are materially more favorable to the tenant than those set forth in the First Offer Notice, then Landlord shall again provide Tenant with a First Offer Notice and Tenant shall have the same rights with respect to such First Offer Notice as are provided in this Section 1.3. For the purposes hereof, “terms materially more favorable” shall mean terms that result in a change, on a net present value basis, of seven percent (7%) or more (using an eight percent (8%) discount rate) to the material economic terms set forth in Landlord’s First Offer Notice.

Procedure for Acceptance. If Tenant wishes to exercise -------------------------- Tenant's ’s right of first offer with respect to the space described in the First Offer Notice, then within five (5) business days after of delivery of the First Offer Notice to Tenant, Tenant shall deliver notice to Landlord of Tenant's intention to ’s exercise of its right of first offer with respect to the entire space described in the First Offer NoticeNotice on the terms contained in such notice. If In the event that concurrently with Tenant's ’s exercise of the first offer right, Tenant notifies Landlord that it does not accept the Economic Terms First Offer Rent set forth in the First Offer Notice, Landlord and Tenant shallthe First Offer Rent shall be determined in accordance with the procedures set forth in Section 2.2.4 of this Lease; otherwise, for a period of fifteen (15) days after Tenant's exercise, negotiate the First Offer Rent shall be as set forth in good faith to reach agreement as to such Economic TermsLandlord’s First Offer Notice. If Tenant does not so notify Landlord that it does not accept the Economic Terms set forth in the First Offer Notice concurrently with Tenant's exercise of the first offer right, the Economic Terms shall be as set forth in the First Offer Notice. In addition, if Tenant does not exercise its right of first offer within the five (5) business day period, or, if Tenant exercises period of Tenant’s exercise of its first offer right but timely objects to Landlord's determination of the Economic Terms and if Landlord and Tenant are unable to reach agreement on such Economic Terms within said fifteen (15) day periodright, then Landlord shall be free to lease the space described in the First Offer Notice to anyone to whom Landlord desires on any terms Landlord desires and for a period of one hundred eighty (180) days commencing upon the expiration of the five (5) day period, after which time, Tenant's right ’s rights to such space under this Section 1.3 shall renew. In the event that Landlord does lease all or a portion of first offer shall terminate as to the First Offer Space pursuant to this Section 1.3.2, then such lease and all of its terms shall become a Superior Lease and the rights described in items (i) and (ii) of Section 1.3 above with respect to such lease shall be included within the First Office Notice, Superior Rights. Notwithstanding anything to the contrary contained LAKESHORE TOWERS BUILDING II [United PanAm Financial Corp.] herein, Tenant must elect to exercise its right of first offer, if at all, with respect to all of the space offered by Landlord to Tenant at any particular time, and Tenant may not elect to lease only a portion thereof.