Common use of Xxxxx and Exercise of Option Clause in Contracts

Xxxxx and Exercise of Option. In the event Landlord elects to sell the Building either separately or as part of a larger sale including other building(s) within the Project ("Offered Property"), Landlord (referred to hereinafter in this Section 20 as "Seller") hereby grants Tenant a right of first offering to purchase. Prior to Seller committing to sell its interest in the Offered Property to a third party, Seller shall give Tenant written notice of such desire and the terms and other information under which Seller intends to sell the Offered Property. Provided at the time of such written notice: (i) Tenant leases at least two buildings within the Project; and (ii) Tenant is not in default under the Lease beyond the expiration of any applicable cure period, Tenant shall have the option, which must be exercised, if at all, by written notice to Seller within fifteen (15) days after Tenant's receipt of Seller's notice, to purchase Seller's interest in the Offered Property at the sales price and terms of sale specified in the notice. In the event Tenant timely exercises such option to purchase its interest in the Offered Property, Seller shall sell its interest in the Offered Property to Tenant, and Tenant shall purchase its interest in the Offered Property from Seller in accordance with the price and terms specified in Seller's notice. Seller and Tenant shall, in good faith, attempt to reach agreement on the terms of a mutually acceptable purchase agreement consistent with the terms set forth in Seller's notice within thirty (30) days of Tenant's exercise of its option to purchase. In the event either: (i) Tenant fails to exercise Tenant's option within said 15-day period; or (ii) after Tenant's exercise, Seller and Tenant are unable to reach agreement on a mutually acceptable purchase agreement within the subsequent 30-day period; Seller shall have one hundred eighty (180) days thereafter to sell its interest in the Offered Property at no less than ninety percent (90%) of the sales price and upon substantially the same other terms of sale as specified in the notice to Tenant. In the event Seller fails to sell its interest in the Offered Property within said one hundred eighty (180) day period or in the event Seller proposes to sell its interest in the Offered Property at less than ninety percent (90%) of the sales price or on other material terms which are more favorable to the prospective buyer than that proposed to Tenant, Seller shall be required to resubmit such offer to Tenant in accordance with this Right of First Offering except that Tenant shall be required to respond to any resubmission within a seven (7) day period.

Appears in 2 contracts

Samples: Verisign Inc/Ca, Verisign Inc/Ca

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Xxxxx and Exercise of Option. In the event Landlord elects to sell the Building either separately or as part of a larger sale including other building(s) within the Project ("Offered Property"), Landlord (referred to hereinafter in this Section 20 as "Seller") hereby grants Tenant a right of first offering to purchase. Prior to Seller committing to sell its interest in the Offered Property to a third party, Seller shall give Tenant written notice of such desire and the terms and other information under which Seller intends to sell the Offered Property. Provided at the time of such written notice: that (i) Tenant leases has not been in default hereunder at least two buildings within any time during the Project; Term of this Lease (the "Original Ternr"), (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) Tenant originally named herein remains in possession of and has been continuously operating in the entire Leased Premises throughout the Original Term and (iv) the current use of the Leased Premises is acceptable to Landlord, Tenant shall have one (1) option to extend the Original Term for one (1) additional period of three (3) years (the "Extension Term"). The Extension Term shall be upon the same terms and conditions contained in the Lease for the Original Term except (i) Tenant shall not have any further option to extend and (ii) Tenant is not in default under the Lease beyond the expiration of any applicable cure period, Minimum Annual Rent shall be adjusted as set forth herein ("Rent Adjustment"). Tenant shall have the optionexercise such option by delivering to Landlord, which must be exercisedno later than October 31, if at all2000, by written notice of Tenant's desire to Seller within fifteen extend the Original Term. Tenant's failure to properly exercise such option shall waive it. If Tenant properly exercises its option to extend, Landlord shall notify Tenant of the Rent Adjustment no later than ninety (1590) days prior to the commencement of the Extension Term. Tenant shall be deemed to have accepted the Rent Adjustment if it fails to deliver to Landlord a written objection thereto within five (5) business days after Tenant's receipt of Seller's notice, to purchase Seller's interest in the Offered Property at the sales price and terms of sale specified in the noticethereof. In the event If Tenant timely properly exercises such its option to purchase its interest in the Offered Propertyextend, Seller shall sell its interest in the Offered Property to Tenant, Landlord and Tenant shall purchase its interest in execute an amendment to the Offered Property from Seller in accordance with the price and terms specified in SellerLease (or, at Landlord's notice. Seller and Tenant shalloption, in good faith, attempt to reach agreement a new lease on the terms of a mutually acceptable purchase agreement consistent with form then in use for the Building) reflecting the terms set forth in Seller's notice within thirty (30) days of Tenant's exercise of its option to purchase. In the event either: (i) Tenant fails to exercise Tenant's option within said 15-day period; or (ii) after Tenant's exercise, Seller and Tenant are unable to reach agreement on a mutually acceptable purchase agreement within the subsequent 30-day period; Seller shall have one hundred eighty (180) days thereafter to sell its interest in the Offered Property at no less than ninety percent (90%) arid conditions of the sales price and upon substantially the same other terms of sale as specified in the notice to Tenant. In the event Seller fails to sell its interest in the Offered Property within said one hundred eighty (180) day period or in the event Seller proposes to sell its interest in the Offered Property at less than ninety percent (90%) of the sales price or on other material terms which are more favorable to the prospective buyer than that proposed to Tenant, Seller shall be required to resubmit such offer to Tenant in accordance with this Right of First Offering except that Tenant shall be required to respond to any resubmission within a seven (7) day periodExtension Term.

Appears in 2 contracts

Samples: Lease Agreement (Medgenesis Inc), Lease Agreement (Medgenesis Inc)

Xxxxx and Exercise of Option. In the event Landlord elects to sell the Building Buildings either separately or as part of a larger sale including other building(s) within the Project ("Offered Property"), Landlord (referred to hereinafter in this Section 20 as "Seller") hereby grants Tenant a right of first offering to purchase. Prior to Seller committing to sell its interest in the Offered Property to a third party, Seller shall give Tenant written notice of such desire and the terms and other information under which Seller intends to sell the Offered Property. Provided at the time of such written notice: (i) Tenant leases at least two buildings within the Project; and (ii) Tenant is not in default under the Lease beyond the expiration of any applicable cure period, Tenant shall have the option, which must be exercised, if at all, by written notice to Seller within fifteen (15) days after Tenant's receipt of Seller's notice, to purchase Seller's interest in the Offered Property at the sales price and terms of sale specified in the notice. In the event Tenant timely exercises such option to purchase its interest in the Offered Property, Seller shall sell its interest in the Offered Property to Tenant, and Tenant shall purchase its interest in the Offered Property from Seller in accordance with the price and terms specified in Seller's notice. Seller and Tenant shall, in good faith, attempt to reach agreement on the terms of a mutually acceptable purchase agreement consistent with the terms set forth in Seller's notice within thirty (30) days of Tenant's exercise of its option to purchase. In the event either: (i) Tenant fails to exercise Tenant's option within said 15-day period; or (ii) after Tenant's exercise, Seller and Tenant are unable to reach agreement on a mutually acceptable purchase agreement within the subsequent 30-day period; Seller shall have one hundred eighty (180) days thereafter to sell its interest in the Offered Property at no less than ninety percent (90%) of the sales price and upon substantially the same other terms of sale as specified in the notice to Tenant. In the event Seller fails to sell its interest in the Offered Property within said one hundred eighty (180) day period or in the event Seller proposes to sell its interest in the Offered Property at less than ninety percent (90%) of the sales price or on other material terms which are more favorable to the prospective buyer than that proposed to Tenant, Seller shall be required to resubmit such offer to Tenant in accordance with this Right of First Offering except that Tenant shall be required to respond to any resubmission within a seven (7) day period.

Appears in 2 contracts

Samples: Verisign Inc/Ca, Verisign Inc/Ca

Xxxxx and Exercise of Option. In the event Landlord elects to sell the Building either separately or as part of a larger sale including other building(s) within the Project ("Offered Property"), Landlord (referred to hereinafter in this Section 20 as "Seller") hereby grants Tenant a right of first offering to purchase. Prior to Seller committing to sell its interest in the Offered Property to a third party, Seller shall give Tenant written notice of such desire and the terms and other information under which Seller intends to sell the Offered Property. Provided at the time of such written notice: that (i) Tenant leases has not been in Default hereunder at least two buildings within any time during the Project; Term of this Lease (the “Original Term”), (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) Tenant originally named herein remains in possession of and has been continuously operating in the entire Leased Premises throughout the Original Term and (iv) the current use of the Leased Premises is acceptable to Landlord, Tenant shall have one (1) option to extend the Original Term for one (1) additional period of five (5) years (the “Extension Term”). The Extension Term shall be upon the same terms and conditions contained in the Lease for the Original Term except (i) Tenant shall not have any further option to extend and (ii) the Minimum Annual Rent shall be adjusted as set forth herein (“Rent Adjustment”). Tenant is not in default under the Lease beyond shall exercise such option by delivering to Landlord, no later than eight (8) months prior to the expiration of any applicable cure periodthe Original Term, written notice of Tenant’s desire to extend the Original Term. Tenant’s failure to properly exercise such option shall waive it. If Tenant properly exercises its option to extend, Landlord shall notify Tenant of the Rent Adjustment no later than ninety (90) days prior to the commencement of the Extension Term. Tenant shall be deemed to have accepted the option, which must be exercised, Rent Adjustment if at all, by it fails to deliver to Landlord a written notice to Seller objection thereto within fifteen five (155) business days after Tenant's receipt of Seller's notice, to purchase Seller's interest in the Offered Property at the sales price and terms of sale specified in the noticethereof. In the event If Tenant timely properly exercises such its option to purchase its interest in the Offered Propertyextend, Seller shall sell its interest in the Offered Property to Tenant, Landlord and Tenant shall purchase its interest in execute an amendment to the Offered Property from Seller in accordance with the price and terms specified in Seller's notice. Seller and Tenant shallLease (or, in good faithat Landlord’s option, attempt to reach agreement a new lease on the terms of a mutually acceptable purchase agreement consistent with form then in use for the Building) reflecting the terms set forth in Seller's notice and conditions of the Extension Term, within thirty (30) days of Tenant's exercise of its option to purchase. In the event either: (i) Tenant fails to exercise Tenant's option within said 15-day period; or (ii) after Tenant's exercise, Seller and Tenant are unable to reach agreement on a mutually acceptable purchase agreement within the subsequent 30-day period; Seller shall have one hundred eighty (180) days thereafter to sell its interest in the Offered Property at no less than ninety percent (90%) ’s acceptance of the sales price and upon substantially the same other terms of sale as specified in the notice to Tenant. In the event Seller fails to sell its interest in the Offered Property within said one hundred eighty (180) day period or in the event Seller proposes to sell its interest in the Offered Property at less than ninety percent (90%) of the sales price or on other material terms which are more favorable to the prospective buyer than that proposed to Tenant, Seller shall be required to resubmit such offer to Tenant in accordance with this Right of First Offering except that Tenant shall be required to respond to any resubmission within a seven (7) day periodRent Adjustment.

Appears in 2 contracts

Samples: Lease Agreement (Interface Security Systems, L.L.C.), Lease Agreement (Interface Security Systems Holdings Inc)

Xxxxx and Exercise of Option. In Landlord grants to Tenant, subject to the event Landlord elects to sell the Building either separately or as part of a larger sale including other building(s) within the Project ("Offered Property"), Landlord (referred to hereinafter terms and conditions set forth in this Section 20 as "Seller"18.A, Two (2) hereby grants Tenant a right of first offering options (the “Options”) to purchase. Prior to Seller committing to sell its interest in the Offered Property to a third party, Seller shall give Tenant written notice of such desire and the terms and other information under which Seller intends to sell the Offered Property. Provided at the time of such written notice: (i) Tenant leases at least two buildings within the Project; and (ii) Tenant is not in default under extend the Lease beyond Term for an additional term (the expiration “Option Term”). Each Option Term shall be for a period of any applicable cure period, Tenant Sixty (60) months and shall have the option, which must be exercised, if at all, by written notice to Seller within fifteen Landlord no earlier than eighteen (1518) days after Tenant's receipt months prior to the date the Lease Term would expire but for such exercise but no later than nine (9) months prior to the date the Lease Term would expire but for such exercise (unless such Option is exercised earlier pursuant to Section 15.B. above), time being of Seller's notice, to purchase Seller's interest in the Offered Property at essence for the sales price and terms giving of sale specified in the such notice. In If Tenant exercises the event Option, all of the terms, covenants and conditions of this Lease shall apply except for the grant of additional Options pursuant to this Section, provided that Base Monthly Rent for the Premises payable by Tenant timely exercises such option to purchase its interest in during the Offered Property, Seller Option Term shall sell its interest in be the Offered Property to Tenant, and Tenant shall purchase its interest in the Offered Property from Seller in accordance with the price and terms specified in Seller's notice. Seller and Tenant shall, in good faith, attempt to reach agreement on the terms greater of a mutually acceptable purchase agreement consistent with the terms set forth in Seller's notice within thirty (30) days of Tenant's exercise of its option to purchase. In the event either: (i) Tenant fails the Base Monthly Rent applicable to exercise Tenant's option within said 15-day periodthe period immediately prior to the commencement of the Option Term; or (ii) after Tenant's exercise, Seller and Tenant are unable to reach agreement on a mutually acceptable purchase agreement within the subsequent 30-day period; Seller shall have one hundred eighty (180) days thereafter to sell its interest in the Offered Property at no less than ninety five percent (9095%) of the sales price Fair Market Rental as hereinafter defined. Notwithstanding anything herein to the contrary, if Tenant is in monetary or material non-monetary default under any of the terms, covenants or conditions of this Lease either at the time Tenant exercises the Option or at any time thereafter prior to the commencement date of the Option Term, or (ii) Tenant, and/or a Permitted Transferee does not have sufficient financial worth to undertake the financial obligations of this Lease, then Landlord shall have, in addition to all of Landlord’s other rights and remedies provided in this Lease, the right to terminate the Option upon substantially the same other terms of sale as specified in the notice to Tenant. In , in which event the event Seller fails Lease Term shall not be extended pursuant to sell its interest this Section 18.A. As used herein, the term “Fair Market Rental” is defined as the rental and all other monetary payments, including any escalations and adjustments thereto (including without limitation Consumer Price Indexing) that Landlord could obtain during the Option Term from a third party desiring to lease the Premises, based upon the (i) current use and other potential uses of the Premises, as determined by the rents then obtainable for new leases of space comparable in age and quality to the Premises in the Offered Property within said one hundred eighty same real estate submarket as the Building and (180ii) day period or the credit standing and financial stature of the Tenant. The appraisers shall be instructed that the foregoing five percent (5.0%) discount is intended to offset comparable rents that include the following costs which Landlord will not incur in the event Seller proposes to sell Tenant exercises its interest in the Offered Property at less than ninety percent option (90%i) of the sales price brokerage commissions, (ii) tenant improvement or on relocation allowances, (iii) vacancy costs, or (iv) other material terms which are more favorable to the prospective buyer than that proposed to Tenant, Seller shall be required to resubmit such offer to Tenant in accordance with this Right of First Offering except that Tenant shall be required to respond to any resubmission within a seven (7) day periodconcessions or inducements.

Appears in 1 contract

Samples: Monolithic Power Systems Inc

Xxxxx and Exercise of Option. In Landlord hereby grants to Tenant, upon and subject to the event Landlord elects terms and conditions set forth in this Article 37 two (2) successive and sequential options (the "Options") to sell extend the Building either separately or as part of a larger sale including other building(s) within Lease Term for an additional term (the Project ("Offered PropertyOption Term"), Landlord each additional Option Term shall be for a period of sixty (referred to hereinafter in this Section 20 as "Seller"60) hereby grants Tenant a right of first offering to purchasemonths. Prior to Seller committing to sell its interest in the Offered Property to a third party, Seller Each such Option shall give Tenant written notice of such desire and the terms and other information under which Seller intends to sell the Offered Property. Provided at the time of such written notice: (i) Tenant leases at least two buildings within the Project; and (ii) Tenant is not in default under the Lease beyond the expiration of any applicable cure period, Tenant shall have the option, which must be exercised, if at all, by written notice to Seller within fifteen Landlord no earlier than the date that is twenty four (1524) days after Tenant's receipt months prior to the Expiration Date, as it may have been extended by the prior exercise of Seller's noticean Option, but no later than the date that is twelve (12) months prior to purchase Seller's interest the Expiration Date, as it may have been extended. The due and valid exercise of the first such Option, shall be a condition to the exercise of the second such Option. Thirteen (13) months prior to the then applicable Expiration Date Landlord shall provide Tenant with a written notice of the fact that the Option will expire in the Offered Property at the sales price and terms of sale specified in the notice. In the event Tenant timely exercises such option to purchase its interest in the Offered Property, Seller shall sell its interest in the Offered Property to Tenant, and Tenant shall purchase its interest in the Offered Property from Seller in accordance with the price and terms specified in Seller's notice. Seller and Tenant shall, in good faith, attempt to reach agreement on the terms of a mutually acceptable purchase agreement consistent with the terms set forth in Seller's notice within thirty (30) days days. If Tenant exercises any such Option, each of the terms, covenants and conditions of this Lease, except this Article 37, shall apply during the Option Term as though the expiration date of the Option Term was the date originally set forth herein as the Expiration Date, provided that the Base Monthly Rent to be paid by Tenant during the Option Term shall be the Fair Market Rental, as hereinafter defined, for the Premises during the Option Term. Anything contained herein to the contrary notwithstanding, if Tenant is in monetary or material non-monetary default beyond any applicable notice and cure period under any of the terms, covenants or conditions of this Lease at the time Tenant exercises the Option, Landlord shall have, in addition to all of Landlord's other rights and remedies provided in this Lease, the right to terminate the Option upon written notice to Tenant's , in which event the expiration date of this Lease shall be and remain the Expiration Date, without taking into consideration the attempted exercise of its option such Option. As used herein, the term "Fair Market Rental" for the Premises shall mean the base rental then being obtained for leases of space comparable in age, quality, location and amenities to purchasethe Premises in the locality of the Building that Landlord could obtain during the Option Term from a third party desiring to lease the Premises for the Option Term based upon the current use and other potential uses of the Premises. In The Fair Market Rental shall specifically exclude any additional rental attributable to the event eithervalue of the Tenant Improvements or Alterations paid for by Tenant and which may be removed by Tenant at the end of the term of the Lease and otherwise be adjusted to account for variations with respect to: (i) Tenant fails the length of the Option Term compared to exercise Tenant's option within said 15-day periodthe lease term of the Comparison Leases; or (ii) after Tenant's exerciserental structure, Seller including, without limitation, rental rates per rentable square foot (including type, gross or net, and Tenant are unable to reach agreement on a mutually acceptable purchase agreement within if gross, adjusting for base year or expense stop), additional rental, escalation provisions and all other payments and escalations; (iii) the subsequent 30-day period; Seller shall have one hundred eighty (180) days thereafter to sell its interest in the Offered Property at no less than ninety percent (90%) size of the sales price and upon substantially Premises compared to the same other terms of sale as specified in the notice to Tenant. In the event Seller fails to sell its interest in the Offered Property within said one hundred eighty (180) day period or in the event Seller proposes to sell its interest in the Offered Property at less than ninety percent (90%) size of the sales price premises of the Comparison Leases; (iv) location, floor levels and efficiencies of the floor(s) for which the determination is being made; (v) free rent, moving expenses and other cash payments, allowances or other monetary concessions affecting the rental rate; and (vi) the age and quality of construction of the Building (including compliance with applicable codes on other material terms which are more favorable to the prospective buyer than that proposed to Tenant, Seller shall be required to resubmit such offer to Tenant in accordance with this Right of First Offering except that Tenant shall be required to respond to any resubmission within a seven (7) day periodapplicable floors).

Appears in 1 contract

Samples: Lease (Komag Inc /De/)

Xxxxx and Exercise of Option. In Landlord hereby grants to Tenant, upon and subject to the event Landlord elects terms and conditions set forth in this paragraph, three (3) options (the "Options") to sell extend the Building either separately or as part of a larger sale including other building(s) within Lease Term for an additional term (the Project ("Offered PropertyOption Term"), Landlord each Option Term shall be for a period of sixty (referred to hereinafter in this Section 20 as "Seller"60) hereby grants Tenant a right of first offering to purchasemonths. Prior to Seller committing to sell its interest in the Offered Property to a third party, Seller Each such Option shall give Tenant written notice of such desire and the terms and other information under which Seller intends to sell the Offered Property. Provided at the time of such written notice: (i) Tenant leases at least two buildings within the Project; and (ii) Tenant is not in default under the Lease beyond the expiration of any applicable cure period, Tenant shall have the option, which must be exercised, if at all, by written notice to Seller within fifteen Landlord no earlier than the date that is eighteen (1518) days after Tenant's receipt months, prior to the Expiration Date but no later than the date that is ten (10) months prior to the Expiration Date. If Tenant exercises the Option, each of Seller's noticethe terms, to purchase Seller's interest in covenants and conditions of this Lease except this paragraph shall apply during the Offered Property at Option Term as though the sales price and terms expiration date of sale specified in the notice. In Option Term was the event Tenant timely exercises such option to purchase its interest in the Offered Property, Seller shall sell its interest in the Offered Property to Tenant, and Tenant shall purchase its interest in the Offered Property from Seller in accordance with the price and terms specified in Seller's notice. Seller and Tenant shall, in good faith, attempt to reach agreement on the terms of a mutually acceptable purchase agreement consistent with the terms date originally set forth in Seller's notice within thirty (30) days herein as the Expiration Date, provided that the Base Monthly Rent to be paid by Tenant during the Option Term shall be the greater of Tenant's exercise of its option to purchase. In the event either: (i) Tenant fails to exercise Tenant's option within said 15-day period; the Base Monthly Rent as of the Commencement Date, or (ii) after Tenant's exercisethe Fair Market Rental, Seller and as hereinafter defined, for the Premises for the Option Term. Anything contained herein to the contrary notwithstanding, if Tenant are unable to reach agreement on a mutually acceptable purchase agreement within the subsequent 30is in monetary or material non-day period; Seller shall have one hundred eighty (180) days thereafter to sell its interest in the Offered Property at no less than ninety percent (90%) monetary default under any of the sales price terms, covenants or conditions of this Lease either at the time Tenant exercises the Option or at any time thereafter prior to the commencement date of the Option Term, and such default is not cured within any applicable cure period, Landlord shall have, in addition to all of Landlord's other rights and remedies provided in this Lease, the right to terminate the Option upon substantially the same other terms of sale as specified in the notice to Tenant, in which event the expiration date of this Lease shall be and remain the Expiration Date. In As used herein, the event Seller fails term "Fair Market Rental" for the Premises shall mean the rental and all other monetary payments including any escalations and adjustments thereto (including without limitation Consumer Price Indexing) then being obtained for new leases of "as is" space comparable in age and quality to sell its interest the Premises in the Offered Property within said one hundred eighty (180) day period or in the event Seller proposes to sell its interest in the Offered Property at less than ninety percent (90%) locality of the sales price Building that Landlord could obtain during the Option Term from a third party desiring to lease the Premises for the Option Term based upon the current use and other potential uses of the Premises (excluding any consideration for tenant improvements installed by Tenant during the Lease Term or on other material terms which are more favorable to the prospective buyer than that proposed to Tenant, Seller any Option Terms. The appraisers shall be required to resubmit such offer to Tenant instructed that in accordance with this Right of First Offering except calculating "Fair Market Rental" for the Premises, they shall take into account the facts that Tenant shall (i) no brokerage commissions will be required to respond to payable by Landlord, (ii) no tenant improvement allowance will be provided, and (iii) Landlord will not suffer any resubmission within a seven (7) day periodvacancy costs.

Appears in 1 contract

Samples: Therma Wave Inc

Xxxxx and Exercise of Option. In the event Landlord elects to sell the Building either separately or as part of a larger sale including other building(s) within the Project ("Offered Property"), Landlord (referred to hereinafter in this Section 20 as "Seller") hereby grants Tenant a right of first offering to purchase. Prior to Seller committing to sell its interest in the Offered Property to a third party, Seller shall give Tenant written notice of such desire and the terms and other information under which Seller intends to sell the Offered Property. Provided at the time of such written notice: (i) Tenant leases at least two buildings within the Project; and (ii) that Tenant is not in default under the Lease beyond the expiration of any applicable cure periodhereunder, Tenant shall have one (1) option to extend the option, which must original term of this Lease ("Original Term") for one (1) additional period of five (5) years (the "Extension Term"). The Extension Term shall be exercised, if at all, by written notice to Seller within fifteen (15) days after Tenant's receipt of Seller's notice, to purchase Seller's interest upon the same terms and conditions contained in the Offered Property at Lease for the sales price and terms of sale specified in the notice. In the event Tenant timely exercises such option to purchase its interest in the Offered Property, Seller shall sell its interest in the Offered Property to Tenant, and Tenant shall purchase its interest in the Offered Property from Seller in accordance with the price and terms specified in Seller's notice. Seller and Tenant shall, in good faith, attempt to reach agreement on the terms of a mutually acceptable purchase agreement consistent with the terms set forth in Seller's notice within thirty (30) days of Tenant's exercise of its option to purchase. In the event either: Original Term except (i) Tenant fails shall not have any further option to exercise Tenant's option within said 15-day period; or extend and (ii) after the Minimum Annual Rent shall be adjusted as set forth herein ("Rent Adjustment"). Tenant shall exercise such option by delivering to Landlord, no later than six (6) months prior to the expiration of the Original Term, written notice of Tenant's exercisedesire to extend the Original Term. Tenant's failure to properly exercise such option shall waive it. If Tenant properly exercises its option to extend, Seller and Landlord shall notify Tenant are unable to reach agreement on a mutually acceptable purchase agreement within of the subsequent 30-day period; Seller shall have one hundred eighty Rent Adjustment no later than ninety (18090) days thereafter prior to sell its interest in the Offered Property at no less than ninety percent (90%) commencement of the sales price and upon substantially the same other terms of sale as specified in the notice to TenantExtension Term. In the event Seller fails to sell its interest in the Offered Property within said one hundred eighty (180) day period or in the event Seller proposes to sell its interest in the Offered Property at less than ninety percent (90%) of the sales price or on other material terms which are more favorable to the prospective buyer than that proposed to Tenant, Seller shall be required to resubmit such offer to Tenant in accordance with this Right of First Offering except that Tenant shall be required deemed to respond have accepted the Rent Adjustment if it fails to any resubmission deliver to Landlord a written objection thereto within five (5) business days after receipt thereof. If Tenant properly exercises its option to extend, Landlord and Tenant shall execute an amendment to the Lease (or, at Landlord's option, a seven (7new lease on the form then in use for the Building) day periodreflecting the terms and conditions of the Extension Term.

Appears in 1 contract

Samples: Lease Agreement (Access Corp)

Xxxxx and Exercise of Option. In the event Landlord elects to sell the Building either separately or as part of a larger sale including other building(s) within the Project ("Offered Property"), Landlord (referred to hereinafter in this Section 20 as "Seller") hereby grants Tenant a right of first offering to purchase. Prior to Seller committing to sell its interest in the Offered Property to a third party, Seller shall give Tenant written notice of such desire and the terms and other information under which Seller intends to sell the Offered Property. Provided at the time of such written notice: (i) Tenant leases at least two buildings within the Project; and (ii) Tenant is not in default under at the Lease beyond time of Tenant’s Extension Notice (as hereinafter defined) or as of the expiration commencement of any applicable cure periodthe Extension Term, Tenant shall have the option, which must option to extend the Original Term for two (2) successive periods of five (5) years each (the “Extension Term(s)”). The Extension Term shall be exercisedupon the same terms and conditions contained in the Lease for the Original Term except (i) this provision giving two (2) extension options shall be amended to reflect the remaining options to extend, if at allany and (ii) the Minimum Annual Rent shall be adjusted as set forth below (the “Rent Adjustment”). Tenant shall exercise such option by (i) delivering to Landlord, by no later than six (6) months prior to the expiration of the Original Term or, if applicable, the Extension Term, written notice of Tenant’s desire to Seller extend the Original Term or, if applicable, the Extension Term (each, a “Tenant’s Extension Notice”). Unless Landlord otherwise agrees in writing, Tenant’s failure to timely exercise such option shall waive it and any succeeding option. If Tenant properly exercises its option to extend, Landlord shall notify Tenant (Landlord’s Notice”) of the amount of the Rent Adjustment within thirty (30) days of Landlord’s receipt of Tenant’s Extension Notice. Tenant shall be deemed to have accepted the Rent Adjustment if it fails to deliver to Landlord a written objection thereto within fifteen (15) days after Tenant's receipt of Seller's noticeLandlord’s Notice (“Acceptance Period”). If Tenant properly exercises its option to extend, Landlord and Tenant shall execute an amendment to purchase Seller's interest in the Offered Property at Lease reflecting the sales price terms and terms conditions of sale specified in the noticeExtension Term. In the event Tenant timely exercises such rejects the Rent Adjustment during the Acceptance Period, Tenant’s exercise of its option to purchase extend shall be deemed canceled and this Lease shall terminate upon expiration of the term of the Lease (or the First Extension Terms, as applicable) except for those obligations which expressly survive termination of the Lease. Notwithstanding the foregoing, Landlord and Tenant may negotiate the Rent Adjustment during the Acceptance Period. In the event Tenant rejects the Adjustment Notice during the Acceptance Period, Tenant and Landlord shall each, at its interest in cost and by giving notice to the Offered Propertyother party, Seller shall sell its interest in the Offered Property to Tenant, choose a qualified arbitrator. The two arbitrators selected by Landlord and Tenant shall purchase its interest then select a third qualified arbitrator. A qualified arbitrator shall be a real estate broker with at least ten (10) years full time commercial real estate experience in the Offered Property from Seller Minneapolis northwest industrial market specializing in accordance with industrial space. The third arbitrator shall serve as the price and terms specified in Seller's noticearbitrator (“Arbitrator”). Seller Landlord and Tenant shall, in good faith, attempt shall submit to reach agreement on the terms Arbitrator their position regarding the Minimum Annual Rent and the Arbitrator shall be required to select either Landlord’s position or Tenant’s position. The parties shall be bound by the decision of a mutually acceptable purchase agreement consistent with the terms set forth in Seller's notice Arbitrator. The costs of the Arbitrator shall be split equally between Landlord and Tenant. The Arbitrator shall be chosen within thirty (30) days of Tenant's exercise of its option to purchaseafter Tenant properly rejects the Adjustment Notice. In The Arbitrator shall complete the event either: arbitration within thirty (i) Tenant fails to exercise Tenant's option within said 15-day period; or (ii) after Tenant's exercise, Seller and Tenant are unable to reach agreement on a mutually acceptable purchase agreement within the subsequent 30-day period; Seller shall have one hundred eighty (180) days thereafter to sell after its interest in the Offered Property at no less than ninety percent (90%) of the sales price and upon substantially the same other terms of sale as specified in the notice to Tenant. In the event Seller fails to sell its interest in the Offered Property within said one hundred eighty (180) day period or in the event Seller proposes to sell its interest in the Offered Property at less than ninety percent (90%) of the sales price or on other material terms which are more favorable to the prospective buyer than that proposed to Tenant, Seller shall be required to resubmit such offer to Tenant in accordance with this Right of First Offering except that Tenant shall be required to respond to any resubmission within a seven (7) day periodselection.

Appears in 1 contract

Samples: Lease Agreement (Wells Real Estate Fund Xiv Lp)

Xxxxx and Exercise of Option. In Landlord grants to Tenant an option to lease Building 3 (“Expansion Option”). As a part of the event Landlord elects to sell construction of the Building either separately or as part 3 Landlord shall also complete the final three (3) levels of a larger sale including other building(s) the above-grade parking structure within the Project Common Area so as to maintain a parking ratio of 3.45 spaces per 1,000 square feet. In order to exercise the Expansion Option, Tenant shall give Landlord written notice no later than twelve ("Offered Property"12) months following the Lease Commencement Date for Building 1, which commencement date is currently estimated at August 1, 2001 (“Option Expiration Date”). Tenant shall not be required to make any option payments prior to the Lease Commencement Date for Building 1, thereafter Tenant shall pay Landlord concurrently with and in addition to the Base Monthly Rent, the sum of Fifty Thousand and No/100 Dollars (referred $50,000.00) each month to hereinafter in this Section 20 as "Seller"preserve the Expansion Option. If Tenant fails to (i) hereby grants Tenant exercise the Expansion Option by the Option Expiration Date, or (ii) make any option payment required hereunder, the Expansion Option shall terminate and Landlord shall be free any time thereafter to construct Building 3 for a third party, subject only to Tenant’s right of first offering to purchase. Prior to Seller committing to sell its interest provided in the Offered Property to a third party, Seller shall give Tenant written notice of such desire and the terms and other information under which Seller intends to sell the Offered Property. Provided at the time of such written notice: (i) Tenant leases at least two buildings within the Project; and (ii) Tenant is not in default under the Lease beyond the expiration of any applicable cure period, Tenant shall have the option, which must be exercised, if at all, by written notice to Seller within fifteen (15) days after Tenant's receipt of Seller's notice, to purchase Seller's interest in the Offered Property at the sales price and terms of sale specified in the notice19.C below. In the event Tenant timely exercises such option to purchase its interest in this Expansion Option, the Offered Property, Seller Parties shall sell its interest in the Offered Property to Tenant, and Tenant shall purchase its interest in the Offered Property from Seller in accordance enter into a written lease agreement with the price and terms specified in Seller's notice. Seller and Tenant shall, in good faith, attempt to reach agreement a lease term of (12) twelve years on the terms of a mutually acceptable purchase agreement consistent with the terms set forth in Seller's notice within thirty (30) days of Tenant's exercise of its option to purchase. In the event either: (i) Tenant fails to exercise Tenant's option within said 15-day period; or (ii) after Tenant's exercise, Seller and Tenant are unable to reach agreement on a mutually acceptable purchase agreement within the subsequent 30-day period; Seller shall have one hundred eighty (180) days thereafter to sell its interest in the Offered Property at no less than ninety percent (90%) of the sales price and upon substantially the same other terms and conditions of sale this Lease except as specified provided in the notice to TenantSection 19.B below. In the event Seller fails to sell its interest in the Offered Property within said one hundred eighty (180) day period or Further, in the event Seller proposes that Tenant leases Building 3, this Lease and the lease for Building 1 shall be extended so as to sell its interest in be coterminous with the Offered Property at less than ninety percent (90%) of the sales price or on other material terms which are more favorable lease for Building 3. Base Monthly Rent under this Lease during such an extended term shall be equal to the prospective buyer than that proposed Base Monthly Rent payable immediately preceding the extended term, subject to Tenant, Seller shall be required continued adjustment pursuant to resubmit such offer to Tenant in accordance with Section 4.B of this Right of First Offering except that Tenant shall be required to respond to any resubmission within a seven (7) day periodLease.

Appears in 1 contract

Samples: Commencement Agreement (Guidewire Software, Inc.)

Xxxxx and Exercise of Option. In the event Landlord elects grants to sell the Building either separately or as part of a larger sale including other building(s) within the Project ("Offered Property")Tenant, Landlord (referred subject to hereinafter in this Section 20 as "Seller") hereby grants Tenant a right of first offering to purchase. Prior to Seller committing to sell its interest in the Offered Property to a third party, Seller shall give Tenant written notice of such desire and the terms and other information under which Seller intends conditions set forth in this Paragraph, an option (the “Option”) to sell the Offered Property. Provided at the time of such written notice: (i) Tenant leases at least two buildings within the Project; and (ii) Tenant is not in default under extend the Lease beyond Term for one (1) additional term (“Option Term”). The Option Term shall be for the expiration period set forth in Subparagraph 17 of any applicable cure period, Tenant the Fundamental Lease Provisions above and shall have the option, which must be exercised, if at all, by written notice to Seller within Landlord no earlier than fifteen (15) days after Tenant's receipt months and no later than twelve (12) months prior to the Expiration Date. If Tenant exercises the Option, all of Seller's noticethe terms, covenants and conditions of this Lease shall apply during the Option Term as though the expiration date of the Option Term was the date originally set forth herein as the Expiration Date, provided that Base Rent for the Premises payable by Tenant during the Option Term shall be, unless otherwise agreed in writing, the greater of either the Base Rent applicable to purchase Seller's interest in the Offered Property month immediately prior to the commencement of the Option Term, or the Fair Market Rental as hereinafter defined. Notwithstanding anything herein to the contrary, if an Event of Default by Tenant exists either at the sales price time Tenant exercises the Option or at the commencement date of the Option Term, Landlord shall have, in addition to all of Landlord’s other rights and terms of sale specified remedies provided in this Lease, the notice. In right to terminate the event Tenant timely exercises such option to purchase its interest in the Offered Property, Seller shall sell its interest in the Offered Property Options upon notice to Tenant, in which event the expiration date of this Lease shall be and Tenant shall purchase its interest remain the Expiration Date. As used herein, the term “Fair Market Rental” is defined as the rental and all other monetary payments, including any escalations and adjustments thereto (including without limitation Consumer Price Indexing) and after giving effect to market concessions such as free rent and tenant improvement allowance and other inducements that Landlord could obtain during the Option Term from a third party desiring to lease the Premises, based upon the current use and other potential uses of the Premises, as determined by the rents then being obtained for new leases of space comparable in age, buildout and quality to the Premises in the Offered Property from Seller in accordance with the price and terms specified in Seller's notice. Seller and Tenant shall, in good faith, attempt to reach agreement on the terms of a mutually acceptable purchase agreement consistent with the terms set forth in Seller's notice within thirty (30) days of Tenant's exercise of its option to purchase. In the event either: (i) Tenant fails to exercise Tenant's option within said 15-day period; or (ii) after Tenant's exercise, Seller and Tenant are unable to reach agreement on a mutually acceptable purchase agreement within the subsequent 30-day period; Seller shall have one hundred eighty (180) days thereafter to sell its interest in the Offered Property at no less than ninety percent (90%) locality of the sales price Premises. Fair Market Rental shall further take into account that Tenant is in occupancy and upon substantially the same other terms of sale as specified in the notice to Tenant. In the event Seller fails to sell its interest in the Offered Property within said one hundred eighty (180) day period or in the event Seller proposes to sell its interest in the Offered Property at less than ninety percent (90%) making functional use of the sales price or on other material terms which are more favorable to the prospective buyer than that proposed to Tenant, Seller shall be required to resubmit such offer to Tenant Premises in accordance with this Right of First Offering except that Tenant shall be required to respond to any resubmission within a seven (7) day periodits then existing condition.

Appears in 1 contract

Samples: Office Lease Agreement (Hercules Technology Growth Capital Inc)

Xxxxx and Exercise of Option. In the event Landlord elects to sell the Building either separately or as part of a larger sale including other building(s) within the Project ("Offered Property"), Landlord (referred to hereinafter in this Section 20 as "Seller") hereby grants Tenant a right of first offering to purchase. Prior to Seller committing to sell its interest in the Offered Property to a third party, Seller shall give Tenant written notice of such desire and the terms and other information under which Seller intends to sell the Offered Property. Provided at the time of such written notice: that (i) Tenant leases has not been in default hereunder at least any time during the Term of this Lease (the "Original Term"), (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) Tenant originally named herein remains in possession of and has been continuously operating in the entire Leased Premises throughout the Original Term and (iv) the current use of the Leased Premises is a Permitted Use pursuant to Section 1.01.K., Tenant shall have two buildings within (2) options to extend the Project; Original Term for additional periods of five (5) years each (the "Extension Terms"). The Extension Terms shall be upon the same terms and conditions contained in the Lease for the Original Term except (i) Tenant shall not have any further options to extend and (ii) the Annual Base Rent shall be adjusted as set forth herein ("Rent Adjustment"). Tenant is not in default under the Lease beyond shall exercise such option by delivering to Landlord, no later than one hundred twenty (120) days prior to the expiration of any applicable cure periodthe then current Term, written notice of Tenant's desire to extend the then current Term. Tenant's failure to properly exercise such option shall waive it. If Tenant properly exercises its option to extend, Landlord shall notify Tenant of the Rent Adjustment no later than ninety (90) days prior to the commencement of the Extension Term. Tenant shall be deemed to have accepted the option, which must be exercised, Rent Adjustment if at all, by it fails to deliver to Landlord a written notice to Seller objection thereto within fifteen ten (1510) business days after Tenant's receipt of Seller's notice, to purchase Seller's interest in the Offered Property at the sales price and terms of sale specified in the noticethereof. In the event If Tenant timely properly exercises such its option to purchase its interest in the Offered Propertyextend, Seller shall sell its interest in the Offered Property to Tenant, Landlord and Tenant shall purchase its interest in execute an amendment to the Offered Property from Seller in accordance with the price and terms specified in SellerLease (or, at Landlord's notice. Seller and Tenant shalloption, in good faith, attempt to reach agreement a new lease on the terms of a mutually acceptable purchase agreement consistent with form then in use for the Building) reflecting the terms set forth in Seller's notice and conditions of the Extension Term, within thirty (30) days of Tenant's exercise of its option to purchase. In the event either: (i) Tenant fails to exercise Tenant's option within said 15-day period; or (ii) after Tenant's exercise, Seller and Tenant are unable to reach agreement on a mutually acceptable purchase agreement within the subsequent 30-day period; Seller shall have one hundred eighty (180) days thereafter to sell its interest in the Offered Property at no less than ninety percent (90%) acceptance of the sales price and upon substantially the same other terms of sale as specified in the notice to Tenant. In the event Seller fails to sell its interest in the Offered Property within said one hundred eighty (180) day period or in the event Seller proposes to sell its interest in the Offered Property at less than ninety percent (90%) of the sales price or on other material terms which are more favorable to the prospective buyer than that proposed to Tenant, Seller shall be required to resubmit such offer to Tenant in accordance with this Right of First Offering except that Tenant shall be required to respond to any resubmission within a seven (7) day periodRent Adjustment.

Appears in 1 contract

Samples: Lease Agreement (Omniquip International Inc)

Xxxxx and Exercise of Option. In the event Landlord elects to sell the Building either separately or as part of a larger sale including other building(s) within the Project ("Offered Property"), Landlord (referred to hereinafter in this Section 20 as "Seller") hereby grants Tenant a right of first offering to purchase. Prior to Seller committing to sell its interest in the Offered Property to a third party, Seller shall give Tenant written notice of such desire and the terms and other information under which Seller intends to sell the Offered Property. Provided at the time of such written notice: that (i) no default has occurred and is then continuing; (ii) the credit worthiness of Tenant leases at least two buildings within the Projectis then reasonably acceptable to Landlord using reasonably accepted business judgment and practices in determining such creditworthiness; and (iiiii) Tenant is not originally named herein remains in default under possession of and has been continuously operating in the Lease beyond entire Leased Premises throughout the expiration term immediately preceding the Extension Term (as defined below); however, this requirement will be waived by Landlord if Landlord has approved a sublease of any applicable cure periodless than fifty percent (50%) of the Leased Premises as indicated in Paragraph 16 of the Lease, Tenant shall have the option, which must option to extend the Lease Term for two (2) additional periods of five (5) years each (the “Extension Term(s)”). Each Extension Term shall be exercisedupon the same terms and conditions contained in the Lease except (x) this provision giving two (2) extension options shall be amended to reflect the remaining options to extend, if at allany, and (y) any improvement allowances or other concessions applicable to the Leased Premises under the Lease shall not apply to the Extension Term, and (z) the Minimum Annual Rent shall be adjusted as set forth below (the “Rent Adjustment”). Tenant shall exercise each option by (i) delivering to Landlord, no later than six (6) months prior to the expiration of the preceding term, written notice of Tenant’s desire to Seller within fifteen extend the Lease Term, Tenant’s failure to timely exercise such option shall be deemed a waiver of such option and any succeeding option. Landlord shall notify Tenant of the amount of the Rent Adjustment no later than ninety (1590) days prior to the commencement of the Extension Term. Tenant shall be deemed to have rejected the Rent Adjustment if it fails to deliver to Landlord a written objection thereto within ten (10) business days after Tenant's receipt of Seller's notice, to purchase Seller's interest in the Offered Property at the sales price and terms of sale specified in the noticethereof. In the event If Tenant timely properly exercises such its option to purchase its interest in the Offered Property, Seller shall sell its interest in the Offered Property to Tenant, extend. Landlord and Tenant shall purchase its interest in execute an amendment to the Offered Property from Seller in accordance with the price and terms specified in Seller's notice. Seller and Tenant shallLease (or, in good faithat Landlord’s option, attempt to reach agreement a new lease on the terms of a mutually acceptable purchase agreement consistent with form then in use for the Building) reflecting the terms set forth in Seller's notice and conditions of the Extension Term within thirty (30) days of Tenant's exercise of its option to purchase. In the event either: (i) Tenant fails to exercise Tenant's option within said 15-day period; or (ii) after Tenant's exercise, Seller and Tenant are unable to reach agreement on a mutually acceptable purchase agreement within the subsequent 30-day period; Seller shall have one hundred eighty ’s acceptance (180) days thereafter to sell its interest in the Offered Property at no less than ninety percent (90%or deemed acceptance) of the sales price and upon substantially the same other terms of sale as specified in the notice to Tenant. In the event Seller fails to sell its interest in the Offered Property within said one hundred eighty (180) day period or in the event Seller proposes to sell its interest in the Offered Property at less than ninety percent (90%) of the sales price or on other material terms which are more favorable to the prospective buyer than that proposed to Tenant, Seller shall be required to resubmit such offer to Tenant in accordance with this Right of First Offering except that Tenant shall be required to respond to any resubmission within a seven (7) day periodRent Adjustment.

Appears in 1 contract

Samples: Commercial Lease Agreement (Mannatech Inc)

Xxxxx and Exercise of Option. In Landlord grants to Tenant, subject to the event Landlord elects to sell the Building either separately or as part of a larger sale including other building(s) within the Project ("Offered Property"), Landlord (referred to hereinafter terms and conditions set forth in this Section 20 as "Seller"18.A, an option (“Option”) hereby grants Tenant a right of first offering to purchase. Prior to Seller committing to sell its interest in the Offered Property to a third party, Seller shall give Tenant written notice of such desire and the terms and other information under which Seller intends to sell the Offered Property. Provided at the time of such written notice: (i) Tenant leases at least two buildings within the Project; and (ii) Tenant is not in default under extend the Lease beyond Term for an additional term (the expiration “Option Term”) of any applicable cure period, Tenant sixty (60) months. The Option shall have the option, which must be exercised, if at all, by written notice to Seller within fifteen Landlord no earlier than eighteen (1518) days after Tenant's receipt months prior to the date the Lease Term would expire but for such exercise but no later than twelve (12) months prior to the date the Lease Term would expire but for such exercise, time being of Seller's notice, to purchase Seller's interest in the Offered Property at essence for the sales price and terms giving of sale specified in the such notice. In If Tenant exercises the event Option, all of the terms, covenants and conditions of this Lease shall apply except for the grant of additional Options pursuant to this Section, provided that Base Monthly Rent for the Premises payable by Tenant timely exercises such option to purchase its interest in during the Offered Property, Seller Option Term shall sell its interest in be the Offered Property to Tenant, and Tenant shall purchase its interest in the Offered Property from Seller in accordance with the price and terms specified in Seller's notice. Seller and Tenant shall, in good faith, attempt to reach agreement on the terms greater of a mutually acceptable purchase agreement consistent with the terms set forth in Seller's notice within thirty (30) days of Tenant's exercise of its option to purchase. In the event either: (i) the initial Base Monthly Rent payable under this Lease, and (ii) ninety five percent (95%) of the Fair Market Rental, as hereinafter defined. Notwithstanding anything herein to the contrary, (i) if Tenant fails is in monetary or material non-monetary default under any of the terms, covenants or conditions of this Lease either at the time Tenant exercises the Option or at any time thereafter prior to exercise Tenant's option within said 15-day period; the commencement date of the Option Term, or (ii) after if the net worth of Tenant as reported in Tenant's exercise, Seller and Tenant are unable to reach agreement on a mutually acceptable purchase agreement within the subsequent 30-day period; Seller shall have one hundred eighty (180) days thereafter to sell its interest in the Offered Property at no ’s most recent financial statements is less than ninety percent (90%) the net worth of Tenant as of the sales price date of execution of this Lease, then Landlord shall have, in addition to all of Landlord’s other rights and remedies provided in this Lease, the right to terminate the Option upon substantially the same other terms of sale as specified in the notice to Tenant. In , in which event the event Seller fails Lease Term shall not be extended pursuant to sell its interest this Section 18.A. As used herein, the term “Fair Market Rental” is defined as the rental and all other monetary payments, including any escalations and adjustments thereto (including without limitation Consumer Price Indexing) that Landlord could obtain during the Option Term from a third party desiring to lease the Premises, based upon the (i) current use and other potential uses of the Premises, as determined by the rents then obtainable for new leases of space comparable in age and quality to the Premises in the Offered Property within said one hundred eighty same real estate submarket as the Building and (180ii) day period or the credit standing and financial stature of the Tenant. The appraisers shall be instructed that the foregoing five percent (5.0%) discount is intended to offset comparable rents that include the following costs which Landlord will not incur in the event Seller proposes to sell Tenant exercises its interest in the Offered Property at less than ninety percent option (90%i) of the sales price brokerage commissions, (ii) tenant improvement or on relocation allowances, (iii) vacancy costs, or (iv) other material terms which are more favorable to the prospective buyer than that proposed to Tenant, Seller shall be required to resubmit such offer to Tenant in accordance with this Right of First Offering except that Tenant shall be required to respond to any resubmission within a seven (7) day periodconcessions or inducements.

Appears in 1 contract

Samples: Terayon Communication Systems

Xxxxx and Exercise of Option. In This Option to Extend applies to the event Landlord elects to sell the Building either separately or as part of a larger sale including other building(s) within the Project ("Offered Property"), Landlord (referred to hereinafter in this Section 20 as "Seller") hereby grants Tenant a right of first offering to purchase. Prior to Seller committing to sell its interest in the Offered Property to a third party, Seller shall give Tenant written notice of such desire and the terms and other information under which Seller intends to sell the Offered PropertyAdditional Space Lease only. Provided at the time of such written notice: that (i) Tenant leases has not been in default hereunder at least two buildings within any time during the Project; Term of the Additional Space Lease (the "Original Additional Space Term"), (ii) Tenant originally named herein remains in possession of and has been continuously operating in the Additional Space throughout the Original Additional Space Term and (iii) Tenant's use of the Additional Space remains the same as designated in Section XI of the Lease, Tenant shall have one (1) option to extend the Original Additional Space Term for one (1) additional period of three (3) years (the "Additional Space Extension Term"). The Additional Space Extension Term shall be upon the same terms and conditions contained in the Additional Space Lease for the Original Additional Space Term except (i) Tenant shall not have any further option to extend and (ii) Tenant is not in default under the Lease beyond the expiration of any applicable cure period, Minimum Annual Base Rent shall be adjusted as set forth herein ("Rent Adjustment"). Tenant shall have the optionexercise such option by delivering to Landlord, which must be exercisedno later than April 1, if at all2000, by written notice of Tenant's desire to Seller extend the Original Additional Space Term. Tenant's failure to properly exercise such option shall waive it. If Tenant properly exercises its option to extend, Landlord shall notify Tenant in writing, within fifteen twenty (1520) days after of receipt by Landlord of Tenant's receipt of Seller's said notice, of Landlord's proposed Effective Market Base Rent Rate (as hereinafter defined) and Landlord's proposed Minimum Annual Base Rent for the Additional Space Extension Term. The Minimum Monthly Base Rent shall be an amount equal to purchase Seller's interest one-twelfth (1/12) of the Minimum Annual Base Rent for the Additional Space Extension Term and shall be paid at the same time and in the Offered Property at the sales price and terms of sale specified same manner as provided in the noticeAdditional Space Lease. In the event If Tenant timely properly exercises such its option to purchase its interest in the Offered Propertyextend, Seller shall sell its interest in the Offered Property to Tenant, Landlord and Tenant shall purchase its interest in execute an amendment to the Offered Property from Seller in accordance with the price and terms specified in SellerLease (or, at Landlord's notice. Seller and Tenant shalloption, in good faith, attempt to reach agreement a new lease on the terms of a mutually acceptable purchase agreement consistent with form then in use for the Building) reflecting the terms set forth in Seller's notice within thirty (30) days of Tenant's exercise of its option to purchase. In the event either: (i) Tenant fails to exercise Tenant's option within said 15-day period; or (ii) after Tenant's exercise, Seller and Tenant are unable to reach agreement on a mutually acceptable purchase agreement within the subsequent 30-day period; Seller shall have one hundred eighty (180) days thereafter to sell its interest in the Offered Property at no less than ninety percent (90%) conditions of the sales price and upon substantially the same other terms of sale as specified in the notice to Tenant. In the event Seller fails to sell its interest in the Offered Property within said one hundred eighty (180) day period or in the event Seller proposes to sell its interest in the Offered Property at less than ninety percent (90%) of the sales price or on other material terms which are more favorable to the prospective buyer than that proposed to Tenant, Seller shall be required to resubmit such offer to Tenant in accordance with this Right of First Offering except that Tenant shall be required to respond to any resubmission within a seven (7) day periodAdditional Space Extension Term.

Appears in 1 contract

Samples: Express Scripts Inc

Xxxxx and Exercise of Option. In Landlord grants to Tenant, subject to the event Landlord elects to sell the Building either separately or as part of a larger sale including other building(s) within the Project ("Offered Property"), Landlord (referred to hereinafter terms and conditions set forth in this Section 20 as "Seller"19 two (2) hereby grants Tenant a right of first offering options (each an “Option” and collectively the “Options”) to purchase. Prior to Seller committing to sell its interest in the Offered Property to a third party, Seller shall give Tenant written notice of such desire and the terms and other information under which Seller intends to sell the Offered Property. Provided at the time of such written notice: (i) Tenant leases at least two buildings within the Project; and (ii) Tenant is not in default under extend the Lease beyond the expiration Term for an additional term (each an “Option Term”). Each Option Term shall be for a period of any applicable cure period, Tenant sixty (60) months and each Option shall have the option, which must be exercised, if at all, by written notice to Seller within fifteen Landlord no earlier than eighteen (1518) days after Tenant's receipt of Seller's noticemonths prior to the date the Lease Term would expire but for such exercise (or, to purchase Seller's interest in the Offered Property at event of a damage or destruction of the sales price and terms of sale specified Premises in the last twenty-four (24) months of the Lease Term, no earlier than twenty-four (24) months prior to the date the Lease Term would expire but for such exercise) but no later than twelve (12) months prior to the date the Lease Term would expire but for such exercise, time being of the essence for the giving of such notice. In Notwithstanding this Section 19.A above, in order for Tenant’s exercise of an Option under this Lease to be effective, the event Tenant timely exercises such tenant under the Building B Lease must concurrently exercise its corresponding option to purchase its interest in extend the Offered Propertyterm of the Building B Lease. If Tenant exercises an Option, Seller all of the terms, covenants and conditions of this Lease shall sell its interest in apply except for the Offered Property grant of additional Options pursuant to Tenantthis Section 19 and except for tenant improvement, improvement allowances or relocation allowances or other leasing concessions and inducements, and provided that Base Monthly Rent for the Premises payable by Tenant during the Option Term shall purchase its interest in be ninety-five percent (95%) of the Offered Property from Seller in accordance with Fair Market Rental as hereinafter defined. Notwithstanding anything herein to the price and terms specified in Seller's notice. Seller and Tenant shallcontrary, in good faith, attempt to reach agreement on the terms of a mutually acceptable purchase agreement consistent with the terms set forth in Seller's notice within thirty (30) days of Tenant's exercise of its option to purchase. In the event either: (i) if Tenant fails or the tenant under the Building B Lease is in monetary or material non-monetary event of default under any of the terms, covenants or conditions of this Lease or the Building B Lease either at the time Tenant exercises the Option or at any time thereafter prior to exercise Tenant's option within said 15-day period; the commencement date of the Option Term, or (ii) after Tenant's exerciseif the net worth of Tenant or the tenant under the Building B Lease as reported in its most recent financial statements shows insufficient financial worth to undertake the financial obligations under this Lease or the Building B Lease, Seller respectively, then Landlord shall have, in addition to all of Landlord’s other rights and Tenant are unable remedies provided in this Lease, the right to reach agreement on a mutually acceptable purchase agreement within terminate the subsequent 30-day period; Seller shall have one hundred eighty (180) days thereafter to sell its interest in the Offered Property at no less than ninety percent (90%) of the sales price and Option upon substantially the same other terms of sale as specified in the notice to Tenant. In , in which event the event Seller fails Lease Term shall not be extended pursuant to sell its interest this Section 19.A. As used herein, the term “Fair Market Rental” is defined as the rental and all other monetary payments, including any escalations and adjustments thereto (including without limitation Consumer Price Indexing) that Landlord could obtain during the Option Term from a third party desiring to lease the Premises, based upon the (i) current use and other potential uses of the Premises, as determined by the rents then obtainable for new leases of space comparable in age and quality to the Premises in the Offered Property within said one hundred eighty same real estate submarket as the Building and (180ii) day period or the credit standing and financial stature of the Tenant. The appraisers shall be instructed that the foregoing five percent (5.0%) discount is intended to offset comparable rents that include the following costs which Landlord will not incur in the event Seller proposes to sell Tenant exercises its interest in the Offered Property at less than ninety percent option (90%i) of the sales price brokerage commissions, (ii) tenant improvement or on relocation allowances, (iii) vacancy costs, and (iv) other material terms which are more favorable to the prospective buyer than that proposed to Tenant, Seller shall be required to resubmit such offer to Tenant in accordance with this Right of First Offering except that Tenant shall be required to respond to any resubmission within a seven (7) day periodconcessions or inducements.

Appears in 1 contract

Samples: Lease, (Palo Alto Networks Inc)

Xxxxx and Exercise of Option. In Landlord grants to Tenant, subject to the event Landlord elects to sell the Building either separately or as part of a larger sale including other building(s) within the Project ("Offered Property"), Landlord (referred to hereinafter terms and conditions set forth in this Section 20 as "Seller"19 two (2) hereby grants Tenant a right of first offering options (each an “Option” and collectively the “Options”) to purchase. Prior to Seller committing to sell its interest in the Offered Property to a third party, Seller shall give Tenant written notice of such desire and the terms and other information under which Seller intends to sell the Offered Property. Provided at the time of such written notice: (i) Tenant leases at least two buildings within the Project; and (ii) Tenant is not in default under extend the Lease beyond the expiration Term for an additional term (each an “Option Term”). Each Option Term shall be for a period of any applicable cure period, Tenant sixty (60) months and each Option shall have the option, which must be exercised, if at all, by written notice to Seller within fifteen Landlord no earlier than eighteen (1518) days after Tenant's receipt of Seller's noticemonths prior to the date the Lease Term would expire but for such exercise (or, to purchase Seller's interest in the Offered Property at event of a damage or destruction of the sales price and terms of sale specified Premises in the last twenty-four (24) months of the Lease Term, no earlier than twenty-four (24) months prior to the date the Lease Term would expire but for such exercise) but no later than twelve (12) months prior to the date the Lease Term would expire but for such exercise, time being of the essence for the giving of such notice. In Notwithstanding this Section 19.A above, in order for Tenant’s exercise of an Option under this Lease to be effective, the event Tenant timely exercises such tenant under the Building A Lease must concurrently exercise its corresponding option to purchase its interest in extend the Offered Propertyterm of the Building A Lease. If Tenant exercises an Option, Seller all of the terms, covenants and conditions of this Lease shall sell its interest in apply except for the Offered Property grant of additional Options pursuant to Tenantthis Section 19 and except for tenant improvement, improvement allowances or relocation allowances or other leasing concessions and inducements, and provided that Base Monthly Rent for the Premises payable by Tenant during the Option Term shall purchase its interest in be ninety-five percent (95%) of the Offered Property from Seller in accordance with Fair Market Rental as hereinafter defined. Notwithstanding anything herein to the price and terms specified in Seller's notice. Seller and Tenant shallcontrary, in good faith, attempt to reach agreement on the terms of a mutually acceptable purchase agreement consistent with the terms set forth in Seller's notice within thirty (30) days of Tenant's exercise of its option to purchase. In the event either: (i) if Tenant fails or the tenant under the Building A Lease is in monetary or material non-monetary event of default under any of the terms, covenants or conditions of this Lease or the Building A Lease either at the time Tenant exercises the Option or at any time thereafter prior to exercise Tenant's option within said 15-day period; the commencement date of the Option Term, or (ii) after Tenant's exercise, Seller and if the net worth of Tenant are unable or the tenant under the Building A Lease as reported in its most recent financial statements shows insufficient financial worth to reach agreement on a mutually acceptable purchase agreement within the subsequent 30-day period; Seller shall have one hundred eighty (180) days thereafter to sell its interest in the Offered Property at no less than ninety percent (90%) of the sales price and upon substantially the same other terms of sale as specified in the notice to Tenant. In the event Seller fails to sell its interest in the Offered Property within said one hundred eighty (180) day period or in the event Seller proposes to sell its interest in the Offered Property at less than ninety percent (90%) of the sales price or on other material terms which are more favorable to the prospective buyer than that proposed to Tenant, Seller shall be required to resubmit such offer to Tenant in accordance with this Right of First Offering except that Tenant shall be required to respond to any resubmission within a seven (7) day period.undertake

Appears in 1 contract

Samples: Lease, (Palo Alto Networks Inc)

Xxxxx and Exercise of Option. In the event Landlord elects to sell the Building either separately or as part of a larger sale including other building(s) within the Project ("Offered Property"), Landlord (referred to hereinafter in this Section 20 as "Seller") hereby grants Tenant a right of first offering to purchase. Prior to Seller committing to sell its interest in the Offered Property to a third party, Seller shall give Tenant written notice of such desire and the terms and other information under which Seller intends to sell the Offered Property. Provided at the time of such written notice: (i) Tenant leases at least two buildings within the Project; and (ii) Tenant is not in default under the Lease hereunder beyond the expiration of any applicable cure period, (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) Tenant originally named herein or a Permitted Transferee remains in possession of and has been continuously operating in the entire Leased Premises for the term immediately preceding the Extension Term (defined below), and (iv) the current use of the Leased Premises is substantially the same as Tenant’s Permitted Use hereunder, Tenant shall have the option, which must option to extend the original Lease Term (“Original Term”) for three (3) successive periods of five (5) years each (the “Extension Term(s)”). The Extension Term shall be exercisedupon the same terms and conditions contained in the Lease for the Original Term except (i) this provision giving three (3) extension options shall be amended to reflect the remaining options to extend, if at allany and (ii) the Minimum Annual Rent shall be adjusted as set forth below (the “Rent Adjustment”). Tenant shall exercise such option by (i) delivering to Landlord, by no later than nine (9) months prior to the expiration of the Original Term or, if applicable, the Extension Term, written notice of Tenant’s desire to Seller extend the Original Term or, if applicable, the Extension Term, and (ii) delivering to Landlord within fifteen ten (1510) business days of receipt of the Rent Adjustment, written notice of its acceptance thereof. Unless Landlord otherwise agrees in writing, Tenant’s failure to timely exercise such option shall waive it and any succeeding option. Landlord shall notify Tenant of the amount of the Rent Adjustment no later than ninety (90) days after Tenant's receipt prior to the commencement of Seller's notice, to purchase Seller's interest in the Offered Property at the sales price and terms of sale specified in the noticeapplicable Extension Term. In the event If Tenant timely properly exercises such its option to purchase its interest in the Offered Propertyextend, Seller shall sell its interest in the Offered Property to Tenant, Landlord and Tenant shall purchase its interest in execute an amendment to the Offered Property from Seller in accordance with the price and terms specified in Seller's notice. Seller and Tenant shallLease (or, in good faithat Landlord’s option, attempt to reach agreement a new lease on the terms of a mutually acceptable purchase agreement consistent with form then in use by Landlord) reflecting the terms set forth in Seller's notice within thirty (30) days of Tenant's exercise of its option to purchase. In the event either: (i) Tenant fails to exercise Tenant's option within said 15-day period; or (ii) after Tenant's exercise, Seller and Tenant are unable to reach agreement on a mutually acceptable purchase agreement within the subsequent 30-day period; Seller shall have one hundred eighty (180) days thereafter to sell its interest in the Offered Property at no less than ninety percent (90%) conditions of the sales price and upon substantially the same other terms of sale as specified in the notice to Tenant. In the event Seller fails to sell its interest in the Offered Property within said one hundred eighty (180) day period or in the event Seller proposes to sell its interest in the Offered Property at less than ninety percent (90%) of the sales price or on other material terms which are more favorable to the prospective buyer than that proposed to Tenant, Seller shall be required to resubmit such offer to Tenant in accordance with this Right of First Offering except that Tenant shall be required to respond to any resubmission within a seven (7) day periodExtension Term.

Appears in 1 contract

Samples: Lease Agreement (Xenogen Corp)

Xxxxx and Exercise of Option. In Landlord grants to Tenant, subject to the event Landlord elects to sell the Building either separately or as part of a larger sale including other building(s) within the Project ("Offered Property"), Landlord (referred to hereinafter terms and conditions set forth in this Section 20 as "Seller"18.A, two (2) hereby grants Tenant a right of first offering options (the “Options”) to purchase. Prior to Seller committing to sell its interest in the Offered Property to a third party, Seller shall give Tenant written notice of such desire and the terms and other information under which Seller intends to sell the Offered Property. Provided at the time of such written notice: (i) Tenant leases at least two buildings within the Project; and (ii) Tenant is not in default under extend the Lease beyond Term for an additional term (the expiration “Option Term”). Each Option Term shall be for a period of any applicable cure period, Tenant sixty (60) months and shall have the option, which must be exercised, if at all, by written notice to Seller within fifteen Landlord no earlier than eighteen (1518) days after Tenant's receipt months prior to the date the Lease Term would expire but for such exercise but no later than twelve (12) months prior to the date the Lease Term would expire but for such exercise, time being of Seller's notice, to purchase Seller's interest in the Offered Property at essence for the sales price and terms giving of sale specified in the such notice. In If Tenant exercises the event Tenant timely exercises such option to purchase its interest in first Option or both of the Offered PropertyOptions, Seller all of the terms, covenants and conditions of this Lease except this Section shall sell its interest in apply during the Offered Property to Tenant, and Tenant shall purchase its interest in Option Term as though the Offered Property from Seller in accordance with expiration date of the price and terms specified in Seller's notice. Seller and Tenant shall, in good faith, attempt to reach agreement on Option Term was the terms of a mutually acceptable purchase agreement consistent with the terms date originally set forth in Seller's notice within thirty (30) days herein as the Expiration Date, provided that Base Monthly Rent for the Premises payable by Tenant during the Option Term shall be the greater of Tenant's exercise of its option to purchase. In the event either: (i) Tenant fails to exercise Tenant's option within said 15-day period; or the average amount of Base Monthly Rent paid during the initial Lease Term, and (ii) after Tenant's exercise, Seller and Tenant are unable to reach agreement on a mutually acceptable purchase agreement within the subsequent 30-day period; Seller shall have one hundred eighty (180) days thereafter to sell its interest in the Offered Property at no less than ninety five percent (9095%) of the sales price Fair Market Rental as hereinafter defined. Notwithstanding anything herein to the contrary, if Tenant is in monetary or material non-monetary default after expiration of any applicable cure period under any of the terms, covenants or conditions of this Lease either at the time Tenant exercises the Option or at any time thereafter prior to the commencement date of the Option Term, Landlord shall have, in addition to all of Landlord’s other rights and remedies provided in this Lease, the right to terminate the Option upon substantially the same other terms of sale as specified in the notice to Tenant, in which event the expiration date of this Lease shall be and remain the Expiration Date. In As used herein, the event Seller fails term “Fair Market Rental” is defined as the rental and all other monetary payments, including any escalations and adjustments thereto (including without limitation Consumer Price Indexing) that Landlord could obtain during the Option Term from a third party desiring to sell its interest lease the Premises, based upon the current use and other potential uses of the Premises, as determined by the rents then being obtained for new leases of space comparable in age and quality to the Premises in the Offered Property within said one hundred eighty locality of the Building. The appraisers shall be instructed that the foregoing five percent (1805%) day period or discount is intended to reduce comparable rents which include (i) brokerage commissions, (ii) tenant improvement allowances, and (iii) vacancy costs, to account for the fact that Landlord will not suffer such costs in the event Seller proposes to sell Tenant exercises its interest in the Offered Property at less than ninety percent (90%) of the sales price or on other material terms which are more favorable to the prospective buyer than that proposed to Tenant, Seller shall be required to resubmit such offer to Tenant in accordance with this Right of First Offering except that Tenant shall be required to respond to any resubmission within a seven (7) day periodOption.

Appears in 1 contract

Samples: Commencement Agreement (Guidewire Software, Inc.)

Xxxxx and Exercise of Option. In Provided that (i) there is no current Default hereunder, and (ii) the event Landlord elects current use of the Leased Premises is consistent with the Permitted Use hereunder, Tenant shall have one (1) option (the "Extension Option") to sell extend the Building either separately or as part original Term of a larger sale including other building(sthis Lease (the "Original Term") within for one (1) additional period of five (5) years (the Project ("Offered PropertyExtension Term"), Landlord (referred to hereinafter ) commencing when the Original Term expires. The Extension Term shall be upon the same terms and conditions contained in this Section 20 Lease (as "Seller"amended from time to time by the parties in accordance with the provisions of this Lease) hereby grants Tenant a right of first offering to purchase. Prior to Seller committing to sell its interest in for the Offered Property to a third party, Seller shall give Tenant written notice of such desire and the terms and other information under which Seller intends to sell the Offered Property. Provided at the time of such written notice: Original Term except (i) Tenant leases at least two buildings within the Project; shall not have any further option to extend and (ii) the Minimum Annual Rent shall be the Fair Market Rent (as defined below). Tenant is not in default under the Lease beyond shall exercise such option by delivering to Landlord, no later than nine (9) months prior to the expiration of any applicable cure periodthe Original Term, written notice of Tenant's desire to extend the Original Term. Tenant's failure to properly exercise such option shall waive it. If Tenant properly exercises its option to extend, Landlord shall notify Tenant of the rent adjustment no later that fifteen (15) business days after receipt of Tenant's written notice of Tenant's desire to exercise the Extension Option. Tenant shall be deemed to have accepted the option, which must be exercised, rent adjustment if at all, by it fails to deliver to Landlord a written notice to Seller objection thereto within fifteen (15) business days after Tenant's receipt thereof; provided, however, that Tenant may rescind its notice to exercise the Extension Option by giving Landlord written notice of Seller's notice, such election to purchase Seller's interest in the Offered Property at the sales price and terms of sale specified in the noticerescind within such fifteen (15) day period. In the event If Tenant timely properly exercises such its option to purchase its interest in the Offered Propertyextend, Seller shall sell its interest in the Offered Property to Tenant, Landlord and Tenant shall purchase its interest in execute an amendment to the Offered Property from Seller in accordance with Lease reflecting the price commencement and terms specified in Seller's notice. Seller expiration dates of the Extension Term and Tenant shall, in good faith, attempt to reach agreement on the terms of a mutually acceptable purchase agreement consistent with the terms set forth in Seller's notice agreed upon Fair Market Rent within thirty (30) days of Tenant's exercise of its option to purchase. In the event either: (i) Tenant fails to exercise Tenant's option within said 15-day period; or (ii) after Tenant's exercise, Seller and Tenant are unable to reach agreement on a mutually acceptable purchase agreement within the subsequent 30-day period; Seller shall have one hundred eighty (180) days thereafter to sell its interest in the Offered Property at no less than ninety percent (90%) acceptance of the sales price and upon substantially the same other terms of sale as specified in the notice to Tenant. In the event Seller fails to sell its interest in the Offered Property within said one hundred eighty (180) day period or in the event Seller proposes to sell its interest in the Offered Property at less than ninety percent (90%) of the sales price or on other material terms which are more favorable to the prospective buyer than that proposed to Tenant, Seller shall be required to resubmit such offer to Tenant in accordance with this Right of First Offering except that Tenant shall be required to respond to any resubmission within a seven (7) day periodrent adjustment.

Appears in 1 contract

Samples: Lease Agreement (Catapult Communications Corp)

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Xxxxx and Exercise of Option. In the event Landlord elects to sell the Building either separately or as part of a larger sale including other building(s) within the Project ("Offered Property"), Landlord (referred to hereinafter in this Section 20 as "Seller") hereby grants Tenant a right of first offering to purchase. Prior Tenant, upon and subject to Seller committing to sell its interest in the Offered Property to a third party, Seller shall give Tenant written notice of such desire and the terms and other information under which Seller intends conditions set forth in this Article 37 two (2) successive and sequential options (the “Options”) to sell the Offered Property. Provided at the time of such written notice: (i) Tenant leases at least two buildings within the Project; and (ii) Tenant is not in default under extend the Lease beyond Term for an additional term (the expiration “Option Term”), each additional Option Term shall be for a period of any applicable cure period, Tenant sixty (60) months. Each such Option shall have the option, which must be exercised, if at all, by written notice to Seller within fifteen Landlord no earlier than the date that is twenty four (1524) days after Tenant's receipt months prior to the Expiration Date, as it may have been extended by the prior exercise of Seller's noticean Option, but no later than the date that is twelve (12) months prior to purchase Seller's interest the Expiration Date, as it may have been extended. The due and valid exercise of the first such Option, shall be a condition to the exercise of the second such Option. Thirteen (13) months prior to the then applicable Expiration Date Landlord shall provide Tenant with a written notice of the fact that the Option will expire in the Offered Property at the sales price and terms of sale specified in the notice. In the event Tenant timely exercises such option to purchase its interest in the Offered Property, Seller shall sell its interest in the Offered Property to Tenant, and Tenant shall purchase its interest in the Offered Property from Seller in accordance with the price and terms specified in Seller's notice. Seller and Tenant shall, in good faith, attempt to reach agreement on the terms of a mutually acceptable purchase agreement consistent with the terms set forth in Seller's notice within thirty (30) days days. If Tenant exercises any such Option, each of the terms, covenants and conditions of this Lease, except this Article 37, shall apply during the Option Term as though the expiration date of the Option Term was the date originally set forth herein as the Expiration Date, provided that the Base Monthly Rent to be paid by Tenant during the Option Term shall be the Fair Market Rental, as hereinafter defined, for the Premises during the Option Term. Anything contained herein to the contrary notwithstanding, if Tenant is in monetary or material non-monetary default beyond any applicable notice and cure period under any of the terms, covenants or conditions of this Lease at the time Tenant exercises the Option, Landlord shall have, in addition to all of Landlord’s other rights and remedies provided in this Lease, the right to terminate the Option upon written notice to Tenant's , in which event the expiration date of this Lease shall be and remain the Expiration Date, without taking into consideration the attempted exercise of its option such Option. As used herein, the term “Fair Market Rental” for the Premises shall mean the base rental then being obtained for leases of space comparable in age, quality, location and amenities to purchasethe Premises in the locality of the Building that Landlord could obtain during the Option Term from a third party desiring to lease the Premises for the Option Term based upon the current use and other potential uses of the Premises. In The Fair Market Rental shall specifically exclude any additional rental attributable to the event eithervalue of the Tenant Improvements or Alterations paid for by Tenant and which may be removed by Tenant at the end of the term of the Lease and otherwise be adjusted to account for variations with respect to: (i) Tenant fails the length of the Option Term compared to exercise Tenant's option within said 15-day periodthe lease term of the Comparison Leases; or (ii) after Tenant's exerciserental structure, Seller including, without limitation, rental rates per rentable square foot (including type, gross or net, and Tenant are unable to reach agreement on a mutually acceptable purchase agreement within if gross, adjusting for base year or expense stop), additional rental, escalation provisions and all other payments and escalations; (iii) the subsequent 30-day period; Seller shall have one hundred eighty (180) days thereafter to sell its interest in the Offered Property at no less than ninety percent (90%) size of the sales price and upon substantially Premises compared to the same other terms of sale as specified in the notice to Tenant. In the event Seller fails to sell its interest in the Offered Property within said one hundred eighty (180) day period or in the event Seller proposes to sell its interest in the Offered Property at less than ninety percent (90%) size of the sales price premises of the Comparison Leases; (iv) location, floor levels and efficiencies of the floor(s) for which the determination is being made; (v) free rent, moving expenses and other cash payments, allowances or other monetary concessions affecting the rental rate; and (vi) the age and quality of construction of the Building (including compliance with applicable codes on other material terms which are more favorable to the prospective buyer than that proposed to Tenant, Seller shall be required to resubmit such offer to Tenant in accordance with this Right of First Offering except that Tenant shall be required to respond to any resubmission within a seven (7) day periodapplicable floors).

Appears in 1 contract

Samples: Lease (Western Digital Corp)

Xxxxx and Exercise of Option. In Landlord grants to Tenant, subject to the event Landlord elects to sell the Building either separately or as part of a larger sale including other building(s) within the Project ("Offered Property"), Landlord (referred to hereinafter terms and conditions set forth in this Section 20 as "Seller"18.A, two (2) hereby grants Tenant a right of first offering options (the “Options”) to purchase. Prior to Seller committing to sell its interest in the Offered Property to a third party, Seller shall give Tenant written notice of such desire and the terms and other information under which Seller intends to sell the Offered Property. Provided at the time of such written notice: (i) Tenant leases at least two buildings within the Project; and (ii) Tenant is not in default under extend the Lease beyond Term for an additional term (the expiration “Option Term”). Each Option Term shall be for a period of any applicable cure period, Tenant sixty (60) months and shall have the option, which must be exercised, if at all, by written notice to Seller within fifteen Landlord no earlier than eighteen (1518) days after Tenant's receipt months prior to the date the Lease Term would expire but for such exercise but no later than twelve (12) months prior to the date the Lease Term would expire but for such exercise, time being of Seller's notice, to purchase Seller's interest in the Offered Property at essence for the sales price and terms giving of sale specified in the such notice. In If Tenant exercises the event Tenant timely exercises such option to purchase its interest in first Option or both of the Offered PropertyOptions, Seller all of the terms, covenants and conditions of this Lease except this Section shall sell its interest in apply during the Offered Property to Tenant, and Tenant shall purchase its interest in Option Term as though the Offered Property from Seller in accordance with expiration date of the price and terms specified in Seller's notice. Seller and Tenant shall, in good faith, attempt to reach agreement on Option Term was the terms of a mutually acceptable purchase agreement consistent with the terms date originally set forth in Seller's notice within thirty (30) days herein as the Expiration Date, provided that Base Monthly Rent for the Premises payable by Tenant dieing the Option Term shall be the greater of Tenant's exercise of its option to purchase. In the event either: (i) Tenant fails to exercise Tenant's option within said 15-day period; or the average amount of Base Monthly Rent paid during the initial Lease Term, and (ii) after Tenant's exercise, Seller and Tenant are unable to reach agreement on a mutually acceptable purchase agreement within the subsequent 30-day period; Seller shall have one hundred eighty (180) days thereafter to sell its interest in the Offered Property at no less than ninety five percent (9095%) of the sales price Fair Market Rental as hereinafter defined. Notwithstanding anything herein to the contrary, if Tenant is in monetary or material non-monetary default after expiration of any applicable cure period under any of the terms, covenants or conditions of this Lease either at the time Tenant exercises the Option or at any time thereafter prior to the commencement date of the Option Term, Landlord shall have, in addition to all of Landlord’s other rights and remedies provided in this Lease, the right to terminate the Option upon substantially the same other terms of sale as specified in the notice to Tenant, in which event the expiration date of this Lease shall be and remain the Expiration Date. In As used herein, the event Seller fails term “Fair Market Rental” is defined as the rental and all other monetary payments, including any escalations and adjustments thereto (including without limitation Consumer Price Indexing) that Landlord could obtain during the Option Term from a third party desiring to sell its interest lease the Premises, based upon the current use and other potential uses of the Premises, as determined by the rents then being obtained for new leases of space comparable in age and quality to the Premises in the Offered Property within said one hundred eighty locality of the Building. The appraisers shall be instructed that the foregoing five percent (1805%) day period or discount is intended to reduce comparable rents which include (i) brokerage commissions, (ii) tenant improvement allowances, and (iii) vacancy costs, to account for the fact that Landlord will not suffer such costs in the event Seller proposes to sell Tenant exercises its interest in the Offered Property at less than ninety percent (90%) of the sales price or on other material terms which are more favorable to the prospective buyer than that proposed to Tenant, Seller shall be required to resubmit such offer to Tenant in accordance with this Right of First Offering except that Tenant shall be required to respond to any resubmission within a seven (7) day periodOption.

Appears in 1 contract

Samples: Commencement Agreement (NeurogesX Inc)

Xxxxx and Exercise of Option. In the event Landlord elects to sell the Building either separately or as part of a larger sale including other building(s) within the Project ("Offered Property"), Landlord (referred to hereinafter in this Section 20 as "Seller") hereby grants Tenant a right of first offering to purchase. Prior to Seller committing to sell its interest in the Offered Property to a third party, Seller shall give Tenant written notice of such desire and the terms and other information under which Seller intends to sell the Offered Property. Provided at the time of such written notice: that (i) Tenant leases has not been in default hereunder at least two buildings within any time during the Project; Term of this Lease beyond any applicable cure period (the “Original Term”), (ii) the creditworthiness of Tenant is then acceptable to Landlord, (iii) Tenant originally named herein remains in possession of and has been continuously operating in the entire Leased Premises throughout the Original Term and (iv) the current use of the Leased Premises is acceptable to Landlord, Tenant shall have one (1) option to extend the Original Term for one (I) additional period of either three (3) years or five (5) years (the “Extension Term”). The Extension Term shall be upon the same terms and conditions contained in the Lease for the Original Term except (i) Tenant shall not have any further option to extend and (ii) the Minimum Annual Rent shall be adjusted as set forth herein (“Rent Adjustment”). Tenant is not in default under the Lease beyond shall exercise such option by delivering to Landlord, no sooner than twelve (12) months and no later than nine (9) months prior to the expiration of any applicable cure periodthe Original Term, Tenant shall have the option, which must be exercised, if at all, by written notice of Tenant’s desire to Seller within fifteen extend the Original Term and Tenant’s election to extend for either (153) years or five (5) years. Tenant’s failure to properly exercise such option shall waive it. If Tenant properly exercises its option to extend, Landlord shall notify Tenant of the Rent Adjustment no later than thirty (30) days after Tenant's receipt ’s exercise of Seller's notice, to purchase Seller's interest in the Offered Property at the sales price and terms of sale specified in the notice. In the event Tenant timely exercises such its option to purchase extend. Tenant shall be deemed to have not accepted the Rent Adjustment if it fails to deliver to Landlord a written approval thereto within ten (10) business days after receipt thereof. If Tenant properly exercises its interest in the Offered Propertyoption to extend, Seller shall sell its interest in the Offered Property to Tenant, Landlord and Tenant shall purchase its interest in execute an amendment to the Offered Property from Seller in accordance with the price and terms specified in Seller's notice. Seller and Tenant shallLease (or, in good faithat Landlord’s option, attempt to reach agreement a new lease on the terms of a mutually acceptable purchase agreement consistent with form then in use for the Building) reflecting the terms set forth in Seller's notice and conditions of the Extension Term, within thirty (30) days of Tenant's exercise of its option to purchase. In the event either: (i) Tenant fails to exercise Tenant's option within said 15-day period; or (ii) after Tenant's exercise, Seller and Tenant are unable to reach agreement on a mutually acceptable purchase agreement within the subsequent 30-day period; Seller shall have one hundred eighty (180) days thereafter to sell its interest in the Offered Property at no less than ninety percent (90%) ’s acceptance of the sales price and upon substantially the same other terms of sale as specified in the notice to Tenant. In the event Seller fails to sell its interest in the Offered Property within said one hundred eighty (180) day period or in the event Seller proposes to sell its interest in the Offered Property at less than ninety percent (90%) of the sales price or on other material terms which are more favorable to the prospective buyer than that proposed to Tenant, Seller shall be required to resubmit such offer to Tenant in accordance with this Right of First Offering except that Tenant shall be required to respond to any resubmission within a seven (7) day periodRent Adjustment.

Appears in 1 contract

Samples: Lease Agreement (Eschelon Telecom Inc)

Xxxxx and Exercise of Option. In the event Landlord elects Lessor grants to sell the Building either separately or as part of a larger sale including other building(s) within the Project ("Offered Property")Lessee, Landlord (referred upon and subject to hereinafter in this Section 20 as "Seller") hereby grants Tenant a right of first offering to purchase. Prior to Seller committing to sell its interest in the Offered Property to a third party, Seller shall give Tenant written notice of such desire and the terms and other information under which Seller intends conditions set forth in this paragraph, one (1) option (the "Option") to sell the Offered Property. Provided at the time of such written notice: (i) Tenant leases at least two buildings within the Project; and (ii) Tenant is not in default under extend the Lease beyond Term for an additional term (the expiration "Option Term"). The Option Term shall be for a period of any applicable cure period, Tenant three (3) years. Said Option shall have the option, which must be exercised, if at all, by written notice to Seller within fifteen Lessor no earlier than the date that is twelve (1512) days after Tenant's receipt months prior to the Expiration Date but no later than the date that is seven (7) months prior to the Expiration Date. If Lessee exercises the Option, each of Seller's noticethe terms, to purchase Seller's interest in covenants and conditions of this Lease except this paragraph shall apply during the Offered Property at Option Term as though the sales price and terms expiration date of sale specified in the notice. In Option Term was the event Tenant timely exercises such option to purchase its interest in the Offered Property, Seller shall sell its interest in the Offered Property to Tenant, and Tenant shall purchase its interest in the Offered Property from Seller in accordance with the price and terms specified in Seller's notice. Seller and Tenant shall, in good faith, attempt to reach agreement on the terms of a mutually acceptable purchase agreement consistent with the terms date originally set forth in Seller's notice within thirty (30) days herein as the expiration date of Tenant's exercise the Option Term was the date originally set forth herein as the Expiration Date, provided that the Base Monthly Rent to be paid by Lessee during the Option Term shall be the greater of its option to purchase. In the event either: (i) Tenant fails the Base Monthly Rent applicable to exercise Tenant's option within said 15-day period; the period immediately prior to the commencement of the Option Term or (ii) after Tenantthe Fair Market Rental, as hereinafter defined, for the Premises for the Option Term. Anything contained herein to the contrary notwithstanding, if Lessee is in monetary or material non-monetary default under any of the terms, covenants or conditions of this Lease either at the time Lessee exercises the Option or any time thereafter prior to the commencement date of the Option Term, Lessor shall have, in addition to all of Lessor's exerciseother rights and remedies provided in this Lease, Seller the right to terminate the Option upon notice to Lessee, in which event the expiration date of this Lease shall be and Tenant are unable remain the Expiration Date. As used herein, the term "Fair Market Rental" for the Premises shall mean the rental and all other monetary payments, including any escalations and adjustments thereto (including, without limitation, Consumer Price Index) then being obtained for new leases of space comparable in age and quality to reach agreement on a mutually acceptable purchase agreement within the subsequent 30-day period; Seller shall have one hundred eighty (180) days thereafter to sell its interest Premises in the Offered Property at no less than ninety percent (90%) locality of the sales price Building that Lessor could obtain during the Option Term from a third party desiring to lease the Premises for the Option Term based upon the current use and upon substantially other potential uses of the same other terms Premises. Fair Market Rental shall take into account that (A) that Lessee in occupancy of sale as specified the Premises and making functional use of the space in its then-existing condition, and (B) that no brokerage commission is payable. Fair Market Rental shall not include any value attributable to the Lessee Improvements in the notice to Tenant. In the event Seller fails to sell its interest in the Offered Property within said one hundred eighty (180) day period or in the event Seller proposes to sell its interest in the Offered Property at less than ninety percent (90%) of the sales price or on other material terms which are more favorable to the prospective buyer than that proposed to Tenant, Seller shall be required to resubmit such offer to Tenant in accordance with this Right of First Offering except that Tenant shall be required to respond to any resubmission within a seven (7) day periodPremises paid for by Lessee.

Appears in 1 contract

Samples: Improvement Agreement (Introbiotics Phamaceuticals Inc)

Xxxxx and Exercise of Option. In the event Landlord elects grants to sell the Building either separately or as part of a larger sale including other building(s) within the Project ("Offered Property")Tenant, Landlord (referred subject to hereinafter in this Section 20 as "Seller") hereby grants Tenant a right of first offering to purchase. Prior to Seller committing to sell its interest in the Offered Property to a third party, Seller shall give Tenant written notice of such desire and the terms and other information under which Seller intends conditions set forth in this Paragraph, an option (the “Option”) to sell the Offered Property. Provided at the time of such written notice: (i) Tenant leases at least two buildings within the Project; and (ii) Tenant is not in default under extend the Lease beyond Term for up to one additional ten (10) year term (the expiration “Option Term”). The Option Term shall be for the period set forth in Subparagraph N of any applicable cure period, Tenant the Fundamental Lease Provisions above and shall have the option, which must be exercised, if at all, by written notice to Seller within fifteen Landlord not more than twelve (1512) days after Tenant's receipt months or less than nine (9) months prior to the Expiration Date. If Tenant exercises the Option, all of Seller's noticethe terms, covenants and conditions of this Lease except this Paragraph shall apply during the Option Term as though the expiration date of the Option Term was the date originally set forth herein as the Expiration Date, provided that Base Rent for the Premises payable by Tenant during the first twelve months of the Option Term shall be the greater of either three percent over the Base Rent applicable to purchase Seller's interest the period immediately prior to the commencement of the Option Term, or the Fair Market Rental as hereinafter defined; and the rent payable during the second twelve months of the Option Term shall be increased by three percent (3%) over the Base Rent at the beginning of the twelfth month in the Offered Property Option Term. Base Rent shall be adjusted annually thereafter by three percent (3%) on each anniversary of the Option Term. Notwithstanding anything herein to the contrary, if Tenant is in monetary or material non-monetary default under any of the terms, covenants or conditions of this Lease either at the sales price time Tenant exercises the Option or at any time thereafter prior to the commencement date of the Option Term, Landlord shall have, in addition to all of Landlord’s other rights and terms of sale specified remedies provided in this Lease, the notice. In right to terminate the event Tenant timely exercises such option to purchase its interest in the Offered Property, Seller shall sell its interest in the Offered Property Options upon notice to Tenant, in which event the expiration date of this Lease shall be and Tenant shall purchase its interest remain the Expiration Date. As used herein, the term “Fair Market Rental” is defined as the rental and all other monetary payments, including any escalations and adjustments thereto (including without limitation Consumer Price Indexing) that Landlord could obtain during the Option Term from a third party desiring to lease the Premises, based upon the current use and other potential uses of the Premises, as determined by the rents then being obtained for new leases of space comparable in age and quality to the Premises in the Offered Property from Seller in accordance with the price and terms specified in Seller's notice. Seller and Tenant shall, in good faith, attempt to reach agreement on the terms of a mutually acceptable purchase agreement consistent with the terms set forth in Seller's notice within thirty (30) days of Tenant's exercise of its option to purchase. In the event either: (i) Tenant fails to exercise Tenant's option within said 15-day period; or (ii) after Tenant's exercise, Seller and Tenant are unable to reach agreement on a mutually acceptable purchase agreement within the subsequent 30-day period; Seller shall have one hundred eighty (180) days thereafter to sell its interest in the Offered Property at no less than ninety percent (90%) locality of the sales price Premises. Fair Market Rental shall further take into account that Tenant is in occupancy and upon substantially the same other terms of sale as specified in the notice to Tenant. In the event Seller fails to sell its interest in the Offered Property within said one hundred eighty (180) day period or in the event Seller proposes to sell its interest in the Offered Property at less than ninety percent (90%) making functional use of the sales price or on other material terms which are more favorable to the prospective buyer than that proposed to Tenant, Seller shall be required to resubmit such offer to Tenant Premises in accordance with this Right of First Offering except that Tenant shall be required to respond to any resubmission within a seven (7) day periodits then existing condition.

Appears in 1 contract

Samples: Lease Agreement (Circle Bancorp)

Xxxxx and Exercise of Option. In the event Landlord elects to sell the Building either separately or as part of a larger sale including other building(sProvided that no default (beyond applicable notice and cure periods) within the Project ("Offered Property"), Landlord (referred to hereinafter in this Section 20 as "Seller") hereby grants Tenant a right of first offering to purchase. Prior to Seller committing to sell its interest in the Offered Property to a third party, Seller shall give Tenant written notice of such desire has occurred and the terms and other information under which Seller intends to sell the Offered Property. Provided at the time of such written notice: (i) Tenant leases at least two buildings within the Project; and (ii) Tenant is not in default under the Lease beyond the expiration of any applicable cure periodthen continuing, Tenant shall have the option, which must option to extend the Lease Term for three (3) additional periods of five (5) years each (the “Extension Term(s)”). Each Extension Term shall be exercisedupon the same terms and conditions contained in the Lease except (x) this provision giving three (3) extension options shall be amended to reflect the remaining options to extend, if at allany, and (y) any improvement allowances or other concessions applicable to the Leased Premises under the Lease shall not apply to the Extension Term, and (z) the Minimum Annual Rent shall be adjusted as set forth below (the “Rent Adjustment”). Tenant shall exercise each option by delivering to Landlord, no later than twelve (12) months prior to the expiration of the preceding term, written notice of Tenant’s desire to Seller within fifteen extend the Lease Term. Tenant’s failure to timely exercise such option shall be deemed a waiver of such option and any succeeding option. Landlord shall notify Tenant of the amount of the Rent Adjustment no later than ninety (1590) days prior to the commencement of the Extension Term. Tenant shall be deemed to have accepted the Rent Adjustment if it fails to deliver to Landlord a written objection thereto within ten (10) business days after Tenant's receipt of Seller's notice, to purchase Seller's interest in the Offered Property at the sales price and terms of sale specified in the noticethereof. In the event If Tenant timely properly exercises such its option to purchase its interest in the Offered Propertyextend, Seller shall sell its interest in the Offered Property to Tenant, Landlord and Tenant shall purchase its interest in execute an amendment to the Offered Property from Seller in accordance with the price and terms specified in Seller's notice. Seller and Tenant shall, in good faith, attempt to reach agreement on Lease reflecting the terms and conditions of a mutually acceptable purchase agreement consistent with the terms set forth in Seller's notice Extension Term within thirty (30) days of Tenant's exercise of its option to purchase. In the event either: (i) Tenant fails to exercise Tenant's option within said 15-day period; or (ii) after Tenant's exercise, Seller and Tenant are unable to reach agreement on a mutually acceptable purchase agreement within the subsequent 30-day period; Seller shall have one hundred eighty ’s acceptance (180) days thereafter to sell its interest in the Offered Property at no less than ninety percent (90%or deemed acceptance) of the sales price and upon substantially the same other terms of sale as specified in the notice to Tenant. In the event Seller fails to sell its interest in the Offered Property within said one hundred eighty (180) day period or in the event Seller proposes to sell its interest in the Offered Property at less than ninety percent (90%) of the sales price or on other material terms which are more favorable to the prospective buyer than that proposed to Tenant, Seller shall be required to resubmit such offer to Tenant in accordance with this Right of First Offering except that Tenant shall be required to respond to any resubmission within a seven (7) day periodRent Adjustment.

Appears in 1 contract

Samples: Lease Agreement (Restoration Hardware Inc)

Xxxxx and Exercise of Option. In the event Landlord elects to sell the Building either separately or as part of a larger sale including other building(s) within the Project ("Offered Property"), Landlord (referred to hereinafter in this Section 20 as "Seller") hereby grants Tenant a right of first offering to purchase. Prior to Seller committing to sell its interest in the Offered Property to a third party, Seller shall give Tenant written notice of such desire and the terms and other information under which Seller intends to sell the Offered Property. Provided at the time of such written notice: (i) Tenant leases has not been in default hereunder at least two buildings within any time during the Project; and Lease Term (the "Original Term"), (ii) the creditworthiness of Tenant is not then acceptable to Landlord, (iii) Tenant originally named herein remains in default under possession of and has been continuously operating in the Lease beyond entire Leased Premises for the expiration term immediately preceding the Extension Term (defined below), and (iv) the current use of any applicable cure periodthe Leased Premises is acceptable to Landlord, Tenant shall have the option, which must option to extend the Original Term for two (2) successive periods of five (5) years each (the "Extension Term(s)"). The Extension Term shall be exercisedupon the same terms and conditions contained in the Lease for the Original Term except (i) this provision giving two (2) extension options shall be amended to reflect the remaining options to extend, if at allany and (ii) the Minimum Annual Rent shall be adjusted as set forth below (the "Rent Adjustment"). Tenant shall exercise such option by (i) delivering to Landlord, by no later than six (6) months prior to the expiration of the Original Term or, if applicable, the Extension Term, written notice of Tenant's desire to Seller extend the Original Term or, if applicable, the Extension Term, and (ii) delivering to Landlord within fifteen ten (1510) business days of receipt of the Rent Adjustment, written notice of its acceptance thereof. Unless Landlord otherwise agrees in writing, Tenant's failure to timely exercise such option shall waive it and any succeeding option. Landlord shall notify Tenant of the amount of the Rent Adjustment no later than ninety (90) days after Tenant's receipt prior to the commencement of Seller's notice, to purchase Seller's interest in the Offered Property at the sales price and terms of sale specified in the noticeapplicable Extension Term. In the event If Tenant timely properly exercises such its option to purchase its interest in the Offered Propertyextend, Seller shall sell its interest in the Offered Property to Tenant, Landlord and Tenant shall purchase its interest in execute an amendment to the Offered Property from Seller in accordance with the price and terms specified in SellerLease (or, at Landlord's notice. Seller and Tenant shalloption, in good faith, attempt to reach agreement a new lease on the terms of a mutually acceptable purchase agreement consistent with form then in use by Landlord) reflecting the terms set forth in Seller's notice within thirty (30) days of Tenant's exercise of its option to purchase. In the event either: (i) Tenant fails to exercise Tenant's option within said 15-day period; or (ii) after Tenant's exercise, Seller and Tenant are unable to reach agreement on a mutually acceptable purchase agreement within the subsequent 30-day period; Seller shall have one hundred eighty (180) days thereafter to sell its interest in the Offered Property at no less than ninety percent (90%) conditions of the sales price and upon substantially the same other terms of sale as specified in the notice to Tenant. In the event Seller fails to sell its interest in the Offered Property within said one hundred eighty (180) day period or in the event Seller proposes to sell its interest in the Offered Property at less than ninety percent (90%) of the sales price or on other material terms which are more favorable to the prospective buyer than that proposed to Tenant, Seller shall be required to resubmit such offer to Tenant in accordance with this Right of First Offering except that Tenant shall be required to respond to any resubmission within a seven (7) day periodExtension Term.

Appears in 1 contract

Samples: Industrial Lease Agreement (United Stationers Supply Co)

Xxxxx and Exercise of Option. In the event Landlord elects to sell the Building either separately or as part of a larger sale including other building(s) within the Project ("Offered Property"), Landlord (referred to hereinafter in this Section 20 as "Seller") hereby grants Tenant a right of first offering to purchase. Prior to Seller committing to sell its interest in the Offered Property to a third party, Seller shall give Tenant written notice of such desire and the terms and other information under which Seller intends to sell the Offered Property. Provided at the time of such written notice: (i) Tenant leases at least two buildings within the Project; and (ii) Tenant is not in default under the Lease beyond the expiration of any applicable cure period, period at the time of Tenant’s Extension notice (as hereinafter defined) Tenant shall have the option to extend the Original Term for two (2) successive periods of five (5) years each (the “Extension Term(s)”). The Extension Term shall be upon the same terms and conditions contained in the Lease for the Original Term except (i) this provision giving two (2) extension options shall be amended to reflect the remaining options to extend, if any and (ii) the Minimum Annual Rent shall be adjusted as set forth below (the “Rent Adjustment”). Tenant shall exercise such option by (i) delivering to Landlord, no later than twelve (12) months prior to the expiration of the Original Term or, if applicable, the Extension Term, written notice of Tenant’s desire to extend the Original Term or, if applicable, the Extension Term (each, a “Tenant’s Extension Notice”). Unless Landlord otherwise agrees in writing, Tenant’s failure to timely exercise such option shall waive it and any succeeding option. To prevent the inadvertent failure of Tenant to exercise any extension option provided for in this Lease within the time frames called for herein, it is agreed that Landlord may not terminate this Lease within the time frames called for herein, it is agreed that Landlord may not terminate this Lease until and unless Landlord notifies Tenant in writing and points out that the option to extend or to further extend, as the case may be, has not been exercised. Tenant’s ability to elect the extension option, which must be exercisedin each instance, if at all, by written notice to Seller within shall continue for a period of fifteen (15) days after Tenant's receipt of Seller's noticesuch notice from Landlord; but if Tenant does not during such period send notice of the exercise to Landlord, to purchase Seller's interest in the Offered Property at the sales price and terms of sale specified in the noticeTenant’s extension option shall thereafter terminate. In the event Landlord fails to give Tenant timely exercises such option the notice provided for in this paragraph prior to purchase its interest in the Offered Propertyexpiration of the Original Term or of any Extension Term, Seller shall sell its interest in as the Offered Property to Tenantcase may be, and if Tenant shall purchase its interest remain in possession of the Offered Property after the expiration of the then current term, then Tenant shall remain in possession as a Tenant from Seller in accordance with the price and terms specified in Seller's noticemonth to month. Seller If Landlord then gives Tenant such notice and Tenant shall, in good faith, attempt to reach agreement on the terms of a mutually acceptable purchase agreement consistent with the terms set forth in Seller's notice within thirty (30) days of Tenant's exercise of exercises its option to purchase. In extend then the event either: (i) Tenant fails effective date of such exercise shall be retroactive to exercise Tenant's option within said 15-day period; or (ii) after Tenant's exercise, Seller and Tenant are unable to reach agreement on a mutually acceptable purchase agreement within the subsequent 30-day period; Seller shall have one hundred eighty (180) days thereafter to sell its interest in the Offered Property at no less than ninety percent (90%) expiration date of the sales price and upon substantially Original Term or the same other terms of sale as specified in the notice to Tenant. In the event Seller fails to sell its interest in the Offered Property within said one hundred eighty (180) day period or in the event Seller proposes to sell its interest in the Offered Property at less than ninety percent (90%) of the sales price or on other material terms which are more favorable to the prospective buyer than that proposed to TenantExtension Term, Seller shall be required to resubmit such offer to Tenant in accordance with this Right of First Offering except that Tenant shall be required to respond to any resubmission within a seven (7) day periodwhichever is applicable.

Appears in 1 contract

Samples: Lease Agreement (Regis Corp)

Xxxxx and Exercise of Option. In 40- Landlord grants to Tenant, subject to the event Landlord elects to sell the Building either separately or as part of a larger sale including other building(s) within the Project ("Offered Property"), Landlord (referred to hereinafter terms and conditions set forth in this Section 20 as "Seller"19 two (2) hereby grants Tenant a right of first offering options (each an “Option” and collectively the “Options”) to purchase. Prior to Seller committing to sell its interest in the Offered Property to a third party, Seller shall give Tenant written notice of such desire and the terms and other information under which Seller intends to sell the Offered Property. Provided at the time of such written notice: (i) Tenant leases at least two buildings within the Project; and (ii) Tenant is not in default under extend the Lease beyond the expiration Term for an additional term (each an “Option Term”). Each Option Term shall be for a period of any applicable cure period, Tenant sixty (60) months and shall have the option, which must be exercised, if at all, by written notice to Seller within fifteen Landlord no earlier than twelve (1512) days after Tenant's receipt months prior to the date the Lease Term would expire but for such exercise but no later than nine (9) months prior to the date the Lease Term would expire but for such exercise, time being of Seller's notice, to purchase Seller's interest in the Offered Property at essence for the sales price and terms giving of sale specified in the such written notice. Notwithstanding the foregoing, in order for Tenant’s exercise of an Option under this Lease to be effective, if any lease entered into by Tenant pursuant to Sections 19.E, 19.F or 19.G or any other lease entered into or assumed by Tenant for any other portion of the Project or Phase 2 (each of such other leases being an “Additional Lease”) has an expiration date that is within ten (10) months after the Expiration Date of this Lease, then the tenants under such Additional Leases must concurrently with Tenant exercise their corresponding options to extend the term of the Additional Leases if there are any remaining unexercised options under such Additional Leases. In addition, if an Additional Lease has an expiration date that is within ten (10) months before the event Tenant timely exercises Expiration Date of this Lease, and the tenant under such Additional Lease did not exercise an available option to purchase its interest in extend the Offered Propertyterm of the Additional Lease, Seller then all Options under this Lease as to which an Option Term has not commenced shall sell its interest in terminate and be of no further force or effect. If Tenant exercises an Option, all of the Offered Property terms, covenants and conditions of this Lease shall apply except for the grant of additional Options pursuant to this Section 19, except for Tenant’s right with respect to the lease of additional space within the Project pursuant to Sections 19.E, 19.F and 19.G below and except for tenant improvements, improvement allowances, space planning allowance or relocation allowances, free rent or other leasing concessions and inducements, and provided that Base Monthly Rent for the Premises payable by Tenant during the Option Term shall purchase its interest in be the Offered Property from Seller in accordance with Fair Market Rental as hereinafter defined. Notwithstanding anything herein to the price and terms specified in Seller's notice. Seller and Tenant shallcontrary, in good faith, attempt to reach agreement on the terms of a mutually acceptable purchase agreement consistent with the terms set forth in Seller's notice within thirty (30) days of Tenant's exercise of its option to purchase. In the event either: (i) if Tenant fails to exercise Tenant's option within said 15or the tenant under any Additional Lease is in monetary or material non-day period; monetary default beyond any applicable cure period under any of the terms, covenants or conditions of this Lease either at the time Tenant exercises the Option, or (ii) after Tenant's exerciseif the net worth of Tenant or the net worth or any other tenant under an Additional Lease, Seller as reported in their most recent financial statements shows insufficient financial worth to undertake the financial obligations under this Lease or the Additional Lease, as applicable, determined in Landlord’s reasonable discretion, then Landlord shall have, in addition to all of Landlord’s other rights and Tenant are unable remedies provided in this Lease, the right to reach agreement on a mutually acceptable purchase agreement within terminate the subsequent 30-day period; Seller shall have one hundred eighty (180) days thereafter to sell its interest in the Offered Property at no less than ninety percent (90%) of the sales price and Option upon substantially the same other terms of sale as specified in the notice to Tenant. In , in which event the event Seller fails Lease Term shall not be extended pursuant to sell its interest this Section 19.A. As used herein, the term “Fair Market Rental” is defined as the rental and all other monetary payments, including any escalations and adjustments thereto (including without limitation Consumer Price Indexing) that Landlord could obtain during the Option Term from a third party desiring to lease the Premises, based upon the (i) current use and other allowed uses of the Premises, as determined by the rents then obtainable for new leases of space comparable in age and quality to the Premises in the Offered Property within said one hundred eighty same real estate submarket as the Building and (180ii) day period or in the event Seller proposes to sell its interest in the Offered Property at less than ninety percent (90%) credit standing and financial stature of the sales price or on other material terms which are more favorable to the prospective buyer than that proposed to Tenant, Seller shall be required to resubmit such offer to and taking into account the quality or condition of the Premises (but only if the Premises has been maintained and repaired by Tenant in accordance with this Right of First Offering except that Tenant Lease) and tenant improvement allowances. In setting Fair Market Rental, the appraisers shall be required instructed that the following concessions obtainable for new space shall not be taken into account in determining Fair Market Rental, there shall be no offset or adjustment for the following costs which Landlord will not incur in the event Tenant exercises its option, and that the appraisers’ determination shall not be discounted due to respond to any resubmission within a seven the fact that such costs will not be incurred by Landlord in connection with the Option Term: (7i) day periodbrokerage commissions, (ii) relocation allowances, or (iii) vacancy costs.

Appears in 1 contract

Samples: ServiceNow, Inc.

Xxxxx and Exercise of Option. In Landlord grants to Tenant, subject to the event Landlord elects to sell the Building either separately or as part of a larger sale including other building(s) within the Project ("Offered Property"), Landlord (referred to hereinafter terms and conditions set forth in this Section 20 as "Seller"18 Two (2) hereby grants Tenant a right of first offering options (each an “Option” and collectively the “Options”) to purchase. Prior to Seller committing to sell its interest in the Offered Property to a third party, Seller shall give Tenant written notice of such desire and the terms and other information under which Seller intends to sell the Offered Property. Provided at the time of such written notice: (i) Tenant leases at least two buildings within the Project; and (ii) Tenant is not in default under extend the Lease beyond the expiration Term for an additional term (each an “Option Term”). Each Option Term shall be for a period of any applicable cure period, Tenant Sixty (60) months and shall have the option, which must be exercised, if at all, by written notice to Seller within fifteen Landlord no earlier than eighteen (1518) days after Tenant's receipt months prior to the date the Lease Term would expire but for such exercise but no later than twelve (12) months prior to the date the Lease Term would expire but for such exercise, time being of Seller's notice, to purchase Seller's interest in the Offered Property at essence for the sales price and terms giving of sale specified in the such notice. In Notwithstanding the event Tenant timely exercises such foregoing, in order for Tenant’s exercise of an Option under this Lease to be effective, the tenant under the Adjacent Building Lease must concurrently exercise its corresponding option to purchase its interest in extend the Offered Propertyterm of the Adjacent Building Lease. If Tenant exercises an Option, Seller all of the terms, covenants and conditions of this Lease shall sell its interest in apply except for the Offered Property grant of additional Options pursuant to Tenantthis Section 18, and provided that Base Monthly Rent for the Premises payable by Tenant during the Option Term shall purchase its interest in be the Offered Property from Seller in accordance with the price and terms specified in Seller's notice. Seller and Tenant shall, in good faith, attempt to reach agreement on the terms greater of a mutually acceptable purchase agreement consistent with the terms set forth in Seller's notice within thirty (30) days of Tenant's exercise of its option to purchase. In the event either: (i) Tenant fails the Base Monthly Rent applicable to exercise Tenant's option within said 15-day period; the period immediately prior to the commencement of the Option Term, or (ii) after Tenant's exercise, Seller and Tenant are unable to reach agreement on a mutually acceptable purchase agreement within the subsequent 30-day period; Seller shall have one hundred eighty (180) days thereafter to sell its interest in the Offered Property at no less than ninety percent (90100%) of the sales price Fair Market Rental as hereinafter defined. Notwithstanding anything herein to the contrary, (i) if Tenant is in monetary or material non-monetary default under any of the terms, covenants or conditions of this Lease or the tenant under the Adjacent Building Lease is in monetary or material non-monetary default under any of terms, covenants or conditions of the Adjacent Building Lease, or (ii) if Tenant does not have the financial ability to meet its obligations under this Lease, or the tenant under the Adjacent Building Lease does not have the financial ability to meet its obligations under the Adjacent Building Lease, as reasonably determined by Landlord, either at the time Tenant exercises the Option or at any time thereafter prior to the commencement date of the Option Term, then Landlord shall have, in addition to all of Landlord’s other rights and remedies provided in this Lease, the right to terminate the Option upon substantially the same other terms of sale as specified in the notice to Tenant. In , in which event the event Seller fails Lease Term shall not be extended pursuant to sell its interest in this Section 18.A. As used herein, the Offered Property within said one hundred eighty (180) day period or in the event Seller proposes to sell its interest in the Offered Property at less than ninety percent (90%) of the sales price or on other material terms which are more favorable to the prospective buyer than that proposed to Tenant, Seller shall be required to resubmit such offer to Tenant in accordance with this Right of First Offering except that Tenant shall be required to respond to any resubmission within a seven (7) day period.term “

Appears in 1 contract

Samples: Cavium, Inc.

Xxxxx and Exercise of Option. In Landlord grants to Tenant, subject to the event Landlord elects to sell the Building either separately or as part of a larger sale including other building(s) within the Project ("Offered Property"), Landlord (referred to hereinafter terms and conditions set forth in this Section 20 as "Seller"18.A, four (4) hereby grants Tenant options (the “Options”) to extend the Lease Term for an additional term (the “Option Term”). The first two (2) Option Terms shall be for a right period of first offering to purchase. Prior to Seller committing to sell its interest in the Offered Property to a third party, Seller shall give Tenant written notice of such desire thirty six (36) months each and the terms and other information under which Seller intends to sell the Offered Propertysecond two (2) Option Terms shall be for sixty (60) months each. Provided at the time of such written notice: (i) Tenant leases at least two buildings within the Project; and (ii) Tenant is not in default under the Lease beyond the expiration of any applicable cure period, Tenant All Option Terms shall have the option, which must be exercised, if at all, by written notice to Seller within fifteen Landlord no earlier than eighteen (1518) days after Tenant's receipt months prior to the date the Lease Term would expire but for such exercise but no later than twelve (12) months prior to the date the Lease Term would expire but for such exercise, time being of Seller's notice, to purchase Seller's interest in the Offered Property at essence for the sales price and terms giving of sale specified in the such notice. In If Tenant exercises the event Option, all of the terms, covenants and conditions of this Lease shall apply except for the grant of additional Options pursuant to this Section (all remaining options will, however, continue to be in effect), provided that Base Monthly Rent for the Premises payable by Tenant timely exercises such option to purchase its interest in during the Offered Property, Seller Option Term shall sell its interest in be the Offered Property to Tenant, and Tenant shall purchase its interest in the Offered Property from Seller in accordance with the price and terms specified in Seller's notice. Seller and Tenant shall, in good faith, attempt to reach agreement on the terms greater of a mutually acceptable purchase agreement consistent with the terms set forth in Seller's notice within thirty (30) days of Tenant's exercise of its option to purchase. In the event either: (i) Tenant fails the Base Monthly Rent applicable to exercise Tenant's option within said 15-day period; or the period immediately prior to the commencement of the Option Term, and (ii) after Tenant's exercise, Seller and Tenant are unable to reach agreement on a mutually acceptable purchase agreement within the subsequent 30-day period; Seller shall have one hundred eighty (180) days thereafter to sell its interest in the Offered Property at no less than ninety percent (90%) of the sales price Fair Market Rental as hereinafter defined. Notwithstanding anything herein to the contrary, if Tenant is in monetary or material non-monetary default (beyond any applicable notice or cure period) under any of the terms, covenants or conditions of this Lease at the time Tenant exercises the Option, then Landlord shall have, in addition to all of Landlord’s other rights and remedies provided in this Lease, the right to terminate the Option upon notice to Tenant, in which event the Lease Term shall not be extended pursuant to this Section 18.A. As used herein, the term “Fair Market Rental” is defined as the rental and all other monetary payments, including any escalations and adjustments thereto (including without limitation Consumer Price Indexing) that Landlord could obtain during the Option Term from a third party desiring to lease the Premises, based upon the (i) current use and other potential uses of the Premises, as determined by the rents then obtainable for new leases of space comparable in age and quality to the Premises in the same real estate submarket as the Building and on substantially the same other terms of sale and conditions as specified in this Lease (e.g., triple net operating expenses). The appraisers shall be instructed that the notice foregoing ten percent (10.0%) discount is intended to Tenant. In offset comparable rents that include the event Seller fails to sell its interest in the Offered Property within said one hundred eighty (180) day period or following costs which Landlord will not incur in the event Seller proposes to sell Tenant exercises its interest in the Offered Property at less than ninety percent option (90%i) of the sales price brokerage commissions, (ii) tenant improvement or on other material terms which are more favorable to the prospective buyer than that proposed to Tenantrelocation allowances, Seller shall be required to resubmit such offer to Tenant in accordance with this Right of First Offering except that Tenant shall be required to respond to any resubmission within a seven and (7iii) day periodvacancy costs.

Appears in 1 contract

Samples: Netflix Inc

Xxxxx and Exercise of Option. In Landlord grants to Tenant, subject to the event Landlord elects to sell the Building either separately or as part of a larger sale including other building(s) within the Project ("Offered Property"), Landlord (referred to hereinafter terms and conditions set forth in this Section 20 as 18.A, three (3) options (the "SellerOptions") hereby grants Tenant a right of first offering to purchase. Prior to Seller committing to sell its interest in the Offered Property to a third party, Seller shall give Tenant written notice of such desire and the terms and other information under which Seller intends to sell the Offered Property. Provided at the time of such written notice: (i) Tenant leases at least two buildings within the Project; and (ii) Tenant is not in default under extend the Lease beyond Term for an additional term (the expiration "Option Term"). Each Option Term shall be for a period of any applicable cure period, Tenant sixty (60) months and shall have the option, which must be exercised, if at all, by written notice to Seller within fifteen Landlord no earlier than twelve (1512) days after Tenant's receipt of Seller's noticemonths prior to the Expiration Date but no later than nine (9) months prior to the Expiration Date. So long as Tenant also is the tenant under the Adjacent Building Lease, to purchase Seller's interest in the Offered Property at the sales price and terms of sale specified in the notice. In the event Tenant timely exercises such option to purchase its interest in the Offered Property, Seller shall sell its interest in the Offered Property to Tenant, and Tenant shall purchase its interest in the Offered Property from Seller in accordance with the price and terms specified in Seller's notice. Seller and Tenant shall, in good faith, attempt to reach agreement on the terms of a mutually acceptable purchase agreement consistent with the terms set forth in Seller's notice within thirty (30) days of Tenant's exercise of its option to purchase. In the event either: (i) Tenant fails to exercise Option under this Lease shall be conditioned upon Tenant's exercise of the corresponding extension option within said 15-day period; under the Adjacent Building Lease. If Tenant exercises the Option, all of the terms, covenants and conditions of this Lease except this Section shall apply during the Option Term as though the expiration date of the Option Term was the date originally set forth herein as the Expiration Date, provided that Base Monthly Rent for the Premises payable by Tenant during the Option Term shall be the greater of either the Base Monthly Rent applicable to the period immediately prior to the commencement of the Option Term, or (ii) after Tenant's exercise, Seller and Tenant are unable to reach agreement on a mutually acceptable purchase agreement within the subsequent 30-day period; Seller shall have one hundred eighty (180) days thereafter to sell its interest in the Offered Property at no less than ninety five percent (9095%) of the sales price Fair Market Rental as hereinafter defined. Notwithstanding anything herein to the contrary, if Tenant is in monetary or material non-monetary default (after expiration of any applicable cure period) under any of the terms, covenants or conditions of this Lease either at the time Tenant exercises the Option or at any time thereafter prior to the commencement date of the Option Term, Landlord shall have, in addition to all of Landlord's other rights and remedies provided in this Lease, the right to terminate the Option upon substantially the same other terms of sale as specified in the notice to Tenant, in which event the expiration date of this Lease shall be and remain the Expiration Date. In As used herein, the event Seller fails term "Fair Market Rental" is defined as the rental and all other monetary payments, including any escalations and adjustments thereto (including without limitation Consumer Price Indexing) that Landlord could obtain during the Option Term from a third party desiring to sell its interest lease the Premises, based upon the current use and other potential uses of the Premises, as determined by the rents then being obtained for new leases of space comparable in age and quality to the Premises in the Offered Property within said one hundred eighty locality of the Building. The parties further agree that the appraisers shall be instructed that the foregoing five percent (1805%) day period or discount is intended to reduce comparable rents which include (i) brokerage commissions and (ii) vacancy costs, to account for the fact that Landlord will not suffer such costs in the event Seller proposes to sell Tenant exercises its interest in the Offered Property at less than ninety percent (90%) of the sales price or on other material terms which are more favorable to the prospective buyer than that proposed to Tenant, Seller shall be required to resubmit such offer to Tenant in accordance with this Right of First Offering except that Tenant shall be required to respond to any resubmission within a seven (7) day periodOption.

Appears in 1 contract

Samples: Lease (Bea Systems Inc)

Xxxxx and Exercise of Option. In the event Landlord elects to sell the Building either separately or as part of a larger sale including other building(s) within the Project ("Offered Property"), Landlord (referred to hereinafter in this Section 20 as "Seller") hereby grants Tenant a right of first offering to purchase. Prior to Seller committing to sell its interest in the Offered Property to a third party, Seller shall give Tenant written notice of such desire and the terms and other information under which Seller intends to sell the Offered Property. Provided at the time of such written notice: (i) Tenant leases at least two buildings within the Project; and (ii) Tenant is not in default under hereunder, (ii) the Lease beyond creditworthiness of Tenant is substantially similar or better than as of the expiration Commencement Date, and (iii) the current use of any applicable cure periodthe Leased Premises is the same as the original Permitted Use, Tenant shall have the option, which must option to extend the original Lease Term ("Original Term") for two (2) successive periods of five (5) years each (the "Extension Term(s)"). The Extension Term shall be exercisedupon the same terms and conditions contained in the Lease for the Original Term except (i) this provision giving two (2) extension options shall be amended to reflect the remaining options to extend, if at allany and (ii) the Minimum Annual Rent shall be adjusted as set forth below (the "Rent Adjustment"). Tenant shall exercise such option by (i) delivering to Landlord, by no later than nine (9) months prior to the expiration of the Original Term or, if applicable, the Extension Term, written notice of Tenant's desire to Seller extend the Original Term or, if applicable, the Extension Term, and (ii) delivering to Landlord within fifteen ten (1510) business days of receipt of the Rent Adjustment, written notice of its acceptance thereof. Unless Landlord otherwise agrees in writing, Tenant's failure to timely exercise such option shall waive it and any succeeding option. Landlord shall notify Tenant of the amount of the Rent Adjustment no later than ninety (90) days after Tenant's receipt prior to the commencement of Seller's notice, to purchase Seller's interest in the Offered Property at the sales price and terms of sale specified in the noticeapplicable Extension Term. In the event If Tenant timely properly exercises such its option to purchase its interest in the Offered Propertyextend, Seller shall sell its interest in the Offered Property to Tenant, Landlord and Tenant shall purchase its interest in execute an amendment to the Offered Property from Seller in accordance with the price and terms specified in SellerLease (or, at Landlord's notice. Seller and Tenant shalloption, in good faith, attempt to reach agreement a new lease on the terms of a mutually acceptable purchase agreement consistent with form then in use by Landlord) reflecting the terms set forth in Seller's notice within thirty (30) days of Tenant's exercise of its option to purchase. In the event either: (i) Tenant fails to exercise Tenant's option within said 15-day period; or (ii) after Tenant's exercise, Seller and Tenant are unable to reach agreement on a mutually acceptable purchase agreement within the subsequent 30-day period; Seller shall have one hundred eighty (180) days thereafter to sell its interest in the Offered Property at no less than ninety percent (90%) conditions of the sales price and upon substantially the same other terms of sale as specified in the notice to Tenant. In the event Seller fails to sell its interest in the Offered Property within said one hundred eighty (180) day period or in the event Seller proposes to sell its interest in the Offered Property at less than ninety percent (90%) of the sales price or on other material terms which are more favorable to the prospective buyer than that proposed to Tenant, Seller shall be required to resubmit such offer to Tenant in accordance with this Right of First Offering except that Tenant shall be required to respond to any resubmission within a seven (7) day periodExtension Term.

Appears in 1 contract

Samples: Lease Agreement (Homegrocer Com Inc)

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