First Right Space definition

First Right Space means one full floor of the Building other than the Premises. In the event that at any time and from time to time during the Term of this Lease, and so long as there does not exist an Event of Default, any First Right Space becomes available for lease and Landlord and a prospective tenant have agreed upon a lease which is acceptable to both parties, under which such prospective tenant will rent such First Right Space, Landlord shall deliver to Tenant a notice that such First Right Space is available on a particular date along with a copy of the agreed upon lease between Landlord and such prospective tenant (such notice and lease are, collectively, the “First Right Notice”), and shall offer Tenant the opportunity to lease the First Right Space under the same terms and conditions as had been agreed to with such prospective tenant, including all Base Rent, Escalation Rent, and other payments payable by such prospective tenant to Landlord under such lease. Tenant shall have ten (10) days from receipt of the First Right Notice to accept the offer, reject the offer, or state that Tenant does not desire to lease such First Right Space. In the event Landlord does not receive written notice of Tenant’s exercise of the right herein granted within said 10-day period, there shall be a conclusive presumption that Tenant has rejected such offer. If Tenant rejects such offer or states that it does not desire to lease such First Right Space, Landlord, in its sole discretion, may lease said First Right Space to third party tenants at rates, terms and conditions which are not more favorable to such tenants than the rates, terms and conditions upon which Landlord had offered the First Right Space to Tenant. Further, in the event that Landlord reaches an agreement with a prospective tenant to lease such First Right Space at rates, terms or conditions that Landlord may deem acceptable but which rates, terms and conditions are more favorable to such prospective tenant than the rates, terms and conditions which were contained in the original First Right Notice to Tenant covering the First Right Space in question, Landlord shall deliver to Tenant a new First Right Notice and offer Tenant the opportunity to lease the First Right Space at the same rates, terms and conditions as are contained in such new third party lease. Any failure of Tenant to elect to lease any First Right Space pursuant to this right of first refusal shall not be deemed a waiver of any future right of first re...
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First Right Space means the Second Building (subject to the right of Landlord to lease portions thereof to Centraal Corporation (or its Affiliates) in accordance with the foregoing) and the second floor of the Building if, and when, Centraal Corporation leases both the third and fourth floors of the Second Building.
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First Right Space means space that becomes available on the second and fourth floors of the Building.
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Examples of First Right Space in a sentence

  • It is understood that should Landlord intend to lease other office space in addition to the First Right Space as part of a single transaction, then Landlord’s notice shall so provide and all such space shall collectively be subject to the following provisions.

  • It is understood that should Landlord intend to lease other space in addition to the First Right Space as part of a single transaction, then Landlord's notice shall so provide and all such space shall collectively be subject to the following provisions.

  • In the event that Landlord leases the First Right Space, or any portion thereof, to a third party in accordance with the provisions of this Section, and during the effective period of this First Right the First Right Space, or any portion thereof, shall again become available for releasing, then prior to Landlord entering into any such new lease with a third party other than the then-current occupant thereof for the First Right Space, Landlord shall repeat the procedures specified above in this Section.

  • It is understood that should Landlord intend to lease other office space in addition to the First Right Space as part of a single transaction, then Landlord’s Notice shall so provide and all such space shall collectively be subject to the following provisions.

  • In the event that Landlord leases the First Right Space, or any portion thereof, to a third party in accordance with the provisions of this Section, and during the effective period of this First Right the First Right Space, or any portion thereof, shall again become available for reletting, then prior to Landlord entering into any such new lease with a third party for the First Right Space, Landlord shall repeat the procedures specified above in this Section.

  • The initial Monthly Base Rent for the First Right Space shall be the Monthly Base Rent specified in the Availability Notice, and shall be subject to the annual adjustment as specified in the Availability Notice.

  • The Rentable Area for such First Right Space shall by computed in a manner consistent with the computations for the Premises.

  • In addition, if Tenant does not deliver to Landlord its Tenant Election Notice within such ten (10) business day period, Tenant’s rights under this Paragraph 40 shall terminate with respect to such First Right Space.

  • Tenant’s failure to timely return the amendment shall entitle Landlord to specifically enforce Tenant’s commitment to lease the Designated First Right Space, to lease such space to a third party without any obligation pursuant to this Section, and/or to pursue any other available legal remedy.

  • Tenant’s failure to lease a particular First Right Space shall not affect Tenant’s right of first offer hereunder for any other First Right Space that has not previously been the subject of an Availability Notice.


More Definitions of First Right Space

First Right Space means any space located in the Building.
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First Right Space is defined in Section 32.1.
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First Right Space defined in the first sentence of Section 4 of Exhibit G of the Lease shall be amended by deleting “(i) approximately 47,000 rentable square feet of office space at the building known as ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇ and (ii) approximately 65,000 rentable square feet of office space at the building known as ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇” and substituting “approximately 47,000 rentable square feet of office space at the building known as ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇” in lieu thereof. Except as modified herein, Section 4 of Exhibit G shall remain in full force and effect.
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Related to First Right Space

  • ROFR means a right of first refusal, right of first offer or other pre-emptive or preferential right of purchase or similar right to acquire the Assets or certain of them that may become operative by virtue of this Agreement or the completion of the Transaction;

  • car-share parking space means a parking space exclusively reserved and signed for a car used only for car-share purposes;

  • Available Space means the balance of the rentable square footage in the Building not already included as part of the Premises, which is not occupied by a tenant or which is occupied by an existing tenant whose lease is expiring within 6 months or less and such tenant does not wish to renew (whether or not such tenant has a right to renew) its occupancy of such space. If there is any Available Space in the Building, Landlord shall, at such time as Landlord shall elect so long as Tenant’s rights hereunder are preserved, deliver to Tenant written notice (the “Expansion Notice”) of such Available Space, together with the terms and conditions on which Landlord is prepared to lease Tenant such Available Space; provided that Base Rent shall be at the Market Rate (as defined in Section 40(a) below) for such Available Space. Tenant shall be entitled to exercise its right under this Section 39(a) only with respect to the entire Available Space described in such Expansion Notice (“Identified Available Space”). Tenant shall have 5 business days following delivery of the Expansion Notice to deliver to Landlord written notification of Tenant’s exercise of the Expansion Right with respect to the Identified Available Space (“Exercise Notice”). Tenant shall be entitled to lease such Identified Available Space upon the terms and conditions set forth in the Expansion Notice. If Landlord and Tenant are unable to agree on the Market Rate for the Available Space after negotiating in good faith within 5 days after Tenant’s delivery of an Exercise Notice, the applicable Market Rate will be determined through arbitration in accordance with Section 40(b). Tenant acknowledges and agrees that, if Tenant has delivered an Exercise Notice pursuant to this Section 39(a), Tenant shall have no right thereafter to rescind or elect not to lease the Available Space. Tenant acknowledges that the Term of the Lease with respect to the Identified Available Space may not be co-terminous with the Term of the Lease with respect to the original Premises. Notwithstanding anything to the contrary contained herein, Tenant shall have no right to exercise the Expansion Right and the provisions of this Section 39(a) shall no longer apply after the date that is 9 months prior to the expiration of the Base Term if Tenant has not exercised its Extension Right pursuant to Section 40. If Tenant fails to deliver an Exercise Notice to Landlord for the Identified Available Space within the required 5 business day period, Tenant shall be deemed to have forever waived its rights under this Section 39(a) to lease the Identified Available Space, and Landlord shall have the right to lease the Identified Available Space to any third party on any terms and conditions acceptable to Landlord.

  • Parking space leasing data means the following government data on an application for, or lease of, a parking space: residence address, home telephone number, beginning and ending work hours, place of employment, location of parking space, and work telephone number.

  • Renewal Option has the meaning set forth in §12.1.