First Right Space definition

First Right Space means up to three (3) full floors of the Building other than the Premises. The intent is that the First Right Space will be three (3) full floors, so if the first space to become available is only ½ of a floor, Tenant will still have 2 1/2 floors of First Right Space. 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 ...
Sample 1
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.
Sample 1Sample 2
First Right Space means any space located in the Building.
Sample 1

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.

  • All such addenda shall become a part of the RFP, and all Proponents shall be bound by such, whether or not received by the Proponent One original and 3 (three) copies of the proposal should be submitted to DCD's Bid Desk no later than 11:00 a.m., August 8, 2018.

  • 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.

  • Reviews and coordinates the preparation of final budget proposals for the Superintendent to submit to Boards.

  • In the event that Tenant does not timely commit in writing to lease the Designated First Right Space on the foregoing terms, then Landlord shall be free to lease same thereafter without any constraint, and Tenant shall have no further rights to any such Designated First Right Space.

  • If Tenant exercises any First Right during the initial 18 months of the Extended Term, the term for the applicable First Right Space shall be for a term equal to the then unexpired portion of the Term of the Lease and the Economic Terms shall be upon the same economic terms as the original Premises leased hereunder (including without limitation, the applicable Monthly Rate per square foot as set forth in Section II above).

  • 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.

  • Notwithstanding the foregoing, it is understood that Tenant’s First Right shall be subject to those certain extension or expansion rights previously granted by Landlord to any third party tenant in the Building, and Landlord shall in no event be obligated to initiate this First Right prior to leasing any portion of the First Right Space to the then-current occupant thereof.

  • 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 election not to lease any Designated Space relating to one First Right Space shall not waive, limit, alter, or impair Tenant’s First Right with respect to the other First Right Space.


More Definitions of First Right Space

First Right Space is defined in Section 32.1.
Sample 1
First Right Space means space that becomes available on the second and fourth floors of the Building.
Sample 1
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 0000 Xxxxxxxx Xxxx and (ii) approximately 65,000 rentable square feet of office space at the building known as 0000 Xxxxxxxx Xxxx” and substituting “approximately 47,000 rentable square feet of office space at the building known as 0000 Xxxxxxxx Xxxx” in lieu thereof. Except as modified herein, Section 4 of Exhibit G shall remain in full force and effect.
Sample 1

Related to First Right Space

  • ROFR means a right of first refusal to purchase or a right of first offer to purchase one or more of the Mortgaged Properties pursuant to a recorded instrument (or a memorandum thereof) encumbering the applicable Mortgaged Property.

  • 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.

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

  • First Refusal Right means the right granted to the Corporation in accordance with Article E.

  • Expansion Space means any space in the Building which, at any time during the Lease Term, is occupied by a Person other than Landlord under a written lease with Landlord, and the term “Tenant’s Expansion Space” means Expansion Space which Tenant has elected to lease as provided in this paragraph. Landlord agrees to notify Tenant promptly after Landlord learns that any Expansion Space is or will become available. Subject to the prior rights of other tenants to whom Landlord has granted substantially similar rights, Tenant has the option to lease any Expansion Space which Landlord notifies Tenant is or will become available. If Tenant gives Landlord notice of its exercise of this option within thirty (30) days after notification from Landlord of the availability of the Expansion Space and if no Event of Default exists when Tenant’s notice is given, this Lease will be deemed to be amended to include Tenant’s Expansion Space as part of the Premises for the remainder of the Lease Term upon all of the same terms contained in this Lease except that (i) the Rentable Area of the Premises will be amended to include Tenant’s Expansion Space; (ii) Tenant’s Share will be increased to include the rentable area of Tenant’s Expansion Space; (iii) the Term Commencement Date with respect to Tenant’s Expansion Space will be the earlier of sixty (60) days after the date on which Tenant’s Expansion Space becomes vacant and ready for occupancy (provided that date is at least sixty (60) days after Tenant exercises its option to lease the Expansion Space), or the date on which the Expansion Space is first occupied by Tenant; (iv) if Tenant’s Expansion Space contains a rentable area of 10,000 square feet or more, and if there are less than three (3) Lease Years remaining in the Lease Term, the Lease Term will be extended to include three (3) full years from the Term Commencement Date with respect to Tenant’s Expansion Space; and (v) subject to adjustment during each Fixed Rental Period as provided in Exhibit E, Basic Rent for each year of the remaining Lease Term (as it may be extended) will be the greater of (a) the Basic Rent last paid by the Person most recently occupying Tenant’s Expansion Space or (b) Market Rent determined as provided in the Rent Rider attached as Exhibit E. If Tenant exercises this option, Tenant’s Expansion Space will be leased to Tenant in its “as is” condition and Tenant will, at its expense and in compliance with the provisions of Section 7.06, design and construct all Improvements desired by Tenant for its use and occupancy. Landlord and Tenant agree to execute such amendments to this Lease and other instruments as either of them considers necessary or desirable to reflect Tenant’s exercise of this option.

  • Leased space means a self−service storage unit or a space located within a self−service storage facility that a lessee is enti- tled to use for the storage of personal property on a self−service basis pursuant to a rental agreement and that is not rented or pro- vided to the lessee in conjunction with property for residential use by the lessee.

  • Parking Space The County shall attempt to provide adequate free parking facilities for employees within a reasonable distance of their work locations.

  • First Offer Notice shall have the meaning set forth in Section 14.4(a).

  • Subleased Premises means such portions of the Leased Premises being particularly identified on Schedule B, which the parties agree, for the purposes of this Sublease and any square footage calculations pursuant hereto, is approximately 42,244 square feet of office (21,068 square feet on the third floor and 21,176 square feet on the seventh floor) and approximately 9.4312% of common space (building rentable area is 447,917 square feet).

  • Licensed Space means the indoor and outdoor space on the premises approved by the department for the purpose of providing licensed child care.

  • Public space means any real property or structures thereon that are owned, leased, or controlled by a governmental entity.

  • First Offer has the meaning set forth in Section 3.9(e)(1) or Section 11.1(b)(i), as applicable.

  • Collocation Space means an area of space located in a building to be used by CLEC to house telecommunications equipment that is necessary for interconnection or access to UNEs. Additionally, roof or wall space used for wireless interconnection shall be included in the definition where applicable.

  • Usable space means all the space on a pole, except the portion below ground level, the 20 feet of safety clearance space above ground level, and the safety clearance space between communications and power circuits. There is a rebuttable presumption that six feet of a pole are buried below ground level.

  • Premises means the location where the Services are to be supplied, as set out in the Specification.

  • Space means the volume of gas which a user of a storage facility is entitled to use for the storage of gas;

  • Space Lease The space or occupancy lease pursuant to which any Borrower holds a leasehold interest in the related Mortgaged Property, together with any estoppels or other agreements executed and delivered by the lessor in favor of the lender under the related Mortgage Loan(s).

  • Licensed premises or “premises” means all rooms, enclosures, contiguous areas, or places susceptible of precise description satisfactory to the administrator where alcoholic beverages, wine, or beer is sold or consumed under authority of a liquor control license, wine permit, or beer permit. A single licensed premises may consist of multiple rooms, enclosures, areas, or places if they are wholly within the confines of a single building or contiguous grounds.