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NEGOTIATING KEY LEASE PROVISIONS A Landlord's Point of View - page 17 / 60

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FORM 3

RIGHT OF FIRST REFUSAL – BONA FIDE THIRD PARTY OFFER – IDENTICAL TERMS (NEUTRAL)

Landlord agrees that prior to leasing that portion of the Building described in Exhibit "___" (the "Additional Space") to a third party, Landlord shall submit to Tenant a copy of the proposed Lease which has been executed by the third party and which Landlord is prepared to enter into with the third party (the "Offered Lease"). On or before the tenth (10th) day after the date of such submission, Tenant shall have the sight (the "First Refusal Right") to send Landlord a notice stating that Tenant elects to rent the Additional Space upon the identical terms and conditions set forth in the Offered Lease (the "Offered Lease Terms"). Such notice must be postmarked within the ten (10) day period and sent by registered or certified mail, return receipt requested.

If Tenant duly and timely exercises the First Refusal Right, Landlord and Tenant shall promptly enter into a lease for the Additional Space (the "New Lease") on the Offered Lease Terms. If for any reason Tenant fails to duly and timely exercise the First Refusal Right, or if Tenant properly exercises such right but thereafter for any reason (other than the fault of Landlord) does not timely enter into the New Lease, Landlord shall be free to lease the Additional Space to another tenant on the Offered Lease Terms and First Refusal Right and Landlord's obligation under this paragraph shall be null and void and without further force and effect. Should Landlord not lease Additional Space to another tenant on the Offered Lease Terms, Tenant's First Refusal Right shall continue in accordance with the foregoing procedure and for so long as Tenant is in lawful possession hereunder whether by extension or holdover and is in full compliance with the terms hereof.

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