This office lease clause provides the tenant with a right of first refusal if additional space becomes available within the building.
The Connecticut Expansion Option Clause, also known as the Connecticut Expansion Clause or Expansion Option, is a legal provision that allows for the expansion of contractual obligations or rights within a specific agreement or contract. This clause is commonly used in commercial real estate contracts, lease agreements, and business contracts. The Connecticut Expansion Option Clause essentially grants one party the option to expand its obligations or rights under the original contract, subject to certain conditions and terms. It provides flexibility to the contracting parties by allowing them to adapt to changing circumstances or business needs in the future. There are different types of Connecticut Expansion Option Clauses that can be incorporated into contracts. These include: 1. Lease Expansion Option Clause: This type of expansion clause is commonly seen in commercial lease agreements. It grants the tenant the right to expand its leased space within the same building or property, usually at a predetermined price or rate. The clause may specify the conditions and terms under which the expansion can take place, such as minimum occupancy requirements or notice periods. 2. Business Contract Expansion Option Clause: This clause is often found in business contracts where one party is allowed to expand its obligations or services under the contract. For example, in a construction contract, the client may have the option to expand the scope of work if necessary. The clause would specify the procedures, pricing, and terms for such expansions. 3. Real Estate Development Expansion Option Clause: This type of expansion clause is commonly included in contracts related to real estate development projects. It allows the developer or landowner to expand the development size, density, or land usage beyond the initial plans. The clause usually outlines the conditions and approvals required for the expansion, such as obtaining permits or regulatory approvals. 4. Purchase Option with Expansion Clause: In some cases, a contract may combine a purchase option with an expansion clause. This means that one party has the right to not only purchase the property or asset but also expand its usage or rights in the future. The clause would outline the process, pricing, and conditions for exercising both options. It is important to carefully review and negotiate the Connecticut Expansion Option Clause before entering into any contractual agreement. Parties should clearly define the terms, conditions, and limitations of the expansion option to avoid misunderstandings or disputes in the future. Seeking legal advice or assistance is often recommended ensuring that the clause meets the specific needs and goals of all involved parties.
