This office lease clause provides the tenant with a right of first refusal if additional space becomes available within the building.
The Florida Expansion Option Clause is a legal provision that allows for potential expansion or extension of a lease agreement in the state of Florida. This clause essentially grants the tenant the right, but not the obligation, to expand their leased premises within a specific time frame and under predetermined terms and conditions. This provision is commonly found in commercial lease agreements and offers flexibility to tenants who anticipate a need for additional space in the future. There are different types of Florida Expansion Option Clauses that can be included in lease agreements, including: 1. Right of First Offer (ROFL): This type of expansion option grants the tenant the first opportunity to lease any additional space that becomes available within the same property or building before it is offered to third parties. The tenant has the right to match or better the terms of any competing offers received. 2. Right of First Refusal (ROAR): With this type of expansion option, the tenant has the right to lease any additional space that becomes available within the same property or building, but only if the landlord receives an offer from a third party. If the landlord decides to sell or lease to a third party, the tenant has the right to accept those terms. 3. Fixed Expansion Option: This type of expansion option specifies a predetermined expansion area within the property or building that the tenant can lease at a later date. The terms and conditions, including the rent amount and lease duration for the expansion areas, are determined and agreed upon at the time of initial lease signing. 4. Contingent Expansion Option: This type of expansion option allows the tenant to expand their leased premises if certain criteria or conditions are met. For example, the tenant may have the option to expand if their business achieves a certain level of performance or if certain benchmarks are met. Including a Florida Expansion Option Clause in a lease agreement provides benefits for both tenants and landlords. Tenants have the flexibility to secure additional space as their businesses grow without needing to move or renegotiate a new lease agreement. Landlords, on the other hand, can retain existing tenants by offering a seamless expansion process and potentially increase rental income through the expansion.
