This office lease clause provides the tenant with a right of first refusal if additional space becomes available within the building.
Georgia Expansion Option Clause
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US-OL24032
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FAQ
A standard clause under a commercial or retail lease which gives a tenant the right to reduce the size of its leased premises during the lease term, subject to certain parameters and conditions being satisfied.
What Are Expansion Clauses? An expansion clause is something that can be negotiated into a commercial real estate lease that allows the tenant guaranteed or preferential rights to expand within the building or portfolio from which they are leasing.
In terms of commercial real estate, expansion options provide tenants with the choice to add more space to their rented premises. Typically, this would apply to an office space or retail location where the tenants seek to expand into an adjoining space.
The expansion clause in commercial leases is a negotiable agreement between the landlord and tenant that permits the tenant an equitable right to expand within the building or property they are being leased.
Tenants can work with a trusted real estate advisor to draft their exercise letter. The exercise letter needs to reference the commercial lease, establish the effective date of the early termination, the penalty due, the circumstances of payment, and the condition of the premises upon vacation.
An option contract is an agreement that lets you pay for the right to buy certain property in the future. Buying an option does not require you to buy the property. But if you later choose to, you can follow the steps in your option contract to require the owner to sell you the property.
Right of First Offer. Sometimes referred to as a right of first opportunity or first right to purchase, this provision requires the owner to give the holder the first chance to buy a property after the owner decides to sell. Unlike the option to purchase, the holder cannot force the owner to sell.