This office lease clause provides the tenant with a right of first refusal if additional space becomes available within the building.
Kentucky Expansion Option Clause
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US-OL24032
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How to fill out Expansion Option Clause?
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FAQ
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.
Negotiated contract provision that addresses a tenant's potential need for future expansion. Expansion rights allow a tenant to elect to expand beyond the fixed area of the leased premises to other specified areas under the landlord's control.
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.
A Kentucky month-to-month rental agreement, sometimes known as a ?tenancy-at-will,? is an agreement that may be terminated at any time between the landlord and tenant with 30 days' notice. The agreement has no end date which means the only way for the lease to end is with termination by either the landlord or tenant.
The landlord cannot increase the rent, decrease the services provided, or evict a tenant for asking that repairs be made or for notifying Code Enforcement of defects in the property. 3. The right to a rental unit that is habitable and compliant with all building and housing codes (KRS 383.595).
A lease extension refers to a legal agreement that extends the term of an existing lease or rental agreement. Extensions are not a requirement in a business relationship but are often granted just before an original agreement is set to expire.
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 option to expand is an expansion clause that allows the tenant to reserve a space for future use, at no additional cost, within a defined time period. If the tenant fails to make use of the space in that time period, the landlord has the right to market and lease the space to a third party.