This office lease clause provides the tenant with a right of first refusal if additional space becomes available within the building.
The Massachusetts Expansion Option Clause is a legal provision incorporated into commercial lease agreements in the state of Massachusetts. This clause grants the tenant the opportunity to expand their rented premises within the same building or complex at a later date, subject to certain conditions and terms. The purpose of the Massachusetts Expansion Option Clause is to provide flexibility to tenants and accommodate their potential growth needs during the lease term, eliminating the hassle of relocating to a new space within the same property or finding a new location altogether. Different types of Massachusetts Expansion Option Clauses include: 1. Right of First Offer (ROFL): This type of expansion option clause grants the tenant the first opportunity to lease any additional available space within the same building or complex. The landlord must offer the tenant the ability to lease such space before offering it to any other prospective tenants. The tenant then has the choice to accept or decline the offer. 2. Right of First Refusal (ROAR): In this scenario, the tenant is given the right to match or better any lease terms offered to a third party for additional space within the building or complex. If the landlord receives an offer from another party, the tenant with the ROAR has the option to either accept the same terms or improve the offer within a specified time frame. 3. Renewal and Expansion Options: This combines the option to extend the lease term with the ability to expand into additional premises if needed. Tenants can negotiate multiple renewal periods and predetermined expansion terms within the original lease agreement. 4. Expansion Option Trigger: This type of clause allows the tenant to exercise the expansion option after specific events occur, such as reaching or exceeding a predetermined revenue threshold or meeting certain growth objectives. Once the trigger event happens, the tenant can expand into the available space within the building or complex. In conclusion, the Massachusetts Expansion Option Clause provides tenants with valuable expansion opportunities within the same property. Whether through the Right of First Offer, Right of First Refusal, Renewal and Expansion Options, or Expansion Option Trigger, tenants are empowered with the ability to grow their businesses conveniently while maintaining continuity and minimizing disruption.
