This office lease clause provides the tenant with a right of first refusal if additional space becomes available within the building.
Mississippi Expansion Option Clause
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Multi-State
Control #:
US-OL24032
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FAQ
Rent and Fees Application Fees: Rental application fees are not regulated in Mississippi. Rent Increases: Rent control is banned in Mississippi (Miss. Code § 21-17-5(2)). Late Fees: There is no statutory limit on late fees in Mississippi.
Landlords cannot raise rent more than 10% total or 5% plus the percentage change in the cost of living ? whichever is lower ? over a 12-month period.
During your tenancy, your landlord is also required to maintain the premises in a habitable condition. This means they must, among other things, comply with building and housing codes materially affecting health and safety, and maintain the unit in substantially the same condition it was in at the start of the lease.
Under Mississippi eviction laws, landlords must adhere to the notice requirements and provide a written notice to tenants before initiating eviction proceedings. For nonpayment of rent, the notice period is 3 days, during which the tenant has the opportunity to pay the outstanding rent in order to avoid eviction.
In Mississippi, landlords can raise the rent by any amount and for any reason as long as they give proper notice, don't do so during the fixed term of a lease, and aren't doing so for certain discriminatory or retaliatory reasons.
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.
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.