This office lease clause provides the tenant with a right of first refusal if additional space becomes available within the building.
Nebraska Expansion Option Clause is a specific provision used in commercial leases or real estate contracts, allowing the tenant to potentially expand their rented space within the same building or property. This clause provides tenants with the flexibility to adjust and grow their business operations without the need to relocate to a new premise. By exercising the Nebraska Expansion Option Clause, tenants can avoid the various costs and inconveniences associated with relocation. The Nebraska Expansion Option Clause typically includes details regarding the process, terms, and conditions for expanding the leased space. This clause outlines the rights and obligations of both the tenant and the landlord, ensuring a smooth negotiation and implementation of the expansion. When drafting the clause, precise language and clear parameters are necessary to avoid any potential disputes or misunderstandings. There are different types of Nebraska Expansion Option Clauses that can be employed, depending on the specific needs and circumstances of the tenant. Some common variations include: 1. Fixed Expansion Area: This type of clause specifies a predetermined space or square footage that the tenant can expand into. It clearly outlines the size and location of the additional space available for occupancy. 2. Right of First Offer: In this type of clause, the tenant is given the first opportunity to lease any additional space that becomes available within the building or property. The tenant has the right to match or better any offer from potential new tenants before the landlord can lease the space to others. 3. Right of First Refusal: This clause grants the tenant the right to acquire additional space if the landlord decides to lease it to a third party. In this case, the landlord must present the terms of the offer made by the third party to the tenant, who then has the option to accept or refuse the offer. 4. Staggered Expansion: This type of clause allows the tenant to expand their leased space gradually over a specified period. The expansion can be scheduled in predetermined increments, providing the tenant with flexibility based on their business growth. Implementing a Nebraska Expansion Option Clause in a commercial lease or real estate contract benefits both tenants and landlords. Tenants can seamlessly expand their operations as needed, while landlords can retain long-term tenants and minimize vacancy periods, ultimately enhancing the value of their property.
