This office lease clause provides the tenant with a right of first refusal if additional space becomes available within the building.
The New Hampshire Expansion Option Clause is a legal provision that grants the right to expand or extend a contract or agreement in the state of New Hampshire under certain conditions. This clause offers flexibility and allows the parties involved to modify the terms and conditions of an existing contract to accommodate future changes or needs. The New Hampshire Expansion Option Clause is commonly used in commercial leases, real estate contracts, and business agreements. It enables the parties to negotiate and include a provision that outlines the specific terms and conditions under which the contract can be expanded or extended. There are several types of New Hampshire expansion option clauses that can be incorporated into contracts depending on the needs and preferences of the parties involved: 1. Fixed-Term Expansion Option: This type of expansion option allows for a predetermined and agreed-upon extension or expansion period. For example, a commercial lease may include a clause stating that the tenant has the right to extend the lease for an additional five years at a pre-determined rent increase. 2. Open-Ended Expansion Option: In contrast to a fixed-term expansion option, an open-ended expansion option does not specify a predetermined extension period. Instead, it grants the parties the flexibility to negotiate and agree upon the terms and conditions of the expansion or extension at a later date. 3. Right of First Refusal: This type of expansion option grants one party the first opportunity to expand or extend the contract before it can be offered to others. For instance, in a real estate agreement, a tenant may have the right of first refusal to purchase a property if the landlord decides to sell. 4. Conditional Expansion Option: This type of expansion option is contingent upon specific conditions being met or events occurring. For example, a business agreement may include a clause stating that the contract can be extended if certain sales targets are achieved. 5. Expansion Option Restrictive: In some cases, the New Hampshire expansion option clause may include specific limitations or restrictions on the expansion or extension. These limitations can relate to time frames, pricing, or other contractual terms. It is important for parties involved in a contract in New Hampshire to carefully consider the specific type of expansion option clause that suits their needs and seek legal advice to ensure the clause is properly drafted and enforceable. The New Hampshire Expansion Option Clause provides a valuable tool for parties to have the flexibility to adapt to changing circumstances and secure future arrangements.
