This office lease clause provides the tenant with a right of first refusal if additional space becomes available within the building.
The New Mexico Expansion Option Clause is a legal provision typically included in contracts or agreements to grant the option for one or both parties involved to expand or extend certain terms or rights within the state of New Mexico. It offers flexibility to the parties by allowing them to modify the agreement in accordance with their changing needs or circumstances. This clause is commonly utilized in various industries such as real estate, business partnerships, and employment contracts. There are different types of New Mexico Expansion Option Clauses available, depending on the specific context or purpose of the contract. Some of these variations include: 1. Term Expansion Option Clause: This type of clause enables the parties to extend the contract's duration beyond the initially agreed-upon term. For instance, in a lease agreement, it allows the tenant or landlord to renew the lease for an additional period. 2. Area Expansion Option Clause: With this clause, parties can expand the scope or geographic coverage of the agreement. For example, in a license agreement, it may grant the licensee the option to expand the permitted areas for product distribution or services. 3. Right of First Refusal Expansion Option Clause: This clause commonly applies to real estate or business agreements. It grants one party the priority or first opportunity to participate or acquire additional rights or assets before offering them to others. For instance, in a property sale, it allows a potential buyer the right to match or exceed any offers made by third parties. 4. Service Expansion Option Clause: This type of clause pertains to contracts involving services. It provides the option for the parties to expand the scope or type of services being rendered. For example, in an IT service agreement, it allows the client to request additional services beyond the original contract. 5. Price Adjustment Expansion Option Clause: This clause is often used in contracts where prices are subject to change over time. It permits the parties to adjust the agreed-upon prices based on specific criteria, such as inflation rates, market conditions, or changes in costs. In summary, the New Mexico Expansion Option Clause offers the parties involved the flexibility to expand, extend, or modify various aspects of their agreements within the state. Whether it is the contract's term, geographic coverage, additional rights, services, or pricing, this clause ensures that the agreement can adapt to evolving circumstances and needs.
