This office lease clause provides the tenant with a right of first refusal if additional space becomes available within the building.
Ohio Expansion Option Clause
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US-OL24032
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FAQ
EXPANSION REAL ESTATE means and refer to the Additional Real Estate and any other real estate that is adjoining or adjacent to the Additional Real Estate or the Original Real Estate or to any street right-of-way adjoining or adjacent to the Additional Real Estate or the Original Real Estate.
What Are Expansion Clauses? An expansion clause is something that can be negotiated into a commercial real estate lease that allows the tenant guaranteed or preferential rights to expand within the building or portfolio from which they are leasing.
Right of First Offer. Sometimes referred to as a right of first opportunity or first right to purchase, this provision requires the owner to give the holder the first chance to buy a property after the owner decides to sell. Unlike the option to purchase, the holder cannot force the owner to sell.
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.
Option to expand is the option to make an investment or undertake a project in the future to expand the business operations (a fast food chain considers opening new restaurants). Option to abandon is the option to cease a project or an asset to realize its salvage value (a manufacturer can opt to sell old equipment).
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.
A rental agreement (called a ?lease? in this pamphlet) is a binding written or oral contract between parties to establish or modify the terms, conditions and rules for a party's use and occupancy of a residential premises.
A percentage lease is a type of lease where the tenant pays a base rent plus a percentage of any revenue earned while doing business on the rental premises. It is a term used in commercial real estate.