This office lease clause provides the tenant with a right of first refusal if additional space becomes available within the building.
The Ohio Expansion Option Clause is a legal provision that grants the tenant the right to expand their leased premises within a specified property or building in the state of Ohio. This clause provides flexibility to business owners and commercial tenants who anticipate future growth and need additional space for their operations. The Ohio Expansion Option Clause allows the tenant to exercise their right to expand their leased space by giving notice to the landlord or property owner. The notice period, terms, and conditions of the expansion are typically outlined within the lease agreement. This clause ensures that the tenant has the first opportunity to expand within the same property before the landlord considers leasing the space to other parties. There are different types of Ohio Expansion Option Clauses that could be customized to meet the specific needs of the parties involved. Some of these variations include: 1. Right of First Offer (ROFL): This type of clause grants the tenant the right to make the initial offer to lease any available expansion space within the property. If the landlord receives an offer from another party, they must first inform the tenant and provide them with an opportunity to match or better the terms of the competing offer. 2. Right of First Refusal (ROAR): Unlike the ROFL clause, with the ROAR clause, the tenant has the right to match or accept any offer that the landlord receives from a third party for the expansion space. If the tenant decides to exercise their right, they must notify the landlord within a specified timeframe. 3. Fixed Option Period: This clause allows the tenant to exercise their right to expand during a predetermined period, typically at specific intervals or dates throughout the lease term. The tenant will need to provide notice within this specified timeframe to access the expansion space. 4. Negotiated Expansion Right: In this scenario, the tenant and landlord negotiate the terms of the expansion right, including the size, location, and rental rates of the additional space. The terms and conditions are mutually agreed upon and included within the lease agreement. It's important for both the landlord and tenant to thoroughly review and understand the Ohio Expansion Option Clause before signing a lease agreement. Seeking legal advice is highly recommended ensuring that the terms are fair and reasonable for both parties involved.
