This office lease clause provides the tenant with a right of first refusal if additional space becomes available within the building.
Puerto Rico Expansion Option Clause
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US-OL24032
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How to fill out Expansion Option Clause?
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FAQ
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.
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.
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.
The Tenant shall have the right to place signage, subject to the Landlord's approval of such signage such approval not to be unreasonably withheld, on such exclusive parking spots identifying them as Tenant's designated exclusive parking spaces for use only by the Tenant, its employees and invitees.
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.
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 standard clause under a commercial or retail lease which gives a tenant the right to reduce the size of its leased premises during the lease term, subject to certain parameters and conditions being satisfied.