This office lease clause provides the tenant with a right of first refusal if additional space becomes available within the building.
Texas Expansion Option Clause
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The ?40 or 48 Rule? ? Requires Foreclosure Instead of Eviction. If the buyer has paid 40% or more of the purchase price, or the equivalent of 48 monthly payments, then the seller must give the buyer a 60-day notice to cure its default instead of the above-mentioned 30 days.
An early termination clause provides specific terms that allow a tenant to terminate their lease early. In exchange, the tenant is required to part away with a small penalty fee. The fee is usually equivalent to the rent of two months.
Texas leases typically also include other provisions detailing the terms of the rental agreement, such as details on the rent due, a description of the property being rented and information on the duration of the lease term.
Texas law gives the landlord or the tenant the explicit right to end a lease early in a few specific circumstances: Military Service. ... Family Violence. ... Sexual Offenses or Stalking Victims. ... Tenant's Death. ... Landlord's Failure to Repair. ... Landlord's Failure to , Inspect, or Repair a Smoke Alarm.
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.
A lease is essentially a contract between a landlord and a tenant. As with any contract, both parties have the right to negotiate the terms before entering into it. If the lease is in writing, Texas law requires a landlord to provide the tenant with a copy of the lease within 3 business days of signing.
Texas protects tenants who suffer from any kind of domestic violence, assault, stalking, or other similar cases. As long as they can show the landlord proof they're victims of any of these cases, they may be able to break the lease early without paying rent penalties.
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.
How do lease options work in Texas? A lease-option agreement is a contract between a landlord and a tenant in which the renter agrees to buy the property at the end of a set period of time. The tenant pays an option fee up front, as well as a monthly amount that goes toward the down payment.
Lease-options, along with contracts for deed and lease-purchases, have long been among the traditional tools of Texas residential real estate investors.