This office lease clause provides the tenant with a right of first refusal if additional space becomes available within the building.
Vermont Expansion Option Clause
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FAQ
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.
Lessee may request Lessor to expand the demised Premises into additional spaces/buildings/land. Lessor may, at its sole discretion, agree to allow Lessee to expand into such additional spaces/buildings/land.
An option contract is an agreement that lets you pay for the right to buy certain property in the future. Buying an option does not require you to buy the property. But if you later choose to, you can follow the steps in your option contract to require the owner to sell you the property.
An extension option is a term of a lease that allows the tenant to extend the previous term of the lease under the existing agreement. It would be burdensome if both the tenant and landlord had to construct and sign new agreements every year or each time the previous agreement expired.
Note: Difference between option to renew and extend ? where the parties agree to ?extend? the existing lease is continued, where the parties ?renew? this creates a new lease.
An option to renew or extend the lease means that upon the tenant's exercise of the option (choice), the provisions of the agreed-upon option are adopted for another defined term. The terms of the option can include the length of the new term, a change in rent, and other modifications.
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.
Dollar stop clause. also called a operating stop/tax stop or expense stop clause this provision charges the tenant for increases in operating expenses during the lease term.