This office lease clause provides the tenant with a right of first refusal if additional space becomes available within the building.
Cuyahoga Ohio Expansion Option Clause
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State:
Multi-State
County:
Cuyahoga
Control #:
US-OL24032
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Word;
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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.
Option clauses, also known as renewal terms, are provisions in a commercial lease agreement that allow a tenant to extend the term of the lease for an additional term after the initial term has expired.
Intro - Escalation Clause in Your Commercial Lease. A commercial escalation clause is often included in most commercial real estate leases. This clause allows the landlord to increase the rate of your rent according to a specific timeline or as a result of certain triggers included in the clause.
The Transfer Clause. One of the most important elements of the franchise agreement is the transferability clause. The transferability clause spell out the terms under which a party can sell or otherwise transfer their interest in the franchise to another party.
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.
Expansion Rights means any real or personal, tangible or intangible property rights (including collection rights, transmission rights, interconnection rights and rights to any operation and maintenance building or related facilities) necessary for the ownership, development, construction, operation or maintenance of
The Use Clause and Exclusive Clause A use clause limits how you'll use the rented space. The limitations can be as broad as what business you'll conduct there, as narrow as what specific services or products you'll offer, or as nebulous as the quality level of your operation.
Addendums can also be used to add additional provisions or modifications to a lease agreement after the lease has been signed, instead of executing a new agreement. Most lease agreements will state that addendums are allowed, legally binding, and subject to the same provisions within the lease agreement.
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 use clause in a lease tells you how you can utilize your space. It may restrict your lines of business, stipulate office hours that you must adhere to and place restrictions on advertising signage on the premises.