This office lease clause provides the tenant with a right of first refusal if additional space becomes available within the building.
The Cuyahoga Ohio Expansion Option Clause is a legal provision that allows a party to extend or expand the terms of a contract within the Cuyahoga Ohio jurisdiction. This clause grants a specific party the right, but not the obligation, to extend the contract or add additional provisions that were not initially included. It typically outlines the conditions under which the extension can be exercised and the mechanism for implementing the expansion option. There are different types of Cuyahoga Ohio Expansion Option Clauses which may vary depending on the specific contract and parties involved. Some common types include: 1. Time-based expansion option: This type of expansion option allows the party to extend the contract for a specified period beyond the original contract's end date. It may require certain conditions to be met for the extension to be valid, such as providing written notice within a specific timeframe. 2. Property-based expansion option: In this scenario, the expansion option clause grants the right to expand the contract by acquiring additional properties or assets that were not initially included. The clause may outline the process for determining the terms and conditions of the expansion, including pricing and timeline. 3. Scope-based expansion option: This type of expansion option allows a party to expand the scope or services provided under the contract. It may enable additional work or obligations to be included in the contract if certain conditions or criteria are met. 4. Renewal-based expansion option: This expansion option clause enables the contract to be renewed for another term, typically with similar or adjusted terms as the original contract. Parties may need to provide written notice or adhere to specific conditions outlined in the clause to exercise the renewal option. 5. Termination-based expansion option: This less common type of expansion option allows a party to expand the contract by terminating specific sections or provisions. It gives the party the power to remove certain obligations or terms from the contract while keeping other parts intact. It is essential for parties entering into contracts in the Cuyahoga Ohio jurisdiction to understand the specifics of the Expansion Option Clause and its implications. Consulting with legal professionals is advisable to ensure the proper drafting and implementation of this clause, as it can significantly impact the future of the contract and the parties involved.
