This office lease clause provides the tenant with a right of first refusal if additional space becomes available within the building.
The Arizona Expansion Option Clause is a legal provision that pertains to the options available for expansion within a lease agreement in the state of Arizona. This clause allows for the possibility of extending or expanding the leased premises in the future based on the terms and conditions specified within the lease. The purpose of the Arizona Expansion Option Clause is to give the tenant the right, but not the obligation, to expand their existing lease space as their business grows or circumstances change. By incorporating this clause into the lease agreement, both the landlord and tenant have clarity regarding the conditions that need to be satisfied in order to exercise the expansion option. There are different types of Arizona Expansion Option Clauses, including: 1. Fixed Expansion Option: This type of clause specifies a predetermined increase in the leased space, either in size or number of units, at a specific point in time or upon the occurrence of a certain event. For example, the tenant may have the right to expand by 20% after three years of leasing or upon reaching a certain revenue threshold. 2. Right of First Refusal: With this type of clause, the tenant is granted the opportunity to expand into additional available space within the same building or complex before it is offered to other potential tenants. The tenant has the first right to accept or decline the offer, ensuring they have priority over others interested in leasing the additional space. 3. Negotiated Expansion: This clause allows the tenant and landlord to negotiate the terms of expansion at the time of exercise. This flexibility gives both parties the opportunity to discuss factors such as rent, duration, and any necessary modifications to the leased premises. When incorporating an Arizona Expansion Option Clause, it is important to include relevant keywords such as "Arizona expansion clause," "expansion option in Arizona lease," and "Arizona lease agreement expansion rights" to ensure the clause is easily understood and searchable within legal documents.
