This office lease provision describes the standard of measurement for usable area in office buildings recommended by building owners and managers associations.
Delaware provisions used for measuring additional or option space are essential legal clauses that businesses or organizations may employ when drafting agreements or contracts. These provisions allow parties to include specific terms regarding additional space or options within a certain agreement. They ensure that both parties understand the conditions for expanding the space or availing additional options in the future. These provisions primarily apply to real estate, lease, rental, or similar agreements. Let's explore some types and details of Delaware provisions commonly used in this context: 1. Additional Space Provision: This clause states that, subject to certain conditions (e.g., availability, mutual agreement, etc.), the tenant or party involved in the agreement has the option to lease or occupy additional space within the same property or premises. It outlines the process, terms, and conditions for obtaining additional space, such as notice periods, rental adjustments, and any required modifications or improvements. 2. Expansion Option Provision: Similar to the Additional Space Provision, the Expansion Option Provision grants a tenant or party the right to expand their current space. However, this provision typically outlines predetermined terms and conditions, including timeframe, size limitations, rental adjustments, or any other specific requirements both parties must adhere to. 3. Right of First Refusal (ROAR) Provision: This provision grants a tenant or party the first opportunity to lease or purchase any additional or option space that becomes available, provided they match the terms offered by a third party. If an offer is received, the current tenant or party must be given the opportunity to accept or refuse the offer before the space is made available to others. 4. Option to Extend Provision: This type of provision allows for the extension of the lease or rental term for additional periods beyond the initial contract. The provision will outline the conditions under which the option to extend can be exercised, such as notice periods, rental adjustments, or any other specific requirements both parties must agree upon. 5. Termination Option Provision: This provision allows one or both parties to terminate the lease or agreement before the original term expires, introducing flexibility into the contract. It states the terms and conditions under which the termination option can be exercised, such as notice periods, penalties, or any other specific requirements both parties must agree upon. These provisions play a crucial role in providing clarity, flexibility, and structure to agreements involving additional or option space. Properly defining the terms and conditions related to additional space or options helps mitigate potential disputes and allows parties to plan for future expansions or variations in their contractual arrangements. When engaging in agreements involving additional or option space, it is important to consult legal professionals familiar with Delaware law to ensure compliance and adherence to specific jurisdictional requirements.Delaware provisions used for measuring additional or option space are essential legal clauses that businesses or organizations may employ when drafting agreements or contracts. These provisions allow parties to include specific terms regarding additional space or options within a certain agreement. They ensure that both parties understand the conditions for expanding the space or availing additional options in the future. These provisions primarily apply to real estate, lease, rental, or similar agreements. Let's explore some types and details of Delaware provisions commonly used in this context: 1. Additional Space Provision: This clause states that, subject to certain conditions (e.g., availability, mutual agreement, etc.), the tenant or party involved in the agreement has the option to lease or occupy additional space within the same property or premises. It outlines the process, terms, and conditions for obtaining additional space, such as notice periods, rental adjustments, and any required modifications or improvements. 2. Expansion Option Provision: Similar to the Additional Space Provision, the Expansion Option Provision grants a tenant or party the right to expand their current space. However, this provision typically outlines predetermined terms and conditions, including timeframe, size limitations, rental adjustments, or any other specific requirements both parties must adhere to. 3. Right of First Refusal (ROAR) Provision: This provision grants a tenant or party the first opportunity to lease or purchase any additional or option space that becomes available, provided they match the terms offered by a third party. If an offer is received, the current tenant or party must be given the opportunity to accept or refuse the offer before the space is made available to others. 4. Option to Extend Provision: This type of provision allows for the extension of the lease or rental term for additional periods beyond the initial contract. The provision will outline the conditions under which the option to extend can be exercised, such as notice periods, rental adjustments, or any other specific requirements both parties must agree upon. 5. Termination Option Provision: This provision allows one or both parties to terminate the lease or agreement before the original term expires, introducing flexibility into the contract. It states the terms and conditions under which the termination option can be exercised, such as notice periods, penalties, or any other specific requirements both parties must agree upon. These provisions play a crucial role in providing clarity, flexibility, and structure to agreements involving additional or option space. Properly defining the terms and conditions related to additional space or options helps mitigate potential disputes and allows parties to plan for future expansions or variations in their contractual arrangements. When engaging in agreements involving additional or option space, it is important to consult legal professionals familiar with Delaware law to ensure compliance and adherence to specific jurisdictional requirements.
