This office lease clause provides the tenant with a right of first refusal if additional space becomes available within the building.
Nevada Expansion Option Clause
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US-OL24032
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FAQ
In case of lack of fulfillment by one of the parties of his obligations to the stated conditions in this agreement, this agreement might be terminated by the initiative of the other 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.
When Breaking a Lease Is Justified in Nevada You Are Starting Active Military Duty. ... You Are 60 Years of Age or Older and Need to Move Because of Physical or Mental Disability. ... The Rental Unit Is Unsafe or Violates Nevada Health or Safety Codes. ... Your Landlord Harasses You or Violates Your Privacy Rights.
However, they must also make a good-faith effort to find a new tenant and mitigate the amount of rent lost. Reletting Costs: If the landlord incurs costs in finding a new tenant, such as advertising or screening prospective tenants, they can seek to recover these expenses.
Breaking a Lease in Nevada Move closer to a new job. Move into a newly bought home. Serve in the military as a serviceman. Leave their housemate. Move in with someone else. Upsize or downsize.
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.
Nevada tenants have the right to live in a unit that complies with local housing and safety requirements. If there are any existing damages to the unit, the tenant can request the landlord to fix the issue within 14 days of notice. In cases of emergency, the fix may be done within 24 hours' notice.
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.