This office lease clause provides the tenant with a right of first refusal if additional space becomes available within the building.
Oklahoma Expansion Option Clause
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US-OL24032
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FAQ
An Oklahoma rent-to-own lease agreement allows a tenant to enter into a standard lease with an option to buy the property from the landlord. The details of the purchase are commonly pre-negotiated between the tenant and landlord. If the tenant decides not to buy, the lease will end with no liability to either party.
Oklahoma state law needs at least 30 days notice for early cancellation of a lease agreement. Here is a full guide to Oklahoma Lease Termination Notice.
A standard clause for inclusion in a lease where the tenant is to have an option to renew the lease from the end of the contractual term of the original lease. The option is not personal to the contracting tenant.
An Oklahoma month-to-month rental agreement is a lease for an undefined period of time that can be canceled at any time by the landlord or tenant giving a 30-day notice. If no notice is sent, the lease will continue under the same terms as the original lease.
A lease clause is a specific part of a contract or rental agreement between the landlord and tenant. These clauses need to be compliant with local state laws and other agreements between the two parties.
A break clause (also known as Option to Determine) can be included in a lease to allow either the landlord or the tenant to bring the lease to an end early.
Once the option is included in the lease, then provided the tenant complies with its obligations under the lease, the landlord cannot refuse to renew the lease for the option term.
A real estate purchase option can be great for buyers. For example, if you want to buy a lot of land to build a new home, a purchase option can be used to keep the lot available for a certain amount of time, until you have funding. The landowner cannot sell the plot to anybody else during the term of the option.