This office lease clause provides the tenant with a right of first refusal if additional space becomes available within the building.
The Oklahoma Expansion Option Clause refers to a provision commonly included in commercial lease agreements or contracts related to the oil and gas industry. This clause provides the lessee with the right to expand or extend the leased premises or acreage under certain conditions and terms. The expansion option clause allows the lessee to exercise their right to acquire additional land or spaces adjacent to their existing leased property. This provision is particularly important in energy-rich regions like Oklahoma, where companies may have increasing exploration or production needs. By including this clause, both parties ensure flexibility and avoid unnecessary complications if the lessee requires additional land in the future. There are different types of Oklahoma Expansion Option Clauses, depending on the specific conditions and terms agreed upon: 1. Acreage Expansion Option Clause: This type of expansion option clause typically allows the lessee to acquire additional acres of land surrounding the original leased premises. It may specify the boundaries or the maximum amount of land that can be added, ensuring that the lessee has the opportunity to expand their operations as required. 2. Premises Expansion Option Clause: In some cases, the expansion option clause may pertain to expanding the physical structures or buildings already in place on the leased premises. This type of clause allows the lessee to enhance their facilities within the boundaries of the existing property, facilitating future expansion needs. 3. Term Extension Option Clause: While not strictly an expansion option, this type of clause allows the lessee to extend the lease duration beyond the initial agreement. It provides the lessee with the ability to continue operations on the leased premises for a specified period beyond the original lease term. The Oklahoma Expansion Option Clause is usually negotiated during the initial contractual agreement between the lessor and lessee. It is important for both parties to clearly define the terms, conditions, and process required to exercise the expansion option. This often includes factors such as notice periods, rental adjustments, and any additional obligations or responsibilities associated with the expanded area. In summary, the Oklahoma Expansion Option Clause is a provision that grants lessees the right to expand or extend the leased premises or acreage in the oil and gas industry. By including this clause, both parties ensure flexibility and stability in their business operations. Various types of expansion option clauses exist, including acreage expansion, premises expansion, and term extension options, allowing lessees to meet their evolving needs effectively.
