This office lease clause provides the tenant with a right of first refusal if additional space becomes available within the building.
Bronx New York Expansion Option Clause
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Multi-State
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Bronx
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US-OL24032
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FAQ
A graduated lease is an agreement under which a tenant and landlord agree to a periodic adjustment of monthly payments. For example, the agreement may reflect an increase in the tenant's payments due to market conditions or an increase in the value of the leased property.
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.
An 'option to renew' is a contractual right that is given to the Tenant to obtain an additional term for the lease if the Tenant so chooses. For instance, if the Tenant has a lease for the period of three (3) years with an additional three (3) years option, the total term of the lease can be perceived as six (6) years.
While a tenant may ensure that an extension option is included in their lease, they may not pay sufficient attention to the details of the actual provision because the event does not occur for five or 10 years and there are so many other controversial issues in the lease that must be negotiated.
If there is an option, it is an agreement negotiated by the lessor (landlord) and lessee (tenant) before entering the lease. The option is the tenant's right to another fixed-term of the lease on the same terms as the existing lease.
The Use Clause and Exclusive Clause A use clause limits how you'll use the rented space. The limitations can be as broad as what business you'll conduct there, as narrow as what specific services or products you'll offer, or as nebulous as the quality level of your operation.
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.
What Are Expansion Clauses? An expansion clause is something that can be negotiated into a commercial real estate lease that allows the tenant guaranteed or preferential rights to expand within the building or portfolio from which they are leasing.