This office lease clause provides the tenant with a right of first refusal if additional space becomes available within the building.
The Franklin Ohio Expansion Option Clause is a legal provision that allows for the expansion or enlargement of a real estate lease agreement in Franklin, Ohio. This clause provides tenants with the option to extend their lease term, increase the leased space, or both, subject to certain terms and conditions. The purpose of the Franklin Ohio Expansion Option Clause is to offer flexibility to both landlords and tenants by allowing for potential future growth or changes in space requirements. It provides a mechanism for tenants to secure additional space in the same location without having to relocate or renegotiate a completely new lease agreement. There are several types of Franklin Ohio Expansion Option Clauses that can be included in a lease agreement. Some common types include: 1. Expansion Option for Additional Time: This type of expansion clause gives the tenant the right to extend the lease term for a predetermined period. For example, a tenant may have an option to extend the lease for an additional three years at a specified rental rate. 2. Expansion Option for Additional Space: This clause allows the tenant to expand their leased space within the same property or building. The terms of the expansion, such as the size and rental rate, are typically outlined in the original lease agreement. 3. Combination Option: This type of expansion clause allows the tenant to exercise both the option for additional time and additional space. It provides the tenant with the flexibility to extend the lease term and increase the leased area simultaneously. An important factor to consider in the Franklin Ohio Expansion Option Clause is the conditions and limitations that may apply. These may include provisions regarding notice periods, rental rates, and how the expansion will be determined (e.g., based on square footage or fair market value at the time of exercising the option). By including a Franklin Ohio Expansion Option Clause in a lease agreement, both landlords and tenants can ensure they have the flexibility to adapt to changing business needs and potentially avoid the hassle and costs associated with relocating. It is essential for both parties to thoroughly review and negotiate the terms of this clause to protect their respective interests and establish clear guidelines for any future expansions within the leased premises.The Franklin Ohio Expansion Option Clause is a legal provision that allows for the expansion or enlargement of a real estate lease agreement in Franklin, Ohio. This clause provides tenants with the option to extend their lease term, increase the leased space, or both, subject to certain terms and conditions. The purpose of the Franklin Ohio Expansion Option Clause is to offer flexibility to both landlords and tenants by allowing for potential future growth or changes in space requirements. It provides a mechanism for tenants to secure additional space in the same location without having to relocate or renegotiate a completely new lease agreement. There are several types of Franklin Ohio Expansion Option Clauses that can be included in a lease agreement. Some common types include: 1. Expansion Option for Additional Time: This type of expansion clause gives the tenant the right to extend the lease term for a predetermined period. For example, a tenant may have an option to extend the lease for an additional three years at a specified rental rate. 2. Expansion Option for Additional Space: This clause allows the tenant to expand their leased space within the same property or building. The terms of the expansion, such as the size and rental rate, are typically outlined in the original lease agreement. 3. Combination Option: This type of expansion clause allows the tenant to exercise both the option for additional time and additional space. It provides the tenant with the flexibility to extend the lease term and increase the leased area simultaneously. An important factor to consider in the Franklin Ohio Expansion Option Clause is the conditions and limitations that may apply. These may include provisions regarding notice periods, rental rates, and how the expansion will be determined (e.g., based on square footage or fair market value at the time of exercising the option). By including a Franklin Ohio Expansion Option Clause in a lease agreement, both landlords and tenants can ensure they have the flexibility to adapt to changing business needs and potentially avoid the hassle and costs associated with relocating. It is essential for both parties to thoroughly review and negotiate the terms of this clause to protect their respective interests and establish clear guidelines for any future expansions within the leased premises.
