This office lease clause provides the tenant with a right of first refusal if additional space becomes available within the building.
The King Washington Expansion Option Clause refers to a contractual provision that grants the holder the right to extend a lease agreement or purchase additional space within a commercial property owned by the King Washington company. This clause provides flexibility to the tenant or purchaser by allowing them to expand their existing premises if needed, without having to negotiate a new agreement or look for alternative space. This Expansion Option Clause is commonly found in commercial real estate leases, specifically in agreements with King Washington as the property owner. It is designed to accommodate the growth of businesses over time and provide an opportunity to secure additional space within the same location. By including this clause, King Washington aims to foster long-term relationships with their tenants and offer them the flexibility to adapt and expand their operations as necessary. There are two primary types of King Washington Expansion Option Clauses commonly utilized: 1. Lease Extension Option: This type of clause allows the tenant to extend their lease agreement beyond the initial term. It typically includes specific guidelines such as the duration of the extension, the rental rate during the extended period, and any other terms and conditions. This option grants the tenant security and stability, enabling them to continue operating in the same space without disruptions. 2. Space Expansion Option: This clause grants the tenant or purchaser the right to request additional space within the same property. It outlines the terms and conditions under which the expansion can occur, including the process for determining the size, location, and lease terms for the additional space. This option gives businesses the opportunity to scale their operations seamlessly, without the hassle and expenses associated with relocating to a new premise. The King Washington Expansion Option Clause is a valuable feature for businesses looking to secure their long-term growth strategies. It allows tenants or purchasers to plan and budget for expansion within the same property, ensuring a smooth transition and minimizing any potential operational disruptions.The King Washington Expansion Option Clause refers to a contractual provision that grants the holder the right to extend a lease agreement or purchase additional space within a commercial property owned by the King Washington company. This clause provides flexibility to the tenant or purchaser by allowing them to expand their existing premises if needed, without having to negotiate a new agreement or look for alternative space. This Expansion Option Clause is commonly found in commercial real estate leases, specifically in agreements with King Washington as the property owner. It is designed to accommodate the growth of businesses over time and provide an opportunity to secure additional space within the same location. By including this clause, King Washington aims to foster long-term relationships with their tenants and offer them the flexibility to adapt and expand their operations as necessary. There are two primary types of King Washington Expansion Option Clauses commonly utilized: 1. Lease Extension Option: This type of clause allows the tenant to extend their lease agreement beyond the initial term. It typically includes specific guidelines such as the duration of the extension, the rental rate during the extended period, and any other terms and conditions. This option grants the tenant security and stability, enabling them to continue operating in the same space without disruptions. 2. Space Expansion Option: This clause grants the tenant or purchaser the right to request additional space within the same property. It outlines the terms and conditions under which the expansion can occur, including the process for determining the size, location, and lease terms for the additional space. This option gives businesses the opportunity to scale their operations seamlessly, without the hassle and expenses associated with relocating to a new premise. The King Washington Expansion Option Clause is a valuable feature for businesses looking to secure their long-term growth strategies. It allows tenants or purchasers to plan and budget for expansion within the same property, ensuring a smooth transition and minimizing any potential operational disruptions.
