This office lease clause provides the tenant with a right of first refusal if additional space becomes available within the building.
The Oakland Michigan Expansion Option Clause is an important legal provision that grants the tenant the opportunity to expand their leased space within a commercial property located in Oakland County, Michigan. This clause offers tenants the option to enlarge their rented premises as their business grows and the need for additional space arises. It provides a convenient solution for businesses in facilitating their expansion plans without the hassle of relocating to an entirely new property. There are different types of Oakland Michigan Expansion Option Clauses that tenants and property owners can consider, depending on their specific needs and circumstances: 1. Fixed Percentage Increase: This type of expansion option clause allows the tenant to expand their leased premises by a fixed percentage of their existing space. For example, the option may grant the tenant the right to increase their square footage by 20% over the initial leased area. 2. Contiguous Space: In this type of expansion option clause, tenants have the right to expand into adjacent or contiguous spaces within the same property. It provides the flexibility to acquire additional space that is directly connected to the existing leased premises. 3. Staggered Expansion: This expansion option clause allows tenants to expand their rented space in multiple stages over a specified period. For instance, the clause may stipulate that the tenant can increase their area by 10% in the first year, followed by an additional 15% in the second year, and so on. 4. Right of First Offer: This type of expansion option clause grants the tenant the first opportunity to lease any available vacant space within the property before the landlord can offer it to other parties. It ensures that the tenant has the option to expand before considering external competition. 5. Right of First Refusal: Similar to the right of first offer, the right of first refusal expansion option clause allows the tenant to match any offer received by the landlord from a third party for additional space within the property. If the tenant exercises this right, they can lease the space at the same terms and conditions as offered by the third party. The Oakland Michigan Expansion Option Clause serves as a valuable tool for both tenants and landlords in commercial lease agreements. It provides flexibility and control for tenants looking to expand their businesses while giving landlords the opportunity to retain existing tenants and maintain a stable occupancy rate in their properties.The Oakland Michigan Expansion Option Clause is an important legal provision that grants the tenant the opportunity to expand their leased space within a commercial property located in Oakland County, Michigan. This clause offers tenants the option to enlarge their rented premises as their business grows and the need for additional space arises. It provides a convenient solution for businesses in facilitating their expansion plans without the hassle of relocating to an entirely new property. There are different types of Oakland Michigan Expansion Option Clauses that tenants and property owners can consider, depending on their specific needs and circumstances: 1. Fixed Percentage Increase: This type of expansion option clause allows the tenant to expand their leased premises by a fixed percentage of their existing space. For example, the option may grant the tenant the right to increase their square footage by 20% over the initial leased area. 2. Contiguous Space: In this type of expansion option clause, tenants have the right to expand into adjacent or contiguous spaces within the same property. It provides the flexibility to acquire additional space that is directly connected to the existing leased premises. 3. Staggered Expansion: This expansion option clause allows tenants to expand their rented space in multiple stages over a specified period. For instance, the clause may stipulate that the tenant can increase their area by 10% in the first year, followed by an additional 15% in the second year, and so on. 4. Right of First Offer: This type of expansion option clause grants the tenant the first opportunity to lease any available vacant space within the property before the landlord can offer it to other parties. It ensures that the tenant has the option to expand before considering external competition. 5. Right of First Refusal: Similar to the right of first offer, the right of first refusal expansion option clause allows the tenant to match any offer received by the landlord from a third party for additional space within the property. If the tenant exercises this right, they can lease the space at the same terms and conditions as offered by the third party. The Oakland Michigan Expansion Option Clause serves as a valuable tool for both tenants and landlords in commercial lease agreements. It provides flexibility and control for tenants looking to expand their businesses while giving landlords the opportunity to retain existing tenants and maintain a stable occupancy rate in their properties.
