This office lease clause provides the tenant with a right of first refusal if additional space becomes available within the building.
San Bernardino California Expansion Option Clause is a legal provision that allows parties to a contract or lease agreement in the city of San Bernardino, California to include a clause that grants the tenant the right to expand their leased premises during the term of the agreement. This clause provides flexibility for businesses that anticipate future growth and potential expansion needs. The San Bernardino California Expansion Option Clause has several types, each catering to specific situations and requirements. Some common types include: 1. Fixed Percentage Increase: This type of expansion option clause allows the tenant to expand their leased premises by a specified percentage, such as 10% or 20%, at any given time during the lease term. The predetermined percentage ensures that both parties have a clear understanding of the expansion terms. 2. Adjacent Unit Availability: In this type of expansion option clause, the lease agreement includes provisions that allow the tenant to occupy an adjacent unit or space as and when it becomes available. This option becomes useful when the tenant requires additional space that is physically connected to their existing premises. 3. Right of First Offer: With this type of expansion option clause, the tenant has the first right to acquire any additional space in the same building or property before the landlord can lease it to others. The tenant is given the opportunity to match or better any competing offer for the desired expansion space. 4. Staggered Expansion: This type of expansion option clause allows for planned growth or expansion over a specified period. It outlines predetermined dates or intervals when the tenant can exercise their right to expand their leased premises as per their business needs. This type of clause can be useful when the tenant is expecting gradual growth or phased expansion. 5. Expansion Rent Formula: Some expansion option clauses incorporate a specific rent calculation formula for the expanded space. This formula may take into consideration factors such as market rates, square footage, or annual escalations to determine the rent for the additional space. It is important for businesses considering leasing or entering into a contract in San Bernardino, California to work closely with legal professionals to draft an expansion option clause that best suits their specific needs. Properly executed expansion option clauses can provide businesses with the flexibility to adjust their leased space as they grow and expand their operations in the vibrant city of San Bernardino, California.San Bernardino California Expansion Option Clause is a legal provision that allows parties to a contract or lease agreement in the city of San Bernardino, California to include a clause that grants the tenant the right to expand their leased premises during the term of the agreement. This clause provides flexibility for businesses that anticipate future growth and potential expansion needs. The San Bernardino California Expansion Option Clause has several types, each catering to specific situations and requirements. Some common types include: 1. Fixed Percentage Increase: This type of expansion option clause allows the tenant to expand their leased premises by a specified percentage, such as 10% or 20%, at any given time during the lease term. The predetermined percentage ensures that both parties have a clear understanding of the expansion terms. 2. Adjacent Unit Availability: In this type of expansion option clause, the lease agreement includes provisions that allow the tenant to occupy an adjacent unit or space as and when it becomes available. This option becomes useful when the tenant requires additional space that is physically connected to their existing premises. 3. Right of First Offer: With this type of expansion option clause, the tenant has the first right to acquire any additional space in the same building or property before the landlord can lease it to others. The tenant is given the opportunity to match or better any competing offer for the desired expansion space. 4. Staggered Expansion: This type of expansion option clause allows for planned growth or expansion over a specified period. It outlines predetermined dates or intervals when the tenant can exercise their right to expand their leased premises as per their business needs. This type of clause can be useful when the tenant is expecting gradual growth or phased expansion. 5. Expansion Rent Formula: Some expansion option clauses incorporate a specific rent calculation formula for the expanded space. This formula may take into consideration factors such as market rates, square footage, or annual escalations to determine the rent for the additional space. It is important for businesses considering leasing or entering into a contract in San Bernardino, California to work closely with legal professionals to draft an expansion option clause that best suits their specific needs. Properly executed expansion option clauses can provide businesses with the flexibility to adjust their leased space as they grow and expand their operations in the vibrant city of San Bernardino, California.
