This office lease clause provides the tenant with a right of first refusal if additional space becomes available within the building.
The Travis Texas Expansion Option Clause is a legal provision often found in real estate contracts that allows a party, typically the tenant, the option to expand the premises they are leasing at a future date. This clause is designed to provide flexibility and convenience to tenants who may require additional space as their business grows or evolves. The Travis Texas Expansion Option Clause can vary in its terms and conditions depending on the specific agreement between the parties involved. There are two common types of expansion options clauses that can be found in real estate contracts: 1. Fixed Expansion Option Clause: This type of clause specifies a predetermined or fixed expansion area or square footage that the tenant can later occupy. The clause outlines the terms and conditions for exercising the option, such as the notice period, rental rate, and any construction or modification required to accommodate the expansion. 2. Contingent Expansion Option Clause: In this type of clause, the expansion option becomes exercisable based on certain predetermined conditions or contingencies. For example, the tenant may have an option to expand if a neighboring space becomes vacant or if the tenant's business revenue reaches a specified threshold. The trigger for exercising the option is clearly outlined in the clause. Keywords: Travis Texas, expansion option clause, real estate contracts, tenant, premises, leasing, flexibility, convenience, additional space, business growth, fixed expansion option clause, predetermined, square footage, notice period, rental rate, construction, modification, contingent expansion option clause, contingencies, neighboring space, vacant, revenue threshold.The Travis Texas Expansion Option Clause is a legal provision often found in real estate contracts that allows a party, typically the tenant, the option to expand the premises they are leasing at a future date. This clause is designed to provide flexibility and convenience to tenants who may require additional space as their business grows or evolves. The Travis Texas Expansion Option Clause can vary in its terms and conditions depending on the specific agreement between the parties involved. There are two common types of expansion options clauses that can be found in real estate contracts: 1. Fixed Expansion Option Clause: This type of clause specifies a predetermined or fixed expansion area or square footage that the tenant can later occupy. The clause outlines the terms and conditions for exercising the option, such as the notice period, rental rate, and any construction or modification required to accommodate the expansion. 2. Contingent Expansion Option Clause: In this type of clause, the expansion option becomes exercisable based on certain predetermined conditions or contingencies. For example, the tenant may have an option to expand if a neighboring space becomes vacant or if the tenant's business revenue reaches a specified threshold. The trigger for exercising the option is clearly outlined in the clause. Keywords: Travis Texas, expansion option clause, real estate contracts, tenant, premises, leasing, flexibility, convenience, additional space, business growth, fixed expansion option clause, predetermined, square footage, notice period, rental rate, construction, modification, contingent expansion option clause, contingencies, neighboring space, vacant, revenue threshold.
