This office lease clause provides the tenant with a right of first refusal if additional space becomes available within the building.
A Wake North Carolina Expansion Option Clause refers to a contractual agreement that allows for the possibility of expanding a business or property within the Wake County region of North Carolina. It provides individuals and businesses with the flexibility to expand their operations or extend their lease term if certain conditions are met. This clause outlines the conditions and terms under which the expansion can occur, including specific criteria such as the time period during which the option can be exercised, the size or square footage of the expansion, any additional rental or lease costs associated with the expansion, and any other relevant provisions. The Wake North Carolina Expansion Option Clause is often included in lease agreements for commercial properties, as it allows tenants to plan for future growth without the need to relocate or renegotiate a new lease term. It offers tenants the opportunity to secure additional space within the same building or property, which can be crucial for businesses that foresee potential growth in their operations. Different types of Wake North Carolina Expansion Option Clauses may include: 1. Building Expansion Option Clause: This type of clause allows tenants the option to expand their current space within the same building, either by occupying additional floors or increasing the square footage of their existing space. 2. Site Expansion Option Clause: This clause allows tenants to expand their operations by utilizing adjacent land or additional spaces within the same site or complex. 3. Rent Adjustment Expansion Option Clause: This type of clause not only permits expansion but also allows for an adjustment of rental rates or lease terms upon exercising the expansion option. 4. Term Extension Expansion Option Clause: In addition to expansion, this clause allows tenants to extend their lease term if they choose to expand their operations within the same property. In summary, the Wake North Carolina Expansion Option Clause is a contractual provision that grants tenants the right to expand their business or property within Wake County. By allowing for future growth without the hassle of relocating, these clauses provide flexibility and convenience for businesses looking to expand their operations in this vibrant and growing region.A Wake North Carolina Expansion Option Clause refers to a contractual agreement that allows for the possibility of expanding a business or property within the Wake County region of North Carolina. It provides individuals and businesses with the flexibility to expand their operations or extend their lease term if certain conditions are met. This clause outlines the conditions and terms under which the expansion can occur, including specific criteria such as the time period during which the option can be exercised, the size or square footage of the expansion, any additional rental or lease costs associated with the expansion, and any other relevant provisions. The Wake North Carolina Expansion Option Clause is often included in lease agreements for commercial properties, as it allows tenants to plan for future growth without the need to relocate or renegotiate a new lease term. It offers tenants the opportunity to secure additional space within the same building or property, which can be crucial for businesses that foresee potential growth in their operations. Different types of Wake North Carolina Expansion Option Clauses may include: 1. Building Expansion Option Clause: This type of clause allows tenants the option to expand their current space within the same building, either by occupying additional floors or increasing the square footage of their existing space. 2. Site Expansion Option Clause: This clause allows tenants to expand their operations by utilizing adjacent land or additional spaces within the same site or complex. 3. Rent Adjustment Expansion Option Clause: This type of clause not only permits expansion but also allows for an adjustment of rental rates or lease terms upon exercising the expansion option. 4. Term Extension Expansion Option Clause: In addition to expansion, this clause allows tenants to extend their lease term if they choose to expand their operations within the same property. In summary, the Wake North Carolina Expansion Option Clause is a contractual provision that grants tenants the right to expand their business or property within Wake County. By allowing for future growth without the hassle of relocating, these clauses provide flexibility and convenience for businesses looking to expand their operations in this vibrant and growing region.
