OPTION TO LEASE ADDITIONAL SPACE Clause Samples
The "Option to Lease Additional Space" clause grants the tenant the right to lease extra space within the property under specified conditions. Typically, this clause outlines the process for exercising the option, such as providing written notice within a certain timeframe, and may detail the terms for the additional space, including rent and duration. Its core function is to provide flexibility for tenants anticipating future growth, while giving both parties clarity on how expansion within the premises can be managed.
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OPTION TO LEASE ADDITIONAL SPACE. At any time prior to the first anniversary of the Commencement Date, provided a Tenant event of default does not exist at the time the option may be exercised, Tenant shall have the option (the “Additional Space Option”), exercisable by written notice from Tenant to Landlord (the “Additional Space Notice”; which Additional Space Notice shall identify which portion, or all, of the remaining leasable area of the Building which remain unencumbered by a lease with another third party, and which Tenant desires to lease) to lease any portion, or all, of the remaining leasable areas of the Office Condominium that remain unencumbered, and have not previously been encumbered, by a lease with another third party (the “Additional Space”), upon all of the terms and conditions applicable to the Leased Premises, except as follows:
(a) The Base Rent for the Additional Space shall be at the same then current Base Rent rate as applicable to the Leased Premises on the Additional Space Commencement Date (defined below) with the same annual increases as set forth in this lease.
(b) Subject to the Additional Space Allowance (defined below), Tenant shall be responsible for the cost of completing the improvements to the Additional Space. Landlord shall provide Tenant with a tenant improvement allowance for the Additional Space in the amount equal to the product of (i) $40.00 per leasable square foot of the Additional Space; and (ii) a fraction, the numerator of which is the number of months left in the initial Term from and after the Additional Space Commencement Date, and the denominator of which is 72 (the “Additional Space Allowance”). In the event the actual costs of completing the improvements to the Additional Space is less than the Additional Space Allowance, Landlord will, at Tenant’s option, credit Tenant the difference in Base Rent or pay Tenant such difference in one lump sum. In the event the actual costs of completing the improvements to the Additional Space exceeds the Additional Space Allowance, then Tenant shall pay to Landlord (i) 33% of the projected amount of such excess within 30 days after Landlord’s request therefore, but in no event earlier than the commencement of the construction of the improvements to the Additional Space, (ii) another 33% of the projected amount of such excess within 30 days after Landlord’s request therefore, but in no event earlier than completion of approximately one-half of the improvements to the Additional Space, and (iii) the ba...
OPTION TO LEASE ADDITIONAL SPACE. Provided that no Event of Default of Tenant or Events of Bankruptcy of Tenant exist under this Lease at the time of exercise of this option and that Tenant has not assigned this Lease nor sublet all or more than twenty five percent (25%) of the Demised Premises, except to a Tenant Affiliate as defined herein, and that Tenant is then occupying for its own use at least seventy-five percent (75%) of the space in the Demised Premises then leased to it, and provided there then remains unexpired at least three (3) years in the then operative term of this Lease, or any then operative exercised Renewal Term, Landlord agrees that, prior to committing to lease space in the Building, the Landlord shall advise Tenant in writing of Landlord’s desire to lease such additional adjoining space (the “Offer Space”), including the rentals and other basic terms and conditions thereof (such writing being the “Offer Space Notice”). Tenant shall have the right of first refusal to lease solely for its own use all (but not less than all) of such Offer Space, which was described in Landlord’s Offer Space Notice, and Tenant shall have thirty (30) days from receipt of such Offer Space Notice to accept or reject such offer by giving Landlord written notice within said thirty (30) days. In the event Tenant does not respond to the Offer Space Notice in the manner and time period aforesaid, such failure shall serve to extinguish any right of Tenant under this Section 35 to lease said Offer Space, and Landlord shall have the right to lease such Offer Space to any parties upon such terms, rental and conditions as it may, in its sole discretion, determine. In no event shall Landlord be obligated to evict any other tenant, or to decline to renew or extend the lease of any other existing tenant, in order to make such tenant’s space available to Tenant for purposes of this paragraph. The provisions of this Section 35 shall not be applicable to any renewal, extension or replacement of a lease granted to an initial or existing tenant in the Building, whether or not contained in such party’s lease (nor to any subsequent other tenants if Tenant fails to exercise its right of first refusal under this paragraph). If Tenant exercises this option within the time frame provided above, then Landlord will prepare for and deliver to Tenant an amendment to the Lease (the “Lease Amendment”) covering the annual base rental rate, annual escalation, the amount of the additional space being leased by the Tenant ...
OPTION TO LEASE ADDITIONAL SPACE. If additional property is acquired by the Landlord, then during the Term of this Lease and any renewals thereof, Tenant shall have the option to lease those areas shown as the “Additional Space” on Exhibit A attached hereto and incorporated by reference, by adding the Additional Space to this Lease at the same rental per square foot as Lessee is then currently paying for the Premises. Lessee shall give Lessor sixty
OPTION TO LEASE ADDITIONAL SPACE. For and in consideration of the sum of -------------------------------- TEN AND NO/100 Dollars ($10.00), the receipt and sufficiency of which are hereby acknowledged by Landlord, Landlord hereby grants to Tenant the option to lease an additional approximately 35,156 rentable square feet of office space ("Option Space") on the first floor of the Facility, as described on Exhibit "C" attached hereto and made a part hereof for all purposes, at the then applicable Rent for office space under this Lease Agreement. In the event Tenant exercises this option, any portion of the Option Space taken by the Tenant ("Expansion Space") shall be part of the Leased Premises as defined in this Lease Agreement.
OPTION TO LEASE ADDITIONAL SPACE. Provided that an Event of Default has not occurred and is continuing, Tenant shall have the option to lease (the "Lease Option") up to 10,000 square feet of Rentable Area on the second floor of the Office Building (the "Option Space") for a period of one (1) year from the Commencement Date of the Lease. To exercise the Lease Option, Tenant shall provide Landlord with ninety (90) days written notice, it being understood that the commencement of the lease for the Option Space must occur within the period of one (1) year from the Commencement Date of the Lease and that the Option space shall be incorporated into the Premises hereunder and be subject to the terms of this Agreement. The Base Rent shall be increased in an amount equal to the per square foot Base Rent multiplied by the number of additional square feet of Option space leased by Tenant. Landlord will provide the same general level of fitout on a per square foot basis as the original Premises with Rent payable by Tenant calculated in the same manner provide for in the Lease. In the event that Tenant does not exercise this option within the required period, this option shall expire and Landlord shall be free to enter into an agreement to lease the Option Space to a third party, subject to the first right of refusal contained in this Lease.
OPTION TO LEASE ADDITIONAL SPACE. This paragraph intentionally deleted.
OPTION TO LEASE ADDITIONAL SPACE. Section 29 of the Lease is hereby deleted in its entirety.
OPTION TO LEASE ADDITIONAL SPACE. Subject to the terms -------------------------------- and conditions of this paragraph 1(c), Tenant shall have the following option to lease additional space in Building C during the Initial Term (as defined in paragraph 3(a)):
OPTION TO LEASE ADDITIONAL SPACE. So long as Tenant is not in default (beyond any applicable cure period) under this Lease, during the Term, upon sixty (60) days prior written notice from Tenant to Landlord, Tenant shall have the right to lease the remaining office and warehouse space located in the Building (being approximately 9,987 square feet in area). In the event Tenant exercises this option, upon occupancy by Tenant of such additional space, the parties shall execute a new lease for a term of five (5) years on the entire Building. The new lease shall have the same terms and conditions of this Lease except that (i)Tenant shall pay one hundred percent (100%) of all utilities and other costs specified in Section 9 above and (ii) each Lease Year, Tenant shall pay to Landlord any increase in Property Taxes from the preceding Lease Year. Further, in the event Tenant exercises this option as provided herein, Landlord agrees to improve the additional space in the same manner as set forth on EXHIBIT "B" (except that Landlord will be required to surface and strip _________ (__) square feet of land surrounding the Building for vehicular parking), or as otherwise agreed by Landlord and Tenant. Landlord will have six (6) months after Tenant's exercise of the option to complete such work. Landlord agrees that upon Tenant's occupancy of the additional space, the conditions of such space will comply with all applicable laws and ordinances applicable to the additional space.
OPTION TO LEASE ADDITIONAL SPACE. Landlord agrees to give Tenant the First right to Lease all additional space in the building as those current Leases expire.