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This document grants Lessee a one-time right to lease additional space that becomes available during the lease term, outlining the procedures for notification and acceptance of the lease terms.
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How to fill out right of first refusal
How to fill out RIGHT OF FIRST REFUSAL TO LEASE ADDITIONAL SPACE
01
Read the original lease agreement to understand the terms regarding the RIGHT OF FIRST REFUSAL.
02
Identify the additional space offered by the landlord in the notice.
03
Review the time frame in which you must respond to the offer.
04
Evaluate the market rent for the additional space to ensure it is fair.
05
Formulate a written response to the landlord if you accept the offer, including any specific terms you wish to negotiate.
06
Send the written acceptance or declination within the specified time frame.
Who needs RIGHT OF FIRST REFUSAL TO LEASE ADDITIONAL SPACE?
01
Businesses or individuals currently leasing space who anticipate a need for additional space in the future.
02
Tenants who want security in their leasing arrangements and the option to expand their operations without relocating.
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What is RIGHT OF FIRST REFUSAL TO LEASE ADDITIONAL SPACE?
RIGHT OF FIRST REFUSAL TO LEASE ADDITIONAL SPACE is a contractual agreement that gives a party (typically a tenant) the opportunity to lease additional space before the property owner can offer it to other potential tenants.
Who is required to file RIGHT OF FIRST REFUSAL TO LEASE ADDITIONAL SPACE?
Typically, the property owner or landlord is required to file the RIGHT OF FIRST REFUSAL, as it is part of the lease agreement with the tenant who holds this right.
How to fill out RIGHT OF FIRST REFUSAL TO LEASE ADDITIONAL SPACE?
To fill out RIGHT OF FIRST REFUSAL, include information such as the property's description, terms of the existing lease, details of the additional space, and the specific rights and conditions under which the tenant can exercise their option.
What is the purpose of RIGHT OF FIRST REFUSAL TO LEASE ADDITIONAL SPACE?
The purpose of RIGHT OF FIRST REFUSAL is to provide tenants with security and the first opportunity to expand their leased space, ensuring they can accommodate future growth before the space is made available to others.
What information must be reported on RIGHT OF FIRST REFUSAL TO LEASE ADDITIONAL SPACE?
The information that must be reported includes the tenant's name, terms of existing and proposed leases, descriptions of the additional space, and the notice period required for the tenant to exercise their right.
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