Expansion Space Amendment Clause Samples
An Expansion Space Amendment is a contractual provision that allows a tenant to lease additional space within a property, typically under pre-negotiated terms. This clause outlines the process for exercising the right to expand, such as notification requirements, the specific areas available for expansion, and the timing for when the option can be used. Its core function is to provide tenants with flexibility to grow their operations without renegotiating the entire lease, while giving landlords a clear framework for accommodating such requests.
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Expansion Space Amendment. If Tenant exercises its Expansion Option, Landlord shall prepare an amendment (the “Expansion Space Amendment”) adding the Expansion Space to the Premises in accordance with the provisions set forth above and reflecting the changes in the Yearly Rent, Total Rentable Area of the Premises, ▇▇▇▇▇▇’s Proportionate Share and other appropriate terms. A copy of the Expansion Space Amendment shall be sent to Tenant within a reasonable time after ▇▇▇▇▇▇▇▇’s receipt of the Expansion Exercise Notice, and Tenant shall execute and return the Expansion Space Amendment to Landlord within fifteen (15) days thereafter, but an otherwise valid exercise of the Expansion Option shall be fully effective whether or not the Expansion Space Amendment is executed.