expansion option

expansion option

A right granted by the landlord to the tenant where the tenant has the option to add more space to the premises according to the terms of the option,which may contain restrictions as to the time, proximity, and rental rate, or the restriction that the option is available only if another named or described tenant fails to exercise its expansion option first.

References in periodicals archive ?
If it exercises the expansion option, the lease term for the entire building would be extended for at least ten years.
Type B: Three (3) fire-fighting helicopters, heavy tanks built with a capacity of at least 7 000 lt water for the needs of the Fire Department, the fire season 2017, for a period of one hundred and twenty (120) days, including the possible use of conventional object expansion option for the year 2018, 100%.
Global Banking News-April 12, 2011--Lloyds says ICB's branch sale expansion option unviable(C)2011 ENPublishing - http://www.
The full system provides original-equipment manufacturers (OEMs) with a versatile PCI expansion option for a variety of applications.
The board has already approved commitment to long-lead-time items to allow the earliest possible construction start once the best expansion option has been approved.
However, the company is growing so quickly that we had to mobilize and lease what was going to be one of their expansion option spaces earlier than previously planned.
Austrian Airlines has revealed that it would be interested in buying a stake in Hungarian airline Malev but insisted it was just one expansion option.
Driscoll said the hiring of a marketing and public relations firm is important to coordinate involvement of the public in the process of deciding which expansion option to pursue.
We anticipated Genzyme would act on its expansion option, but perhaps not this rapidly," said Dusek, "since growth is part of the company's long-term strategic plan.
The Mini-GBIC expansion option allows the unit to be customized to accommodate most fiber gigabit connectivity form factors.
8 -- Rapid prototyping boards for 32-bit applications include peripherals, easy-to-use interface and expansion options
The modular concept provides for a wide variety of expansion options with Ethernet-based interfaces, such as EtherCAT or absolute rotary encoders.