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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
So instead of approving the staff-recommended expansion option and a corresponding application for federal highway safety funding, council members on Tuesday directed the transportation, engineering and development department to conduct another neighborhood meeting to gather more input and report back, Director Bill Novack said.
Chief Financial Officer Suzanne Snapper reported that, "Our liquidity remains strong with approximately $195 million of availability as of today on Ensign's $450 million credit facility, which also has a built-in expansion option, and 47 unlevered real estate assets that add additional borrowing capacity." She also noted that the Company's net-debt-to-EBITDAR ratio went down to 4.1x as of quarter end as the EBITDAR from transitioning and newly acquired operations continues to grow, but indicated that this number could be impacted by future acquisitions.
If it exercises the expansion option, the lease term for the entire building would be extended for at least ten years.
THE Government has chosen to back the Heathrow expansion option, but offers nothing to regions outside London and the South-east other than a Macbeth like golden key of protracted landing and take off slots for those regional businessmen who can already afford to travel abroad via existing or planned foreign hubs in Europe, Asia and the Middle East.
Global Banking News-April 12, 2011--Lloyds says ICB's branch sale expansion option unviable(C)2011 ENPublishing - http://www.enpublishing.co.uk
Along with the Nokia IP560, Nokia also announced a 10 Gigabit Ethernet interface card as an expansion option for its flagship firewall/VPN appliance, the Nokia IP2250.
The full system provides original-equipment manufacturers (OEMs) with a versatile PCI expansion option for a variety of applications.
"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."
* A wired Ethernet connection plus expansion option for 802.11 wireless Ethernet and/or CDMA/GSM cellular modems.
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.