Different from a Right of First Refusal, a Right of First Offer turns it around in that upon the availability of certain space, the landlord must give you the first right to lease it before offering it to other tenants or the open market.In this case, terms can be negotiated as part of your lease to establish some financial parameters of the terms of the expansion area.Landlords hate accepting what terms they will accept in three or five years into the future, but with the leverage of your interest in the building most tenants can achieve some limitations on terms rather than accepting expansion at unknown terms.
Nothing contained herein is to be considered legal advice. Always seek legal advice when evaluating any legal document
