Filed Under Guides
Right of First Offer: How It Works for Tenants
A right of first offer, known as a ROFO, gives you the first chance to lease space before the landlord offers it to anyone else. Unlike a right...
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Right of First Refusal on Adjacent Space
A right of first refusal, often shortened to ROFR, gives you the chance to match a third party's offer before the landlord leases space to someone else. When...
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Contraction Rights: Shrinking Your Leased Space
Most tenants negotiate for the right to grow. Far fewer negotiate for the right to shrink. Yet contraction rights, which let you give back part of your leased...
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Expansion Options: Growing Space in Your Lease
Businesses grow, and growing businesses need more space. An expansion option is a lease clause that gives you the right to take additional space in the building, usually...
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How to Negotiate a Renewal Option in Your Lease
A renewal option is a tenant's contractual right to extend a lease beyond its original term. It is one of the most valuable clauses a tenant can secure,...
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Permitted Use Clauses: Why They Matter for Tenants
Buried in most commercial leases is a short clause that can make or break a business: the permitted use clause. It defines what you are allowed to do...
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Letter of Intent: Key Terms in Commercial Leases
A letter of intent, often called an LOI, is usually the first written step in a commercial lease deal. It is a short document that summarizes the key...
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Wet Lease vs Dry Lease: Aircraft Leasing Basics
An airline needs extra aircraft for the summer season. A charter company wants to launch a new route. A business needs a plane but has no pilots. All...
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Dollar Buyout Lease: Equipment Financing Explained
Your business needs a 60,000 dollar piece of equipment. You do not want to drain your cash reserves, but you know you will keep the machine long after...
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Car Lease Wear and Tear: End-of-Lease Charges
Your car lease is ending, and the dealership has scheduled a final inspection. You are confident the car is in good shape. Then the inspector circles the bumper,...