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Tenant terrell and landlord lorna enter into a commercial agreement wherein terrell will lease a small office space in a strip mall from lorna for a period of five years. the contract does not have a right of first refusal. terrell does extremely well in the first year and wants to expand into an adjoining space when it becomes free in two months. lorna isn't particularly happy with terrell as a tenant and knows that she can do just as well leasing the space out to someone else. what are terrell's options

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After entering into a commercial lease agreement, the answer is since there is no right of first refusal, all Terrell can do is ask Lorna whether she will lease the adjoining space to him.

What is a commercial lease agreement?

  • A commercial lease is an agreement for the rental of property between a landlord and a company. Because renting costs less money than buying, most businesses will prefer to do so.
  • Because the terms are changeable and change significantly from lease to lease, commercial lease agreements are more difficult than residential leases.
  • Understanding the terms of the lease, which outline each party's obligations and rights, is crucial before signing a business lease.

Verify that the conditions of a commercial lease agreement will suit the demands of the company before signing. Unfavorable outcomes may result from failing to establish requirements before signing a lease.

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