An expansion right giving an existing tenant the option to lease adjacent space by matching an offer the landlord has already received from a third party.
A ROFR provides security for growing tenants, but landlords dislike them because third parties are reluctant to negotiate knowing an existing tenant can match their terms. When the landlord presents a bona fide third-party offer, the tenant usually has 5 to 10 business days to exercise the ROFR. Unlike a Right of First Offer (ROFO), the tenant must accept the exact terms the third party negotiated, which may include a longer lease term or higher rent than the tenant originally expected.
Lextract extracts these fields directly from your lease PDF:
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