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8/22/2011 6:34:54 PM
No one can answer your questions without first reviewing your lease agreement. In many cases, the lease will require that that tenant notify, in writing, the tenant's intention to exercise the option. It usually requires the tenant to do so within 30 to 180 days before the expiration of the original term of the lease.
Also, you should note that if the rent has not been set with an exact amount or if there is no manner in which to determine the rent for the option period, then the tenant may not have any rights to options even though the lease gives option to the tenant.
It is best you take the lease to an attorney for review right away.
Also, you should note that if the rent has not been set with an exact amount or if there is no manner in which to determine the rent for the option period, then the tenant may not have any rights to options even though the lease gives option to the tenant.
It is best you take the lease to an attorney for review right away.
