Employee Lease Agreement With Option To Purchase In Riverside
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FAQ
OPTION TO EXTEND. written notice no earlier than the date which is _______ (__) months prior to the expiration of the term of the Lease but no later than the date which is _______ (__) months prior to the expiration of the term of the Lease.
Standard in many commercial leases, an 'Option' is a clause in the lease agreement which grants the tenant the ability to renew the tenancy for an additional term or terms.
Generally 48 months is the ``sweet spot'' for leasing, but if you want a newer car - sooner - then go for the 36 month lease instead.
For example, a tenant and landlord may agree to a five-year lease with a five-year option to renew. At the end of the first five years, the tenant is given the chance to continue the lease for another five years. If you think you may renew, be sure to bring up extension provisions with your landlord.
An option clause is a term in a commercial lease that allows a tenant to renew their lease at the end of the original lease period, if they meet certain conditions. Landlords are not obliged to offer a renewal option.
If a tenant intends to stay on in the premises, failing to exercise the option to renew can be catastrophic. If the procedure for exercising the option is not followed properly, then the landlord is under no obligation to grant the new lease. This means that the landlord does not have to grant a further term.
The standard lease agreement in California, whether for residential or commercial property, is a legal contract between the property owner and the prospective tenant. It outlines the terms under which the tenant can occupy and use the rental property.
By speaking directly to the landlord as soon as you'd like you extend. I suggest asking for a 14, 16, or 18 month lease up front, if you can. But asking near the end of the lease is an option as well. There's no guarantee the landlord will go for this though.
