Exercising Option To Renew Lease Template Nsw
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How to fill out Exercising Option To Renew Lease Template Nsw?
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Tips for writing a lease renewal letterStart with the title section. Think of this letter as a formal communication from the landlord to the tenant.Set the stage. Your letter should have a reference section which would explain its contents.Include the renewal terms.Request for a response.Affix your signature.
Under the lease agreement, the tenant could exercise an option by providing the landlord with written notice, via first class mail, of such election to exercise the option no later than 12 months prior to the expiration of the basic term or the then-current extended term.
An 'option to renew' is a contractual right that is given to the Tenant to obtain an additional term for the lease if the Tenant so chooses. For instance, if the Tenant has a lease for the period of three (3) years with an additional three (3) years option, the total term of the lease can be perceived as six (6) years.
An option to renew or extend the lease means that upon the tenant's exercise of the option (choice), the provisions of the agreed-upon option are adopted for another defined term. The terms of the option can include the length of the new term, a change in rent, and other modifications.
Notify the landlord (or its agent) whether they want to exercise the option during a specified window of time. This is usually around six or three months before expiry, depending on the lease. Further, this notice is usually given in writing; comply with any of the pre-agreed criteria for the renewal to go ahead.
