This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Agreement Terminate Lease Form With Option To Purchase
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Multi-State
Control #:
US-02817BG
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Word;
Rich Text
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How to fill out Agreement To Cancel Or Terminate Lease?
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FAQ
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. Ordinarily the lease will include certain restrictions on when and how the tenant may exercise the Option.
The Termination Fee shall be paid to Landlord within thirty (30) days after Tenant's delivery of its exercise notice, and if not so paid, then Tenant's Termination Option shall be deemed to have not been validly exercised.
What's the difference between hire purchase and leasing? The key difference between a hire purchase (HP) contract and leasing a car is that you will own your car at the end of an HP contract. In contrast, when you lease a car, you'll hand the car back once the contract term is up.
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.
Options are usually required to be ?exercised? by writing to the Landlord or the Managing Agent and specifically saying that you are exercising the option. You should always refer to the option clause of your Lease to ensure that you are following the correct procedure and format.