Arizona Notice of Exercise of Option to Renew Lease by Lessee
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How to fill out Notice Of Exercise Of Option To Renew Lease By Lessee?
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FAQ
To terminate a month-to-month rental agreement, a landlord or a tenant must give 30 days notice in writing before the next rent payment would normally be due.
This provision is known as an option or options to renew. The lease will provide that if the tenant is up to date with rent payments and compliant with all the other terms of the lease then the tenant may take up the option to renew by providing a Notice of Exercise of Option to Renew to the landlord.
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.
Generally, Arizona courts have strictly construed options in lease agreements because such provisions allow the optionee freedom to exercise or not exercise the option, whereas the optionor is bound by the option.
Many leases, particularly older leases, give you the right to renew the lease in most circumstances. However, the landlord may be able to refuse to renew the lease if: You agreed to give up your right of renewal when you originally took on the lease.
In Arizona, the landlord cannot terminate a lease, refuse to renew a lease, or raise the rent on a tenant who has: Exercised a legal right.
A commercial lease agreement with an option to purchase, also known as a lease option, is a form of commercial real estate contract in which the tenant and the property owner agree that there is an option for the tenant to buy said property at the end of a stipulated rental period.
If the tenant does not accept the renewal offer within the prescribed time, the landlord may refuse to renew the lease and seek to evict the tenant through court proceedings. If the tenant accepts the renewal offer, the landlord has 30 days to return the fully executed lease to the tenant.
See here for more information on how to create your lease agreement. What are the rental agreement notice requirements in Arizona? In Arizona, landlords are required to provide tenants 30 days notice if they are changing anything in the lease. There are also notice requirements when terminating a lease.
In Arizona, a tenant is not required to provide notice for fixed end date leases, the lease expires on the last day of the lease.
