This office lease form states that the tenant shall exercise its option to renew this lease upon written notice given to the landlord no less than eighteen (18) months before the end of the lease term.
Colorado Notice of Intention to Exercise Option
State:
Multi-State
Control #:
US-OL24016
Format:
Word;
PDF
Instant download
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How to fill out Notice Of Intention To Exercise Option?
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FAQ
(b) The contracting officer may exercise options only after determining, in writing, that all the following conditions exist: (1) Funds are available. (2) The requirement covered by the option fulfills an existing Government need.
Tenant's Obligations in Renewal notify the landlord (or its agent) whether they want to exercise the option during a specified window of time. ... comply with any of the pre-agreed criteria for the renewal to go ahead. ... avoid being in breach or default of the lease, up until the expiry of the initial term.
A renewal option allows for a lease to apply to a specified time period, but the lease can be extended for another term if agreed upon by the participating parties. Renewal options may have specifications or conditions, such as when the lessee must let the landlord know if they will be renewing.
Typically, a tenant is required to give written notice of their exercise of the option several months before the current term of the lease expires ? typically a period of time ending three to six months before expiration of the current term of occupancy.
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.
The result can be financially painful. Does the contractor have any recourse? Generally speaking, the disappointed contractor is out of luck. The Government has a broad right to decide within its own discretion whether to exercise a contract option.
17.207 Exercise of options. (a) When exercising an option, the contracting officer shall provide writ- ten notice to the contractor within the time period specified in the contract.
An extension option is a term of a lease that allows the tenant to extend the previous term of the lease under the existing agreement. It would be burdensome if both the tenant and landlord had to construct and sign new agreements every year or each time the previous agreement expired.
