Illinois Notice of Extension of Primary Term of Lease Letter to Lessor
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How to fill out Notice Of Extension Of Primary Term Of Lease Letter To Lessor?
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FAQ
up business may, for example, rent an office space for three years. A renewal option would allow the business to renew or extend the lease to remain in the office space beyond the threeyear lease term.
The letter should include: Your name, current address and contact information. Date the lease extension request is submitted. Length of the lease extension, including the proposed end date. Reasons for extension. Date by which you need a decision, usually 10 days to two weeks.
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.
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.
Under the ordinance, landlords must provide: 60 days of notice to terminate your lease if you have lived in your apartment for more than six months but less than three years. 120 days of notice to terminate your lease if you have lived in your apartment for more than 3 years.
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 notice letter should always feature the official address written on the lease, as well as the date of the letter, ensuring you are providing ample notice for leaving. Be sure to also state the reason you're putting this letter together and the date on which you will be moving out.
