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.
Oregon Notice of Intention to Exercise Option
State:
Multi-State
Control #:
US-OL24016
Format:
Word;
PDF
Instant download
Description
How to fill out Notice Of Intention To Exercise Option?
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FAQ
Time Limit Warning/Statute of Limitations Most lawsuits related to rental agreements, or the Landlord and Tenant Act, must be filed (started in court) within one year. The time limits under fair housing law may be longer.
Put Exercise Notice means a written notice, in substantially the form of Exhibit B attached hereto, from a Grantee to the Company exercising such Grantee's Put Option and specifying the number of Shares with respect to which such Put Option is being exercised.
An ?option? is the right to require the owner of property to sell it to you once you meet the terms of the option. The person who pays for the right to buy property later is called the ?option holder.? Buying the property under the option agreement is called ?exercising the option.?
For an option holder to ensure that they exercise the option on that particular day, the holder must notify his brokerage firm before that day's cut-off time for accepting exercise instructions. The brokerage firm notifies OCC that an option holder wishes to exercise an option.
To exercise an option, you simply advise your broker that you wish to exercise the option in your contract. Your broker will initiate an exercise notice, which informs the seller or writer of the contract that you are exercising the option.
Once this option is in motion, the seller of the property can't offer the property to anyone else until the agreed-upon time frame is up. Even though the buyer has the option to purchase the property, under an option contract, they're by no means obligated to do so.
A Notice of Exercise of Option to Purchase lets you give the owner formal notice that you're ready to make a deal. In a tough housing market, no landlord wants a rental property to sit empty for too long while the mortgage payments keep coming.
