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.
Virginia 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
If the owner of an option decides to buy or sell the underlying instrument?instead of allowing the contract to expire worthless or closing out the position?they will be "exercising the option," or making use of the right or privilege that is available in the contract.
(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.
The option may be exercised only if funds become available within the 60-day period. In the event that sufficient funding is not available within the 60 day period, the Government waives the right to exercise the option, thereby rendering any additional requirements subject to full and open competition requirements.
An executory contract is when one or both parties have obligations still to be performed. For example, a sales contract is an executory contract until the buyer has obtained financing-there are still obligations remaining to be performed before the contract can be considered executed.
The option may be exercised only if funds become available within the 60-day period.
§ 55.1-3000. Definitions "Notice" means notice given in writing by either regular mail or hand delivery, with the sender retaining sufficient proof of having given such notice in the form of a certificate of service confirming such mailing or hand delivery prepared by the sender.
The holder of an American-style option can exercise their right to buy (in the case of a call) or to sell (in the case of a put) the underlying shares of stock at any time. The holder of a European-style option can only exercise their right at expiration.
