Tenants have an obligation to exercise the option for a further term, if there is a desire to continue the lease arrangement beyond the existing term.
In the context of the retail lease, the landlord has an obligation to notify the tenant months beforehand of the tenant’s right to exercise the option for a further term. If that notice is not provided, the tenant will have an extended period to an exercise the option. This is so that the tenant has the clear opportunity to be made aware of the exercise option and to consider it.
We can assist with:
- helping tenants exercise their options correctly
- negotiate on behalf of tenants who may have missed their opportunity to exercise an option for a further term, or who would like more options
- landlords and tenants who need general advice in relation to option matters.
To speak with one of our property dispute lawyers call us today on 1300 907 335. Alternatively, please fill out the contact form on this page and one of our lawyers will call you.