NOTICE OF EXERCISE OF LEASE OPTION

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At a Glance

Ensure clarity and compliance when exercising a lease renewal with a professionally drafted Notice of Exercise of Lease Option. This essential legal document helps tenants, landlords, and legal professionals formally confirm the extension of a lease under the terms of the existing agreement, mitigating risks and ensuring transparency.

Notice of Exercise of Lease Option

This Notice of Exercise of Lease Option is used by a tenant (lessee) to formally notify the landlord (lessor) of their intention to renew a lease for a further term under an existing option clause. It ensures compliance with the lease’s notice provisions and documents the renewal in writing for legal certainty.

What This Notice Covers

• Reference to the original lease and option clause
• Renewal period, commencement, and termination dates
• Proper execution by directors under section 127(1) of the Corporations Act 2001 (Cth)
• Optional space for witness details
• Suitable for both company and individual lessees

✅ Free Checklist: Acting for the Lessee • ✅ Free Checklist: Acting for the Lessor • 📘 Free Legal Drafting Booklet

Why Use This Template?

• Provides a legally valid notice of renewal under a lease option
• Protects tenant rights by ensuring timely and proper notification
• Includes clear formatting for corporate execution and witnessing
• Saves time with editable fields for dates, names, and terms
• Compliant with Australian commercial leasing practice

Suitable For

This precedent is ideal for tenants, landlords, and property lawyers who need a professional and compliant form to exercise a lease renewal option under an existing lease.

INCLUDES

This Download Includes

 

  • letter to lessee client advising on Notice of Exercise of Lease Option
  • letter to lessor enclosing Notice of Exercise of Lease Option
  • letter to lessors managing agent enclosing Notice of Exercise of Lease Option and requesting variations
  • letter to lessors managing agent enclosing Notice of Exercise of Lease Option
  • Notice of Exercise of Lease Option

 

 

Key Components

 

  1. Parties Involved: Identification of the landlord (lessor) and tenant (lessee), including names and contact information.
  2. Property Description: Detailed description of the leased property, including the address and any specific identifiers.
  3. Lease Reference: Reference to the original lease agreement, including the date of the lease and any relevant sections or clauses that outline the option being exercised.
  4. Option Being Exercised: Clear statement of the specific option being exercised (e.g., lease renewal, extension, purchase option) and any relevant terms.
  5. Effective Date: The date on which the tenant intends to exercise the option and any relevant timelines or deadlines specified in the lease.
  6. Acknowledgment of Terms: Acknowledgment that the tenant agrees to the terms and conditions associated with exercising the option, as outlined in the original lease agreement.
  7. Signature: Signatures of the tenant and, if required, the landlord, to acknowledge receipt and agreement.

 

 

Advantages

 

  1. Clarity and Documentation: Creates a clear record of the tenant’s intention and the landlord’s acknowledgment, reducing the potential for misunderstandings or disputes.
  2. Legal Protection: Ensures that both parties are aware of and agree to the exercise of the option, providing legal protection in case of any disagreements.
  3. Timely Notification: Helps ensure that the tenant exercises their option within the required time frame specified in the lease agreement.

 

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