precedents online

Notice of Exercise of Lease

 

NOTICE OF EXERCISE OF LEASE OPTION

 

 

 

How do I exercise an option for a commercial lease?

There is no prescribed form for the exercise of a Lease. It should be done in writing.

Most lawyers use a custom-made form which they ask clients to sign. This is done
for several reasons:

1. An official looking form is less likely to be ignored. An email requesting the exercise of an option is more likely to overlooked or mistaken for routine correspondence. In some leases notice by email is not sufficient. ‘Notice in writing’ often means a piece of paper with an original signature on it.

2. Asking clients to sign is a way of confirming their instructions to exercise the option. If they later forget then you have the signed Notice as proof of their instructions.

3. Exercising an option and then not taking it up could spark a legal battle about payment of the landlord’s costs and damages for lost rent. Even though the landlord may not be entitled to charge costs (as in leases under the Retail Leases Act) and it is the tenant’s choice not to proceed, there have been cases of desperate and/or greedy/misinformed landlords trying to claim their costs from tenants.

Advise clients on the pros and cons of exercising their option (being careful not to stray in the territory of giving financial advice) and suggest they shop around for a better deal before making their decision.

In advising on lease options it is especially important to keep file notes. If your client instructs you not to exercise the option, make a file note to that effect, reminding your client that you are not obliged to give them further reminders. A letter confirming their instructions is a great idea for all the reasons mentioned above.

 

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

 

The complete set only $55.00

 

 

 

Easy as always
I’ve used this site over the years for quick templates to build and modify from. Saves a great deal of work and ensures I have up to date changes already made for me when I need.
Confidentiality Agreement
I have used Precedents Online and do find their product very well written and clear.
Title clear and helpful
Very good precedent - only comment would be to provide some examples or comments if each clause is essential to create a binding financial agreement and, if optional, 1 or 2 brief examples of circumstances where the relevant clause could be excluded. Otherwise, great work and I will certainly use precedents online again, cheers!
Your Legal Documents
Thanks for the great downloads. Great for starting a small legal practice.
Legal
Great service. Fast response and a good price. Easy to follow the download procedure. Would definitely use again.

Free Legal Drafting Booklet with Purchase

Written by Practicing Lawyers

"

Who we are

Precedents Online sells legal documents to  the legal profession and businesses in Australia. We supply over 300+ Legal Templates for immediate download in word format.

The documents  have been created by practising lawyers and are for immediate purchase online.

All legal precedents sold on this site are available for immediate use and have been drafted by practicing lawyers and kept up to date with changes in the law.

 Simple to Use

 Free Legal Drafting Book

No Memberships Required

A Leader In The Industry

Eric Kalde is the author of over 300 +  practice guides published through the leading Australian legal publishers Precedents Online.
Lawyers all over Australia rely on Eric Kalde’s precedents and practice guides in their legal practice.

What our Latest Satisfied Customers Say

Easy as always
I’ve used this site over the years for quick templates to build and modify from. Saves a great deal of work and ensures I have up to date changes already made for me when I need.
Confidentiality Agreement
I have used Precedents Online and do find their product very well written and clear.
Title clear and helpful
Very good precedent - only comment would be to provide some examples or comments if each clause is essential to create a binding financial agreement and, if optional, 1 or 2 brief examples of circumstances where the relevant clause could be excluded. Otherwise, great work and I will certainly use precedents online again, cheers!
Your Legal Documents
Thanks for the great downloads. Great for starting a small legal practice.
Legal
Great service. Fast response and a good price. Easy to follow the download procedure. Would definitely use again.

Precedents Online

119 Willoughby Road

Crows Nest  NSW  2065

support@precedentsonline.com.au
Disclaimer

Document Review Service

Customer Testamonials

ABOUT PRECEDENTS  
MEET OUR AUTHORS

Terms of Use

Privacy Policy