If you have taken a lease of a property from the tenant and now, as the lease period have been expired, what course of action can you take to continue living in the same premises? If you do not want to vacate the leased property and wish to prolong your stay in the same property, you can issue Notice of Exercise of Option to Renew Lease to the landlord.
The landlord will decide whether, to renew your Lease and allow you living in the same premises or cancel the Lease option and ask you to vacate the leased property. Generally, the landlord uses his option of higher tenancy rent modification for the lease renewal. In such case, the tenant can continue staying in the same property by paying higher revised rent.
Thus, Notice of Exercise of Option to Renew Lease can be defined as a written Notice or Letter, which is forwarded to the Landlord by the Tenant, showing his intention to continue staying in the same premises after the expiry of the Lease. The landlord also keeps his right option open by accepting the Lease Renewal or rejecting the renewal intention of the tenant.
The Notice of Exercise of Option to Renew Lease template includes following basic points:
Notice of Exercise of Option to Renew Lease
[name of tenant]
_______________________________
_______________________________
[tenant's address]__________________
[tenant's phone]___________________
[date of letter]____________________
_______________________________
[list name of landlord]________________
[list landlord's full address]______________
Dear ________________[landlord's name],
You are hereby given notice that pursuant to the terms of the lease dated [list date lease was signed], between [list name of landlord named in lease] as landlord, and the undersigned as tenant, for the premises located at [list full legal description of property being leased], the undersigned hereby exercises its option to renew the lease for an additional term of [list duration of renewal term].
The renewal term shall commence upon the expiration of the current term and shall end on [list date renewal term will end]. The terms and conditions of the lease will continue in effect and will govern the renewal term.
Thank you for your attention to this matter.
Very truly yours,
[tenant's name]________________________