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.
Keywords: Guam, Notice of Intention to Exercise Option, types Description: A Guam Notice of Intention to Exercise Option is a legal document used to formally declare an individual or entity's intention to exercise an option specified in a contract related to a property lease or purchase in Guam, a U.S. territory located in the Western Pacific Ocean. This notice serves as an official communication to the relevant parties involved, indicating the intent to proceed with a specific option outlined in the original contract. There are different types of Guam Notice of Intention to Exercise Option based on the nature of the option being exercised. The most common types include: 1. Lease Extension Option: This type of notice is used when a tenant wishes to extend their lease agreement with the landlord beyond the initial lease term. By filing a Guam Notice of Intention to Exercise Option for a lease extension, the tenant demonstrates their intention to continue occupying the leased property for a specified period, usually adding a fixed number of years to the lease. 2. Purchase Option: This notice is used when a buyer wants to exercise their right to purchase a property, as stipulated within the original purchase agreement. By submitting a Guam Notice of Intention to Exercise Option for a purchase option, the buyer expresses their intention to move forward with acquiring ownership of the property upon agreed terms and conditions. 3. Right of First Refusal Option: In situations where a right of first refusal is granted, this notice allows the party with the right to be notified of any offer made by a third party on a property. The holder of the right then has the option to exercise their right and purchase the property on the same terms offered by the third party. Submitting a Guam Notice of Intention to Exercise Option is crucial to ensure clarity, transparency, and legal obligation in the execution of contract options. This document serves as a formal acknowledgement of intent and is an essential step in initiating the next phase of the contractual agreement, be it a lease extension, property purchase, or right of first refusal.
