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.
The Illinois Notice of Intention to Exercise Option is a legal document that outlines a tenant's intent to exercise their option to renew a lease agreement. This notice is typically sent to the landlord or property manager within a specific timeframe before the lease expiration date, as specified in the original lease agreement. Keywords: Illinois, Notice of Intention to Exercise Option, tenant, lease agreement, landlord, property manager, lease expiration date. There are different types of Illinois Notice of Intention to Exercise Option based on the specific lease agreement and the terms agreed upon between the tenant and landlord. Some common variations include: 1. Commercial Lease: In the case of a commercial lease, the Notice of Intention to Exercise Option is used by business tenants to formally notify the property owner of their intent to renew the lease for another term. This notice is typically governed by specific rules outlined in the lease agreement, such as the required notice period and any option extension terms. 2. Residential Lease: For residential leases, the Notice of Intention to Exercise Option is utilized by tenants residing in apartments, houses, or other residential properties. This notice serves as confirmation that the tenant wishes to extend their lease for an additional period, providing sufficient time for the landlord to make necessary arrangements or negotiate any potential changes to the terms of the lease. 3. Agricultural Lease: In the case of agricultural leases, the Notice of Intention to Exercise Option is utilized by farmers or agricultural businesses renting land for farming purposes. This notice allows the tenant to express their intent to extend the lease term, ensuring continuity in agricultural operations and giving the landlord ample time to plan for future land use. It is important to note that the specific requirements for the Illinois Notice of Intention to Exercise Option may vary depending on the type of lease and the terms agreed upon by the tenant and landlord. Therefore, it is advisable to consult the original lease agreement and seek legal advice if there are any uncertainties or unique circumstances.
