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 Maryland Notice of Intention to Exercise Option is a legal document used to notify the landlord of a tenant's intention to exercise their option to renew their lease agreement. This notice is typically sent within a specific timeframe as stated in the original lease agreement. The Notice of Intention to Exercise Option is an important document that allows the tenant to inform the landlord about their desire to extend the lease for a specific period, typically for a year. By providing this notice, the tenant ensures that they can continue occupying the property under the same terms and conditions as their current lease. There are different types of Maryland Notice of Intention to Exercise Option, depending on the specific circumstances: 1. Residential Notice of Intention to Exercise Option: This type of notice is used by tenants of residential properties, such as apartments, houses, or condos, who wish to extend their lease term. It is essential for these tenants to provide the notice within the specific timeframe outlined in their lease agreement. 2. Commercial Notice of Intention to Exercise Option: Commercial tenants, including businesses, offices, or retail spaces, also have the option to renew their lease. The Commercial Notice of Intention to Exercise Option allows these tenants to notify the landlord of their intention to exercise their renewal option. 3. Sublease Notice of Intention to Exercise Option: In some cases, tenants may sublease a property to another party. If the original tenant wishes to renew the lease but has a subleasing agreement in place, they must provide a Sublease Notice of Intention to Exercise Option. This type of notice ensures that all parties, including the landlord and subtenant, are aware of the tenant's intention to extend the lease and can make necessary arrangements. It is crucial for tenants to carefully review their lease agreement to understand the specific requirements and deadlines regarding the Notice of Intention to Exercise Option. Failure to provide this notice within the stipulated timeframe may result in the loss of the option to renew the lease. Therefore, tenants should ensure that the notice is sent via certified mail or delivered in person to ensure proper delivery and documentation.
