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Lapse of time When the prescribed time of the lease expires, the lease is terminated. Specified event When there is a condition on time of lease depending upon a happening of an event. Interest Lessors interest to lease the property may cease, hence resulting in the termination of the lease.
An Option to Purchase is exercised when a buyer decides that he wishes to purchase the property, signs the acceptance copy and pays the balance deposit for the property (see below).
Option Notice means a notice from the Lessee to the Lessor exercising the option to purchase the Option Premises; Sample 1Sample 2Sample 3.
When and how is an Option exercised? That the tenant must give written notice to the landlord of their intention to exercise the Option; That the notice must be given during a particular period (usually between 6 months and 3 months prior to the end of the initial lease term); and.