Exercise of options
- We assist both Tenants and Landlords in relation to exercise of options.
- If you are a Tenant, you must strictly exercise your option in writing within time, as required under your Lease.
- Oral acceptance is insufficient.
- Failure to exercise an option strictly in accordance with the requirements under the Lease in nearly all cases will result in your option being void.
- If you are a Landlord and the Tenant is in breach on exercise of option, certain requirements must be followed if you wish to use this as grounds for refusal.
- If the Retail Leases Act applies, we encourage tenants to reach agreement on rent prior to exercise of option. We advise tenants of their rights under the Retail Leases Act in this regard and advise on the relevant provisions and procedures as set out in the Retail Leases Act.