This document briefly outlines a tenant's intention to renew their business lease with a landlord. Under the Landlord and Tenant Act businesses do have certain rights to renew their leases with a landlord, or provide compensation if that is impossible.
If a landlord wishes to bring the tenant's occupation to an end, for example for redevelopment purposes, then good strategy can be the difference between a loss and a win-win situation. Lack of preparation and communication, especially documented communication, is a substantial cause of losses. This simple document is easy to fill out, and can be faxed or mailed within a day.
This document is also sometimes referred to as a "Notice of Exercise of Commercial Lease Option" in cases where the lease provides the option to extend the original term.
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