Assignment Does Not Eliminate Options

July 31, 2007
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Facts: An owner and tenant entered into a 20-year lease that included four lease extension options, each for five years. The owner assigned his interest in the lease to a new owner—that is, gave the new owner all of its rights in the lease. The tenant assigned the 20-year base lease to a new tenant, and assigned the lease options to a third party. Several years later, the third party assigned the lease options to the new tenant.

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