Assignment Does Not Eliminate Options
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.