Could Late Attempt to Exercise Renewal Option Be Excused?
Q My lease for space in a shopping center gives me an option to renew for an additional 10-year term. I planned to renew, but I mistakenly thought that the date was several months later than the date specified in the lease. A month after the renewal option had expired, I realized what had happened and sent a letter to the owner attempting to exercise it. The owner informed me that the option was no longer valid and it would be replacing me with a new tenant at the end of my current lease term.