Could Late Attempt to Exercise Renewal Option Be Excused?

December 27, 2011
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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 The owner informed me that the option was no longer valid and it would be replacing me with a new tenant at the end of my current lease term.

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