Can Tenant Exercise Purchase Option Despite Missing Deadline?

Q:  A tenant negotiated an option to purchase the space it will be leasing from me at one of my free-standing properties, after it has operated there for a certain number of years. The notice requirements for exercising the purchase option are very clear; however, I’m concerned that if the tenant doesn’t do so in a timely manner, it could create problems for me by trying to revive the opportunity later.

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