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Renewal Options and Lapse of Notice
More often than not, commercial lease renewals are reliant on clerical diligence by the tenant. Option notices are commonly required to be delivered in specific formats within designated time periods. Attention to long-term detail is critical, for a failure by a tenant to properly and timely exercise its renewal option may be beneficial to the landlord and catastrophic for the tenant. However, a failure by the tenant to timely deliver valid notice does not always leave the tenant without options. In some jurisdictions, judicial equitable relief may be available to validate the renewal notwithstanding the failure to notify in accordance with the lease.
The Greater Park City Co. Case
The recent, highly publicized case of Greater Park City Co., et al v. United Park City Mines, et al. (2014), Third Judicial District, Summit County, UT, Case No. 120500157, explored this very issue. In this case, a tenant under a long-term lease failed to timely exercise a renewal option due to a clerical error, and sued the landlord, claiming that, notwithstanding its failure to comply strictly with the lease terms, it was entitled to the benefit of the renewal based upon certain long-established equitable principles under Utah law. Ultimately, the tenant was unsuccessful in persuading the court. This article examines Greater Park City and the arguments made by the tenant to the court.
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