To exercise an option to extend the lease term, that exercise must be completed within the specified time period, in the exact manner required, and include each and every term required for exercise, as specified in the Lease. If anything is done incorrectly, the attempted option exercise is not enforceable. Furthermore, if the option is exercised, rent will likely increase, and other lease terms will not be negotiable.
Renewals without an option require much earlier engagement, since neither party is required to agree to any changes to the lease. Alternative premises need to be considered far in advance. I provide option exercise and lease renewal services on an hourly basis.