A stated right of a tenant with respect to leasing additional space, renewing the
    lease or extending its term, or perhaps purchasing the property. Options usually contain
    conditions such as exercise thereof in writing, within a certain time period (usually a number of months prior to lease expiration) and the option may contain a stated rent or purchase price, or perhaps simply state “at fair market rent or value,” leaving the parties to negotiate the rent or sale price at the time of exercise of the option.