What must an optionee do to exercise their option on a commercial property?

To exercise an option on a commercial property, the optionee must adhere to the specific terms outlined in the option contract. The option contract is a legal agreement that allows the optionee to purchase or lease the property within a certain time frame and under specified conditions. These conditions may include the timing of the exercise, the price, and any other relevant terms specific to the contract.

By following the terms as stipulated in the contract, the optionee ensures that their actions are legally binding and recognized by the property owner (optionor). This adherence to the contract is crucial as it protects both parties and facilitates a clear understanding of the rights and obligations involved in the transaction. Failure to follow the agreed-upon terms could invalidate the option or lead to legal disputes.

As for the other options, they do not capture the essence of what is required to properly exercise an option. Options that specify arbitrary time frames or allow free choice without regard for the contract details overlook the importance of binding terms and conditions that define the optionee's rights.