right-of-use lease option (ROU option)

A time-sensitive action that is written into the lease agreement. A lease right-of-use option grants particular rights to a tenant, such as the right of first refusal to buy the property, the right to rent space that becomes vacant, the right to extend the lease, and the right to contract the lease.

Right-of-use options are stored in the Lease Options table and are assigned to records in the Leases table. You can assign options to leases using the Lease Portfolio Console or the Portfolio Edit Wizard.