You mentioned a recent interest in extending the Lease Option agreement and this would entail either a New Contract or an Addendum to the current contract as you are requesting an extension. I'm not sure why you would be asked to complete a New Rental Application. I would definitely be concerned and ask why this is necessary. Also if your current Lease Option contract is expiring, do not assume it will be renewed. Ask the Landlord if the building is being sold, if he/she is looking for higher rent or a new tenant. If he/she is asking you to "reapply" by completing a new Rental Application, then there is a reason. If Landlord is borrowing money or refinancing, this would only require an updated Lease, NOT a New Rental Application. I would confront this Landlord with the question, If you were approved to Lease this building 30 years ago, why now are you having to go through the approval process again. For example, if I were hired to work at a job and 30 years later, personnel came to me and said I had to complete another application to work at a job I'm already hired for, I would think they were out of their mind.
Jan 14, 2015