Q: In a lease with an option to purchase, must there be a definite term/date in which the tenant must exercise the option?
The term of the lease is indefinite.
A: This can't be answered without a thorough review of the lease. Generally, if no time limit is specified, the law implies a "reasonable time" - what is "reasonable" depends on the circumstances of the particular case. There is no situation where some right or obligation lasts forever. The wording of the lease ( and more specifically, the option) will be a big factor.
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