The lease being terminated, the right to exercise the option ceased. Sandra Frocks, Inc. v. Ziff, 1947, 397 Ill. 497, 74 N.E.2d 699; Bond v. Long, 1949, 338 Ill. App. 1, 86 N.E.2d 585; Estfan v. Hawks, 1949, 166 Kan. 712, 204 P.2d 780, 10 A.L.R.2d 877. There was no option in existence at the time the condemnation proceeding was instituted and the deposit of $75,000.00 made in court. Hence, the provisions of the option concerning the value to be placed on the property in the event of condemnation were not applicable and the trial court was free to fix the value of the property from the facts adduced at the trial.
It expired with her lease. Bond v. Long, 338 Ill. App. 1, 86 N.E.2d 585 (1949), Andreula v. Slovak Gymnastic Union Sokol Assembly, 140 N.J. Eq. 171, 53 A.2d 191 (1947), Spaulding v. Yovino-Young, 30 Cal.2d 138, 180 P.2d 691 (1947), Smith v. Carter, 213 Ark. 937, 214 S.W.2d 64 (1948), 32 Am. Jur. Landlord and Tenant § 305. Under the option agreement she was not required to purchase the property. Smith, supra, 67 C.J.S., Option defined, p. 511.
51 C.J.S. Landlord and Tenant § 87, p. 647. Mooney v. Weaver, 262 Ala. 392, 79 So.2d 3; Pearson v. George, 209 Ga. 938, 77 S.E.2d 1; Bond v. Long, 338 Ill. App. 1, 86 N.E.2d 585; Gershenhorn v. Walter R. Stutz Enterprises, 72 Nev. 293, 304 P.2d 395, 306 P.2d 121. We must hold therefore that when Theodore Schabo surrendered his lease, the option contained therein terminated.
If the lessor thereafter effectuates a legal termination of the lease agreement, the option, and accordingly the tenant's right to purchase the property, will also be extinguished. Bond v. Long, 338 Ill.App. 1, 3, 86 N.E.2d 585, 587 (1949); Sandra Frocks Inc. v. Ziff, 397 Ill. 497, 504, 74 N.E.2d 699, 704 (1947). Conversely, where the leasehold is terminated by the proper exercise of the option, the lessor loses any right it may have held under the lease to declare a forfeiture.
• 6 As applied to the instant case, the above rules of law demonstrate that a ground for default, where not acted upon, may be waived. (See generally Jader v. Costello (1950), 405 Ill. 181, 187, 89 N.E.2d 814; cf. Bond v. Long (1949), 338 Ill. App. 1, 3, 86 N.E.2d 585 (no waiver after actions to terminate lease).) It is apparent however, that a disputed question of fact exists as to whether lessor's actions constituted a waiver of lessee's purported default on the lease.