Supreme Court of Iowa July 17, 2002, 01-0788 (SDG MacErich Properties, L.P. v. Stanek Inc.)

STREIT, Justice.

Equity aids the vigilant, not those who forget to perform a legal duty. Stanek, Inc. had a twenty-year lease agreement with SDG Macerich Properties, L.P., allowing Stanek to operate a Hardee’s franchise on a property near a Sioux City shopping mall. The lease agreement required Stanek to exercise an option to renew the lease by a particular date.