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Lease Option Functionality

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We created an expense lease from 1 Jan 2022 - 31 Dec 2023. Recorded an Option for expansion of lease with the start date of 1 Jan 2024 and end date of 31 Dec 2025.

When we tried exercising the option , It gives the error that option cannot be exercised because the start and end dates of the option must be between 01-11-2023 (Date of Exercising the Option) and 31 Dec 2023 (Lease End Date).

We were under the impression that option functionality can be used to record the option to extend the lease but as per our above observation, our understanding is wrong. Please advise in what business scenarios Options functionality can be used.

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