The tenant has legal rights to the premises until the end of October.Notice was issued on 10/5/2020; tenant has the premises until the end of November because the 28 days doesn't expire until November 2. 

One of my biggest concerns is what will happen when mortgage forbearance expires and the eviction and foreclosure freeze is lifted.

Another more important factor is liquidity.

If so, then I'd invoke it and get my E/M back if it's that big a deal to you.

A lot of posters here keep saying sue for specific performance, but that happens about 0.000001% of the time.Think I'd take my inspection fees and get my E/M back and learn that you really can't force a seller to sign.And even if you could, a signature under duress isn't legal often.

We are not evicting her for lack of payments but because the lease expired and we want our property back. 

Originally posted by @Lynnette E.

Current owners of STRs are still able to run them until their permits expire next year. 

It is already in contract.You will need 6 month's payments in liquidity and about 20% down.

The lease option is one type of rent-to-own, the tenant has the option but not obligated to buy when expire.