Critical Dates and Options

The Critical Dates and Options page allows the user to capture a variety of milestones and events identified throughout the life cycle of the lease:

Critical Dates

The Critical Dates section is used to manage common critical dates such as possession, commencement, and expiration dates.

Populate any known values in this section. The user can either use the calendar icon or manually input the date using the required date format (mm/dd/yyyy) in each of the following fields:

1. Possession Date: Enter the date that the tenant takes (or is authorized to take) legal possession of a leased premises to start the build-out process.
   1. *Note: This field is key to the accounting processes as it drives the initial calculation of the straight-line rent.
2. Lease Execution Date: Enter the later of the two dates on which the Landlord and Tenant has executed the lease document.
3. Initial Term Begin: Enter the date on which the original lease term starts or commences.
4. Initial Term Expiration: Enter the date on which the original lease term ends or expires.
5. Lease Effective Date: Enter the date on which the lease agreement is effective which is usually noted in the lease.

Options

The Options section is used to define the common real estate related events, options or milestones as part of the initial setup (e.g. Renewal, Expanrentsion, Termination, etc.).

Fill in any known values in this section as follows:

1. Number of Renewal Options: Enter the number of Renewal Options available upon expiration of the current term.
2. Option Length (yrs): Enter the length of the Renewal Option period.
3. Notice Period: Enter the specified period in which notice is to be served to exercise an option.
4. Notice UOM (Unit of Measure): Use the drop-down menu to select either Days, Months or Year associated to the Notice Period. 
5. Termination Option: Select this checkbox if there is a Termination Option available in the lease.  This is an option allowing the Tenant or Landlord to terminate the lease earlier than the lease expiry date.
6. Termination Fee Amount: Enter the total fee or penalty amount associated to the termination of the lease.  This amount is usually specified in the lease.
7. Purchase Option: Select this checkbox if there is a Purchase Option available in the lease.
8. Purchase Option Amount: Enter the total price amount of associated to the Purchase Option available in the lease.
9. Expansion Option: Select this checkbox if there is an Expansion Option available in the lease.  This is an option allowing the Tenant to lease additional space within the Building or Center.

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