From the Options panel you can add information for lease options, legal time-sensitive options that you can exercise on a lease, such as the right of first refusal to buy the property or the right to rent space that becomes vacant. The information that you enter is available from the Lease Administration/Portfolio Dashboard. You can also receive dashboard or email notifications when options are about to expire. Lease option data is also included on the Lease Abstract report.
You can associate a document with the option, for example, the file of the page of the lease that describes this option.
Note: The Options tab is available only from the Lease Administration Add/Edit Wizard task; it is not available from the Portfolio Administration's Add/Edit Wizard.
You enter options using the Options panel accessed from either the Lease Administration/Add/Edit Wizard task (Options tab), or from the Lease Administration/Add/Edit Form - Complete task. Before entering options, you select the lease you are entering the option for,
For more information, see
To enter option information:
The Add Option dialog appears.
Option Code -- Enter a code to uniquely identify this option for a particular lease. This field, along with the Lease Code, forms the primary key of a Lease Option record.
Description -- Enter or select a short description of the lease option, such as "Expansion to fifth floor."
Complete the following recommended fields:
Option Type -- Select a value from the drop-down list, such as N/A, CONTRACTION, EXPANSION, OPTION TO BUY, and RENEWAL.
Who Can Exercise?--- Select whether the landlord, the tenant, or both can exercise the option.
Date Exercised---The date the option was exercised.
Exercised By---The user who exercised the option.
Date Exercising Applicable---Date that the option is effective.
Date Issued---Indicates when the option was issued.
Option Dates Match Lease?---Select Yes if the option start date is the same as the lease start date. You do not need to enter the Date Option Available and the Sate Option Expires if you select Yes.
Date Option Available/Date Option Expires--If you selected No for the Option Dates Match Lease? field, you can enter the date the option starts and expires here.
Comments -- Enter longer notes or a description of the option.
Date to Review-- Enter the date that the lease option should be reviewed, typically a date two to three months prior to the option date. This date is shown on the Lease Option Details pop-up window accessed from the Alerts section of the Portfolio dashboard.
If you are working from the Add / Edit Wizard, do one of the following: after working on the Options tab:
See Also
Add/Edit Tasks Overview. for a description of all the Add/Edit tasks.