legal: What is a lease abstract and how can it help your business?
- 06/22/10 08:05 AM
Most corporate real estate leases consist of several dozen pages and in some cases upwards of a hundred pages or more. A lease abstract is a 1 or 2 page snap-shot of your lease in an easy to read format. The process involves reading through your entire lease and abstracting pertinent information. Some examples of extracted information include the following: • Date Lease Signed • Date Lease Expires • Length of Term • Current Rate Being Paid PSF • Escalation Clause • Termination Options • Security Deposit • Penalty Fees If Any • Renewal Options • Contraction & Expansion Options (1 comments)
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