Maintain Lease – A summary of the activity

A lease is a contractual agreement under which a property owner allows a tenant to use the property for a specified period of time and rent. In commercial lease, apart from the rent component revenue is also shared by the customer.

This activity allows you to maintain the lease details of the customer. A lease can be of type mall or corporate. Document types move from LOI (letter of intent) ---> MOU (memorandum of understanding) --->Lease deed for Lease type – Corporate  while it is LOI --->TS (term sheet ) --->Lease deed for Lease type - Mall. Commencement & expiry dates are mandatory for a lease. System computes rent start date automatically using possession offered date, fitout period and rent free period. Lock-in charges are applicable in case the lease is getting terminated before the lock-in period specified. On creation, status of lease is fresh. When the system date reaches expiry date of the lease, system automatically updates the status of lease to “Expired”. Bill can still get generated if extended date is provided. The property details of the lease, applicable components for the properties, rebates & charges and deposit &advances of the lease are maintained in this activity.

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