Commercial lease audit
Translate the legal documents into a dependable cash-flow and obligations record.
Use this as a working agenda. Confirm transaction-specific requirements with your advisers. Checkmarks are temporary and reset when the page reloads.
Include the executed lease, amendments, exhibits, guaranties, commencement certificates, side letters and assignments.
Match the actual obligor, business occupant and guarantor; identify transfers and consent requirements.
Reconcile leased area, measurement rights, common-area treatment and expense denominators.
Record base rent, escalations, percentage rent, abatements and special credits.
Identify recoverable pools, exclusions, caps, expense stops, gross-up and audit deadlines.
Document roof, structure, systems, replacement and compliance obligations rather than relying on NNN labels.
Track option windows, termination rights, delivery, commencement, expiration and notices.
Check exclusive uses, prohibited uses, operating covenants and co-tenancy consequences.
Confirm deposits, letters of credit, guaranty scope, expiration and transfer mechanics.
Review required coverage, deductibles, restoration obligations and termination rights with advisers.
Reconcile responses to the lease abstract and investigate exceptions before relying on them.
Use the abstract as an administrative aid. Escalate ambiguous clauses for document-specific legal review.
Identify payment and performance defaults, cure rights, notice addresses and remedies with counsel. A calendar entry cannot substitute for valid contractual notice.
Read any SNDA, recognition agreement and lender consent alongside the lease. Identify which parties are bound and which rights depend on conditions.
An original editorial checklist. It is not a legal form, lender requirement list or substitute for a property-specific investigation.
Research context
These sources inform the underlying investment questions. The checklist is an original working agenda; the sources do not impose every listed step on every transaction.