Lease Breaks and Options

  • Updated

For North American users, please be aware that "Tenancies" are known as "Leases" and "Terms & Breaks" within a Tenancy are referred to as "Terms & Options". For more information on regional terminology, please refer to our Glossary of Regional Terminology.

If a lease agreement includes provisions for breaks or options, it's essential to understand how to record and manage these terms accurately. In this article, we will guide you through the process of creating Lease Breaks within your lease/tenancy records and outline the functionalities for Fixed and Rolling Breaks. Our aim is to help you utilize these features to stay informed and act upon lease break options competently.

How to Create a Lease Break

  1. Navigate to the Terms & Breaks tab against the related Leases/Tenancy.
  2. Click the Contextual Menu [...] and select Add Lease Break.

Choosing Between Fixed and Rolling Breaks

Fixed Breaks allow you to have multiple preset break dates. Each break date will have an associated Final Notification date calculated based on a set notice period.

For Rolling Breaks, the break option can be exercised after a specified date and requires a set notification period.

Handling Fixed Breaks

  1. Navigate to the Lease Breaks and click Generate Lease Breaks
  2. Enter the occurrence and notification periods.
  3. The system will calculate the required number of breaks considering the lease term duration.
  4. click Add Break as needed to add multiple lease breaks. 

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Setting Up Rolling Breaks

  1. Navigate to the Lease Breaks and enter the Rolling As At Date, which is when the break option becomes active.
  2. The Rolling Notification Period to trigger before exercising the break.

You can view all established break dates from the Terms & Breaks tab.

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Lease Break Calendar Events

Break events are automatically added to the calendar, providing reminders for approaching Final Notification dates. You have the option to exercise the break or simply acknowledge the reminder without any action.

Exercising a Break Option

  1. Access the option from the calendar event from the Dashboard or the Terms & Breaks tab within the lease/tenancy record.
  2. Enter details for the notice served.
  3. Decide whether to vacate the lease/tenancy then and there or save the Exercise Option details for later.
  4. Use the provided toggle to select your preferred outcome.

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Remember that Fixed Breaks can be acted upon anytime up to the notification date, while a Rolling Break can be exercised any time after the Rolling Break date has passed.

By understanding how to manage Lease Breaks and Options, you can ensure you're meeting the requirements of your lease agreements and maintaining good lease/tenant and property management practices.

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