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LeaseAI — Commercial Lease Print Pack
Generated from tryleaseai.com · March 24, 2026 · For informational purposes only. Consult a real estate attorney for legal advice.
Lease Review Checklist
30 Items☐ Lease Review Checklist (30 Items)
Financials
Lease Terms
Build-Out & TI
Defaults & Remedies
Utilities & Access
CRE Glossary — Key Terms
20 TermsKey Commercial Lease Glossary Terms
Base Rent
The fixed monthly rent before any add-ons like CAM, taxes, or insurance.
CAM (Common Area Maintenance)
Tenant's pro-rata share of building operating costs — cleaning, landscaping, security, parking lot.
Net Effective Rent (NER)
True economic cost of a lease after accounting for free rent, TI, and other concessions amortized over term.
TI Allowance
Tenant Improvement Allowance — landlord contribution toward buildout of your space.
NNN (Triple Net)
Lease structure where tenant pays base rent plus taxes, insurance, and maintenance separately.
Gross Lease
Tenant pays one all-inclusive rent; landlord covers operating expenses.
Modified Gross
Hybrid — some expenses are included, others are passed through separately. Scope varies widely.
ROFR
Right of First Refusal — right to match any lease offer the landlord receives for adjacent/available space.
ROFO
Right of First Offer — landlord must offer you a space first before marketing it to others.
Holdover
When a tenant stays past lease expiration without a renewal. Often triggers 150–200% of prior rent.
Estoppel Certificate
Binding document a tenant signs confirming lease facts — required during property sales.
SNDA
Subordination, Non-Disturbance & Attornment — protects tenant's lease if property is sold or foreclosed.
Free Rent
Rent abatement period at lease start; tenant occupies but doesn't pay rent.
Commencement Date
Date lease term officially begins; may differ from move-in date.
Rent Commencement Date
Date rent payments actually start; can be weeks or months after commencement.
CAP (CAM Cap)
Maximum annual percentage increase in controllable CAM expenses.
Gross Sales
For percentage rent leases — total sales revenue used to calculate percentage rent obligation.
LOI
Letter of Intent — non-binding document outlining proposed deal terms before full lease is drafted.
Permitted Use
The specific business activities allowed in the leased space under the lease terms.
Quiet Enjoyment
Landlord's covenant that tenant will have undisturbed possession for the full lease term.
Lease Negotiation Timeline
5 PhasesLease Negotiation Timeline — Action Plan
12–18 Months Before Expiration
- →Audit current lease — identify all options, rights, and deadlines
- →Assess space needs for next lease term (size, layout, location)
- →Research market comparables in target submarkets
- →Hire a tenant rep broker (their fee is typically landlord-paid)
- →Begin preliminary discussions with current landlord if renewing
9–12 Months Before Expiration
- →Tour alternative spaces to create genuine negotiating leverage
- →Issue RFPs to 3–5 shortlisted locations
- →Receive and analyze initial LOIs from competing landlords
- →Exercise any ROFR or ROFO options for adjacent spaces
- →Engage real estate attorney for lease review
6–9 Months Before Expiration
- →Negotiate final LOI terms — rent, TI, free rent, term, options
- →Begin formal lease negotiation with landlord's attorney
- →Conduct building due diligence (zoning, environmental, structural)
- →Negotiate SNDA with landlord's lender
- →Plan construction / TI buildout with architect
3–6 Months Before Expiration
- →Execute final lease
- →Submit permit applications for TI buildout
- →Arrange utilities, insurance, and move-in logistics
- →Give proper notice of non-renewal to current landlord (if moving)
- →Begin TI construction if starting new space
Lease Execution & Move-In
- →Conduct pre-delivery walk-through with landlord
- →Document any incomplete landlord work in writing
- →Confirm rent commencement date in writing
- →Set up lease calendar with all critical dates and deadlines
- →File executed lease and all exhibits in secure location
Lease Red Flags to Watch
12 Flags🚩 Lease Red Flags — Dangerous Clauses to Negotiate
Uncapped CPI Rent Escalation
Requires annual rent to increase by full CPI — no cap. CPI exceeded 8% in 2022. Fix: Cap at 3% annually.
Unlimited CAM Expense Categories
No exclusions listed — landlord can pass through capital improvements, excess management fees, and non-building costs.
Personal Guaranty with No Burn-Down
Full personal guaranty lasting the entire lease term. Fix: Negotiate a burn-down provision reducing guaranty after 12–24 months of on-time payments.
Deemed Certified Estoppel Clause
Landlord's version of estoppel is auto-accepted if tenant doesn't respond in 10 days. Always calendar and respond to estoppel requests.
No TI Delivery Deadline
Lease lacks a date by which TI work must be complete. Without a deadline, landlord has no incentive to deliver on time.
Landlord Entry Without Notice
No notice requirement for landlord entry. Fix: Add 48-hour written notice requirement for non-emergency entry.
Percentage Rent from Dollar One
Percentage rent applies to all gross sales without a natural breakpoint. Fix: Add natural breakpoint equal to annual base rent ÷ percentage rate.
No CAM Audit Right
Tenant has no right to audit CAM reconciliations. Studies show 15–30% of CAM billings include errors.
Unlimited Relocation Right
Landlord can relocate you to any space in the building at any time. Fix: Add comparable space requirement, cost reimbursement, and notice of at least 60 days.
Broad Force Majeure Clause
Force majeure excuses landlord from utility restoration or TI delivery with no time limit. Fix: Add maximum force majeure period and tenant termination right.
No Rent Abatement for Utility Failure
Tenant pays full rent during extended power or HVAC outages. Fix: Add abatement trigger after 48 hours of disruption.
Holdover Penalty Exceeds 200% of Rent
Excessive holdover penalties (some leases go to 300%) can be devastating for tenants navigating construction delays or difficult relocations.
Generated by LeaseAI · tryleaseai.com · This document is for informational purposes only and does not constitute legal advice.
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