PRINTABLE CHECKLIST
Commercial Lease Abstraction Checklist
Abstract from the signed lease and every amendment, in order, so later documents override earlier ones. Record the page or section for every field; an abstract without citations can't be trusted a year later.
Parties and premises
- Landlord entity and tenant entity exactly as written, plus trade name and guarantor if any.
- Premises: suite number, rentable and usable square footage, and the property's total rentable area used for pro-rata share.
- Permitted use and any exclusive-use or radius restrictions.
- Notice addresses for both parties, and the method notice must take (certified mail, email, etc.).
Term and dates
- Commencement date, rent commencement date (if different), and expiration date.
- Renewal options: number, length, notice window, and how renewal rent is set (fixed, percentage, or fair market).
- Termination rights, relocation rights, and holdover terms.
- Any co-tenancy, go-dark, or kick-out provisions.
Rent
- Base rent schedule: amount and effective date for every step over the term, including options if fixed.
- Escalation mechanism: fixed percentage, fixed dollar, CPI (with floor and ceiling), or stepped.
- Free-rent or abatement periods and what they abate (base rent only, or also recoveries).
- Percentage rent: breakpoint, rate, reporting frequency, and audit rights.
- Late fee, grace period, and default interest rate.
- Security deposit amount and conditions for return or application.
Operating expenses and recoveries
- Lease type (gross, modified gross, NNN) and exactly which of taxes, insurance, and CAM the tenant pays.
- Pro-rata share as stated, and the denominator definition.
- Caps on controllable expenses and the categories defined as controllable.
- Base year or expense stop.
- Specific exclusions from recoverable expenses.
- Administrative or management fee percentage.
- Reconciliation deadline and tenant audit rights.
Obligations and risk
- Maintenance and repair responsibility split: HVAC, roof, structure, plumbing, glass, parking.
- Insurance the tenant must carry, limits, and additional-insured requirements.
- Assignment and subletting rights and landlord consent standard.
- Signage rights and any approval process.
- Tenant improvement allowance and any unamortized balance recoverable on early termination.
- Estoppel and SNDA obligations and response deadlines.