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Why did we build this?
Commercial leases often have a number of various dates that require the tenant to make a specific business decision and therefore notify the landlord. We built this feature to enable users to keep up to date with all upcoming dates relating to their entire real estate portfolio. Some dates may change after the initial lease was drafted up so this is an easy way to include new and edited dates within the system
What does it do?
Adding critical dates give you the power to track certain data points relating to your lease. With these critical dates you will get automatic notifications to remind you of what is upcoming.
How to use it
Step 1: Navigate to a specific lease
Step 2: Navigate to the critical dates tab
Step 3: Click “Add Date” and fill out information
The description is where you can copy and paste the renewal or option language directly from the lease, or summarize in your own words. For example, "Tenant has the option to renew for an additional 5 year term, must provide notice 180 days prior to the expiration of the current term"
For a renewal option, the event type will be "Right to Renew" or "Auto-Renewal" however you can track all kinds of critical dates in Occupier. You can even create custom event types, learn how here.
The notice start date will be the day you need to notify the landlord that you intend on exercising your renewal option. So if the lease says you must provide notice 180 days prior to the expiration of the current term, your notice start and notice end dates would both be 180 days prior to the expiration date. The only reason your notice start date would differ from your notice end date is if the lease said something like "must provide notice no sooner than 365 days, but no later than 180 days prior to the expiration date".
Your notice start date will be what triggers email notifications. Learn more about critical date notifications and how to customize your notification preferences here.
Lastly, the effective date is when the option would go into effect. So if the lease expires 12/31/2025, the effective date for the renewal option would be 1/1/2026 (the first day of the new term).
Once you are done, don't forget to click “Submit”