Tabbed Regions Reference for Lease, Edit Lease, and Amend Lease Windows, page 4- 17
Lease Window Reference
The Lease and Edit Lease windows include the same headers and tabbed regions. For details on the tabbed regions of this window, see Tabbed Regions Reference for Lease, Edit Lease, and Amend Lease Windows, page 4-17.
Operating Unit: Select the operating unit to which the lease belongs.
Abstracted By: The name of the person who enters lease information in Oracle Property
Manager.
Class: Indicates your role as it is defined in the lease you are abstracting. The lease class
that you select also determines whether you will use the Payments feature or the Billings feature. See: Entering Payment Information, page 4-56 and Entering Billing Information, page 4-72.
• Select the Expense lease class if you are the tenant. The Expense lease class enables the Payments feature. The location to which the lease is assigned must have a tenure of Mixed, Managed, Leased, or Owned.
• Select the Revenue lease class if you are the landlord. The Revenue lease class enables the Billings feature. The location to which the lease is assigned must have a tenure of Mixed, Managed, or Owned.
• Select the Sublease lease class if you are subleasing the property to a subtenant. The sublease class enables the Billings feature. You can have up to two subleases for a lease. For example, a landlord leases to tenant 1. Tenant 1 subleases to tenant 2. Tenant 2 subleases to tenant 3 (this is a sub-sublease).
Important: When you select the Sublease class for the lease you are abstracting, your role in that lease is landlord, and the lease is between you and the subtenant.
Note: When you sublease a property, you are a party to two leases: the lease in which you are a tenant, and the lease in which you are a
landlord. You abstract the lease in which your role is tenant first, then you abstract the lease in which your role is landlord. The first lease, in which you are the tenant, is then known as the master lease in reference to the second lease, in which your role is landlord.
Master Lease: The name of the original lease between you and the landlord, in which
you are the tenant. You designate a master lease when you have chosen Sublease as the Lease Class of your current lease.
Note: The lease which you want to designate as the master lease must first be entered, finalized, and saved as a unique lease in Oracle Property Manager.
Name: The name of the lease. Create a lease name that conforms to your organization's
naming standards.
Number: The number that identifies the lease. If Oracle Property Manager does not
automatically assign it, enter a unique lease number.
Approval Status: Indicates if your lease information is in draft or final form.
• Draft: the default lease status when you first open the Leases window. As long as the lease is in Draft status, you can change the information you have entered, and enter additional information, without having to amend or edit the lease. When you save a lease in Draft status, Oracle Property Manager saves all the information that you entered, but does not generate any payment or billing schedules.
• Final: If you have entered payment or billing items in the tabbed region of the Leases window, you will generate scheduled payments or scheduled billings when you finalize and save the lease. After you change the status to Final and save the lease, you must either create an Amendment or perform an Edit to make most changes to your lease information. You can change the lease name and lease number without creating an edited or amended version of the lease.
Change the status from draft to final when you have finished abstracting the lease, including the information in the relevant tabbed regions.
Type: Indicates how rent is calculated. Some common lease types are percentage, gross,
and net leases. The lease type is informational and does not affect functionality.
Lease Status: Lease status determines the relationship between the lessor and lessee.
The selections available for lease status include the following:
• Month-to-Month: A tenancy whereby a lessee retains possession of leased property after the lease has expired after which the tenant leases the property for one month at a time.
the lease has expired and the landlord, by continuing to accept rent, agrees to the tenant's continued occupancy as defined by state law.
• Terminated: A lease status of Terminated occurs after the lease end date. This status also applies if you use the amend process to terminate a lease prior to the lease end date.
• Active: A lease status of Active applies to leases that are within their lease term range. The default status is Active.
• Lease Ordered: Signifies that the landlord and tenant have committed to the general terms of a lease. However, they have not finalized the lease because of certain open issues. You can make or receive one time non-normalized payments, such as security deposits.
• Signed: Signifies that the landlord and tenant have signed the lease. However, certain pending issues may prevent you from finalizing the lease. As in the case of the Lease Ordered status, you can make or receive one-time non-normalized rent payments.
Customer: Name of the customer. This field is enabled only when you select Sublease
or Revenue as the lease class.
Related Topics
Modifying Leases, page 4-100