Issue when trying to make changes to payment schedules for a finalized lease.
My issue occurs after a lease is finalized, when changes need to be made to the lease terms, and existing payment schedules need to be revised.
Our issue is best understood with an example:
We entered the payment schedules from an abstract into the payments tab in the lease form of Property Manager.
Original Lease Agreement Payment Schedules:
Start Date End Date Monthly Rent Payments
1/1/2005 11/30/2007 $10,000 <-Initial Term
12/1/2007 11/30/2010 $11,000 <-Renewal Option 1
12/1/2010 11/30/2013 $12,000 <-Renewal Option 2
12/1/2013 11/30/2016 $13,000 <-Renewal Option 3
The initial term and first renewal will go smoothly as there are no changes to be made…
In July of 2010 (nearing the end of the second payment schedule) an agreement is made to exercise renewal option 2 and extend the lease through 2013,
Our issue is best understood with an example:
We entered the payment schedules from an abstract into the payments tab in the lease form of Property Manager.
Original Lease Agreement Payment Schedules:
Start Date End Date Monthly Rent Payments
1/1/2005 11/30/2007 $10,000 <-Initial Term
12/1/2007 11/30/2010 $11,000 <-Renewal Option 1
12/1/2010 11/30/2013 $12,000 <-Renewal Option 2
12/1/2013 11/30/2016 $13,000 <-Renewal Option 3
The initial term and first renewal will go smoothly as there are no changes to be made…
In July of 2010 (nearing the end of the second payment schedule) an agreement is made to exercise renewal option 2 and extend the lease through 2013,
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