NetLease - Mass Terminations
Overview
NetLease supports terminating multiple leases at once via two methods.
- Terminations that have the same inputs can be disposed via the Mass Termination Suitelet. This article walks through this use case.
- Terminations where the inputs are unique per lease can be uploaded and processed via a CSV of termination proposals.
Terminate Leases with Identical Termination Details
- Navigate to NetLease > Mass Update Leases > Mass Terminate Leases.
- Enter any desired filters to get to the desired subset of leases to be terminated. Enter in the termination information to be applied to all leases selected.
Effective Termination Date
The only variable per lease is the Termination date. The leases will use the first open period as the termination date.
- Update the fields as necessary for the lease termination:
Field | Description | Example |
Cash Paid Per Lease to Terminate | Input the amount to be paid in the lease termination month per lease to terminate. Note that this amount should include both (1) standard lease payments, as well as (2) termination penalties or other consideration to be paid upon termination | 3,500 |
Cash Received Per Lease to Terminate
| Input the amount to be received per lease to terminate. | 0 |
Termination Reason | Provide a brief description of the reason for the termination. | Early termination |
Termination Note | Provide any additional description or details for the termination | Excess supply and under-utilized; to return to lessor |
| Override Gain/Loss Account | GL override option for the Gain/Loss posted on the termination transaction. Defaults to the mapping from the Lease Type record for each lease if blank. | 8200 Gain/Loss |
- Once you’re satisfied with the leases selected in the sublist, click the Terminate button.
- You will be redirected to a status page where you can refresh periodically to see the newly terminated leases
