Lease Terms

In Siterra, you can choose from three different term settings for a Lease. The following options appear in the Term drop-down menu when a user adds or edits a Lease:

• Regular

• Holdover

• Month to Month (MTM)

Regular

A Regular Lease is a typical lease agreement between a tenant and landlord, where the tenant pays the landlord per the payment agreements in the contract. Regular Leases allow users to set up standard Lease terms and pay payments on a regular basis.

Holdover

A Holdover Lease is one in which the tenant remains in a property and the landlord continues to accept rent payments after the Lease's expiration date.

Month to Month (MTM)

A MTM Lease is one that has expired, but is renewed on a month to month basis as the tenant continues to pay rent.

MTM Leases can be set to extend to the next month automatically. This is done by setting the End Date to extend automatically.

Terminated, Canceled, and Expired Leases cannot be extended automatically.

Set up a Lease that extends automatically:

1. Add a new Lease or edit an existing Lease.

2. Using the Term drop-down menu, select MTM.

   The MTM End Date field appears in the Lease Dates pane of the form as a required field.

3. Select the Extend always to the end of next month check box to set the new end date automatically to the last day of the month.

4. Select the Automatic Rollover at the end of the month check box to automatically extend the MTM End Date for another month.

   Depending on the option selected in step 4, the new date is either a month from the current date or at the end of the month.

5. When complete, click Save.