What does the lease actually say?

Five short knowledge checks based on the Playbook’s 15 lease notes. These are educational questions, not interpretation of any actual lease.

1. A lease is advertised as NNN. What is the most reliable way to determine roof replacement responsibility? Assume the tenant pays everything Read the executed lease and its repair, capital and expense provisions Use the listing brochure

2. An estoppel confirms rent but omits an unpaid tenant-improvement allowance. What next? Accept it because it is signed Ignore the allowance until after closing Reconcile the estoppel against the lease, amendments and ledger

3. A corporate guarantor has limited liquidity. What does the book suggest? Treat it as a personal guaranty Review financial capacity, guaranty limits and enforceability Assume the lease is risk-free

4. A tenant has an unexercised renewal option. Should you automatically count it as committed remaining lease term? No, verify exercise and binding terms Yes, always Only when seller says so

5. A tenant stays beyond lease expiration. What should you examine? Only holdover rent Only broker commission Holdover provisions, surrender obligations, downtime and restoration

Select an answer for each question, then check your work.

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