Lease Amendment Requests are used to request a modification to an existing Lease and has significant impact on the overall terms or payments of the lease to justify amending the original lease record.
Lease Amendment Requested are initiated from within the original lease record. Once initiated, a Lease Mended Request record gets auto-generated is is routed for review and approval. Once approved, the process does two things:
- The original lease record status changes to “Amended”
- A New Lease record gets created with the new amended/modified data.
The newly created lease record is marked as Active and the Amendment Number field is updated. Mind you that the Primary Lease Number remains the same in spite of a new lease record number.