Commercial lease abstraction, versioned and auditable.

What belongs in a commercial lease abstract

A usable abstract captures the terms that drive money and deadlines: premises and rentable area, the base rent schedule with every step, the recovery structure, escalation method, options with their notice windows, and the covenants someone has to actually monitor.

Vespy models these as structured fields rather than notes, which is what makes them billable and reportable. A base rent step is a schedule entry that generates charges; an option notice window is a critical date that surfaces before it closes.

• Premises, suites, and rentable versus usable area
• Base rent schedule with step increases and free-rent periods
• Recovery structure: pool, share basis, base year, cap, exclusions
• Escalation method — fixed percent, fixed amount, or CPI with floor and cap
• Percentage rent terms and breakpoints, where applicable
• Options: renewal, termination, expansion, right of first refusal
• Obligations and covenants with an owner and a due date

Amendments without losing history

Most portfolios lose the plot at the third amendment. The abstract reflects current terms, the history lives in someone’s memory, and nobody can answer what the lease said in 2023 without re-reading four documents.

In Vespy an amendment writes a new lease version and marks the prior one superseded. Nothing is overwritten. You can see the terms as of any date, and applying an amendment rewrites the forward billing schedule rather than requiring someone to hand-edit next year’s charges.

AI extraction that cites the lease

Upload a commercial lease PDF and Vespy proposes the abstract — base rent schedule, recovery and CAM terms, renewal and termination options, insurance covenants — with each proposed field quoting the text it came from.

Nothing is written until a person approves it. Every proposed action is staged for review with the source quote alongside, so the reviewer checks a citation instead of re-reading the document. Dates are kept as the lease writes them rather than being normalized, because a silently reformatted date is a silently changed term.

Critical dates that outlive the person tracking them

Option notice windows are the expensive ones. Miss the window on a below-market renewal and the tenant keeps the space at the old rate, or leaves when you assumed they would stay.

Obligations, option windows, and certificate expirations are tracked on the lease with an owner and a status, and roll up into a portfolio-wide critical date view and the rollover and option exposure report.