You know the feeling. You are halfway through a lease, scanning for the obvious, when a short clause gives the tenant a clean exit for a modest fee. Easy to miss, and often mispriced in the model. Termination rights quietly reprice deals. They hide in riders and addenda, with triggers and notice periods that matter more than base rent. Miss one and your NOI and valuation are off before you even get to cap rates. Underwriting ~5 min to run Abstract Termination Rights from a Lease Vic prompt Use Vic to abstract the termination rights from this retail lease for a 12,000 square foot ground-floor tenant. Purpose Flags early-exit risks that can change NOI and valuation inputs before a deal model is finalized. Reduces review time from roughly twenty minutes to about five minutes per lease. Inputs Commercial Lease Required Additional Context Optional Outputs A two-page Word memo with a termination-risk summary, cash flow implications, and a schedule listing every right by trigger, notice, fee, and cure window, each rated High, Medium, or Low. Time saved Reduces review time from roughly twenty minutes to about five minutes per lease. How it works Give Vic the lease. That is all it needs. If you have useful context, like a business plan or known tenant issues, include it, but the task runs on the document alone. Run: "Use Vic to abstract the termination rights from this retail lease for a 12,000 square foot ground-floor tenant." Vic reads the lease and pulls every clause that lets the tenant exit early or reduce obligations before the stated end date. That includes straight termination options, co-tenancy outs, sales kick-outs, casualty and condemnation provisions that act like exits, and any right that materially cuts rent. Each right is classified High, Medium, or Low based on its impact on the landlord. The rating ties to two things: how likely the clause is to hit cash flow and how severe it is if it does. A broad co-tenancy clause with a short cure window is not treated the same as a narrow right with a large fee and long notice. The output is a two page Word memo built for underwriting. The first section is a termination risk summary that groups the rights and explains why they matter. The second section ties those rights to cash flow assumptions. This is where it pays off. You get clear statements on how each right can change timing, rent, and downside cases in your model. There is also a schedule listing every extracted right with the key mechanics: trigger, notice, fee, and cure window. Each line carries the High, Medium, or Low rating so you can sort fast and focus on what moves the deal. It is easy to drop into your deal file or send to a teammate without a call. This does not replace judgment. It makes sure you are not hunting through forty pages and hoping you caught everything. In minutes you have a clean inventory of outs and a view on how they hit NOI. From there you can adjust downtime, apply a probability, or push on price. It is most useful when you are moving fast across multiple leases or when a deal hinges on one large tenant. It keeps the first pass honest and gives you a consistent way to explain termination risk to IC without dragging everyone through the lease.