Lease Amendment To Extend Term
What is lease amendment to extend term?
A lease amendment to extend term is a legal document that amends the terms and conditions of an existing lease agreement. It allows the parties involved to extend the lease beyond its original expiration date. This amendment helps in avoiding the hassle of seeking a new tenant or finding a new property.
What are the types of lease amendment to extend term?
There are primarily two types of lease amendment to extend term:
Renewal Amendment: This type of amendment is used when both the landlord and the tenant agree to extend the lease for a specific period. The new term usually comes with updated rent or other modified terms.
Extension Amendment: This type of amendment is used when the landlord and the tenant agree to extend the lease on a month-to-month basis, without specifying a fixed term. This provides flexibility to both parties and allows them to terminate the lease with proper notice.
How to complete lease amendment to extend term
To complete a lease amendment to extend term, follow these steps:
01
Review the original lease agreement: Familiarize yourself with the terms and conditions of the original lease to ensure the extension aligns with the existing agreement.
02
Draft the amendment: Clearly state the purpose of the amendment, including the extension of the lease term. Specify any modified terms, such as rental amount or renewal options.
03
Get all parties involved to sign: Present the amendment to both the landlord and the tenant for their review and signatures. Make sure all parties fully understand and agree to the changes.
04
Keep copies for records: Once signed, retain copies of the amendment for both the landlord and the tenant's records.
05
Submit the completed amendment: Provide a copy of the fully executed amendment to the appropriate parties, such as property management or the tenant, for filing and reference.
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