Lease Extension Addendum
What is lease extension addendum?
A lease extension addendum is a legal document that is used to extend the duration of a lease agreement. It is an additional clause that is added to the original lease agreement to modify or extend its terms and conditions. This addendum is often used when both the landlord and tenant agree to extend the lease beyond its original expiration date.
What are the types of lease extension addendum?
There are several types of lease extension addendums that can be used depending on the specific needs of the landlord and tenant. Some common types include: 1. Fixed Term Lease Extension Addendum: This addendum extends the lease for a specific period of time. 2. Month-to-Month Extension Addendum: This addendum converts the lease from a fixed term to a month-to-month agreement. 3. Rent Increase Extension Addendum: This addendum specifies a rent increase for the extended lease period. 4. Maintenance Responsibility Extension Addendum: This addendum clarifies the maintenance responsibilities of the landlord and tenant for the extended lease period.
How to complete lease extension addendum
Completing a lease extension addendum is a straightforward process. Here are the steps to follow: 1. Obtain the lease extension addendum form: You can find a template online or consult with a legal professional to draft one. 2. Provide the necessary information: Fill in the required details such as the names of the landlord and tenant, the original lease agreement details, and the proposed extension terms. 3. Review and revise: Carefully review the completed addendum for accuracy and clarity. Make any necessary revisions before proceeding. 4. Sign and date: Both the landlord and tenant should sign and date the addendum to make it legally binding. 5. Distribute copies: Provide copies of the signed addendum to all parties involved, including the landlord, tenant, and any property management companies if applicable.
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