The Lease Addendum To Extend Term is utilized when both landlord and tenant wish to continue their lease relationship beyond the original termination date. This document is particularly important in the United States real estate market as it provides a legally binding modification to the existing lease while preserving all other terms and conditions. It typically includes the extension period, any rent adjustments, and confirmation of continuing obligations. This addendum helps avoid the need for an entirely new lease agreement while ensuring all parties' rights and obligations are clearly documented and legally protected.
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1. Parties: Identification of landlord and tenant with full legal names and addresses
2. Background: Reference to original lease agreement including date and parties
3. Definitions: Key terms used in the addendum
4. Extension Term: Specific period of extension and new termination date
5. Rent Terms: Confirmation of existing or modified rent amount during extension
6. Original Lease Terms: Confirmation that all other terms remain in effect
7. Signatures: Execution block for all parties
1. Modified Terms: Any changes to original lease terms, used when modifications beyond extension are needed
2. Security Deposit: Updates to security deposit terms, used if deposit amount changes
3. Property Improvements: Agreed modifications or improvements, used when property changes are part of extension
1. Updated Rent Schedule: Detailed breakdown of rent payments if changing during extension period
2. Property Condition Report: Current condition assessment if required for extension
3. Modified Insurance Requirements: Updated insurance terms if changed during extension
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