The Lease Extension Addendum is a crucial document used when parties wish to extend an existing lease agreement rather than creating an entirely new lease. This document is particularly relevant in the Irish property market where both commercial and residential leases often require extension beyond their initial terms. It's designed to comply with Irish property law requirements, including the Landlord and Tenant (Amendment) Act 1980 and the Residential Tenancies Act 2004 where applicable. The addendum typically includes essential information such as the extension period, any rent adjustments, continued obligations, and any modifications to the original lease terms. It's a more streamlined alternative to creating a new lease while maintaining legal certainty for all parties involved.
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1. Parties: Identification of the landlord and tenant, including their full legal names, addresses, and any company registration details
2. Background: Reference to the original lease agreement, its date, and brief context for the extension
3. Definitions: Key terms used in the addendum, including references to defined terms from the original lease
4. Extension Term: Specific details of the lease extension period, including start and end dates
5. Rent: Confirmation of rent amount during the extension period, including any adjustments or review mechanisms
6. Continuing Effect: Confirmation that all other terms of the original lease remain in full force and effect
7. Governing Law: Confirmation that the addendum is governed by Irish law
8. Execution: Signature blocks for all parties and witnesses
1. Rent Review: Include when the extension period includes specific rent review provisions different from the original lease
2. Modifications to Original Terms: Include when any original lease terms are being modified as part of the extension
3. Break Clause: Include when either party is being granted a right to terminate during the extension period
4. Condition of Premises: Include when there are specific agreements about repairs or improvements to be made during the extension
5. Security Deposit: Include when there are changes to the security deposit arrangements
6. Service Charges: Include when there are changes to service charge provisions for the extension period
1. Schedule 1 - Original Lease: Copy or summary of the original lease agreement
2. Schedule 2 - Floor Plans: Current floor plans of the premises if there are any changes to the demised area
3. Schedule 3 - Rent Schedule: Detailed breakdown of rent payments and review dates during the extension period
4. Appendix A - Condition Report: Current condition report of the premises (if relevant)
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