Addendum To Extend Lease Agreement...




A rent extension is a formal agreement between two parties who are usually landlords and tenants to extend the terms and conditions of a pre-existing tenancy agreement. Typically, these contracts take place when a tenancy period expires, but the tenant (s) and the lessor wish to maintain the same conditions and simply extend the term of the lease. To simplify, it works like the continuation of an existing lease after expiry. The extension of the rental allows you to review certain details such as. B the amount of money paid in the form of rent, as well as improvements and modifications that can be made. In addition, they generally maintain the same conditions, so that landlords and tenants can keep the same tenancy agreement for an additional period of time. Some tenants may have to stay for an additional period after their lease expires. These are legally called “Holdover” tenants who, after consultation with their landlord, can stay every month without legal documents. But this offers them very little legal protection, as they could be forced to dislodge if the lessor wishes. For these reasons, tenants are advised to sign rent renewals for short-term extensions.

In addition to extending the duration of the original lease, this endorsement can also document any changes to the rental price during the extended lease term. It is customary to distinguish the amount of the original rent (and increase), especially if the extension is for a short period of time. This amount is indicated as part of the addendum. All other terms of the original lease are maintained. A rent extension is a continuation of the original lease. The parties to the tenancy agreement continue the tenant relationship beyond the expiry of the original tenancy period. New provisions will be adopted for a redefined period. A lease supplement can be used to make minor changes to the terms of an initial lease, for example. B the duration of the new deadline, a change in rent and/or other changes. Unlike the lease extension, the renewal of the original lease continues without interruption.

A rental extension addendum requires the following details. This endorsement can be used to renew an expiring tenancy agreement, to keep a tenant who rents commercial or residential property. Note that a credit extension is different from a lease extension. An extension generally indicates that a new lease is being entered into, linking the parties to new potential terms.