A lease extension is used to extend the terms of a previous lease between the landlord and tenant. By signing the extension, it is not necessary for the parties to execute a new lease. Generally, all terms of the previous lease are carried over by reference in the extension. Usually, the extension simply extends the term of the prior lease and may contain provisions for a revised rent payment.
An addendum to renew or extend a lease agreement with a tenant signifies an agreement between the landlord and tenant to extend or renew the existing lease terms. It serves as a legal document that outlines the specific details and conditions regarding the lease extension or renewal. Keywords: Addendum, renew, extend, lease agreement, tenant Types of Addendum to Renew or Extend Lease Agreement with Tenant: 1. Extension Addendum: This type of addendum is used when both parties agree to continue the existing lease agreement for a specified period beyond the original term. It outlines the new lease end date, any changes in rent, and other relevant terms. 2. Renewal Addendum: A renewal addendum is used when the landlord and tenant agree to terminate the existing lease agreement upon its expiration and create a new lease agreement with similar or updated terms. The addendum outlines the start date, end date, rent amount, and other relevant terms for the new lease. 3. Rent Adjustment Addendum: Sometimes, tenants and landlords may agree to extend or renew the lease while making changes to the rent amount. This type of addendum specifies the revised rent terms and any associated adjustments or conditions. 4. Amending Addendum: In cases where the landlord and tenant want to modify certain terms of the existing lease agreement, an amending addendum is utilized. Common amendments include changes to the rent, pet policies, or maintenance responsibilities. 5. Term Adjustment Addendum: This addendum is used when both parties agree to modify the lease term, such as extending or reducing the length of the lease beyond the original agreement. It outlines the new start and end dates, and any other relevant changes to the lease terms and conditions. In conclusion, an addendum to renew or extend a lease agreement with a tenant is a crucial legal document that outlines the terms and conditions agreed upon by both the landlord and tenant. Various types of addendums exist according to the specific agreement made between the parties, including extension, renewal, rent adjustment, amending, and term adjustment addendums.
