Employee Lease Addendum For Extension Of Term In Chicago
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It's important to note the Chicago Landlord Tenant Ordinance requires landlords to give tenants 30 days' written notice if they do not intend to renew their lease. Failure to do so enables a tenant to stay in the property for 60 days after the lease ends under the same terms and conditions as the previous lease.
The letter should include: Your name, current address and contact information. Date the lease extension request is submitted. Length of the lease extension, including the proposed end date. Reasons for extension. Date by which you need a decision, usually 10 days to two weeks.
Lease addendums are used to provide additional information that the original lease does not cover.” In other words, a lease addendum allows you to add an additional document to or adjust the terms of your existing rental agreement.
An option to renew or extend the lease means that upon the tenant's exercise of the option (choice), the provisions of the agreed-upon option are adopted for another defined term. The terms of the option can include the length of the new term, a change in rent, and other modifications.
A contract addendum is an extension to a pre-existing contract. It is added after the original document has been agreed to by all involved parties. Thus, those same parties must agree to, and sign off on, the addendum, too.
A lease extension addendum is a legal document used to extend a lease, typically between a landlord and tenant. It can modify certain lease conditions like rent, security deposit, and utilities, but the rest of the original lease terms remain unchanged.
What Is a Lease Extension? A lease extension refers to a legal agreement that extends the term of an existing lease or rental agreement. Extensions are not a requirement in a business relationship but are often granted just before an original agreement is set to expire.
How do I fill this out? Enter your personal information at the top of the letter. Specify the rental property address and current lease expiration date. Propose a new lease end date and the prorated rent amount. Explain your reason for requesting the extension. Sign and date the letter before sending it.
In general, things to include in a lease addendum might be: Your name. The rental property address. The tenant's name. Relevant policy/information (that complies with your state/municipal's rental laws) Consequences for breaking any contract agreements. Space to sign & date for landlord. Space to sign & date for tenant.
For example, “This Addendum amends the Agreement dated DATE between PARTY 1 NAME and PARTY 2 NAME.” Clear and specific language outlining the changes, clarifications, or additions being made. This should leave no ambiguity regarding how the original contract is being modified.
