Employee Lease Addendum For Extension Of Term In Salt Lake
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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.
Buys you time. If you're on the fence about your end-of-lease options and want to make sure you're in a good spot before committing to a decision, a lease extension can give you more time without having to worry about what to drive in the interim.
In most situations, arranging a lease extension is as easy as contacting your lender and asking about extension options. Some lenders will allow for month-to-month extensions, while others will want you to sign on for a predetermined period of time—usually six to twelve months.
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.
A lease extension may be executed between a landlord and a tenant. In this case, if both parties choose to continue the tenancy, the landlord may issue a lease extension when the original lease is set to expire. Lease extensions may also be granted to lessees by car dealerships.
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 lease extension may be executed between a landlord and a tenant. In this case, if both parties choose to continue the tenancy, the landlord may issue a lease extension when the original lease is set to expire. Lease extensions may also be granted to lessees by car dealerships.
Put any lease extension agreement in writing for both you and the landlord to sign. This protects both parties and avoids any misunderstandings. The key is to approach your landlord proactively, be polite and flexible, and demonstrate that you are a responsible, long-term tenant they would want to retain.
A contract extension addendum can be a handy tool for businesses and individuals when negotiations or cooperation have gone longer than expected. This Contract Extension Addendum Template will help you quickly draw up a legal document that will extend existing obligations as required.
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.
