Addendum To Lease Agreement

State:
Multi-State
Control #:
US-0460BG
Format:
Word; 
Rich Text
Instant download

Description

The Addendum to Lease Agreement serves to clarify the conditions under which a lease will automatically terminate upon the sale of the leased property to a third party. This form eliminates the need for prior notice to the lessee regarding the property sale, providing a straightforward mechanism for both lessor and lessee. Key features include the automatic termination clause and the removal of advance notice requirements, streamlining the transition process for all parties involved. Attorneys and legal professionals can use this addendum to ensure that lease agreements are up-to-date with clear termination conditions. Property owners can benefit from this form by simplifying lease management in situations where they plan to sell, while paralegals and legal assistants can quickly implement it into existing lease agreements with minimal adjustments. This addendum is particularly useful in commercial real estate transactions where property turnover may occur. Overall, it ensures clarity and ease in handling potential changes in property ownership, making it an essential tool for legal work involving lease agreements.

How to fill out Addendum To Lease Agreement Terminating Lease Upon Sale Of Leased Property?

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FAQ

An addendum to a contract is an additional document that is added to a pre-existing contract to modify the terms of the contract. If written correctly, the intent of the addendum is to empower the original contract in all of its aspects and only modifying the parts of the contract written in the addendum.

An addendum is used to clarify and add things that were not initially part of the original contract or agreement. Think of addendums as additions to the original agreement (for example, adding a deadline where none existed in the original version).

An example of an addendum being used would be if the parties wanted to add something to the original document. For instance, an individual who is purchasing a house may not want to purchase all of the furniture that is being left behind. However, after thinking about it further, he changes his mind.

A lease addendum is a change to an original lease contract that is agreed upon and signed by both the lessor and the lessee. A lease addendum can include a change in the length of the lease, the payment amount, the payment schedule, as well as any other terms and conditions that both parties agree to.

Writing a Contract AddendumName the parties to the contract. Indicate the addendum's effective date, using the same date format used in the original contract. Indicate the elements of the original contract that the addendum intends to change. Concisely but clearly describe the desired changes.

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Addendum To Lease Agreement