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Addendum to Lease Agreement Terminating Lease Upon Sale of Leased...

Addendum To Lease Agreement Extension

Category:

Landlord Tenant - Residential Leases - Lease Addendums

State:

Multi-State

Control #:

US-0460BG

Format:

Instant download

Description

The Addendum to Lease Agreement Extension is a legal document used to modify the terms of an existing lease, specifically extending its duration or altering its provisions. This addendum provides a clear agreement between the landlord and tenant about their continued obligations and rights beyond the original lease term. Key features include stipulations for renewal timelines, adjustments to rent, and conditions under which the lease may be terminated. Users must carefully fill out the form by providing necessary details like the names of the parties, the original lease date, and the new lease term. It is essential to ensure that both parties review and sign the addendum for it to be legally binding. This document is particularly useful for attorneys, partners, and property owners needing to formalize extensions in lease agreements without drafting a new contract. Paralegals and legal assistants may also benefit from this form by streamlining the lease renewal process for clients. Overall, this addendum simplifies the lease extension process while ensuring compliance with existing legal standards.

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FAQ

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.

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.

The addendum is a part of the lease agreement. Therefore, it does not stand on its own. However, the addendum should make references to the lease, contain the same date and name of parties as in the original lease agreement.