Agreement to extend the term of a residential lease, with possible modifications. Landlord and Tenant extend and continue the term and duration of the described Lease Agreement. Lessee(s) will continue to be joint and severally liable.
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.
Virginia lease extension agreement with a landlord is a legal document that grants tenants the opportunity to extend their existing lease term. It provides both parties with the terms and conditions surrounding the extension of the lease. This agreement is commonly used when tenants wish to continue their tenancy beyond the original lease period agreed upon. In Virginia, there are different types of lease extension agreements that landlords offer to tenant. These types include: 1. Standard Lease Extension: This type of agreement simply extends the current lease term by a specified period. It maintains all the terms and conditions mentioned in the original lease, including rent amount, responsibilities, and obligations. 2. Amended Lease Extension: This agreement allows for modifications to be made to the existing lease terms during the extension period. It provides an opportunity to renegotiate aspects such as rent increase, changes in responsibilities, or any other agreed-upon adjustments. 3. Lease Renewal with Extension: In this type of agreement, landlords may require tenants to sign a new lease altogether, simultaneously extending the lease term. It gives both parties the chance to renegotiate terms and conditions if desired. 4. Month-to-Month Extension: This agreement grants tenants the flexibility to extend their lease on a month-to-month basis rather than committing to a fixed term. It allows for more temporary arrangements, with either party having the option to terminate the lease with proper notice. Regardless of the type of lease extension agreement in Virginia, it is crucial to include certain key provisions to safeguard the rights and responsibilities of both the tenant and the landlord. These provisions include: 1. Names and Contact Information: Clearly state the full names, addresses, and contact details of both the tenant and the landlord. 2. Property Description: Provide a detailed description of the property, including its physical address, unit number (if applicable), and any specific details that define the leased space. 3. Original Lease Details: Include references to the original lease such as the lease start and end dates, rent amount, security deposit, and any other important terms that may remain the same during the extension period. 4. Extension Period: Clearly specify the new lease term duration, including the start date and the revised end date. 5. Rent Amount and Payment Terms: Outline the revised rent amount and the frequency of payments (monthly, quarterly, etc.). Include details on accepted payment methods, late fees, and potential penalties. 6. Maintenance and Repairs: Clarify which party is responsible for maintaining the property, and outline the process for reporting and resolving repairs or damages during the extended lease term. 7. Termination and Notice Period: Define the terms for early lease termination, including the notice period required from either party. Specify any associated fees or penalties. 8. Modifications and Addendums: Address the possibility of making amendments or addendums to the lease extension agreement and stipulate how these changes will be documented and agreed upon. It is essential for both parties to carefully review and understand the terms stated in the Virginia lease extension agreement before signing to ensure a smooth and mutually beneficial extension of the tenancy.