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It is a legal process that allows the landlord and the tenant to modify the terms and conditions of the lease agreement in a mutually agreed-upon manner. The amendments are added as an addendum to the original document and signed by both parties.

The OREA form 420 is also known as the Amendment to Agreement to Lease ? Residential version. It was created by the Ontario Real Estate Association and accepted by Toronto Real Estate Board. You can use this form only for the property based in the Province of Ontario.

A lease extension addendum is a legal document extending a lease between a landlord and a tenant. It can also change conditions such as the rent amount, security deposit, utilities, and other provisions. If no changes are made other than the termination date, all other terms of the original lease will remain in place.

Definition of Lease Modification: A lease modification (i.e. accounting for a lease amendment) involves altering the terms and conditions of a lease contract, leading to changes in the scope or consideration of the lease, such as lease payments or the lease term.

What Is a Lease Amendment? A lease amendment is a document between a landlord and tenant that can be used to legally modify the terms in an active lease agreement. Adding a lease amendment to an existing lease can ensure landlords are fully protected when changes occur that the original document does not cover.

A Lease Amending Agreement is used when a landlord and tenant wish to change their lease agreement with regard to terms of the lease that do NOT involve the transfer of the lease to another individual.

However, there's a list of clauses that you should always consider including in the lease document. Severability Clause. ... Joint and Several Liability. ... Access to Premises (Right to Entry) ... Use of Premises. ... Rent Due Date and Late Fees. ... Sublet Rules/No-Subletting Clause. ... Renewal and Holding Over. ... Early Termination.