Are you looking for a lease extension agreement sample? If you`re a tenant or a landlord, it`s essential to have a lease extension agreement in place if you`re planning to extend a lease beyond its expiration date. A lease extension agreement protects both parties and ensures that the terms of the lease are clear and transparent. In this article, we`ll provide you with a sample lease extension agreement and discuss some essential elements that should be included in any lease extension agreement.
Sample Lease Extension Agreement:
Here`s a sample lease extension agreement that you can use as a reference when drafting your own lease extension agreement:
LEASE EXTENSION AGREEMENT
This Lease Extension Agreement is made on the _____ day of _____, 20__ by and between Landlord Name (hereinafter “Landlord”), and Tenant Name (hereinafter “Tenant”).
WHEREAS, Tenant is the lessee of the property located at _______ (hereinafter referred to as “Premises”), pursuant to a lease agreement (hereinafter referred to as “Lease”), dated ________, 20__.
WHEREAS, the Lease is due to expire on ________, 20__.
WHEREAS, Tenant desires to extend the Lease for an additional period of _____ months.
WHEREAS, Landlord agrees to extend the Lease for an additional period of _____ months, subject to the terms and conditions set forth in this Lease Extension Agreement.
NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, the parties agree as follows:
1. Extension of Lease: Landlord hereby agrees to extend the Lease for a period of _____ months, commencing on ___________ and expiring on ___________.
2. Rent: The rent for the extension period shall be __________ per month, payable in advance on or before the ____ day of each month.
3. Maintenance and Repairs: Tenant shall be responsible for maintaining the Premises in good condition and shall make any necessary repairs at Tenant`s expense, subject to the terms and conditions of the Lease.
4. Other Terms: All other terms and conditions of the Lease shall remain in full force and effect during the extension period, unless modified by this Lease Extension Agreement.
5. Entire Agreement: This Lease Extension Agreement contains the entire agreement between the parties and supersedes all prior agreements and understandings, whether oral or written, relating to the subject matter of this Agreement.
6. Governing Law: This Lease Extension Agreement shall be governed by and construed in accordance with the laws of the State of __________.
7. Counterparts: This Lease Extension Agreement may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.
IN WITNESS WHEREOF, the parties have executed this Lease Extension Agreement as of the date first above written.
Essential Elements of a Lease Extension Agreement:
1. Description of the Property: The lease extension agreement should describe the property, including its location and any other relevant details.
2. Proposed Extension Period: The lease extension agreement should clearly state the proposed extension period, including the start and end dates.
3. Rent: The lease extension agreement should state the amount of rent that the tenant will pay during the extension period and the due date for each payment.
4. Maintenance and Repairs: The lease extension agreement should state who is responsible for maintaining the property during the extension period and who will pay for any necessary repairs.
5. Other Terms: The lease extension agreement should state any other terms and conditions that both parties agree to, including any changes to the original lease if applicable.
A lease extension agreement is a crucial document for both tenants and landlords. It protects both parties and clarifies the terms of the lease. When drafting a lease extension agreement, it`s important to include essential elements such as the proposed extension period, rent, maintenance and repairs, and any other terms that both parties agree to. With the sample lease extension agreement provided in this article and an understanding of the essential elements, you can draft a lease extension agreement that meets your needs.