August 2, 2023 | Posted in:Uncategorized
A lease agreement extension is a contract between a landlord and tenant that prolongs the lease term after the original lease period expires. This extension provides the tenant with the option to continue occupying the rental property for a longer duration. The lease agreement extension will outline all the terms and conditions that the tenant must abide by during the extension period.
A sample lease agreement extension should contain the following information:
1. Names and dates: The date of the original lease agreement, the names of all parties involved, and the new term of the extension agreement.
2. Rent details: The new monthly rental amount, the due date for rent payments, the acceptable forms of payment, and the penalties for late payments.
3. Security deposit: The amount of the security deposit that the tenant must pay, any changes to the original amount, and the conditions for its return.
4. Utilities: Who will pay for utilities such as water, gas, electricity, and internet, and any changes in payments.
5. Maintenance and repairs: The tenant`s responsibilities for repairs and maintenance, and who will bear any costs incurred.
6. Rules and regulations: Any additional rules or regulations that apply during the extension period, such as the use of common areas, parking, and noise restrictions.
7. Termination clause: The terms under which the lease agreement extension may be terminated before its expiry date.
8. Signatures: The signatures of both the landlord and tenant, as well as the date the lease agreement extension was signed.
It is essential to have a comprehensive lease agreement extension in writing to avoid any misunderstandings or disputes between the landlord and tenant. It is also crucial to ensure that both parties have a copy of the agreement to refer to in the future.
In conclusion, a sample lease agreement extension must cover all the essential aspects of the lease and must be signed by both the landlord and the tenant. A well-written lease agreement extension can benefit both parties by providing clarity and security during the extended lease term.
