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Extend Lease Agreement
"I need an Extend Lease Agreement for my commercial office space in Mumbai, extending the current lease for an additional 3 years from January 2025, with a 10% annual rent increase and updated maintenance terms."
1. Parties: Identification of the Lessor and Lessee with their complete details including names, addresses, and authorized representatives
2. Background: Reference to the original lease agreement, its date, term, and current status, establishing the context for the extension
3. Definitions: Key terms used in the extension agreement, including references to defined terms in the original lease that remain applicable
4. Extension Term: Specific details of the extension period, including start and end dates
5. Rent and Payment Terms: Updated rent amount, payment schedule, and any escalation clauses for the extension period
6. Confirmation of Original Terms: Clause confirming which terms from the original lease remain in effect during the extension period
7. Amendment to Original Terms: Clear specification of any terms from the original lease that are being modified for the extension period
8. Execution and Registration: Requirements for signing and registering the extension agreement as per applicable laws
1. Security Deposit Adjustment: Include when there are changes to the security deposit amount or terms
2. Maintenance and Repairs: Include when there are changes to the maintenance responsibilities during the extension period
3. Utilities and Services: Include when there are changes to the responsibility for utilities or additional services
4. Insurance Requirements: Include when there are modifications to insurance obligations
5. Break Clause: Include when parties want the option to terminate the extension early under specific conditions
6. Property Improvements: Include when allowing or restricting new modifications to the property during the extension period
1. Schedule 1 - Property Details: Detailed description of the leased property including address, measurements, and boundaries
2. Schedule 2 - Rent Payment Schedule: Detailed breakdown of rent payments, including escalation dates and amounts
3. Schedule 3 - Original Lease Agreement: Copy of the original lease agreement for reference
4. Schedule 4 - Property Condition Report: Updated condition report of the property at the time of extension
5. Appendix A - Required Modifications: List of any agreed modifications or repairs to be completed during the extension period
Authors
Real Estate
Commercial Property
Residential Property
Retail
Industrial
Office Space
Hospitality
Manufacturing
Warehousing
Education
Legal
Real Estate
Facilities Management
Operations
Administration
Compliance
Property Management
Asset Management
Corporate Affairs
Finance
Property Manager
Real Estate Manager
Facilities Manager
Legal Counsel
Corporate Lawyer
Operations Manager
Administrative Officer
Real Estate Director
Asset Manager
Lease Administrator
Property Owner
Business Owner
Compliance Officer
Real Estate Agent
Company Secretary
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