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Lease Extension Agreement for New Zealand

Lease Extension Agreement Template for New Zealand

A legal document governed by New Zealand law, specifically the Property Law Act 2007 and related legislation, that formally extends the term of an existing lease agreement between a landlord and tenant. The agreement maintains or modifies the terms and conditions of the original lease for an additional specified period, ensuring continuity of the tenancy while potentially updating rent, maintenance obligations, and other relevant terms. It provides legal certainty for both parties and maintains their rights and obligations under New Zealand property law, with provisions for both commercial and residential properties.

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What is a Lease Extension Agreement?

The Lease Extension Agreement is a crucial document used in New Zealand when parties wish to extend an existing lease beyond its original term without creating an entirely new lease agreement. It operates under New Zealand law, particularly the Property Law Act 2007, and can be used for both commercial and residential properties. This document becomes necessary when the original lease is approaching its end date and both parties agree to continue their landlord-tenant relationship. The agreement typically includes details about the extension period, any rent adjustments, confirmation of existing terms, and any new conditions agreed upon by the parties. A Lease Extension Agreement provides a more streamlined approach compared to creating a new lease, while ensuring all legal requirements are met and the interests of all parties are protected under New Zealand jurisdiction.

What sections should be included in a Lease Extension Agreement?

1. Parties: Identification of the landlord/lessor and tenant/lessee, including full legal names and addresses

2. Background: Recitals explaining the existing lease arrangement and the parties' intention to extend it

3. Definitions: Definitions of key terms used in the agreement, including 'Original Lease', 'Extension Period', and 'Commencement Date'

4. Extension of Term: Specific details of the lease extension, including the new expiry date and any conditions precedent

5. Rent and Review: Confirmation of rent amount for the extension period and any review mechanisms

6. Confirmation of Existing Terms: Statement confirming that all other terms of the original lease remain in force

7. Execution: Signing provisions and execution blocks for all parties

What sections are optional to include in a Lease Extension Agreement?

1. Variations to Original Lease: Used when any terms of the original lease are being modified as part of the extension

2. Guarantor Confirmation: Required when the original lease has guarantors who need to confirm their continued obligations

3. Landlord's Works: Included when the extension is conditional on or accompanied by premises improvements or modifications

4. Mortgagee Consent: Required when the landlord's mortgagee needs to consent to the extension

5. Break Clause: Optional provision allowing either party to terminate the lease early under specified conditions

6. GST Provisions: Detailed GST terms if not adequately covered in the original lease or if arrangements are changing

What schedules should be included in a Lease Extension Agreement?

1. Schedule 1 - Original Lease: Copy or summary of the original lease document including all variations

2. Schedule 2 - Premises Plan: Current plan of the leased premises, particularly important if there have been any changes

3. Schedule 3 - Rent Schedule: Detailed breakdown of rent payments and review dates for the extension period

4. Appendix A - Condition Report: Current condition assessment of the premises at the time of extension

5. Appendix B - Required Insurance: Updated insurance requirements for the extension period

6. Appendix C - Consent Documents: Copies of any required third-party consents (e.g., mortgagee, guarantor)

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

New Zealand

Publisher

Ƶ

Document Type

Agreement Contract

Cost

Free to use
Relevant legal definitions






























Clauses



























Relevant Industries

Real Estate

Commercial Property

Residential Property

Retail

Industrial

Office Space

Hospitality

Agriculture

Healthcare

Education

Relevant Teams

Legal

Property Management

Facilities Management

Operations

Real Estate

Asset Management

Compliance

Risk Management

Corporate Services

Administration

Relevant Roles

Property Manager

Real Estate Manager

Facilities Manager

Legal Counsel

Contract Administrator

Asset Manager

Operations Manager

Commercial Director

Leasing Manager

Property Administrator

Real Estate Agent

Compliance Officer

Risk Manager

Corporate Services Manager

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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