The Lease Extension Addendum is a crucial document used when parties to an existing lease agreement in the Philippines wish to extend their contractual relationship beyond the original term. This document type is specifically designed to comply with Philippine property law requirements and the Civil Code of the Philippines, incorporating necessary provisions for lease modifications. The addendum typically includes the extension period, any rent adjustments, confirmation of existing terms, and any new conditions agreed upon by the parties. It's particularly important that the Lease Extension Addendum maintains consistency with local regulations, including the Rent Control Act of 2022 for applicable properties, and meets any local government requirements for lease documentation. The document serves as a legally binding modification to the original lease while maintaining the integrity of the initial agreement's core terms.
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1. Parties: Identification of the Landlord and Tenant, including their complete legal names and addresses
2. Background: Reference to the original lease agreement, including its date of execution and any previous modifications
3. Definitions: Key terms used in the addendum, particularly defining 'Original Lease', 'Extension Period', and any other relevant terms
4. Extension of Term: Specific details of the lease extension, including the new termination date and when the extension begins
5. Rent and Payment Terms: Confirmation of existing rent amount or specification of new rent amount during the extension period
6. Confirmation of Other Terms: Statement confirming that all other terms and conditions of the original lease remain in full force and effect
7. Execution: Signature blocks for all parties, including date and place of signing
1. Modifications to Original Terms: Used when any original lease terms are being modified besides the duration and rent
2. Security Deposit Adjustment: Include when the security deposit amount is being modified as part of the extension
3. Repairs and Improvements: Used when specific repairs or improvements are agreed to be made during the extension period
4. Option for Further Extension: Include when parties want to provide for the possibility of additional future extensions
5. Broker's Commission: Include if a broker was involved in negotiating the extension and commission terms need to be documented
1. Schedule A - Original Lease Agreement: Copy of the original lease agreement being extended
2. Schedule B - Property Description: Detailed description of the leased property, including any modifications to the leased space
3. Schedule C - Rent Schedule: If applicable, detailed breakdown of rent payments during the extension period
4. Schedule D - State of Premises: Current condition report of the premises at the time of extension
5. Appendix 1 - Required Notices: Any statutory notices required under Philippine law for lease extensions
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Retail
Commercial Office
Industrial
Hospitality
Healthcare
Education
Manufacturing
Logistics
Banking and Financial Services
Technology
Relevant Teams
Legal
Real Estate
Facilities Management
Operations
Finance
Compliance
Administrative Services
Property Management
Asset Management
Contract Management
Relevant Roles
Property Manager
Real Estate Manager
Facilities Manager
Legal Counsel
Corporate Lawyer
Chief Financial Officer
Operations Director
Asset Manager
Leasing Manager
Contract Administrator
Real Estate Director
Compliance Officer
Business Development Manager
Property Administrator
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