The Commercial Lease Addendum For Extension Of Term is utilized when both landlord and tenant wish to continue their existing commercial lease relationship beyond the original term. This document, governed by U.S. state and federal laws, provides a streamlined method to extend the lease without executing an entirely new agreement. It typically includes the extension period, any rent adjustments, and modifications to original terms while maintaining the validity of the original lease agreement. This addendum is particularly useful for maintaining business continuity and avoiding the complexity of negotiating a completely new lease.
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1. Parties: Identification of landlord and tenant with full legal names and addresses
2. Background: Reference to original lease agreement and reason for extension
3. Definitions: Key terms used in the addendum
4. Extension Term: Specific details of the extended lease period
5. Rent During Extension: Rent amount and payment terms during extended period
6. Original Lease Terms: Confirmation of continuing validity of original lease terms
7. Execution: Signature blocks and date
1. Modified Terms: Any changes to original lease terms that need to be documented for the extension period
2. Additional Provisions: New terms specific to extension period that were not in the original lease
3. Option to Further Extend: Terms and conditions for additional future extensions of the lease
4. Property Improvements: Terms regarding any renovations or improvements during the extension period
1. Schedule A - Rent Schedule: Detailed breakdown of rent payments during extension period
2. Schedule B - Modified Terms: Detailed list of any modifications to original lease terms
3. Appendix 1 - Original Lease: Copy of original lease agreement for reference
4. Appendix 2 - Property Condition Report: Updated condition report documenting the current state of the property
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