Real Estate Lease Extension Agreement
Real Estate Lease
Extension Agreement
This Real Estate Lease Extension Agreement (hereinafter referred to as the "Agreement") is made and entered into this [Date], by and between [Your Company Name] (hereinafter referred to as the "Landlord"), with a mailing address of [Your Company Address], and [Tenant Name] (hereinafter referred to as the "Tenant"), with a mailing address of [Tenant Address].
WHEREAS, the Landlord and Tenant entered into a certain Lease Agreement dated [Original Lease Start Date] for the property located at [Property Address] (hereinafter referred to as the "Property"); and
WHEREAS, the term of the Lease Agreement is due to expire on [Original Lease End Date] and the parties wish to extend the lease term under certain terms and conditions;
NOW, THEREFORE, in consideration of the mutual covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree to extend the term of said Lease Agreement under the terms and conditions set forth in this Agreement.
I. Original Lease Reference
A. Lease Identification: The parties acknowledge that they entered into a lease agreement for the Property, which is located at [Property Address], on [Original Lease Start Date], with an expiration date of [Original Lease End Date].
B. Document Incorporation: The terms and conditions set forth in the original lease agreement are hereby incorporated by reference into this Agreement, except as otherwise specified herein.
II. Extension Term
A. Extension Period: The term of the lease for the Property is hereby extended for an additional period of 12 months, beginning on [Extension Start Date], and ending on [Extension End Date].
B. Continuation of Terms: Except as expressly modified by this Agreement, all terms, covenants, and conditions of the original lease shall remain in full force and effect throughout the extended term.
III. Rent
A. Monthly Rent: During the extension period, the Tenant agrees to pay the Landlord monthly rent in the amount of $1,500. Rent is due on the first day of each month, starting from [First Month of Extension Period].
B. Late Payment: If rent is not paid within 5 days after its due date, the Tenant agrees to pay a late fee of $100, in addition to the monthly rent.
C. Payment Method: Rent payments shall be made by the Tenant to the Landlord via bank transfer to the account specified by the Landlord, or by any other method mutually agreed upon by the parties.
IV. Security Deposit
A. Deposit Amount: The Tenant has previously deposited with the Landlord a security deposit of $2,250, as security for the performance of the Tenant's obligations under the lease agreement.
B. Conditions for Retention and Return: The terms governing the retention and return of the security deposit, as outlined in the original lease agreement, shall remain in full force and effect during the extension period. Any deductions from the security deposit will be made in accordance with the original lease terms.
V. Amendments to Original Lease
A. Pet Policy Amendment: The original lease's pet policy is hereby amended. The Tenant is allowed to keep up to two (2) domesticated pets in the Property during the extension period, provided a $500 non-refundable pet deposit is paid to the Landlord by [Pet Deposit Due Date].
B. Maintenance Responsibilities: The responsibility for minor repairs and maintenance of the Property, previously the duty of the Landlord, shall transfer to the Tenant for the duration of the lease extension period. The Landlord remains responsible for major repairs and maintenance as defined in the original lease.
VI. Confirmation of Lease Terms
A. Continuation of Original Lease: Except as expressly amended by this Agreement, all terms and conditions of the original lease agreement are hereby confirmed and shall continue in full force and effect throughout the extension period.
B. Entire Agreement: This Agreement, together with the original lease, constitutes the entire agreement between the parties concerning the subject matter hereof and supersedes all previous communications, representations, or agreements, either oral or written, between the parties.
VII. Governing Law
This Agreement and any dispute arising under it shall be governed by and construed in accordance with the laws of the state in which the Property is located, without giving effect to any choice or conflict of law provision or rule.
Signatures
By their signatures below, the parties acknowledge and agree to the terms and conditions of this Lease Extension Agreement.
Landlord
[Name]
[Date]
Tenant
[Name]
[Date]
