Lease Extension Agreement
This Lease Extension Agreement ("Agreement") is entered into on September 15, 2050, between [Your Name], hereinafter referred to as "Landlord," and Lucas Wright, hereinafter referred to as "Tenant."
I. Extension Terms
1.1 Existing Lease Details: This Agreement pertains to the extension of the lease agreement dated March 1, 2047, between Landlord and Tenant, for the property located at 123 Maple Street, Springfield.
1.2 Extension Period: Landlord agrees to extend the term of the lease for an additional 3 years, commencing on March 1, 2051, and terminating on February 29, 2054.
1.3 Terms of Extension: The terms and conditions of the original lease agreement, except as modified herein, shall remain in full force and effect during the extended term.
1.4 Right to Terminate: Both parties reserve the right to terminate this Agreement by the provisions outlined in the original lease agreement.
II. Rent
2.1 Rent Amount: The monthly rent for the extended term shall be $1,800, payable in advance on the first (1st) day of each month.
2.2 Rent Payment Method: Rent shall be paid by Tenant to Landlord by the following methods:
2.3 Late Payment: Any rent not paid within five (5) business days of the due date shall incur a late fee of five percent (5%) of the total rent amount for each day past the due date until fully paid.
III. Mutual Consent
The Landlord and Tenant have entered into this Lease Extension Agreement voluntarily and not out of force or duress. Both parties have been given enough time to read over the agreement before signing and fully understand the implications of their actions, thus it carries the same legal weight and enforceability as the Original Lease. All other terms and conditions in the Original Lease that are not amended by this Agreement remain in full force and effect.
IV. Governing Law
This Agreement and the respective rights of the parties hereunder shall be governed by, and construed according to, the laws of the state in which the leased property is located, without giving effect to principles of conflict of laws.
IN WITNESS WHEREOF, the parties hereto have executed this Lease of Extension Agreement as of the date first above written.
[Your Name]
Landlord
September 15, 2050
Lucas Wright
Tenant
September 15, 2050
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