Simple Rental Agreement Addendum
Simple Rental Agreement Addendum
Date: November 4, 2050
This Rental Agreement Addendum (“Addendum”) is made effective as of November 4, 2050, and is hereby attached to and made a part of the original Rental Agreement dated January 15, 2050 (the “Original Agreement”), by and between [Your Company Name] (the “Landlord”) and Lowell Quizon (the “Tenant”).
I. Purpose of Addendum
This Addendum is entered into to set forth additional terms and modifications to the Original Agreement. All parties agree that the provisions outlined herein shall be incorporated as part of the Original Agreement.
II. Modification to Rental Terms
A. Changes to Rent Payment
Effective December 1, 2050, the monthly rental amount will be modified as follows:
|
Payment Due Date |
Original Rent Amount |
New Rent Amount |
|---|---|---|
|
1st of each month |
$1,200 |
$1,350 |
B. Payment Method
All payments shall continue to be made to [Your Company Name] via electronic transfer to [Your Company Bank Details]. Late fees and penalties as stated in the Original Agreement will remain unchanged.
III. Term Extension
The lease term will be extended for an additional period of 12 months, starting January 15, 2051, and ending January 14, 2052. The Tenant agrees to the updated terms and acknowledges their obligations for this extended period.
IV. Modifications to Property Use
A. Authorized Uses
The premises shall now include the following permitted activities:
-
Home office use by Lowell Quizon for professional business purposes, provided no clients or third parties visit the property for such work.
-
Light renovation work (e.g., painting and decorative changes), subject to prior approval by [Your Company Name].
B. Restrictions
The Tenant agrees not to undertake any structural changes without the explicit written consent of [Your Company Name].
V. Maintenance and Repairs
A. Responsibilities
|
Task |
Responsible Party |
|---|---|
|
Minor Repairs (<$100) |
Tenant |
|
Major Repairs (>$100) |
[Your Company Name] |
|
Lawn and Yard Care |
Tenant |
B. Notification
The Tenant must report any major maintenance issues to [Your Company Email] within 48 hours of discovery.
VI. Insurance Requirements
A. Landlord's Insurance
[Your Company Name] shall maintain property insurance to cover the structure of the building.
B. Tenant's Insurance
The Tenant is required to maintain the renter’s insurance covering personal belongings and liability coverage of at least $100,000.
VII. Signatures
IN WITNESS WHEREOF, the parties agree to this Addendum as of the date first above written.
By: [Your Name]
Position: Property Manager
Tenant
Name: Lowell Quizon
Email: lowell@you.mail
Address: Richmond, VA 23218
This Addendum is a legally binding document and shall be governed by the laws of the state in which the property is located.
