Document background
The Lease Renewal Addendum is a critical document used in New Zealand property transactions when parties wish to extend an existing lease agreement. It is governed by New Zealand law, particularly the Property Law Act 2007 and, where applicable, the Residential Tenancies Act 1986 or commercial property legislation. This document is typically used when the original lease includes a renewal option or when parties mutually agree to extend the lease term. The addendum specifies the renewal period, any rent adjustments, and any modifications to the original lease terms while confirming the continuation of other existing conditions. It serves as a legally binding extension of the original lease, ensuring all parties have clear documentation of their ongoing rights and obligations.
