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Lease Extension Amendment
"I need a Lease Extension Amendment for our commercial warehouse lease in Manila, extending the current term by 3 years from January 1, 2025, with a 5% annual rent increase and updated insurance requirements."
1. Parties: Identification of the Landlord and Tenant, including their complete legal names, addresses, and tax identification numbers as required under Philippine law
2. Background: Reference to the original lease agreement, including its execution date, property details, and any previous amendments
3. Definitions: Key terms used in the amendment, particularly defining 'Original Lease', 'Extended Term', and any new terms introduced in the amendment
4. Extension of Term: Clear statement of the new lease termination date and the commencement date of the extension
5. Rent and Payment Terms: Specification of any rent adjustments during the extended term, including payment schedule and methods
6. Confirmation of Other Terms: Affirmation that all other terms and conditions of the original lease remain in full force and effect
7. Governing Law: Confirmation that the amendment is governed by Philippine law
8. Execution: Signature blocks for all parties, including space for witnesses as required under Philippine practice
1. Security Deposit Adjustment: Include when the extension requires modifications to the security deposit amount
2. Modifications to Original Terms: Include when any original lease terms are being modified beyond just the extension of term
3. Broker Representation: Include when a broker was involved in negotiating the extension
4. Registration Requirements: Include when the lease term exceeds one year, requiring registration under the Property Registration Decree
5. Authority to Execute: Include when any party is a corporation or signing through a representative
6. Condition of Premises: Include when there are specific agreements about the current condition of the premises or required improvements
1. Schedule A - Original Lease: Copy or summary of the original lease agreement being extended
2. Schedule B - Updated Rent Schedule: Detailed breakdown of rent payments for the extended term, including any escalations
3. Schedule C - Property Description: Description of the leased premises, particularly important if there have been any modifications
4. Appendix 1 - Corporate Authorizations: Relevant corporate resolutions or powers of attorney authorizing the execution of the amendment
5. Appendix 2 - Condition Report: Current condition assessment of the property, if relevant to the extension terms
Authors
Real Estate
Retail
Office Space
Industrial
Hospitality
Healthcare
Education
Manufacturing
Logistics
Warehousing
Commercial Services
Residential
Legal
Real Estate
Operations
Facilities Management
Finance
Administration
Corporate Services
Property Management
Contract Administration
Risk Management
Property Manager
Real Estate Manager
Facilities Manager
Legal Counsel
Corporate Lawyer
Operations Manager
Asset Manager
Lease Administrator
Real Estate Director
Contract Manager
Business Operations Manager
Chief Financial Officer
Real Estate Officer
Company Secretary
Administrative Manager
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