Document background
The Lease Modification Agreement is essential when parties to an existing lease in the Philippines need to alter specific terms without completely terminating or replacing the original agreement. This document type is commonly used during significant business changes, economic adjustments, or when circumstances require modification of lease terms such as rental rates, tenure, space usage, or other critical provisions. The agreement must conform to Philippine legal requirements, including the Civil Code and local property laws, and typically requires notarization. It's particularly relevant in situations where both parties wish to maintain their leasing relationship but need to adjust certain terms to reflect current circumstances or new arrangements. The document should clearly reference the original lease and precisely detail which provisions are being modified while explicitly stating that all other terms remain in effect.
