An Addendum To Renew Lease Agreement is utilized when both landlord and tenant wish to continue their lease relationship beyond the original term. This document, governed by U.S. federal and state laws, serves as a formal extension of the existing lease while allowing for updates to key terms such as rental rates and lease duration. It's particularly useful for maintaining continuity in rental arrangements while avoiding the need to execute an entirely new lease agreement. The addendum typically includes reference to the original lease, specific changes to terms, and confirmation of continuing provisions.
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1. Parties: Identification of landlord and tenant with full legal names and addresses
2. Background: Reference to original lease agreement including date and property details
3. Definitions: Key terms used in the addendum
4. Term Extension: New lease period dates and terms
5. Rent Adjustment: Updated rent amount and payment terms
6. Continuing Validity: Confirmation that all other original lease terms remain in effect
1. Modified Terms: Any changes to original lease terms that need to be implemented during the renewal period
2. Additional Provisions: New terms not covered in the original lease that need to be added for the renewal period
3. Property Improvements: Details of planned renovations or upgrades to be completed during the renewal period
1. Updated Rent Schedule: Detailed breakdown of new rent payments including any scheduled increases
2. Property Condition Report: Documentation of current condition of property at time of renewal
3. Updated Insurance Certificates: Current insurance documentation if required for the renewal period
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