As the owner of a property, there may come a time when you need to extend the lease agreement with your tenant. Whether it`s to ensure ongoing rental income or to maintain a positive relationship with your tenant, a lease extension agreement can provide you with peace of mind and protect your investment.
A lease extension agreement is a contract between the landlord and tenant that outlines the terms of the lease extension. It typically includes the new lease term, rent amount, security deposit, and any other provisions relevant to the lease extension. While there are many templates available online, it`s important to ensure that the lease extension agreement meets your specific needs and complies with state and local laws.
To give you an idea of what a lease extension agreement may include, here is a sample agreement:
[Landlord`s Name]
[Address]
[City, State ZIP Code]
[Phone Number]
[Email Address]
[Tenant`s Name]
[Address]
[City, State ZIP Code]
[Phone Number]
[Email Address]
Lease Extension Agreement
This Lease Extension Agreement (the “Agreement”) is entered into on [Date], between [Landlord`s Name] (the “Landlord”) and [Tenant`s Name] (the “Tenant”).
1. Original Lease: The Tenant and Landlord entered into a lease agreement on [Date] (the “Original Lease”), for the property located at [Address].
2. Extension Term: The Tenant and Landlord agree to extend the Original Lease for an additional [Term] months, beginning on [Start Date] and ending on [End Date].
3. Rent: The Tenant agrees to pay rent in the amount of [Rent Amount] per month, payable on the [Due Date] of each month.
4. Security Deposit: The Tenant has already paid a security deposit of [Security Deposit Amount] under the terms of the Original Lease. The Tenant agrees that the security deposit will continue to serve as a security deposit for the extended lease term.
5. Other Provisions: [Include any other relevant provisions, such as utilities, maintenance, or parking.]
6. Governing Law: This Agreement will be governed by the laws of the state of [State].
7. Entire Agreement: This Agreement constitutes the entire agreement between the parties and supersedes all prior agreements and understandings, whether written or oral, relating to the subject matter of this Agreement.
8. Counterparts: This Agreement may be executed in counterparts, each of which will be deemed an original, but all of which together will constitute one and the same instrument.
Landlord`s Signature: ___________________________
Tenant`s Signature: ___________________________
By signing below, the parties acknowledge that they have read and understood this Agreement and agree to be bound by its terms.
Date: _______________