When a Tenant wants to stay on the same premises, even after the expiry of Leased date then, he needs to seek the consent of the Landlord to extend his lease further. If Landlord agrees then, Residential Lease Extension Agreement is signed between the landlord and Tenant.
The extension of the lease does not negate the Master Lease Agreement, entered between the tenant and landlord at the time of leasing the apartment, commercial or residential premises. The Original Lease document is attached with the Extension Deed, whereas all terms and conditions may remain the same or landlord may alter few terms, such as increased rent, duration of the lease and so on.
The Extension Lease documents incorporate few terms and conditions, which are essential for the lease extension. Thus, Extension Lease document can be termed as a supplement Lease Agreement to Master Lease Agreement. The terms and conditions recorded in both documents are binding on the landlord and the tenant together.
The basic features of the Extension Lease Agreement includes following points:
The signing of Residential Lease Extension Agreement facilitates further extension of the lease for specific period of time.
Below given Lease Extension Contract template, will help you in formulating your own Residential Lease Extension Agreement.
Residential Lease Extension
THIS LEASE EXTENSION AGREEMENT (hereinafter referred to as the "Lease Extension") is made and entered into this ____________ day of ____________________________, 20____, by and between ________________________________ (hereinafter referred to as "Landlord") and ________________________________________ (hereinafter referred to as “Tenant,” whether one or more, and each agreeing to be bound by and held jointly and severally liable under the terms and conditions of this Lease Extension).
In consideration of the covenants and obligations contained herein and of other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:
1. PRIOR LEASE: The parties executed a Lease Agreement dated ________________________ (hereinafter “Lease Agreement”) with a term of lease commencing on the ____ day of ___________________, 20____, and which expires on the ____ day of ___________________, 20____. All terms, conditions, and provisions of said Lease Agreement are hereby incorporated by reference or by attachment.
2. EXTENSION OF PRIOR LEASE TERM: The parties hereby agree to extend and continue the aforementioned Lease Agreement for an additional term, commencing on the ____ day of ________________, 20____, and expiring on the ____ day of _________________, 20____.
3. REVISED RENT PAYMENTS: The rent shall be payable in equal monthly installments of $_____________, payable on the ______ day of each month of the term. The first full rent payment under this Lease Extension is due on the ______ day of ____________, 20____.
4. PRORATED RENT. [choose one:] ______Not applicable, or ______Tenant agrees to pay a prorated sum in the amount of $_______________ as rent to cover the period from the commencement of this Lease Extension until the _____ day of the following month. This prorated rent shall be due at the execution of this Lease Extension. Payment of rent, non-payment of rent, and default for late payment of rent shall be governed in accordance with the terms and conditions of the previous Lease Agreement, as incorporated above by reference or attachment.
LANDLORD (“LANDLORD”):
Sign:__________________
Print: _________________
Date: ______________
TENANT (“TENANT”):
Sign:_________________________
Print:__________________________
Date:______________
Sign:___________________________
Print:___________________________
Date:______________
Sign:___________________________
Print:___________________________
Date:______________