Agreement to Extend Lease - Residential Lease

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Agreement to Extend Lease - Residential Lease Powered By Docstoc
					This is an agreement to extend the lease term of a residential lease. This agreement is
drafted between a landlord and a tenant, whereby each party agrees to extend the
original lease term of the residential property. This short-form template contains both
standard clauses as well as opportunities for customization to ensure that the
understandings of the parties are properly set forth. This agreement is ideal for use by
a landlord or tenant seeking to extend the lease term for a residential lease.
                 AGREEMENT TO EXTEND LEASE (RESIDENTIAL LEASE)

         THIS AGREEMENT TO EXTEND LEASE (the “Agreement”), is made this ____ day
of ___________, 2_____, [Instruction: Insert lease extension date.] by and between
_______________ [Instruction: Insert Landlord name.] (the “Landlord”) and _____________
[Instruction: Insert Tenant name.] (the “Tenant”).

       WHEREAS the Landlord and the Tenant entered into a residential lease agreement dated
the ____ day of __________, 2____ [Instruction: Insert original lease date.] (the “Lease”) for
the residential property municipally known as ___________________, unit/apartment no.
___________ [Instruction: Insert apartment address and apartment number as applicable.
If premises is only a portion of a building, without an apartment number, briefly describe
space rented.] (the “Premises”);

       AND WHEREAS the Lease is scheduled to expire on the ____ day of _________,
2____; [Instruction: Insert original lease termination date.]

       AND WHEREAS the Landlord and the Tenant mutually agree to extend the Term (as
same is defined in the Lease) [Comment: Ensure original Lease sets forth a definition of
“Term.” If not, describe the term in this agreement.] of the Lease pursuant to the terms and
conditions contained herein.

       NOW THEREFORE for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Landlord and the Tenant hereto agree as follows:

    1. The Lease shall be extended for a further term of _______ (___) [Instruction: Insert
    written amount of extension followed by numerical representation of same and choose
    whether such additional term is for months or years.] months/years (the “Extended
    Term”) and shall expire on the _____ day of _________, 2_____ [Instruction: Insert new
    lease termination date.] (the “Expiry Date”).

    2. The Tenant shall pay to the Landlord on the ____ [Instruction: Insert date on which
    rent is due monthly. If rent is not due monthly, revise accordingly.] day of each and
    every month, rent in the sum of ________ ($______) [Instruction: Insert rental amount.]
    United States Dollars (the “Rent”) commencing on the ___ day of __________, 2_____
    [Instruction: Insert date upon which new rental amount will begin.] until the Expiry
    Date. The Rent shall be paid to the Landlord by way of cash or check at the Landlord’s
    principal address of __________________. [Instruction: Insert Landlord’s address for
    rent payment.]



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   3. Tenant agrees to pay a prorated sum in the amount of $_______________ [Instruction:
   Insert prorated rent amount.] as rent to cover the period from the commencement of this
   Agreement until the _____ [Instruction: Insert date on which next rent payment would be
   due.] day of the following month. This prorated rent shall be due at the execution of this
   Agreement. 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, as
   incorporated by reference or attachment.

   4. Upon the execution of this Agreement, Tenant shall deposit _____ ($_____) United
   States Dollars [Instruction: Insert written additional security deposit amount, followed
   by numerical representation of such amount.] with Landlord, which represents the
   additional security deposit required. [Comment: Delete this provision if no additional
   security deposit is being collected.] Such additional security deposit shall be deposited
   pursuant to applicable state law.

   5. The Tenant acknowledges that all of the terms and conditions of the Lease between the
   Landlord and the Tenant shall remain in full force and effect until the Expiry Date and the
   Tenant agrees to be bound to all terms and conditions.

   6. This Agreement shall be governed in accordance with the laws of the State of ________
   [Instruction: Insert applicable state.] applicable therein and as amended from time to time.

   7. This Agreement shall inure to the benefit of the parties hereto and shall be binding upon
   the parties hereto and their respective heirs, executors, representatives, successors, and
   assigns. Except as otherwise set forth herein, nothing in this Agreement, expressed or
   implied, is intended to confer on any person other than the parties hereto or their respective
   heirs, executors, representatives, successors, and assigns any rights, remedies, obligations, or
   other liabilities under or by reason of this Agreement.

   8. This Agreement shall be considered part of, and incorporated into the original Lease. All
   terms, conditions and provisions of the Lease are herein incorporated by reference. Any
   terms not defined herein shall have the definition set forth in the Lease.

   9. Any modification to this Agreement must be in writing, signed by the parties or it shall
   have no effect and be void.

   10. This Agreement may be executed in several counterparts, each of which when so
   executed shall be deemed to be an original and such counterparts together shall constitute one
   and the same instrument and shall be effective as of the formal date hereof. This Agreement
   may be executed and transmitted via e-mail and/or facsimile transmission and in such event
   shall be effective and binding on the parties hereto and their successors and assigns as if
   originally executed.
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    11. If any provision of this Agreement is found by a court of competent jurisdiction to be
    unenforceable, such provision shall not affect the other provisions, but such unenforceable
    provision shall be deemed modified or deleted to the extent necessary to render it
    enforceable, preserving to the fullest extent permissible the intent by the parties set forth
    therein.

    12. Neither party may assign, transfer or delegate any of its rights or obligations hereunder
    without the prior written consent of the other party.

        IN WITNESS WHEREOF, the Landlord and the Tenant have executed this Agreement
as of the day and year first written above.



Witness:                                                         Tenant



Witness:                                                         Landlord


if Landlord is a company:

                                                                 (LANDLORD)
                                                                 Per:


                                                                 Name:
                                                                 Title:
                                                                 I have authority to bind the Company.




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DOCUMENT INFO
Description: This is an agreement to extend the lease term of a residential lease. This agreement is drafted between a landlord and a tenant, whereby each party agrees to extend the original lease term of the residential property. This short-form template contains both standard clauses as well as opportunities for customization to ensure that the understandings of the parties are properly set forth. This agreement is ideal for use by a landlord or tenant seeking to extend the lease term for a residential lease.
This document is also part of a package Real Estate Business Templates 153 Documents Included