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Lease Extension Agreement

A Lease Extension Agreement is a legal document that outlines the terms and conditions for extending an existing lease agreement.

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Service Description

A lease extension agreement is a legally binding document that is designed to extend the term of a lease agreement between a landlord and a tenant. It is typically used when the original lease agreement is set to expire, and the parties involved wish to extend the lease for a certain period of time.

The lease extension agreement outlines the terms and conditions that both parties must agree to in order to extend the lease. It is important for the agreement to be very clear and specific, so that both parties understand their rights and responsibilities.

Some of the key elements that may be included in a lease extension agreement include:

– The length of the extension: The agreement should specify how long the lease will be extended for, and when it will expire. This may be a fixed term, or it may be open-ended.

– Rent and other fees: The agreement should outline how much rent will be paid during the extension period, and whether there will be any changes to other fees, such as maintenance or utilities.

– Maintenance and repairs: The agreement should specify who is responsible for maintaining and repairing the property during the extension period. This may include repairs to the interior or exterior of the property, as well as any major appliances or fixtures.

– Use of the property: The agreement may include restrictions on how the property can be used during the extension period. For example, the tenant may be prohibited from using the property for commercial purposes, or from making major alterations to the property without the landlord’s approval.

– Termination: The agreement should outline the circumstances under which either party may terminate the lease extension early. This may include breach of the agreement by one party, or the sale of the property by the landlord.

Overall, a lease extension agreement is an important document that can help protect the rights and interests of both landlords and tenants. It is important to carefully review and negotiate the terms of the agreement before signing, in order to ensure a fair and mutually beneficial arrangement for both parties.

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