Landlords and tenants can continue a lease agreement beyond its end date using a lease extension agreement. That means the terms and conditions of the original lease stay the same unless they’re amended within the extension agreement. Unlike a lease renewal agreement, which is a new lease agreement, a lease extension agreement is a continuation of the original lease without interruption. This template can be used for residential, commercial, or short-term leases.
Date of Amendment:
MM / DD / YYYYLandlord/Lessor: [Lessor.FirstName] [Lessor.LastName]
Landlord Phone: [Lessor.Phone]
Landlord Email: [Lessor.Email]
Tenant/Lessee: [Lessee.FirstName] [Lessee.LastName]
Tenant Phone: [Lessee.Phone]
Tenant Email: [Lessee.Email]
This Lease Extension agreement concerns the real property located at [Lessor.StreetAddress] [Lessor.City] [Lessor.State] [Lessor.Country] [Lessor.PostalCode] .
This LEASE EXTENSION AGREEMENT (hereinafter referred to as the "Lease Extension Agreement") is made by and between: [Lessor.FirstName] [Lessor.LastName] (hereinafter referred to as "Landlord"); and [Lessee.FirstName] [Lessee.LastName] (hereinafter referred to as “Tenant”).
WHEREAS, the Lease Agreement between the parties over the real property located at [Lessor.StreetAddress] [Lessor.City] [Lessor.State] [Lessor.Country] [Lessor.PostalCode] which began on the [Document.CreatedDate] and is scheduled to expire on on the [Document.ExpirationDate] ;
WHEREAS, the parties mutually have agreed that the said lease extension is extended or shall be extended for a period of _____ months/years (include details on any optionality to extend this agreement beyond the initially agreed period).
Lease extensions can be an excellent option for residential and commercial purposes. For example, residents who are in the midst of arranging a new living situation might need to continue living in their current property until they move into their new home. On the commercial front, lease extension agreements can help business owners avoid significant profit losses as they move their operations to a new location.
In consideration of the foregoing premises, the parties agree as follows:
The parties hereby agree to continue the terms of the aforementioned Lease Agreement over the said property with the new dates beginning on the ______ day of ____________, 20____ and set to expire on the ______ day of ____________, 20____ (or continue month-to-month or year-to-year indefinitely). The terms will continue as set out in the aforementioned Lease Agreement except as expressly modified herein.
The rent to be paid for this Lease Extension Agreement shall amount to $_______, payable on the ______ day of every month. The first full rent payment under this Lease Extension Agreement is due on the ______ day of ____________, 20____. 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 or as expressly stated herein.
All the terms and conditions existing on the previous lease term prior to expiration shall remain to be effective and adopted into this Lease Extension Agreement except as expressly modified herein.
One advantage of using a lease extension agreement and maintaining the terms of the original lease agreement is that neither party will have to deal with the hassle of additional administrative work typically associated with writing a new lease, as well as the associated costs and legal documents required.
Effective as of ________________, Landlord and Tenant extend and amend the above-referenced lease as follows.
1) The Expiration Date is changed to: ___________________________.
2) The monthly rent is changed to: $______________________ (N/A if the rent is remaining the same)
The most frequent change in a lease extension is the amount due for the rent payment each month. Economic conditions can cause payment changes in either direction, but if your goal is to raise the rent, be aware of local legislation that may limit you to a maximum amount you are legally allowed to increase the rent.
3) Other: The aforementioned Lease Agreement is amended as follows:
Enter text here…
If this form is not returned to the Landlord on the ______ day of ____________, 20____, the Landlord may give the Tenant at least 28 days written notice to vacate the premises.
If the Tenant wishes to vacate the property at the end of the fixed term noted within the aforementioned Lease Agreement, the Tenant must give the Landlord at least 28 days written notice.
If the lease is not extended and at least 28 days written notice is not given by either party, the agreement continues as a residential/commercial tenancy agreement for a periodic tenancy.
It’s essential that a signed copy of the document be received by the Landlord, signed by the Landlord, and returned to the Tenant to ratify the agreement. The lease extension agreement will not be legally binding until that is done.
IN WITNESS WHEREOF, the parties have set their hand on this _____ day of _________, 20____.
This form becomes a binding lease extension when the Landlord signs and returns to the Tenant. This agreement shall be binding upon and shall inure to the benefit of the parties, their successors, assigns, and personal representatives.
Some lease agreements have multiple landlords or tenants. It’s critical to ensure that every party who signed the original agreement also signs the lease extension agreement. If not, they will not be bound under the extension agreement.