A commercial lease extension is a document which enunciates the legal aspects of a lease extension in a standard terminology acknowledged by law. It verifies the deal in a lawful manner for legal extension of a commercial lease. Thus it should be created by probing into the doctrines of the original lease and developing the new ones.
Sample Commercial Lease Extension
This covenant verifies the fact that a commercial lease extension has been decided by and between Julie Stomas, lessor and Woody Allen, lessee of the commercial property. The verification is based on the concurrence of both the parties, who have assented to the following terms and conditions on 7th December, 2012:
- The commercial property under consideration is a 5 acre plot of land located at 5, Lee Road, Amsterdam, including the benefits offered by the place like electricity and water supply, pool and garden.
- The use of the property is commercial in nature wherein the premises are used for business purpose. Deviation from the stated use and purpose is considered breach of contract.
- The originally proposed length of the agreement was 5th May, 2011 to 7th May, 2013 which has now been extended to 7th May, 2015 commanded by the lessee’s interest and proposition for extension.
- Monthly installments of $500 shall be paid on 6th day of every month as rent and the non-payment and delayed payment shall be duly accompanied by legal charges as stipulated in the previous lease. The payment shall be made till the month of termination of extended lease.