An extension of residential lease means a document where the landlord or tenant agrees to extend to lease the same property after the original lease term is over. Every lease agreement is applicable only for a specific period of time, a year or two years, and at the end of the term the tenant may want to continue living there. In order to do that a new lease is created which may include some similar terms from the previous lease agreement and some new terms. Usually a new, increased rent amount is mentioned and the basic information about the lessor, lessee and the property leased is added again. The new extended term must also be clearly mentioned.
Sample Extension of Residential Lease:
This residential lease agreement, created on March 15, 2012, is an extension of the previous lease created by the lessor Gary Jones and lessee Libby Adams on March 14, 2011. The old lease term ended on March 14, 2012 and according to this agreement both the lessor and lessee agree to an extension of the lease for 6 more months, that is, till September 15, 2012.
Terms and Conditions:
- The new rent to be paid by the tenant is $1,000 instead of $825 that was paid earlier
- The tenant shall get the right to use the garage
- All other terms and conditions remain same as the original contract
The undersigned understand and accept the terms and conditions mentioned above.
Signature (Landlord): Date: March 14, 2012
Signature (Tenant): Date: March 14, 2012
Property address: 21 Leafy Willow, Georgia