A property lease extension is a formal arrangement that is made between a lessor and a lessee so as to extend an already existing property lease. These extension documents are legally binding for the parties involved as they consist of certain legal terms and conditions, violation of which could lead to legal implications.
A property lease extension is made to continue a lease on the same terms which are being followed earlier. Given below is one such sample of a property lease extension which can be used by anyone for reference purpose.
Sample Property Lease Extension:
Date of commencement of the property lease extension: 5th Aug 2012
Termination date of property lease extension: 5th December 2012
Commencement date of original property lease: 5th Aug 2011
This property lease extension is being made by and between Mr. John Marshall, the lessor and Mr. Jamie Henrick, the lessee.
The property lease extension states that the parties shall continue to abide by the terms of the original lease agreement for 4 more months.
Details of Lessor:
Contact No.: 472039472304
Residential address: S-67, north Block Street, A tower, London
Details of the Lessee:
Contact No.: 47228402024
Residential address: 2-h, martin’s tower, London
Details of the Property:
Type/ Use: residential
Location: 29, Max Lane, St. Joseph Avenue, London
Details of lease payment:
Lease amount per month: $300
Total lease amount: $1200
Terms of the extension
- The lessor agrees to extend the lease by 4 months under the same condition as the original contract.
- The lessee must make payment within the first week of each month to avoid late payment charges or legal actions.
- The extension shall terminate if any of the parties fail to abide these terms and conditions.
- The lessee cannot sublease the property to any third party or person.
Mr. John Marshall ______________________
Mr. Jamie Henrick: ______________________