Renewal Lease Extension

By | August 29, 2012

Renewal lease extension is a kind of a formal arrangement made between a lessor and a lessee in which an already existing or expired lease is renewed and extended for certain duration of time. This kind of lease extension documents are used to lay down all the terms under which the parties mutually agree to extend the lease. The violation of these terms often results in legal actions against the party at fault. Given below is a sample of a renewal lease extension document that can be taken into use for the purpose of reference.

Sample Renewal Lease Extension:

This renewal lease extension document is being made by and between the parties with the following given details:

LESSOR

Name: Mr. Greg Timothy

Official address: S-78, first floor, Markson tower, London

Phone number: 420947032

LESSEE

Name: Miss. Serena Jackson

Official address: A-6, second floor, Potter’s enclave, London

The commencement date of renewal lease extension is 3rd Aug 2012

The termination date of renewal lease extension is 3rd Aug 2013

The original date of commencement of lease was 3rd Aug 2011

The details of lease arrangement are given as follows:

Lease type: Lease of vehicle

Vehicle name: Honda City 1998 built

Colour: Black

The details of lease payments are given as follows:

Lease payment per month: $200

Total lease amount: $2400

The terms of this renewal lease extension are given as follows:

  • The LESSOR agrees to renew and extend the lease for 12 months.
  • As per the renewed lease, the LESSEE does not have the right to drive the vehicle out of London for the lease term.
  • The LESSEE shall be solely responsible for the repair, service and maintenance of the vehicle.
  • In case of irreparable damages to the car, the LESSSEE will be entitled to make the entire payment of the lease at one go.

Signatures:

Greg Timothy

Serena Jackson


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