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:
Name: Mr. Greg Timothy
Official address: S-78, first floor, Markson tower, London
Phone number: 420947032
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
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.