A residential lease extension is a legal situation in which the tenant prolongs his possession of the rented house by a considerable span of time. The document is created with due emphasis on this aspect and the significant dates in this context are clearly quoted for facilitation of the legal process. Thus it should be farmed with sophistication.
Sample Residential Lease Extension
Name of the landlord: Matt Logan
Name of the tenant: Molly Mares
Under the acknowledgement of a proposition for lease extension and its subsequent legalization and in consideration of the terms provided in the covenant, the following decisions have been made by and between the landlord and tenant on 2nd May, 2011:
1. Former lease: The originally framed lease agreement was validated for a functional performance of 2 years starting from 2nd May, 2009 and terminating on 2nd June, 2011. [Refer to the attachment for lease term details]
2. Lease extension: The parties have hereby agreed to lengthen and continue the lease term for an additional period of 1 year which is indicated in its beginning on 2nd July, 2011 and ending on 2nd August, 2012.
3. Revised payment: The rental amounts fixed for each month will remain unchanged and continue to be the same as original. [Refer to the attachment for payment details]. The monthly rentals will be payable till 5th after which a penalty will be indicted on payment.
4. Jurisdiction: In case of any dispute related to royalty, property and violation of terms, legal jurisdiction will be executed by the regional tribunal court.