A sample lease extension is a formal structure of the details entailed in a lease deal along with a clear mention of the lease renewal provision. It is a record of the agreements made by a seller and a client that is prepared with great care. Both participants are expected to read these carefully before signing as breach of any of the agreements will make the client entitled to legally prescribed punishment. This provision automatically extends the time period of the lease as the original tenure expires.
Sample Lease Extension
This lease extension is to confirm that I, Emil Anderson, as a lessee, has leased a property [land/equipment/automobile] from the lesser, Berlin Jones, owner of the property, on 16th October, 2011. This lease expires on 16th October, 2012. I, hereby, wish to renew the initial term for 2 years which begins from 17th October, 2012 and ends on 17th October, 2014. Details of the deal are stated below:
- Date(s) of validity: Original term extends from 16th October, 2011 to 16th October, 2012 (both days inclusive). Renewed term extends from 17th October, 2012 to 17th October, 2014 (both days inclusive).
- Payment made: A monthly deposit of $10,000 will have to be paid to the lessee by means of a cheque for the whole term besides a security deposit of $50,000.
- Proofs submitted: Residential Proof, Identity Proof, Relevant License and Income Certificate [Check the enclosed photocopies]. These have been duly attested.
- The deed has been closed in the presence of: Harold D’Souza [attorney at law].
- If the property is damaged in any way at the time of handing over, it will be counted as breach of contract.
- In case of breach of contract, the lessee will be subjected to an imprisonment of up to 6 years and fine of $60,000.
Signature[s]: ___________________________________ [Emil Anderson]
___________________________________ [Berlin Jones]