The Lease Extension Agreement is commonly used in Hong Kong when parties wish to continue their landlord-tenant relationship beyond the original lease term without executing an entirely new lease. This document is particularly relevant in Hong Kong's dynamic property market, where both residential and commercial tenancies frequently require extension. The agreement must comply with Hong Kong's property laws and regulations, including the Landlord and Tenant (Consolidation) Ordinance and Stamp Duty Ordinance. It typically includes details about the extension period, any rent adjustments, confirmation of existing terms, and any modifications to the original lease. This document is essential for maintaining legal certainty in ongoing tenancy relationships and protecting both parties' interests during the extended term.
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1. Parties: Identification of the landlord and tenant, including their full legal names and addresses
2. Background: Recitals describing the existing lease, its key terms, and the parties' intention to extend
3. Definitions: Definitions of key terms used in the agreement, including 'Original Lease', 'Extension Period', and 'Extension Date'
4. Extension of Term: Core provision extending the lease term, specifying the new expiry date
5. Rent and Payment Terms: Specification of rent during the extension period, including any adjustments or review mechanisms
6. Confirmation of Original Lease Terms: Confirmation that other terms of the original lease remain in force during the extension period
7. Representations and Warranties: Standard representations about authority to enter into the extension agreement
8. Execution: Signature blocks and execution formalities
1. Modifications to Original Lease: Used when parties agree to modify any terms of the original lease during the extension period
2. Security Deposit Adjustment: Include if there are changes to the security deposit amount or terms
3. Break Clause: Optional provision allowing either party to terminate the extension early under specified conditions
4. Renovation or Improvement Works: Include if tenant is permitted to carry out specific works during the extension period
5. Property Condition: Used when there's a need to document the current condition of the property
6. Stamp Duty: Include specific provisions about stamp duty payment responsibilities if not covered in original lease
1. Schedule 1 - Property Description: Detailed description of the leased property, including any parking spaces or auxiliary areas
2. Schedule 2 - Original Lease: Copy or key details of the original lease agreement being extended
3. Schedule 3 - Rent Calculations: Detailed breakdown of rent calculations if there are complex payment terms or adjustments
4. Appendix A - Floor Plan: Floor plan of the leased property if relevant
5. Appendix B - Photographic Schedule: Current photographs of the property condition if being documented
6. Appendix C - Renovation Plans: Details of any approved renovation or improvement works if applicable
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