The Lease Extension Addendum is a critical document used in the Indian real estate market when parties wish to continue their landlord-tenant relationship beyond the original lease term. This document type is essential when the original lease is approaching its expiration date and both parties agree to extend the tenancy. The addendum must comply with Indian property laws, including the Transfer of Property Act, 1882, state-specific rent control acts, and local property regulations. It typically includes details about the extended term, any revised rental amounts, and confirmations of existing terms while potentially incorporating new conditions agreed upon by both parties. The document is particularly important in commercial leases where business continuity is crucial and in residential leases where tenants wish to maintain their occupancy rights.
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1. Parties: Identification of the Lessor and Lessee with their complete details as they appear in the original lease
2. Background: Reference to the original lease agreement, its date, and brief context for the extension
3. Definitions: Key terms used in the addendum, including reference to definitions from the original lease
4. Extension Term: Specific details of the extension period, including start and end dates
5. Rent and Payment Terms: Updated rent amount, payment schedule, and any escalation clauses for the extension period
6. Confirmation of Original Terms: Statement confirming that all other terms and conditions of the original lease remain in full force and effect
7. Binding Effect: Declaration that the addendum forms part of the original lease agreement
8. Execution: Signature blocks for all parties and witnesses
1. Modified Terms: Any specific terms from the original lease that are being modified for the extension period
2. Security Deposit Adjustment: Changes to security deposit requirements, if any
3. Maintenance and Repairs: Updated maintenance responsibilities if different from original lease
4. Insurance Requirements: Modified insurance requirements for the extension period
5. Option for Further Extension: Terms for any additional extension options being granted
6. GST Compliance: Specific clauses relating to GST requirements, if applicable
7. Force Majeure: Updated force majeure provisions in light of recent global events
1. Schedule A - Original Lease: Copy or summary of the original lease agreement being extended
2. Schedule B - Property Details: Updated description and details of the leased property
3. Schedule C - Rent Schedule: Detailed breakdown of rent payments and escalations for the extension period
4. Schedule D - Condition Report: Current condition of the property at the time of extension
5. Appendix 1 - Property Photos: Current photographs of the property condition
6. Appendix 2 - Compliance Certificates: Updated compliance certificates or permissions required for the extension
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