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Lease Extension Addendum

Lease Extension Addendum Template for India

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Key Requirements PROMPT example:

Lease Extension Addendum

"I need a Lease Extension Addendum for my commercial property in Mumbai, extending the current lease for 3 years from January 2025, with an annual rent escalation of 5% and updated maintenance terms for the shared office facilities."

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Document background
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.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Commercial Real Estate

Residential Real Estate

Retail

Industrial

Office Space

Manufacturing

Warehousing

Healthcare

Education

Hospitality

Technology Parks

Co-working Spaces

Relevant Teams

Legal

Real Estate

Facilities Management

Operations

Finance

Compliance

Administration

Property Management

Contract Management

Asset Management

Relevant Roles

Property Manager

Real Estate Manager

Legal Counsel

Facilities Manager

Operations Director

Chief Financial Officer

Real Estate Director

Compliance Officer

Asset Manager

Leasing Manager

Property Administrator

Contract Manager

Real Estate Coordinator

Legal Administrator

Business Operations Manager

Industries
Transfer of Property Act, 1882: The fundamental law governing lease agreements in India, defining rights and obligations of lessors and lessees, and requirements for valid lease agreements
Registration Act, 1908: Mandates registration requirements for lease agreements, particularly those exceeding 11 months or creating long-term rights in immovable property
State-specific Rent Control Acts: Local laws governing rent control, tenant protection, and landlord-tenant relationships specific to different states in India
Indian Contract Act, 1872: Provides the basic principles of contract formation, validity, and enforcement applicable to lease agreements
Indian Stamp Act, 1899: Determines the stamp duty requirements and charges applicable to lease documents and their amendments
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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