The Lease Amendment And Extension Agreement is a crucial document used in Australian commercial and retail property transactions when parties wish to modify existing lease terms and extend the lease duration. This document is typically employed when the original lease is approaching its expiry date and both parties agree to continue their relationship under potentially modified terms. It encompasses changes to the original lease provisions (such as rent, maintenance obligations, or permitted use) while simultaneously extending the lease term. The agreement must comply with Australian federal property law and state-specific legislation, including relevant retail and commercial leasing acts. It's particularly important for documenting negotiated changes and ensuring legal enforceability of both the modifications and the extension.
Lease Amendment And Extension Agreement Template for Australia
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Key Requirements PROMPT example:
Lease Amendment And Extension Agreement
"I need a Lease Amendment and Extension Agreement for my retail space at Shopping Centre XYZ, extending the current lease for 3 additional years from January 2025, with a 10% increase in rent and updated maintenance obligations for the landlord."
1. Parties: Identification of the landlord and tenant, including their full legal names and addresses
2. Background: Recitals describing the original lease, its key terms, and the parties' intention to amend and extend it
3. Definitions: Definitions of key terms used in the agreement, including reference to definitions in the original lease
4. Interpretation: Rules for interpreting the agreement and its relationship with the original lease
5. Confirmation of Original Lease: Affirmation of the original lease terms except as modified by this agreement
6. Extension of Term: Specific provisions regarding the extension period, including commencement and expiry dates
7. Amendments to Original Lease: Detailed listing of all modifications to the original lease terms
8. Rent During Extended Term: Specification of rent amounts and payment terms during the extension period
9. Conditions Precedent: Any conditions that must be satisfied before the amendment and extension take effect
10. Representations and Warranties: Statements by both parties confirming their authority and capacity to enter into the agreement
11. Costs and Stamp Duty: Allocation of costs and stamp duty responsibilities
12. Governing Law: Specification of the governing law and jurisdiction
13. Execution: Formal execution provisions and signing blocks
1. Rent Review Mechanisms: Detailed provisions for rent reviews during the extended term, if applicable
2. Security Arrangements: Modifications to existing security arrangements or new security requirements
3. Works and Fit-out: Provisions for any agreed renovations or modifications to the premises
4. Option Periods: Additional option periods beyond the current extension
5. Green Lease Provisions: Environmental and sustainability requirements, if relevant
6. COVID-19 Provisions: Specific provisions dealing with pandemic-related issues
7. Break Clause: Early termination provisions during the extended term
8. Assignment and Subletting: Modified provisions regarding transfer of lease rights
9. Insurance Updates: Changes to insurance requirements for the extended term
1. Schedule 1 - Original Lease: Copy or summary of the original lease document
2. Schedule 2 - Premises Plan: Updated plan of the leased premises if any changes
3. Schedule 3 - Rent Schedule: Detailed breakdown of rent payments and increases over the extended term
4. Schedule 4 - Special Conditions: Any special conditions applying to the extension period
5. Schedule 5 - Condition Report: Updated condition report of the premises
6. Appendix A - Required Consents: Copies of any required third-party consents or approvals
7. Appendix B - Insurance Certificates: Updated insurance certificates for the extended term
Authors
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Retail
Commercial Property
Industrial
Healthcare
Professional Services
Hospitality
Manufacturing
Warehousing
Education
Technology
Relevant Teams
Legal
Real Estate
Operations
Finance
Facilities Management
Property Management
Asset Management
Risk and Compliance
Commercial Operations
Contract Administration
Relevant Roles
Property Manager
Real Estate Manager
Facilities Manager
Legal Counsel
Commercial Lease Manager
Asset Manager
Operations Director
Chief Financial Officer
Business Development Manager
Retail Operations Manager
Contract Administrator
Property Portfolio Manager
Leasing Executive
Commercial Property Lawyer
Tenant Representative
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