A Lease Modification Agreement is essential when parties to an existing lease wish to change certain terms without creating an entirely new lease agreement. Common scenarios requiring this document include rent adjustments, lease term extensions, changes to permitted use, or modifications to space requirements. The agreement must comply with U.S. federal and state laws governing real estate transactions and should clearly identify the original lease being modified, specify the exact modifications, and confirm the continued validity of unmodified terms. Lease Modification Agreements are particularly valuable during economic changes or when business circumstances require flexibility in lease arrangements while maintaining the fundamental landlord-tenant relationship.
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1. Parties: Identification of landlord and tenant with full legal names and addresses
2. Background/Recitals: Reference to original lease agreement and circumstances necessitating modification
3. Definitions: Key terms used in the modification agreement
4. Modification Details: Specific changes being made to the original lease
5. Original Lease Validity: Confirmation that all other terms of original lease remain in effect
6. Execution: Signature blocks and date of modification
1. Consideration: Details of any payment or consideration for the modification when there is a financial component to the modification
2. Lender Consent: Approval from mortgage lender for modifications when required by original mortgage terms
3. Guarantor Acknowledgment: Confirmation from any lease guarantors when original lease has guarantors
4. Conditions Precedent: Conditions that must be met before modification takes effect when modification is contingent on certain events
1. Schedule A - Original Lease: Copy of the original lease agreement being modified
2. Schedule B - Modified Terms: Detailed listing of specific modifications in tabular format
3. Schedule C - Updated Floor Plans: If modification involves changes to leased premises, updated floor plans and spatial modifications
4. Schedule D - Lender Consent Documentation: Written confirmation from lender if required for the modification
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