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Lease Renewal Addendum

Lease Renewal Addendum Template for India

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Key Requirements PROMPT example:

Lease Renewal Addendum

"I need a Lease Renewal Addendum for my commercial office space in Mumbai, extending the current lease for 3 years from January 2025, with a 10% annual rent increase and maintaining all other original terms."

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Document background
The Lease Renewal Addendum is a crucial document used when parties wish to extend an existing lease agreement in India. It is typically employed when the original lease term is approaching expiration and both parties agree to continue their landlord-tenant relationship. This document must comply with Indian property laws, including state-specific regulations and the Transfer of Property Act, 1882. The addendum typically includes updated terms such as the new lease duration, revised rent amounts, and any modifications to the original agreement while confirming the continuation of other existing terms. It's essential for maintaining legal compliance while ensuring a smooth transition between lease periods, particularly important in both commercial and residential contexts where formal documentation of the renewal terms is necessary for legal protection and clarity.
Suggested Sections

1. Parties: Identification of the Landlord and Tenant with their complete details as mentioned in the original lease

2. Background: Reference to the original lease agreement, its date, and current expiration date

3. Definitions: Key terms used in the addendum, including reference to definitions from the original lease that remain applicable

4. Term of Renewal: Specific period of the lease extension, including start and end dates

5. Rent and Payment Terms: Updated rent amount, payment schedule, and any modifications to the payment terms

6. Continuation of Original Terms: Confirmation that all other terms and conditions from the original lease remain in effect

7. Binding Effect: Statement that the addendum becomes part of the original lease agreement

8. Execution: Signature blocks for all parties and witnesses

Optional Sections

1. Modified Terms: Used when specific terms from the original lease need to be modified besides rent and duration

2. Security Deposit Adjustment: Include when the security deposit amount is being modified with the renewal

3. Maintenance and Repairs: Used when updating responsibilities for maintenance and repairs

4. Utility Charges: Include when changing arrangements for utility payments

5. Additional Occupants: Used when there are changes to the list of authorized occupants

6. Insurance Requirements: Include when modifying insurance obligations

7. Renewal Option: Used when including provisions for future renewals

Suggested Schedules

1. Schedule A - Property Details: Detailed description of the leased property, including any modifications to the premises

2. Schedule B - Rent Schedule: Detailed breakdown of rent payments, including any scheduled increases during the renewal term

3. Schedule C - Modified Terms: Comprehensive list of any terms being modified from the original lease

4. Appendix 1 - Property Inspection Report: Current condition of the property at the time of renewal

5. Appendix 2 - Maintenance Schedule: Updated maintenance and repair responsibilities if modified in the renewal

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Real Estate

Commercial Property

Residential Property

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Relevant Roles

Property Manager

Real Estate Manager

Facilities Manager

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Corporate Lawyer

Operations Manager

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Real Estate Agent

Leasing Manager

Asset Manager

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