The Lease Extension Addendum is a crucial document used when parties wish to extend an existing lease agreement without creating an entirely new lease. It's commonly used in New Zealand for both commercial and residential properties when the original lease term is approaching its end, but both parties agree to continue their landlord-tenant relationship. This document must comply with New Zealand property law requirements, including the Property Law Act 2007 and relevant tenancy legislation. The addendum typically specifies the new expiry date, any modifications to existing terms, and confirmation of continuing obligations. It's particularly valuable when parties want to maintain the majority of their original lease terms while updating specific elements like duration or rent reviews. The document serves as a legally binding extension of the original lease, ensuring continuity and clarity in the tenancy relationship.
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1. Parties: Identification of the landlord and tenant, including their full legal names and addresses
2. Background: Reference to the original lease agreement, its date, and current expiry date, establishing the context for the extension
3. Definitions: Key terms used in the addendum, including references to defined terms in the original lease
4. Extension Term: Specific details of the extension period, including start and end dates
5. Confirmation of Terms: Statement confirming that all other terms and conditions of the original lease remain in full force and effect
6. Execution: Signing provisions for all parties, including witness requirements if necessary
1. Rent Review: Include when the extension involves changes to the rental amount or rent review mechanisms
2. Modified Terms: Required when any terms from the original lease are being altered as part of the extension
3. Maintenance and Repairs: Include if there are any changes to maintenance responsibilities
4. Break Clause: Optional provision allowing early termination during the extension period
5. Guarantor Confirmation: Required if the original lease had guarantors who need to confirm their continuing obligations
6. Registration Requirements: Include if the extension needs to be registered with land authorities
1. Schedule 1 - Premises Details: Description and/or plan of the leased premises, carried over or updated from original lease
2. Schedule 2 - Rent Schedule: Details of rent amounts and payment dates during the extension period
3. Schedule 3 - Modified Terms: Detailed list of any terms from the original lease that are being modified
4. Appendix A - Original Lease: Copy of the original lease agreement for reference
5. Appendix B - Condition Report: Updated condition report of the premises at the time of extension, if required
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