When it comes to commercial or residential leases, it is not uncommon for the terms of the lease to require an extension of the agreement. However, drafting a letter of extension of contract of lease can be a daunting task, particularly if you are not familiar with the legal language. In this article, we will guide you through what a sample letter of extension of contract of lease entails.
1. Identify the parties involved
To start with, it is essential to identify the parties involved in the lease agreement. This should include the landlord or property owner and the tenant(s). In the letter, you should also indicate the lease agreement`s effective date and its original end date.
2. State the reason for the extension
Next, it is crucial to explain the reason for the extension of the lease. This could be due to a variety of reasons, such as the need for additional time to complete renovations or necessary repairs or simply due to the tenant`s desire to remain in the premises for an additional period. In either case, it is essential to state the reason clearly and concisely.
3. Specify the terms of the extension
After providing a reason for the extension, you should also specify the terms of the extension. Information to include would be the new end date of the lease agreement, the new rent amount, and any changes to the lease terms. You should also indicate if the extension is for a fixed term or open-ended.
4. Indicate acceptance of the extension
The final step in drafting the letter should indicate the tenant`s acceptance of the proposed extension of the lease agreement. This should be done in writing, with the tenant`s signature and the date of signing.
In conclusion, when drafting a letter of extension of contract of lease, it is essential to include all the relevant information, including the parties involved, the reasons for the extension, the terms of the extension, and the acceptance of the extension. The letter should also be clear, concise, and easy to understand for all parties involved. With these tips, you can create a successful letter of extension of contract of lease that meets the needs of both the landlord and tenant.