How do I legally extend a commercial lease agreement?
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If it were me, I would have the tenant sign an entirely new lease contract with all the new lease terms instead of doing an addendum to the current one. That tends to result in a sloppy transaction and can lead to confusion if it becomes necessary to enforce terms in court later on.
If your current lease is in an editable form, I would simply modify the existing template lease to reflect the changes and then have them sign an entirely new copy.
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If I am extending an existing lease agreement, do I create a new lease, or is there another document I should use?
I understand you're looking to extend your existing lease agreement. Have you already discussed this extension with your landlord?
I am the landlord of a commercial property.
Are there any specific terms or conditions you would like to change or add in the extended lease agreement?
Yes, we want to add an agreement to pay back utilities and we are changing some of the terms like the length of the extension and renewal.
Is there anything else the lawyer should know before I connect you?
No.
Hello and welcome to the site! My name is Barrister and I am a licensed attorney. I am here to help with your situation.
Are the terms of the lease changing or is everything staying exactly the same and you are simply extending the dates of the lease for another term?
The terms of the lease are changing. They owe us back utilities and will be on a payment plan, and we want to lessen the term to five years with the option of a two-year extension.
If it were me, I would have the tenant sign an entirely new lease contract with all the new lease terms instead of doing an addendum to the current one. That tends to result in a sloppy transaction and can lead to confusion if it becomes necessary to enforce terms in court later on.
If your current lease is in an editable form, I would simply modify the existing template lease to reflect the changes and then have them sign an entirely new copy.
Okay, that is what I was thinking.
Yes, it is always best to do a clean contract if you are making many changes to the terms and adding or deleting terms. If you are simply extending what you already have, then an addendum is fine, just stating that you are extending the prior lease for another term.
I hope I could clear up any questions you had about the situation. It was my pleasure to work with you and help answer your question. Have a great afternoon and be safe!
