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Sample Lease Renewal Agreement

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Microsoft Word (Editable)
Pages
3
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Document Overview

A Lease Renewal Agreement is a legal document that extends the term of an existing lease between a landlord and a tenant. Instead of drafting a completely new lease, the renewal agreement continues the relationship under either the same or modified terms.

Purpose of a Lease Renewal Agreement

1. Continuity and Stability
- Allows the tenant to continue occupying the premises without interruption, which is crucial for businesses that rely on location.
- Provides the landlord with ongoing rental income.
2. Legal Certainty
- Avoids uncertainty or disputes about whether the tenant can remain after the original lease expires.
- Makes clear the new expiry date, rent amount, and any other updated terms.
3. Gives the parties an opportunity to renegotiate key terms like rent increases, service charges, or new obligations without rewriting the entire lease.
4. Cost and Time Saving
- Simpler and faster than drafting a brand-new lease document.
- Often runs just a few pages, referencing the original agreement.
5. Protects Both Parties
- Protects the tenant from sudden eviction at expiry.
- Protects the landlord by ensuring rent adjustments and compliance terms are updated and enforceable.

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