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Lease Amendment To Extend Term

Lease Amendment To Extend Term Template for Canada

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Key Requirements PROMPT example:

Lease Amendment To Extend Term

"I need a Lease Amendment To Extend Term for our commercial office space at 123 Business Avenue, extending the current lease for an additional 3 years from March 1, 2025, with a 5% annual rent increase."

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Document background
A Lease Amendment To Extend Term is essential when parties wish to continue their landlord-tenant relationship beyond the original lease term without executing an entirely new lease agreement. This document is commonly used in Canadian real estate transactions for both commercial and residential properties when the existing lease is approaching its expiration date and both parties agree to extend the relationship. It provides a streamlined approach to lease extension by focusing primarily on term modification while preserving other existing conditions, though it can also incorporate additional changes if needed. The amendment must comply with relevant provincial legislation regarding property leases, including Commercial Tenancies Act or Residential Tenancies Act requirements. This document type is particularly valuable for maintaining business continuity, avoiding the complexity of new lease negotiations, and preserving favorable terms from the original agreement.
Suggested Sections

1. Parties: Identification of the landlord and tenant, matching exactly as they appear in the original lease

2. Background: References to the original lease agreement, including its date and any previous amendments, and states the parties' desire to extend the term

3. Definitions: Key terms used in the amendment, incorporating definitions from the original lease and any new terms

4. Extension of Term: Specifies the new expiry date and confirms the extension of the lease term

5. Confirmation of Lease Terms: Affirms that all other terms and conditions of the original lease remain unchanged and in full force and effect

6. Rent During Extended Term: Specifies the rent payable during the extended term, including any adjustments or escalations

7. Execution: Formal signing section with date and signature blocks for all parties

8. Governing Law: Confirms the agreement is governed by and construed in accordance with the laws of the relevant Canadian province

Optional Sections

1. Additional Modifications: Used when other lease terms are being modified along with the extension

2. Condition Precedents: Include when there are specific conditions that must be met before the extension becomes effective

3. Representations and Warranties: Added when parties need to make new or confirm existing representations about their status or authority

4. Option to Further Extend: Include when granting additional extension options as part of this amendment

5. Landlord's Work: Used when the extension is tied to landlord obligations to perform specific improvements or modifications

6. Tenant's Work: Include when the tenant is required to perform specific improvements as part of the extension agreement

7. Security Deposit Adjustment: Added when the security deposit terms are being modified for the extended term

8. Operating Costs and Tax Adjustments: Include when changing how operating costs or taxes are calculated or allocated in the extended term

Suggested Schedules

1. Schedule A - Original Lease: Copy or summary of the original lease agreement being amended

2. Schedule B - Rent Schedule: Detailed breakdown of rent payments for the extended term, including any escalations

3. Schedule C - Modified Terms: Comprehensive list of any additional terms being modified beyond the extension

4. Schedule D - Floor Plan: Include if there are any changes to the leased premises during the extended term

5. Schedule E - Work Requirements: Details of any landlord or tenant work to be completed as part of the extension agreement

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

Retail

Commercial Office

Industrial

Healthcare

Education

Hospitality

Manufacturing

Warehousing

Professional Services

Technology

Banking and Finance

Non-Profit Organizations

Government and Public Sector

Relevant Teams

Legal

Real Estate

Facilities Management

Operations

Finance

Administration

Risk Management

Property Management

Asset Management

Procurement

Contract Management

Relevant Roles

Property Manager

Real Estate Manager

Facilities Manager

Legal Counsel

Corporate Lawyer

Real Estate Director

Operations Manager

Chief Financial Officer

Business Development Manager

Lease Administrator

Asset Manager

Commercial Property Manager

Real Estate Portfolio Manager

Tenant Relations Manager

Contract Administrator

Real Estate Paralegal

Industries







Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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