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The Closing Extension Addendum is a crucial document used when parties to an existing agreement need to modify the originally agreed closing date. This situation commonly arises in real estate transactions, corporate acquisitions, and other significant commercial dealings in India where various factors may necessitate extending the closing timeline. The addendum must comply with Indian contract law and, where applicable, real estate regulations. It typically specifies the new closing date, any conditions attached to the extension, and whether any additional consideration is required. This document is particularly important in the Indian legal context as it provides a formal record of the modified terms while preserving the validity of the original agreement. The Closing Extension Addendum helps prevent potential disputes by clearly documenting the parties' mutual consent to the timeline modification.

1. Parties: Identification of all parties to the original agreement and confirmation that they remain the same for this addendum

2. Background: Reference to the original agreement, its date, and brief description of the need for extension

3. Definitions: Key terms used in the addendum, incorporating definitions from the original agreement by reference

4. Extension of Closing Date: Clear statement of the new closing date and any conditions attached to the extension

5. Effect on Original Agreement: Confirmation that all other terms of the original agreement remain unchanged

6. Consideration: Statement of any consideration paid for the extension, if applicable

7. Governing Law: Confirmation that the addendum is governed by Indian law, consistent with the original agreement

8. Execution: Signature blocks for all parties and execution requirements