When do you need a commercial lease addendum?
When do you need a commercial lease addendum?
A Commercial Lease Addendum allows changes or additions to be made to an original lease agreement without having to write a new agreement document. This is typically used when a landlord wishes to make changes, such as extending the time frame of the lease, making changes to rent amounts, or to give certain rites to renters.
What are the different types of rental addendums?
Common Types of Rental Addendums: 1 Pet addendum 2 Smoking addendum 3 Renovation addendum 4 Bed bug brochure 5 Lead paint pamphlet
When to add an addendum to a contract?
Make sure the addendum will meet all the basic requirements of a contract. An addendum is technically a legal contract on its own, and it therefore must meet all the requirements of a valid contract. Generally speaking, a valid contract is formed when both parties are competent and when you have an offer, acceptance, and consideration.
What should be included in a use clause for a restaurant?
From a landlord’s perspective, the use clause should, at a minimum, specify the type of restaurant (e.g., quick service, fast casual, casual dining, fine dining) and type of cuisine offered (e.g., Mexican, Italian, American).
What does an addendum to a lease mean?
A lease extension addendum is a contract that further extends the term of an existing lease agreement. The addendum will establish a new lease termination date that both the landlord and tenant agree to.
What to include in a pet lease addendum?
Pet Lease Addendum – To allow pets when in the original lease the tenant was prohibited. Pool & Spa Lease Addendum – If the tenant is allowed access to a pool or spa this addendum states the terms and conditions as well as the responsibility of its maintenance.
How to finalize a commercial lease amendment in writing?
Negotiate Amendments Before finalizing your commercial lease amendment in writing, you should negotiate the changes with the other party. The lease amendment will then simply memorialize your earlier conversations, documenting your intentions in writing. This can avoid the need to prepare multiple draft versions of your commercial lease amendment.
What to include in a crime free lease addendum?
Crime Free Lease Addendum – Verifies that the tenant will not use the premises for the use of drug or crime-related activity. Extension Agreement – To extend the end date of a lease agreement.