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What is a Lease Renewal Agreement?
A Lease Renewal Agreement is a legally binding contract to renew an about-to-expire lease for an additional period. Lease Renewal Agreements can be used to extend the existing Lease Agreement for another term or to modify the terms with renewal, such as to increase rent for the new lease period.
Lease Renewal Agreements, also referred to as Lease Extensions or Lease Renewals, are a convenient way for a landlord and tenant to continue a rental agreement past the original contracted period without creating a completely new Lease Agreement and to solidify any changes to the previously agreed-upon terms.
Lease Renewal Agreements typically include information about the space being rented, state the original terms alongside any changes for the renewal (such as price adjustments), and what each of the parties involved have the right to and are responsible for when it comes to the property. Overall, these forms are integral to protect both tenant and landlord throughout a rental.
When to use a Lease Renewal Agreement:
- You are a landlord who wants to invite your tenant to renew or extend their lease.
- You are nearing the end of your lease and want to ask for a renewal and/or extension.
- You want to change the previously agreed-upon terms in your lease so it better suits your needs or situation.
Sample Lease Renewal Agreement
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Lease Renewal Agreement
Parties
This Lease Renewal Agreement (the "Renewal Agreement") is made and entered on (the "Effective Date") by and between , of , , , (the "Landlord") and the following tenants:
(the "Tenant")
Premises
Address: , ,
Type:
Original Lease
Landlord and Tenant had entered into a Lease Agreement for the Premises described above on (the "Original Lease"). The Original Lease expires on . All terms, conditions, and provisions of the said Original Lease are hereby incorporated by attachment (as Exhibit A).
WHEREAS, Landlord and Tenant desire at this time to further extend and amend said Original Lease as hereinafter set forth.
WHEREAS, it is therefore mutually agreed that the Original Lease shall be further extended and amended as follows:
Renewal Terms and Conditions
That Landlord and Tenant hereby agree to extend the Original Lease for a further term of months. The renewed lease will begin on and end on (herein referred to as the "Renewal Term").
That Lessee shall pay a monthly rental of for each and every calendar month throughout the Renewal Term.
For the Renewal Term, Tenant agrees to pay Landlord the above agreed rent per month on or before the day of each month.
All of the terms and provisions of said Original Lease except as herein modified, are to remain in full force and effect and are made a part of this Renewal Agreement.
| By: | Date: |
| By: | Date: |
Lease Renewal Agreement Checklist
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___Sign this document. This document needs to be signed by:
All Tenants
The Lease Renewal Agreement can be signed online. It becomes effective as of the date specified in the Agreement.
___Everyone gets a copy. Anyone named in the document should receive a copy of the signed document. If you sign this agreement online a copy will be securely stored in your account. You can share your document from your account.
Important Details
Make sure all attachments have been included. You should scan and upload a copy of Original Lease Agreement to your Rocket Lawyer account using your Rocket Lawyer account to ensure you have a complete record of all documents involved in this transaction.
Lease Renewal Agreement FAQs
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What does it mean to get a Lease Renewal Agreement?
When an existing lease term comes to an end and both the landlord and the tenant have had a good relationship and are happy with the terms of the existing lease, then they may decide that renewing it makes sense. While most of the terms of the existing lease typically would continue for the Lease Renewal Agreement, some landlords may desire to make changes, such as an increase to the rent.
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What happens if a tenant does not renew, but stays in the property?
If a tenant does not sign a lease renewal, but remains in the rental, the tenancy may automatically convert to a month-to-month arrangement if there is a clause in the original contract that allows for that. Otherwise, the landlord may have to consider their options on how to remove the tenant from the property, either voluntarily or through eviction.
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What's the difference between a lease renewal and a lease extension?
A lease extension is simply the continuation of an existing Lease Agreement, usually on a month-to-month basis. A lease renewal is essentially a new lease, and is usually for the same term as the previous lease. For the landlord, the benefits of renewing a lease include the stability of knowing there's a commitment for the term of the new lease, the savings of not having to find and move in a new tenant, and the ability to raise the rent for the new lease.
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Can a landlord refuse to renew a lease?
Yes, a landlord can refuse to renew a lease when the term of the original lease is over. In some states, however, a landlord may not refuse to renew a lease if doing so is for discriminatory reasons or is in retaliation for a tenant acting within their legal rights.
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What are auto-renewing leases and are they legal?
Auto-renewing leases contain a clause that continues the Lease Agreement for the same (or lesser) period of time. For example, a month-to-month rental agreement is a common auto-renewing lease. The term of the lease automatically renews, unless the landlord or tenant provides proper notice that they intend to end the lease. In general, they are legal, but if you have a question about your lease, it's best to ask a lawyer.
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