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The residual value of the car will stay the same, meaning if you want to buy the car later, you'll still have to pay the residual value despite depreciation. Extending the lease may incur fees and penalties. The longer you drive the car, the more likely it will be that it will need repairs.

If you are a landlord wondering how to renew or extend lease agreements when a lease expiration date is approaching, read on to learn how by using standard real estate documents. While a lease renewal creates a new agreement for a new term period, a lease extension extends the term of an existing lease.

Here is an example of a rent amount clause in a lease: "The Tenant agrees to pay $12,000 as rent, to be paid as follows: $1,000 per month, due on the 1st day of each month. Payment of the first month's rent and any security deposit is due upon the signing of this Lease by the Tenant.

A lease extension is a contract between parties (usually just the freeholder and the leaseholder) that adds a continuation period to a long-lease and replaces the current lease with a new one. The contract sets out the dates on which the lease extension begins and ends along with any new terms.

Neither the landlord nor the tenant may change the lease unless they agree. A landlord cannot force a tenant to sign an amendment to a lease. Important: A landlord can change the lease terms if it has converted to a month-to-month tenancy. This includes the amount of rent to be paid.

Lease extension Part 2 Firstly, you will have to pay the premium for the lease extension. Secondly, you will have to pay your landlord's reasonable costs as they are legally entitled to.