New York Modification of a Lease to Extend the Term and Increase the Base Rent

• Category: Leases - Extensions
• State: Multi-State
• Control #: US-02938BG
• Format: Word; Rich Text

Description

This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction. New York Modification of a Lease to Extend the Term and Increase the Base Rent is a legal document used in the state of New York to amend an existing lease agreement. This modification allows the parties involved, typically the landlord and tenant, to extend the lease term and increase the base rent payments. There are several types of New York Modification of a Lease to Extend the Term and Increase the Base Rent, including: 1. Commercial Lease Modification: This type of modification applies to commercial properties such as office spaces, retail stores, and industrial buildings. It allows both parties to negotiate and agree upon extending the lease term and adjusting the base rent amount. 2. Residential Lease Modification: This type of modification applies to residential properties such as apartments, condominiums, or houses. It enables landlords and tenants to mutually agree upon extending the lease term and revising the base rent. 3. Rent Stabilized Lease Modification: If a property is subject to rent stabilization laws, this type of modification must comply with specific regulations set by the New York State Division of Housing and Community Renewal (DCR). It governs lease extensions and base rent increases within the limits imposed by rent stabilization guidelines. The New York Modification of a Lease to Extend the Term and Increase the Base Rent typically includes the following information: 1. Parties involved: It identifies the landlord (lessor) and tenant (lessee) entering into the modification agreement. 2. Lease details: It references the existing lease agreement, including the lease commencement date, term, and current base rent amount. 3. Extension of term: It specifies the new lease term agreed upon by both parties, highlighting the duration of the extension, such as one year or multiple years. 4. Base rent adjustment: It outlines the revised base rent amount, indicating whether it will be a fixed increase or subject to a percentage change. Any future rent increase provisions may also be included. 5. Effective date: It specifies the date when the modification will take effect, typically upon signing by both parties. 6. Additional terms and conditions: It may include any other agreements reached by the landlord and tenant, such as modifications to maintenance responsibilities or utility payments. It's important to note that any modification to a lease agreement should be carefully reviewed by both parties and, if necessary, legal counsel, to ensure compliance with New York state laws and protect the rights and interests of all involved parties.

New York Modification of a Lease to Extend the Term and Increase the Base Rent is a legal document used in the state of New York to amend an existing lease agreement. This modification allows the parties involved, typically the landlord and tenant, to extend the lease term and increase the base rent payments. There are several types of New York Modification of a Lease to Extend the Term and Increase the Base Rent, including: 1. Commercial Lease Modification: This type of modification applies to commercial properties such as office spaces, retail stores, and industrial buildings. It allows both parties to negotiate and agree upon extending the lease term and adjusting the base rent amount. 2. Residential Lease Modification: This type of modification applies to residential properties such as apartments, condominiums, or houses. It enables landlords and tenants to mutually agree upon extending the lease term and revising the base rent. 3. Rent Stabilized Lease Modification: If a property is subject to rent stabilization laws, this type of modification must comply with specific regulations set by the New York State Division of Housing and Community Renewal (DCR). It governs lease extensions and base rent increases within the limits imposed by rent stabilization guidelines. The New York Modification of a Lease to Extend the Term and Increase the Base Rent typically includes the following information: 1. Parties involved: It identifies the landlord (lessor) and tenant (lessee) entering into the modification agreement. 2. Lease details: It references the existing lease agreement, including the lease commencement date, term, and current base rent amount. 3. Extension of term: It specifies the new lease term agreed upon by both parties, highlighting the duration of the extension, such as one year or multiple years. 4. Base rent adjustment: It outlines the revised base rent amount, indicating whether it will be a fixed increase or subject to a percentage change. Any future rent increase provisions may also be included. 5. Effective date: It specifies the date when the modification will take effect, typically upon signing by both parties. 6. Additional terms and conditions: It may include any other agreements reached by the landlord and tenant, such as modifications to maintenance responsibilities or utility payments. It's important to note that any modification to a lease agreement should be carefully reviewed by both parties and, if necessary, legal counsel, to ensure compliance with New York state laws and protect the rights and interests of all involved parties.