An addendum is a thing to be added; an addition. For example, it may be used to add supplemental terms or conditions to a contract or make corrections or supply omissions to a document. An addendum is often used to supply additional terms to standardiz
The Wisconsin Addendum to Lease Agreement Terminating Lease Upon Sale of Leased Property is a legally binding document designed to provide clarity and stipulations when terminating a lease agreement in the event of a property sale. This addendum is particularly relevant in the state of Wisconsin and serves to protect the interests of both landlords and tenants involved in such a situation. This addendum includes various important clauses and provisions that outline the terms of terminating the lease upon the sale of the property. It aims to maintain transparency and ensure a smooth transition for all parties involved. Some keywords associated with this addendum include: 1. Lease Termination: This addendum clearly establishes the conditions under which the lease agreement will be terminated. 2. Sale of Leased Property: The addendum focuses specifically on the sale of the property that is subject to the lease agreement. 3. Landlord's Obligations: It outlines the obligations of the landlord regarding notifying the tenant about the property sale and providing necessary information. 4. Tenant's Rights: It defines the tenant's rights during this termination process and highlights any compensation or options available to them. 5. Security Deposits: The addendum addresses the return of the security deposit to the tenant and specifies the timeline for its repayment after the lease is terminated. 6. Notice of Termination: This clause outlines the required notice period that the landlord must give to the tenant before terminating the lease. 7. Last Month's Rent: It explains how the last month's rent will be handled when the lease is terminated due to the sale of the property. 8. Further Agreements: This section allows for any additional agreements or modifications to the terms of the lease termination to be defined. It's important to note that there might be variations of this addendum depending on the specific circumstances and the preferences of the parties involved. However, the general purpose remains the same — to establish the process and expectations for terminating a lease upon the sale of the leased property in Wisconsin.
