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The lease extension should include: The names of the landlord and tenant (as they appear on the original lease agreement) The address of the rental property. The date when the lease extension period begins and ends. Any changes to the monthly rent price (if applicable)

If you have a fixed-term agreement, once the duration of the fixed-term tenancy has finished, you have no obligation as a landlord to renew the tenant's agreement. If the tenant refuses to move out, you can follow through with eviction proceedings.

Use these steps to help you make an effective deadline extension request: Determine deadline importance. ... Decide how to ask. ... Provide a specific reason. ... Show your dedication. ... Offer to share your progress. ... Set a reasonable new deadline. ... Show gratitude. ... Example conversational request.

A lease extension addendum is a legal document extending a lease between a landlord and a tenant. It can also change conditions such as the rent amount, security deposit, utilities, and other provisions. If no changes are made other than the termination date, all other terms of the original lease will remain in place.

Notify the landlord (or its agent) whether they want to exercise the option during a specified window of time. This is usually around six or three months before expiry, depending on the lease. Further, this notice is usually given in writing; comply with any of the pre-agreed criteria for the renewal to go ahead.

Put it in writing Your name, current address and contact information. Date the lease extension request is submitted. Length of the lease extension, including the proposed end date. Reasons for extension. Date by which you need a decision, usually 10 days to two weeks.

Renewing a lease A new lease can be made or the landlord and tenant can agree to renew the lease for another fixed term period. If a new agreement is not reached, the tenant still has the right to stay: as a monthly tenant, if they paid their rent by the month in the expired lease.

Typically, it will state that the lease will continue on a monthly basis following the expiry of the lease. If there is no mention of this month-to-month basis, the common law may deem the tenancy to be an annual one requiring one year's notice to terminate the overholding period.

By definition, a lease renewal is a new lease agreement, whereas a lease extension is a continuation of the original lease agreement. Generally speaking, the practical effect of either is that the parties to the lease continue the landlord-tenant relationship beyond the expiration of the original term of the lease.

Lease Extension Cons There might be extension fees. Many lenders do not reset the residual value in the contract even though the vehicle is continuing to depreciate. If you end up buying the vehicle, it won't be as good a deal later as you would be getting now, and the extra lease payments are wasting money.