Agreement to extend the term of a residential lease, with possible modifications. Landlord and Tenant extend and continue the term and duration of the described Lease Agreement. Lessee(s) will continue to be joint and severally liable.
A lease extension is used to extend the terms of a previous lease between the landlord and tenant. By signing the extension, it is not necessary for the parties to execute a new lease. Generally, all terms of the previous lease are carried over by reference in the extension. Usually, the extension simply extends the term of the prior lease and may contain provisions for a revised rent payment.
A Colorado Springs Colorado Residential or Rental Lease Extension Agreement refers to a legally binding document that extends the terms and conditions of an existing lease agreement between a landlord and a tenant for a residential property located in Colorado Springs, Colorado. This agreement is usually used when both parties mutually agree to extend the lease period, ensuring continued residence in the property. The lease extension agreement outlines various important details, including the names and addresses of the landlord and tenant, the property address, and the original lease's start and end dates. It typically extends the lease for a specific period, often with the same terms and conditions as the original lease agreement, unless otherwise specified. A Residential or Rental Lease Extension Agreement serves as a valuable tool for both landlords and tenants. Landlords can benefit from it by securing continuous occupancy and avoiding the vacancy period in finding new tenants. For tenants, the agreement provides stability as it extends their stay without entering into a new lease agreement, saving them from the potential costs of moving and finding a new place. In Colorado Springs, there may be different types of Residential or Rental Lease Extension Agreements available depending on various factors, such as the duration of the extension or any specific modifications to the original lease terms. Some common types include: 1. Fixed-Term Lease Extension: This type of agreement extends the lease for a specific duration, typically in increments of months or years. The terms and conditions of the original lease generally remain the same. 2. Month-to-Month Lease Extension: If the original lease was a month-to-month agreement, this extension allows the tenant to continue residing on a month-to-month basis for an extended period. The terms and conditions may be subject to negotiation during the extension. 3. Modified Lease Extension: In certain cases, landlords and tenants may agree to modify specific clauses or terms within the original lease agreement during the extension. This allows both parties to update or adjust the terms of the lease to better suit their current needs. It is crucial for both the landlord and tenant to carefully review and understand all terms and conditions stated in the Colorado Springs Residential or Rental Lease Extension Agreement before signing. Consulting with legal professionals or seeking advice from experienced real estate agents can provide further guidance and ensure a fair and mutually beneficial agreement between both parties.
