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 Chicago Illinois Residential or Rental Lease Extension Agreement is a legal document that extends the timeframe of an existing lease agreement between a landlord and a tenant in the city of Chicago, Illinois. This agreement outlines the terms and conditions by which the lease is extended and must be signed by both parties involved. Keywords: Chicago, Illinois, Residential or Rental Lease Extension Agreement, legal document, landlord, tenant, terms and conditions. There can be different types of Chicago Illinois Residential or Rental Lease Extension Agreement, depending on the specific requirements and situations of the parties involved. Some common types include: 1. Fixed-Term Lease Extension Agreement: This type of extension agreement is used when both the landlord and tenant agree to extend the lease for a specific period beyond its original expiration date. The agreement will clearly state the new beginning and end dates of the extended lease term. 2. Month-to-Month Lease Extension Agreement: In cases where the original lease agreement was for a month-to-month tenancy, this extension agreement allows both parties to extend the lease on a monthly basis. It typically includes the new monthly rental amount and any other modified terms. 3. Rent Increase Lease Extension Agreement: If the landlord wishes to increase the rent during the lease extension, this type of agreement is used. It outlines the new rental amount and any other modified terms while extending the lease. 4. Lease Amendment Agreement: Sometimes, a lease extension agreement may involve modifying certain terms of the original lease, such as adding or removing clauses or changing responsibilities. This type of agreement is known as a lease amendment agreement. It's important to note that each type of lease extension agreement may have its own specific requirements and conditions, depending on the laws and regulations of Chicago, Illinois. Therefore, it is crucial for both parties to carefully review and understand the terms outlined in the agreement before signing. Seeking legal advice may also be beneficial to ensure compliance with relevant laws and regulations.
