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Lease Amendment And Extension Agreement

Lease Amendment And Extension Agreement Template for Philippines

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Key Requirements PROMPT example:

Lease Amendment And Extension Agreement

"I need a Lease Amendment and Extension Agreement for my commercial office space in Makati, extending the current lease for 3 years starting January 2025, with a 5% annual rent increase and adding provisions for remote work arrangements and shared workspace modifications."

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Document background
The Lease Amendment And Extension Agreement is a crucial document used when parties to an existing lease wish to both modify certain terms and extend the lease's duration. This document type is particularly important in the Philippine real estate context, where it must comply with specific requirements under the Civil Code of the Philippines and related property legislation. It's commonly used when tenants wish to secure their continued occupancy while negotiating updated terms that reflect current market conditions or changed circumstances. The agreement typically includes modifications to rent, term length, and other key provisions while preserving beneficial aspects of the original lease. This document type is essential for both commercial and residential properties in the Philippines, requiring careful attention to local legal requirements, including proper execution and notarization procedures.
Suggested Sections

1. Parties: Identifies the Lessor and Lessee with their complete legal names and addresses

2. Background: Recites the details of the original lease agreement, including its date, subject property, and current term

3. Definitions: Defines key terms used in the agreement, including references to the Original Lease Agreement

4. Extension of Term: Specifies the new extended term of the lease, including start and end dates

5. Amendments to Original Lease: Details specific modifications to the original lease terms

6. Rent and Payment Terms: Specifies any changes to rent amount, payment schedule, and payment methods

7. Confirmation of Other Terms: Confirms that all other terms of the original lease remain in full force and effect

8. Representations and Warranties: Statements by both parties confirming their authority and capacity to enter into the amendment

9. Governing Law: Confirms Philippine law as governing law and jurisdiction

10. Execution: Signature blocks for all parties and witnesses

Optional Sections

1. Security Deposit Adjustment: Include when the security deposit amount is being modified

2. Renovation or Improvement Terms: Include when allowing or requiring specific renovations or improvements during the extended term

3. Option to Renew: Include when granting additional renewal options beyond this extension

4. Early Termination Rights: Include when adding or modifying early termination provisions

5. Insurance Requirements: Include when modifying insurance obligations

6. Property Maintenance Modifications: Include when changing maintenance responsibilities between parties

7. Use Clause Modifications: Include when changing permitted uses of the property

8. Broker Acknowledgment: Include when a broker was involved in negotiating the extension

Suggested Schedules

1. Schedule A - Property Description: Detailed description of the leased property, including any modifications to the leased area

2. Schedule B - Rent Schedule: Detailed breakdown of rent payments, including any escalations during the extended term

3. Schedule C - Modified Terms: Comprehensive list of specific clauses being modified from the original lease

4. Schedule D - Condition Report: Current condition of the property at the time of extension (if relevant)

5. Appendix 1 - Original Lease Agreement: Copy of the original lease agreement for reference

6. Appendix 2 - Property Photos: Current photographs of the property (if relevant)

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Clauses
Parties and Recitals
Definitions
Term Extension
Rent Modification
Payment Terms
Security Deposit
Property Use
Maintenance and Repairs
Utilities and Services
Insurance
Assignment and Subletting
Default and Remedies
Notice
Property Access
Alterations and Improvements
Compliance with Laws
Force Majeure
Representations and Warranties
Amendment
Entire Agreement
Severability
Governing Law
Dispute Resolution
Registration and Stamp Duty
Costs and Expenses
Counterparts
Authority to Execute
Confirmation of Original Terms
Further Assurance
Waiver
Execution
Relevant Industries

Real Estate

Commercial Property

Retail

Office Space

Industrial

Residential Property

Hospitality

Healthcare

Education

Manufacturing

Warehousing and Logistics

Banking and Financial Services

Relevant Teams

Legal

Real Estate

Facilities Management

Operations

Finance

Compliance

Administrative Services

Property Management

Asset Management

Risk Management

Relevant Roles

Property Manager

Real Estate Manager

Facilities Manager

Legal Counsel

Corporate Lawyer

Real Estate Director

Operations Manager

Chief Financial Officer

Asset Manager

Leasing Manager

Contract Administrator

Business Development Manager

Real Estate Broker

Property Administrator

Compliance Officer

Industries
Civil Code of the Philippines (Republic Act No. 386): Primary law governing contracts and obligations, including specific provisions on lease agreements (Articles 1642-1743). Contains requirements for validity of contracts, parties' rights and obligations, and general contract principles.
Rent Control Act of 2009 (Republic Act No. 9653): Regulates rental of certain residential units, setting limits on rent increases and providing protections for both lessors and lessees. Important if the lease involves residential property.
Maceda Law (Republic Act No. 6552): Provides protection to buyers in installment sales of real estate, including rules on cancellation of contracts. Relevant if the lease includes an option to purchase.
Local Government Code (Republic Act No. 7160): Contains provisions about local government requirements for business operations and property use, including zoning regulations that might affect commercial leases.
Electronic Commerce Act (Republic Act No. 8792): Relevant if the lease amendment and extension agreement will be executed electronically, as it governs the legal recognition of electronic documents and signatures.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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