The Lease Renewal Agreement is a crucial document used when parties wish to extend their existing lease arrangement rather than creating an entirely new lease agreement. It is particularly relevant in the Philippine context, where both residential and commercial lease renewals are governed by specific provisions in the Civil Code and various property-related statutes. The document typically comes into play several months before the expiration of the original lease term, allowing parties to negotiate and formalize the continuation of their landlord-tenant relationship. It should reference the original lease agreement while clearly stating any modifications to terms such as rental amounts, duration, and other conditions. The agreement must comply with Philippine property laws, including local rental control regulations and specific requirements for different property types (commercial, residential, or agricultural). This document type is especially important in maintaining business continuity and protecting both parties' interests during the extended lease period.
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1. Parties: Identification of the Lessor and Lessee with their complete legal names, addresses, and contact details
2. Background: Reference to the original lease agreement, its date of execution, and current expiration date
3. Definitions: Key terms used in the agreement including 'Original Lease', 'Renewal Term', 'Premises', and 'Effective Date'
4. Renewal Term: Specification of the new lease period, including start and end dates
5. Rent and Payment Terms: Details of the renewed rental amount, payment schedule, and any adjustments to the original payment terms
6. Confirmation of Original Terms: Statement confirming that all other terms and conditions of the original lease remain in full force and effect
7. Modifications to Original Lease: Clear articulation of any changes to the original lease terms that will apply during the renewal period
8. Representations and Warranties: Statements by both parties confirming their authority to enter into the renewal agreement and that the original lease is in good standing
9. Execution: Signature blocks for all parties and witnesses as required under Philippine law
1. Security Deposit Adjustment: Include when there are changes to the security deposit amount or terms
2. Renovation/Improvement Provisions: Include when parties agree to new terms regarding property improvements during the renewal period
3. Option for Further Renewal: Include when parties wish to include provisions for additional future renewals
4. Rental Escalation Clause: Include when parties agree to specific rent increases during the renewal term
5. Utilities and Maintenance: Include when there are changes to the responsibilities for utilities or maintenance
6. Insurance Requirements: Include when there are modifications to insurance obligations
7. Early Termination Rights: Include when parties want to specify new conditions for early termination
1. Schedule A - Premises Description: Detailed description of the leased property, including any modifications since original lease
2. Schedule B - Rent Payment Schedule: Detailed breakdown of rent payments, including any escalations during the renewal term
3. Schedule C - Inventory List: Updated list of any furniture, fixtures, or equipment included in the lease
4. Appendix 1 - Original Lease Agreement: Copy of the original lease agreement for reference
5. Appendix 2 - Property Condition Report: Current condition assessment of the property at renewal
6. Appendix 3 - Certificates and Permits: Updated copies of relevant certificates, permits, or licenses
Relevant legal definitions
Agreement
Original Lease
Premises
Renewal Term
Commencement Date
Expiration Date
Base Rent
Security Deposit
Permitted Use
Common Areas
Operating Expenses
Force Majeure
Business Day
Notice
Lessor
Lessee
Effective Date
Renewal Option
Property
Additional Rent
Utilities
Improvements
Applicable Law
Default
Interest Rate
Original Lease
Premises
Renewal Term
Commencement Date
Expiration Date
Base Rent
Security Deposit
Permitted Use
Common Areas
Operating Expenses
Force Majeure
Business Day
Notice
Lessor
Lessee
Effective Date
Renewal Option
Property
Additional Rent
Utilities
Improvements
Applicable Law
Default
Interest Rate
Clauses
Renewal Term
Rent Payment
Security Deposit
Property Use
Maintenance and Repairs
Insurance
Assignment and Subletting
Default and Remedies
Utilities and Services
Representations and Warranties
Force Majeure
Governing Law
Dispute Resolution
Notices
Entire Agreement
Amendment
Severability
Registration and Stamp Duty
Compliance with Laws
Early Termination
Property Access
Operating Expenses
Return of Premises
Further Renewal Options
Rent Payment
Security Deposit
Property Use
Maintenance and Repairs
Insurance
Assignment and Subletting
Default and Remedies
Utilities and Services
Representations and Warranties
Force Majeure
Governing Law
Dispute Resolution
Notices
Entire Agreement
Amendment
Severability
Registration and Stamp Duty
Compliance with Laws
Early Termination
Property Access
Operating Expenses
Return of Premises
Further Renewal Options
Relevant Industries
Real Estate
Commercial Property
Residential Property
Retail
Industrial
Agriculture
Office Space
Hospitality
Manufacturing
Warehousing
Education
Relevant Teams
Legal
Real Estate
Facilities Management
Operations
Finance
Compliance
Administration
Property Management
Asset Management
Contract Management
Relevant Roles
Property Manager
Real Estate Manager
Facilities Manager
Legal Counsel
Corporate Lawyer
Real Estate Agent
Leasing Manager
Asset Manager
Operations Manager
Contract Administrator
Real Estate Director
Property Administrator
Compliance Officer
Business Development Manager
Chief Financial Officer
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