A landlord or business tenant may find themselves in a situation when they would like to change some of the terms in their existing Commercial Lease Agreement. If both parties agree to these modifications, they make them official by adding a Commercial Lease Amendment to the original document.
Commercial property is an office space, a warehouse, or any other space or building used for business purposes. Over time, the landlord or the tenant may find the original lease agreement's terms untenable or impractical. Rather than tearing up the old lease agreement and entering into a new one, they can use a Commercial Lease Amendment to modify some of the original document's terms.
However, a Commercial Lease Amendment is not intended to make wholesale changes to a Commercial Lease Agreement. For significant changes, it might be easier to annul the original contract and enter into a new one.
Depending on your state, a Commercial Lease Amendment may also be known as:
A Commercial Lease Amendment is used by a tenant and a landlord who wish to modify some of the terms of the original lease agreement. If either party wants to modify the commercial lease agreement, they must get the other party to go along before drafting a Commercial Lease Amendment that's amenable to both.
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Creating your Commercial Lease Amendment does not have to be stressful. It only requires a few details about the two parties in the original lease agreement and a clear description of the proposed changes.
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Both the tenant and the landlord must sign the amendment. Notarization or the presence of a witness to the signatures is not required.
Once both parties sign the amendment, the landlord usually keeps the original with the Commercial Lease Agreement being amended. The tenant should receive a signed copy for their own records.
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