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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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.
A Commercial Lease Amendment is used to change an existing Commercial Lease Agreement, such as altering a section or paragraph. The changes are not physically made to the original lease but added to it in the form of the amendment.
A commercial lease addendum is, as the name implies, an addition to the original agreement, such as a more thorough explanation or clarification of the terms.
No. Both the landlord and the tenant must verify their agreement to the amendment. Both parties must be aware of the amendment and consent to adding it to the original contract.
There is no legal limit to the number of amendments allowed, but as mentioned, Commercial Lease Amendments are intended to make relatively minor changes to a Commercial Lease Agreement. A good rule of thumb is that if you want to make more than five amendments, it might be easier and clearer to annul the original commercial lease agreement and begin a new one.
You can use a Commercial Lease Amendment to make virtually any changes, from the financial and sublease privilege to the length of the lease, as long as both the tenant and the landlord agree to the changes.
For a Commercial Lease Amendment to be enforceable, both parties must sign the document. If one of the parties is unable to sign at the arranged time, they can instead sign a copy of the amendment. Some states require a witness to the signatures.
Generally, a Commercial Lease Amendment does not need to be notarized – you only need to sign the document to make it legally enforceable. A witness may be helpful if the other party attempts to contest the document, but a notary is not necessary.
Please Note: The use of a notary ensures that no one challenges any signatures later and is a secure way to firmly establish the effectiveness of your document.
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