The Rent Increase Agreement is a crucial document used in Hong Kong's property market when landlords wish to formally implement a rent increase within the framework of an existing tenancy. This document type is essential for compliance with Hong Kong's landlord-tenant regulations, particularly the Landlord and Tenant (Consolidation) Ordinance. It's commonly used in both residential and commercial contexts when market conditions or property values justify a rent adjustment. The agreement must detail the new rent amount, effective date, and implementation method while ensuring proper notice periods are observed. It serves as an addendum to the original lease, maintaining legal continuity while updating the rental terms. The document can be customized to include various optional provisions such as phased increases or review mechanisms, making it adaptable to different property types and market situations.
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1. Parties: Identification of the landlord and tenant, including full legal names and addresses
2. Background: Reference to the existing tenancy agreement, its date, and current rent amount
3. Definitions: Key terms used in the agreement, including 'Effective Date', 'Current Rent', 'New Rent', and 'Premises'
4. Rent Increase: Specific details of the rent increase, including the new amount and effective date
5. Implementation: How and when the new rent will be implemented, including payment method and timing
6. Confirmation of Other Terms: Statement that all other terms of the original tenancy agreement remain unchanged
7. Governing Law: Confirmation that the agreement is governed by Hong Kong law
8. Execution: Signature blocks for all parties and date of signing
1. Notice Period: Details of notice period given for the rent increase, if different from statutory requirements
2. Phased Implementation: Include when the rent increase will be implemented in stages rather than as a single increase
3. Rent Review Mechanism: Include when parties want to establish a mechanism for future rent reviews
4. Break Clause: Option for tenant to terminate the tenancy if they do not accept the rent increase
5. Utilities and Services: Include if changes to utility payments or service charges are also being modified
6. Agent Authority: Include when the agreement is being executed by agents on behalf of either party
1. Schedule 1 - Property Details: Detailed description of the premises including address and property features
2. Schedule 2 - Rent Calculation: Breakdown of how the new rent amount was calculated, including any applicable indices or market comparisons
3. Schedule 3 - Payment Schedule: Detailed payment schedule if implementing phased increases
4. Appendix A - Original Tenancy Agreement: Copy of the original tenancy agreement being modified
5. Appendix B - Notice of Rent Increase: Copy of the formal notice of rent increase previously served (if applicable)
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