The Lease Extension Agreement is a crucial document used when parties wish to continue their landlord-tenant relationship beyond the original lease term in the Philippines. It serves as an addendum to the original lease agreement, extending its duration while potentially updating terms to reflect current market conditions or new arrangements between the parties. This document type is particularly important in the Philippine context, where it must comply with specific requirements under the Civil Code of the Philippines and local property laws. It's commonly used in both commercial and residential settings, providing a formal framework for continuing the lease relationship without the need to execute an entirely new lease agreement. The document typically includes references to the original lease, specifies the extension period, outlines any modifications to rent or other terms, and ensures all provisions comply with current Philippine legislation.
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1. Parties: Identification of the Lessor and Lessee with complete details including names, addresses, and tax identification numbers
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 references to defined terms from the original lease that remain applicable
4. Extension of Term: Clear statement of the new lease period and effective date of the extension
5. Rent and Payment Terms: Specification of rent amount, payment schedule, and any adjustments for the extension period
6. Confirmation of Original Terms: Statement confirming which terms from the original lease remain in effect
7. Representations and Warranties: Declarations by both parties regarding their authority to extend the lease and the property's condition
8. Execution: Signature blocks for all parties and witnesses as required under Philippine law
1. Modified Terms: Section detailing any terms from the original lease that are being modified, other than term and rent
2. Security Deposit Adjustment: Include if there are changes to the security deposit amount or terms
3. Improvements and Alterations: Include if the extension allows for or requires new improvements or modifications to the property
4. Option for Further Extension: Include if parties want to provide for potential future extensions
5. Break Clause: Include if either party is given the right to terminate the extension early under specific conditions
6. Tax Provisions: Include if there are specific arrangements regarding payment of property taxes or other applicable taxes
1. Schedule 1 - Original Lease Agreement: Copy of the original lease agreement being extended
2. Schedule 2 - Property Details: Updated description and/or floor plans of the leased property
3. Schedule 3 - Rent Payment Schedule: Detailed breakdown of rent payments for the extension period
4. Schedule 4 - Condition Report: Current condition of the property at the time of extension
5. Schedule 5 - Special Conditions: Any specific conditions or requirements for the extension period
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Operations
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Property Manager
Real Estate Manager
Facilities Manager
Legal Counsel
Corporate Lawyer
Real Estate Director
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Lease Administrator
Commercial Director
Business Development Manager
Chief Financial Officer
Contract Manager
General Counsel
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