This document as drawn is fit to be used for finalizing terms between a lessor and a Lessee to cause extension/renewal of a lease deed pertaining to a property – commercial or residential - resulting in a revised schedule of validity and amount of rent to come in force with prospective effect. There is little or no statutory regulation relating to an agreement of this nature, so the parties can make more or less what deal they choose.
Any individual, company or firm who is a lessor or lessee in a lease arrangement and then wanting to extend the lease term and affecting revision of amount of rent payable.
· Very brief with comprehensive provisions.
· Ready for adaptation to particular needs of either or both parties.
· Comprehensive provisions provide ideas and address all eventualities.
· Simple English; No complexities; user friendly.
· Protects the interests of all the parties.
· the purpose of the agreement.
· method and revised schedule of validity and amount of rent.
· appropriate legal provisions - warranties, exclusions, indemnities, etc
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