Tenant Alterations Agreement

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Commonly Asked Questions about Tenant Alterations Agreement

What is an alteration of a contract?

Alteration of contract is the modification of the terms of a contract with the assent of both parties. Effect of alteration of a contract is that a new contract is formed, to be supported by a good consideration.

What is alteration of capital clause in company law?

Section 61 of the Companies Act, 2013 provides that a limited company having a share capital may, by passing an ordinary resolution in a general meeting, alter the capital clause of its memorandum; provided authority to alter is given to it by its articles of association.

What is the meaning of alterations and improvements?

Alterations and Improvements means construction improvements that are generally performed in response to tenant or occupant requests for modification of space; these projects may be performed in conjunction with other types of activities, but costs must be identified and apportioned separately from, MR, DMR or RR

What is an example of a restoration clause?

Restoration. Tenant shall return the Leased Premises to Landlord at the expiration or earlier termination of this Lease in good and sanitary order, condition and repair, free of rubble and debris, broom clean, reasonable wear and tear excepted.

What is the leasehold improvement clause?

The term Leasehold Improvements shall mean all improvements, additions, alterations and fixtures installed in the Leased Premises at Tenants expense after the Commencement Date (and not in replacement of similar work existing on the Leased Premises as of the Commencement Date) at any time which are permanently

What is an alteration clause?

The alterations clause of a lease outlines the tenants rights and obligations when undertaking any alteration work on the premises. The alterations clause also outlines the procedure the tenant must follow to secure the landlords consent to any proposed alterations.