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An add or remove tenant lease amendment is a legal document attached to a rental agreement that allows for the addition or removal of tenants from a lease. The video clarifies the difference between an addendum and an amendment: an addendum is attached when the lease is initially signed, while an amendment changes the lease after the tenant has moved in. Common reasons for amending a lease include changes in roommates, relationships, or personal circumstances. The tutorial also emphasizes the importance of obtaining an official template for drafting such amendments.