Transform your daily workflows and Fill Out Extension Of Agreement

Aug 6th, 2022
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How to Fill Out Extension Of Agreement

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hi guys doing im adam sopraski im the broker for cardinal realty group im also a lawyer licensed in florida i specialize in real estate law and real estate transactions okay today we are going to be going over a very simple form but a very important one the extension addendum to contract [Music] okay a lot of the times you might need to extend a inspection period or extend a financing period or maybe extend a closing date or extend anything else this is where you want to go the form is available on form simplicity to all those people who have that and i find it to be a very very useful form okay so i already have some stuff filled in here as you can see i have the extension addendum already pulled up on my screen all right the the seller and buyer that weve been using thus far in our examples is john smith the seller and married mary doe and jake doe sorry um this should have been like this the entire time marido and jaco a married couple okay this is for the property one two thre

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1. Extension of Term. The Term of the Lease is hereby extended for a period of five (5) years from June 1, 2020 through May 31, 2025 (the Extension Term), which shall hereinafter be the Expiration Date of the Term.
Once an agreement has expired, you cant revive it. In legal terms, it no longer exists. What you can do, however, is create a new document with a new term. If both parties agree to it, the start of the new term can be backdated so that there is no period of time in which they are not covered by the contract.
A contract extension is an agreement between the parties to an existing contract to extend the terms of that agreement for an additional period of time. The duration of the extension is specified in the extension agreement.
Extension normally refers to a lengthening of time for an existing contract. Renewal normally contemplates an entirely new contract. This can be a distinction without a difference in some situations, but in complicated contracts it can have legal consequences.
1. Extension of Term. The Term of the Lease is hereby extended for a period of five (5) years from June 1, 2020 through May 31, 2025 (the Extension Term), which shall hereinafter be the Expiration Date of the Term.
A contract extension agreement must contain: Names, addresses, and signatures of the contracting parties. Name, start date, and end date of the original contract. End date of the extension period. Changes to the contract including addition, removal, and deletion of the terms agreed upon in the original contract.
How to extend a contract The details of both contracting parties (e.g names, addresses) The title of the existing contract. The original start and end dates of the existing contract. The end date of the contract extension period (e.g when the extension ends) Any new terms and any details of changes made to existing terms.
Uses of a contract extension agreement Parties who signed an agreement that expires after a certain period of time may find that their working relationship is going so well that they want to continue working together beyond the term of the original contract. A contract extension can accomplish this.

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