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An add or remove tenant lease amendment is a document that modifies an existing rental agreement to allow for the addition or removal of a tenant. The video clarifies the distinction between an addendum, which is attached when a lease is first signed, and an amendment, which is made later. Common scenarios for needing to amend a lease include changes in roommate dynamics or relationship status. It’s important to understand these concepts before making changes, as they establish the legal framework for tenancy modifications. The video also emphasizes the availability of official templates for creating these amendments.