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A pet lease amendment is a legal document that allows renters to have specific pets in their unit, added to the original rental agreement with the landlord's permission. The video clarifies the difference between an addendum, which is created when a lease is first signed, and an amendment, which is a change made to the lease after a tenant has moved in. A pet lease amendment is applicable when a current tenant wants to include a pet in the lease. Landlords can impose restrictions on pet types or sizes, such as allowing only cats or dogs under 40 pounds. Amendments may also stipulate an increase in rent. The video emphasizes understanding these distinctions and where to find official templates for such amendments.