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At the end of a lease agreement, landlords and tenants may either part ways or establish a new lease agreement. A lease extension addendum is a contract that extends the original lease, setting a new expiration date agreed upon by both parties. It not only changes the lease end date but can also update rent prices, particularly if the original lease is near expiration and rent is set to increase. While other provisions of the original lease remain unchanged, both landlord and tenant must sign the lease extension addendum for it to be enforceable by law. If you are facing the end of a lease, consider this option.
