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An add or remove a tenant lease amendment is a document that legally allows for the addition or removal of a tenant from a rental agreement. The video clarifies the difference between an addendum, which is attached at the inception of the lease, and an amendment, made later. Common scenarios necessitating a lease amendment include changes in roommate situations, couples moving in together, or breakups. The video discusses the process for adding or removing a tenant and emphasizes the importance of having an official template for the lease amendment. Understanding these concepts ensures proper updates to leasing agreements as circumstances change.