Residential or Rental Lease Extension Agreement - Illinois 2025

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  1. Click ‘Get Form’ to open the Residential Lease Extension Agreement in the editor.
  2. Begin by filling in the date at the top of the form, indicating when the agreement is being executed.
  3. Enter the names of the Lessor (Landlord) and Lessee(s) (Tenant) in the designated fields. Ensure all parties are included as they will be jointly responsible.
  4. In Section 1, provide details about the previous lease agreement, including its start and end dates, and address of the leased property.
  5. For Section 2, specify the new term for this lease extension by entering start and end dates. This section confirms that all previous terms remain applicable.
  6. In Section 3, input the revised rent amount and due date for monthly payments. If applicable, calculate and enter any prorated rent due at signing.
  7. Finally, ensure all parties sign and print their names in the signature section to finalize the agreement.

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By speaking directly to the landlord as soon as youd like you extend. I suggest asking for a 14, 16, or 18 month lease up front, if you can. But asking near the end of the lease is an option as well. Theres no guarantee the landlord will go for this though.
Schedule a meeting or phone call with your landlord to discuss your rental situation. Begin the conversation by expressing how much youve enjoyed living in the property and that you would like to continue renting for another year if possible.
Contact your landlord as soon as you know you wont be able to pay your rent on time. You can make a formal request in writing for an extension on your due date. Your landlord isnt required to grant your request, but if you give them plenty of warning they may be able to work with you.
Lease extension Part 2 The value of a lease goes down as the years go down. In general is best to extend the lease before it reaches 80 years or below because some lenders require a certain number of years before they are prepared to lend.
A lease extension option allows the lessee to extend the lease, usually for an amount of time equal to or less than the term of the original lease. Extension options can also provide new lease terms, including a change in the dollar amount of lease payments, among other changes.
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Steps to extend a lease agreement Review the current lease. Go through your original agreement. Communicate with the other party. Negotiate terms. Seek legal advice. Draft a lease extension agreement. Sign and execute the agreement. Register or record the extension. Update relevant parties.
A lease extension addendum is a legal document used to extend a lease, typically between a landlord and tenant. It can modify certain lease conditions like rent, security deposit, and utilities, but the rest of the original lease terms remain unchanged.

lease extension agreement