This Equipment Lease Extension Agreement extends an equipment lease beyond its original expiration date. This extension sets out the specifics of the existing lease agreement, the term of the extension and the amount of any revised rental payments. This Equipment Lease Extension Agreement must be signed by the parties to the original Equipment Lease.
EQUIPMENT LEASE EXTENSION AGREEMENT
This Agreement (the “Lease Extension”) is made and entered into this ____________ day of ____________________________, 20____, by and between __________________________ of _______________________________________________________________ (the “Lessor”) and _____________________________________________________ of _______________________ ______________ (the “Lessee”)
RECITALS
WHEREAS, the Lessor and Lessee have entered into an Equipment Lease Agreement dated ______________________________________ (hereinafter referred to as the “Agreement”).
WHEREAS, said Agreement will expire on the _________ day of _________________, 20____.
WHEREAS, the Lessor and Lessee hereby desire to extend the term of the said Agreement
NOW THEREFORE, in consideration of the covenants and obligations contained herein and of other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:
1. EXTENSION OF TERM
The Lessor and Lessee hereby agree to extend the said Agreement for an additional period of ____________ years, commencing on the ____ day of ________________, 20____, and expiring on the ____ day of _____________________________, 20____ (the “Extended Term”), upon the same terms, conditions contained in the Agreement.
2. REVISED RENT PAYMENTS
For and during the Extended Term, the Lessee shall pay monthly rent in the amount of $_____________, due and payable on the ______ day of every month.
3. TERMS & CONDITIONS
The parties agree that all of the terms and conditions of the Lease Agreement, as modified by this Lease Extension, shall remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have caused this instrument to be duly executed as of the day and year hereinbefore first written.
LESSOR
Sign: _______________________________
Print Name: _______________________________
Date: ______________
LESSEE
Sign: _______________________________
Print Name: _______________________________
Date: ______________
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