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A modification of lease, also called a lease amendment or lease modification, is an agreement that formally changes the original terms and conditions of a lease. It allows the parties to agree to changes without having to sign an entirely new lease. For the agreement to be binding, both the landlord and tenant must agree to the new terms and conditions.
A modification of a lease can be used for both commercial and residential leases. Common changes to be made in these agreements include the term of the lease, the amount of rent, subletting terms, permissions for pets, property use, or the number of occupants.
Below is a list of common sections included in Modification Of Leases. These sections are linked to the below sample agreement for you to explore.
LEASE MODIFICATION, EXTENSION AND ADDITIONAL SPACE AGREEMENT
LEASE MODIFICATION, EXTENSION AND ADDITIONAL SPACE AGREEMENT (this “ Agreement ”) dated as of the 27th day of September, 2010 between SLG 810 Seventh Lessee LLC, having an office c/o SL Green Realty Corp., 420 Lexington Avenue, New York, New York (hereinafter referred to as “ Landlord ”) and Delcath Systems, Inc., having an office at 810 Seventh Avenue, New York, New York (hereinafter referred to as “ Tenant ”).
WHEREAS, Landlord, as landlord, and Tenant, as tenant, entered into that certain agreement of lease (the “ Original Lease ”) dated as of February 5, 2010 covering a certain rentable portion of the thirty fifth (35 th ) floor, designated as Suite 3505 (the “ Original Premises ”), in that building known as and located at 810 Seventh Avenue, New York, New York (the “ Building ”), as more particularly described in said Original Lease, under the terms and conditions contained therein, for a term scheduled to expire on September 30, 2017 (the “ Expiration Date ”); and
WHEREAS, Tenant wishes to, (i) extend the term of the Lease, as modified by this Agreement, for an additional term of approximately three (3) years and one (1) month (the “ Extended Term ”) to commence as of October 1, 2017 (the “ Extended Term Commencement Date ”) and to expire on Extended Term Expiration Date (as hereinafter defined) and (ii) in lieu of exercising its rights under Article 51 of the Lease, add to the Original Premises the balance of the rentable portion of the thirty fifth (35 th ) floor of the Building, designated as Suite 3500, approximately as indicated on the floor plan annexed hereto and made a part hereof as “Exhibit A”, the deemed rentable square foot area of which Tenant acknowledges and agrees solely for purposes of this Agreement shall be 8,691 rentable square feet (the “ Additional Space ”) for the Additional Space Term (as hereinafter defined); and
WHEREAS, subject to and in accordance with the terms, covenants and conditions of this Agreement, Landlord has agreed to permit Tenant to (i) extend the term of the Lease for the period of the Extended Term and (ii) add the Additional Space to the Original Premises for the period of the Additional Space Term; and
WHEREAS, Tenant and Landlord wish to modify the Original Lease as set forth below, and the Original Lease, as so modified by this Agreement, is hereinafter referred to as the “ Lease ”. Terms used in this Agreement and not otherwise defined herein shall have the respective meanings ascribed thereto in the Original Lease.
NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows:
The term of the Lease for the Original Premises shall be extended under the same terms, covenants and conditions contained in the Original Lease, except to the extent specifically modified by this Agreement, so that the term of the Lease shall expire on the Extended Term Expiration Date or on such earlier date upon which the term of the Lease shall expire, be canceled or terminated pursuant to any of the conditions or covenants of the Lease or pursuant to law.
2. Additional Space .
The Additional Space shall be added to the Original Premises under all the applicable terms and conditions of the Original Lease, except as modified herein, for a term (the “ Additional Space Term ”) which shall commence on the date (the “ A.S. Commencement Date ”) which shall be the earlier of:
| (a) | the date upon which Landlord’s Work (as hereinafter defined) is deemed to be substantially completed, or |
| (b) | the date Tenant or anyone claiming by, under or through Tenant first shall occupy any part of the Additional Space (excluding the existing conference room located therein (the “ Conference Room ”)) for the conduct of Tenant’s business, |
and shall end on the last day of the second (2 nd ) calendar month following the month in which the tenth (10 th ) anniversary of the A. S. Commencement Date occurs or in the event that the A.S. Commencement Date occurs on the first (1 st ) day of the month, the day immediately preceding the second (2 nd ) calendar month following which the tenth (10 th ) anniversary of the A.S. Commencement Date (the “ Extended Term Expiration Date ”), or on such earlier date upon which the term of the Lease shall expire, be canceled or terminated pursuant to any of the conditions or covenants of the Lease or pursuant to law. As soon as the A.S. Commencement Date and Extended Term Expiration Date are known, Landlord and Tenant shall execute a memorandum prepared by Landlord confirming the same within ten (10) days of written demand therefor, but any failure to execute such a memorandum shall not affect such dates as determined by Landlord. (The “ Premises ,” as such term is defined in the Original Lease, shall consist of the Additional Space and the Original Premises from and after the A.S. Commencement Date).
3. Condition of the Premises .
3.01 (a) The parties acknowledge that Tenant is currently in occupancy of the Original Premises, has inspected the same and the Building and is fully familiar with the physical condition thereof and Tenant agrees to accept the Original Premises at the Extended Term Commencement Date in its then “as is” condition. Tenant acknowledges and agrees that Landlord shall have no obligation to do any work in or to the Original Premises in order to make it suitable and ready for continued occupancy and use by Tenant.
(b) Tenant acknowledges and agrees that: (i) it has inspected the Additional Space, is fully familiar with the physical condition thereof and agrees to accept possession of the Additional Space in its then “as-is” condition as of the A.S. Commencement Date and (ii) Landlord shall have no obligation to do any work in or to the Additional Space in order to make it suitable and ready for occupancy and use by Tenant, except to the extent expressly provided for in this Article 3.
3.02 Landlord shall perform Landlord’s Work (as hereinafter defined) at its sole cost and expense provided, however, that Tenant shall pay to Landlord the sum of $10,000.00 towards the cost of such work upon execution of this Agreement. Landlord shall perform the work set forth on the plans annexed hereto and made a part hereof as Exhibit B (“ Landlord’s Work ”) in a building standard manner using building standard materials in compliance with all Applicable Laws with reasonable dispatch, subject to delay by causes beyond Landlord’s control or by the action or inaction of Tenant; provided, however, that Tenant acknowledges and agrees that (a) Landlord’s Work will be performed during normal business hours (unless Landlord, in its sole discretion, elects otherwise) while Tenant remains in occupancy of the Original Premises and such work shall not constitute an eviction of Tenant in whole or in part, constructive or actual, and shall not be a ground for any abatement of rent and shall not impose liability on Landlord by reason of any inconvenience, injury to Tenant’s business or otherwise, (b) in order to facilitate the performance by Landlord of Landlord’s Work without delay and/or additional expense to Landlord, Tenant shall promptly upon Landlord request and at Tenant’s sole cost and expense relocate to other areas of the Original Premises all materials, personalty, furnishings, personal property, fixtures, trade fixtures and equipment presently located in the Conference Room as reasonably designated by Landlord, (c) until the completion of Landlord’s Work, Landlord, and/or its designated agents, shall be permitted to access the Original Premises and take all materials and equipment into the Original Premises that may be required for the performance of any portion of Landlord’s Work, and (d) Landlord, and/or its designated agents, shall perform Landlord’s Work in reasonable coordination with any work being performed in the Original Premises by or on behalf of Tenant; provided, however, that Tenant and/or Tenant’s designees shall not interfere with or delay the performance of Landlord’s Work or increase the cost for Landlord, and/or its designated agents, to perform the same. Tenant acknowledges and agrees that the performance of Landlord’s Work is expressly conditioned upon compliance by Tenant with all the terms and conditions of the Lease, including payment of Rent.
3.03 Any changes in or additions to Landlord’s Work, which shall be (a) requested by Tenant or Tenant’s designated agents, (b) consented to by Landlord, and (c) made by Landlord, or its agents, shall be paid for by Tenant promptly when billed at the net additional out of pocket cost to Landlord plus 5% for overhead. Any further changes in or additions to the Additional Space after Landlord’s Work has been completed, which shall be (a) requested by Tenant or Tenant’s designated agents,
(b) consented to by Landlord and (c) made by Landlord, shall be paid for by Tenant promptly when billed at cost plus 1 1 / 4 % for insurance, 5% for overhead and 5% for general conditions. In the event of the failure of Tenant so to pay for said changes or additions, Landlord at its option may consider the cost thereof, plus the above percentages, as Additional Rent payable by Tenant and collectible as such hereunder, as part of the rent for the next ensuing months.
3.04 If Landlord shall be unable to give possession of the Additional Space on or before the A.S. Commencement Date because of the retention of possession of any occupant thereof, alteration or construction work, or for any other reason, Landlord shall not be subject to any liability for such failure. In such event, this Agreement shall stay in full force and effect, without extension of the Additional Space Term. However, the Rent payable hereunder with respect to the Additional Space shall not commence until the Additional Space is available for occupancy by Tenant. The provisions of this Article are intended to constitute an “express provision to the contrary” within the meaning of Section 223(a), New York Real Property Law.
3.05 Landlord’s Work shall be deemed to be substantially completed notwithstanding that (i) minor or non-material details of construction, mechanical adjustment or decoration remain to be performed which do not materially interfere with Tenant’s use of the Additional Space for the conduct of Tenant’s business (collectively, the “ Punch List Items ”) or (ii) a portion of Landlord’s Work is incomplete because construction scheduling requires that such work be done after incomplete finishing or after other work to be done by or on behalf of Tenant is completed, provided that Tenant may use the Additional Space for its intended purpose hereunder without material interference as a result of such incomplete work. Landlord hereby agrees that within thirty (30) days after Landlord’s receipt of a written notice from Tenant identifying any purported Punch List Items that require Landlord’s completion, Landlord shall complete said Punch List Items.
3.06 Prior to the A.S. Commencement Date, Tenant shall be permitted access to and use of the Conference Room solely for the purpose of conducting meetings, provided that such access and use by Tenant shall not interfere with or delay the performance by Landlord of Landlord’s Work (or increase the cost to Landlord to perform the same). Such access and use shall be subject to, and in accordance with, all the terms, covenants and conditions of the Lease including, without limitation, the provisions of Articles 8 and 43 thereof. In addition Tenant acknowledges and agrees that (a) Landlord’s Work will be performed during Tenant’s use of the Conference Room during normal business hours (unless Landlord, in its sole discretion, elects otherwise) and that such work shall not constitute an eviction of Tenant in whole or in part, constructive or actual, and shall not be a ground for any abatement of rent and shall not impose liability on Landlord by reason of any inconvenience, injury to Tenant’s business or otherwise, (b) in order to facilitate the performance by Landlord of Landlord’s Work without delay and/or additional expense to Landlord, Tenant shall promptly upon request and at its sole cost and expense relocate to other areas of Conference Room all materials, personalty, furnishings, personal property, fixtures, trade fixtures and equipment
presently located therein as reasonably designated by Landlord, and (c) until the completion of Landlord’s Work, Landlord, and/or its designated agents, shall be permitted to access the Conference Room and take all materials and equipment into the Conference Room that may be required for the performance of any portion of Landlord’s Work.
4. Fixed Annual Rent , Escalations, and Additional Security for the Additional Space .