RENT CONCESSION ADDENDUM Sample Clauses
A Rent Concession Addendum is a contractual provision that temporarily modifies the tenant’s rent obligations, typically by reducing or deferring rent payments for a specified period. This addendum outlines the terms under which the concession applies, such as the duration of reduced rent, any repayment schedule for deferred amounts, and conditions that may void the concession, like late payments or lease violations. Its core function is to provide financial relief to tenants facing hardship or to incentivize lease agreements, while clearly documenting the temporary nature and terms of the rent adjustment to prevent future disputes.
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RENT CONCESSION ADDENDUM. This Addendum made this _________ day of _____________, 20____, is made a part of and attached to the Rental Agreement dated ____________________ and entered into between ______________________________, “Lessor" and ___________________________, _________________________________, ________________________________, and ___________________________, “Lessee(s)”. Lessee(s) is/are renting from Lessor’s Property located at: _____________________________________________________________________________. This rental concession is non-renewing and will be applied to the initial term only of this Rental Agreement. The Lessor and Lessee(s) fully intend to be bound by this Agreement and in consideration of the mutual covenants contained herein and other good and valuable consideration the Lessor and the Lessee(s) hereby agree that a total rent concession amount for initial term of $_______________ will be given as a condition of occupancy under the terms and conditions set forth in this addendum. ____ One-Time Rent Concession (concession for month cannot exceed prorated rent for month, if applicable) A One-Time Rental Concession of $__________________, is given for the month of ________________, 20____. A One-Time Rental Concession of $__________________, is given for the month of ________________, 20____. ____ Monthly Rental Concession (concession for month cannot exceed prorated rent for month, if applicable) $____________ rental concession for the month of ___________, 20____ (partial first month, if applicable). $____________ rental concession for the months ___________, 20____ through _______________, 20_____. $____________ rental concession for the month of ___________, 20____ (partial final month, if applicable).