Lease Renewal Agreement

This Lease Renewal Agreement ("Agreement") is entered into on June 10, 2050, by and between [Landlord's Name], hereinafter referred to as "Landlord", and [Tenant's Name], hereinafter referred to as "Tenant", collectively referred to as the "Parties".

1. Renewal Term:

1.1. The Parties hereby agree to renew the Lease Agreement dated [Original Lease Start Date], for the premises located at 663 Edsel Road Los Angeles, CA 90017, for an additional term commencing on [Renewal Start Date] and terminating on [Renewal End Date].

1.2. During the Renewal Term, the obligations of both the Lessor and the Lessee shall remain consistent with those outlined in the original Lease Agreement, unless otherwise mutually agreed upon in writing by both parties.

1.3. Any modifications or amendments to the Lease Agreement during the Renewal Term must be documented and signed by authorized representatives of both the Lessor and the Lessee, following the terms specified in the original Lease Agreement.

2. Rental Rate:

2.1. During the period referred to as the Renewal Term, the amount that will be charged monthly to rent the property will be the figure that has been specifically marked as the New Monthly Rent Amount.

2.2.The individual who is the Tenant, as per the designation in the original Lease Agreement, agrees and willingly complies to render payment corresponding to the newly adjusted or established rental rate.

2.3 This agreement is in alignment with and subject to the principles, terms, and conditions that have been explicitly outlined and detailed in the original Lease Agreement which was mutually agreed upon and signed.

3. Lease Terms:

3.1. During the period of renewal, all the terms and conditions that were previously outlined and agreed upon in the original Lease Agreement shall persist, continuing to uphold their full force and effect.

3.2. This will hold for all clauses and conditions in the agreement unless specifically stated otherwise in this document, indicating that they have undergone modification during the formulation of the renewed agreement.

3.3. Any alterations or amendments to the terms of the lease agreement shall be documented in writing and signed by both parties to ensure clarity and mutual understanding. This includes any changes to rental rates, lease duration, or additional clauses deemed necessary for the renewed lease period.

4. Security Deposit:

4.1. The existing security deposit held by the Landlord in the amount of [Original Security Deposit Amount] shall remain in effect and shall be held throughout the Renewal Term.

4.2. The Tenant agrees to maintain the premises in good condition, aside from reasonable wear and tear, ensuring that the security deposit is protected. Any damages beyond normal wear and tear will be deducted from the security deposit at the end of the lease term.

4.3. In the event of any dispute regarding deductions from the security deposit, both the Landlord and Tenant agree to resolve the matter under the terms outlined in the lease agreement, including any applicable state or local laws governing security deposit disputes.

5. Condition of Premises:

5.1. The Tenant acknowledges that, except as otherwise provided in this Agreement, the premises are in good and habitable condition, and the Tenant shall return the premises in the same condition, except for reasonable wear and tear.

5.2. The Tenant agrees to promptly report any maintenance or repair issues to the Landlord to ensure the continued habitability of the premises. This includes but is not limited to plumbing, electrical, or structural issues that may arise during the tenancy.

5.3. The Landlord agrees to address reported maintenance or repair issues on time, striving to ensure the premises remain in good condition throughout the tenancy. This includes conducting regular inspections and scheduling necessary maintenance to uphold the habitability and safety standards of the premises.

6. Other Provisions:

6.1.Any and all provisions within the initial lease agreement, that are not specifically altered or modified by the stipulations presented within this document, will continue to remain exactly as they were originally stated. They will also retain their full force, legal validity, and effect notwithstanding any changes made in this document.

6.2. The only allowable manner in which modifications can be made to this Agreement is if they are put in writing. Furthermore, they must be agreed upon and physically signed by both Parties involved in the Agreement.

6.3. This agreement constitutes the entire understanding between the parties concerning the subject matter hereof and supersedes all prior agreements, representations, warranties, and understandings, whether written or oral, relating to such subject matter.

7. Governing Law:

7.1. The stipulations, regulations, and interpretations of this Agreement shall be under the authority of, and determined by, the legal rules and principles established in the specified State or Country.

7.2. In the event of any disputes arising from this Agreement, both parties agree to first attempt to resolve the matter amicably through good-faith negotiations. If such efforts fail to yield a resolution, the parties agree to submit the dispute to mediation under the rules of [specify mediation organization or service].

7.3. If mediation fails to resolve the dispute, both parties agree to submit to the exclusive jurisdiction of the courts of [specify jurisdiction] to settle any disputes or claims arising out of or in connection with this Agreement.

8. Execution:

8.1. This Agreement holds the possibility to be executed in several counterparts. Each counterpart will be regarded as an original entity. Every single counterpart, although separate, will collectively be considered as one single agreement.

8.2. In regards to the terms of this Agreement, signatures that have been produced either via facsimile or electronically are to be considered and treated as though they are original signatures.

8.3. All parties involved agree that electronic communication, including but not limited to email, electronic signatures, and digital transmission, shall be deemed valid and legally binding for the execution of this Agreement. Furthermore, any modifications, amendments, or additions to this Agreement may also be executed electronically, provided all parties consent to such changes in writing.

IN WITNESS WHEREOF, the Parties hereto have executed this Lease Renewal Agreement as of the date first written above.

[Landlord's Name]

[Date Signed]

[Tenant's Name]

[Date Signed]