Addendum Agreement
This Addendum is made as of the 9th day of August 2054 and supplements the Lease Agreement dated the 1st day of June 2054, between [Your Name] ("Landlord") and Emily Johnson ("Tenant") for the residential property located at 123 Elm Street, Springfield, IL 62704 ("Premises").
1. Monthly Rent Payment Details
1.1 Monthly Rent
The Tenant agrees to pay the Landlord a monthly rent of $2,500.00.
1.2 Payment Due Date
The monthly rent payment shall be due on the 1st day of each month, starting from September 1, 2054. If the due date falls on a weekend or holiday, the payment must be made on the next business day.
1.3 Payment Method
Payments shall be made via one of the following methods:
Bank Transfer:
Account Name: [Your Name]
Bank Name: First National Bank
Account Number: 987654321
Routing Number: 123456789
Check:
Electronic Payment:
1.4 Late Fees
A late fee of $100.00 will be assessed if payment is not received within five (5) days after the due date. Payments that are more than ten (10) days late will incur an additional fee of $5.00 per day until the rent is paid in full.
1.5 Returned Check Fee
In the event that a check is returned for insufficient funds, the Tenant will be charged a fee of $50.00, in addition to any applicable late fees.
2. Security Deposit and Adjustments
2.1 Security Deposit
The security deposit of $2,500.00 has been paid by the Tenant and is held by the Landlord. This amount will be returned to the Tenant within thirty (30) days of the end of the Lease term, subject to any deductions for damages or unpaid rent.
2.2 Adjustment to Rent
Any changes to the monthly rent amount will be provided to the Tenant in writing at least thirty (30) days prior to the effective date of the change. The Landlord reserves the right to increase the rent annually, with a maximum increase of 5% per year.
3. Term of Agreement
3.1 Lease Term
This addendum remains in effect for the duration of the Lease Agreement, which expires on June 1, 2050, unless terminated earlier in accordance with the Lease Agreement.
3.2 Renewal
Upon expiration of the Lease term, the Lease may be renewed under the same terms or revised terms as mutually agreed upon by both parties. The Landlord will notify the Tenant of any changes to the rent or other terms at least thirty (30) days before the end of the current Lease term.
4. Miscellaneous
4.1 Governing Law
This Addendum shall be governed by and construed in accordance with the laws of the state of Illinois.
4.2 Entire Agreement
This Addendum, along with the original Lease Agreement, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, whether written or oral.
4.3 Amendments
Any amendments or modifications to this Addendum must be made in writing and signed by both the Landlord and the Tenant.
5. Signatures
By signing below, both parties acknowledge and agree to the terms and conditions outlined in this Addendum.
[Your Name]
Landlord
Emily Johnson
Tenant
This document is executed as of the day and year first above written.
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