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Definition of First amendment lease. A lease which contains a first amendment clause. Used for lessees who may opt to purchase equipment early. Typically- includes a penalty for non-purchase or requires the lessee to renew for a fixed number of months. Used to shorten term and get operating lease treatment. Also called a Stretch Lease in Canada.
This Amendment of Lease Form has space for mentioning the modification in the lease agreement. Attaching the Amendment of Lease Form with the original lease agreement previously executed is very necessary. The landlord and the tenant must keep a copy of the Amendment of Lease Form with them respectively.