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Addendum to increase rent for Security System

My tenants just signed a new lease March 1st.  However, recently they asked for a security system to be installed.  I told them I would pay for the instalation but they were responsible for the monthly.  The best way to cover myself, I thought, was to increase the rent payment for the security monitoring.  The tenants are ok with this.    My question is do I just create and addendum or have them sign a whole new lease?  Im not sure the legality of either and want to make sure I cover myself.    Is there a form here that I could use to accomplish this?  Thanks B

Just create an Addendum. State that its part of the Agreement dated XXXX. The Addendum should state that upon the request of the tenants, landlord has paid for the installation of the security system. The tenants agree to pay for any and all cost to include but not limited to activation fee, repairs, and monthly service charge. The monthly service charge is to be incorporated with the monthly rent payment. The rent will be increased from $xxx to $xxxxx to begin starting (date). To cancel security service, tenant must give landlord a 30 Day Notice. If tenant fails to pay full new rent, landlord will cancel security service and tenant will be responsible for all cost associated with cancelling service. List the requirements as bullets and have tenants sign/date Addendum. Note: I would have allowed tenant to have system installed by a professional co at their cost and the system would remain on premises when they move. -----Disclaimer: Since I’ve been answering a lot of questions, I thought I would make the following statement. I’m not affiliated with EZlandlord Forms. I’m just here (not sure how long) to help those that have questions. Having 40+ yrs with Rental Property and done well, it’s my way of “Pay it Forward (check out the movie).” However, it is up to you to become familiar with Fed/State/Local and Tax Laws. I always like to know if the suggestions I offer are helpful. Feel free to comment anytime. Thanks in Advance. BTW...check out the Rental Property Organizer at Free Trial Download. A great program at a great price! Check it out.
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