A commercial purchase agreement addendum template allows parties to add or modify terms to an existing purchase agreement for commercial property. The addendum will define the involved parties, identify the original agreement date, and clearly relay the new terms. The form is typically drafted after new information comes to light, such as property defects, or unpaid taxes.
COMMERCIAL PURCHASE AGREEMENT ADDENDUM
1. THE PARTIES. This Commercial Purchase Agreement Addendum (“Addendum”) made this [MM/DD/YYYY] is by and between:
Seller: [SELLER’S NAME] (“Seller”) and
Buyer: [BUYER’S NAME] (“Buyer”).
The Seller and Buyer are each referred to herein as a “Party” and, collectively, as the “Parties.”
2. ORIGINAL AGREEMENT. This Addendum is being added to the purchase agreement between the Parties, dated [MM/DD/YYYY], for the property located at [PROPERTY ADDRESS] (“Original Agreement”).
3. ADDITIONAL TERMS. The following terms and conditions shall be added to the Original Agreement: [PROVIDE ADDITIONAL TERMS].
Except as specifically mentioned in this Addendum, all other terms and conditions of the Original Agreement shall remain in full force and effect.
4. EXECUTION. This Addendum may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
Seller’s Signature: ___________________ Date: [MM/DD/YYYY]
Print Name: [SELLER’S NAME]
Buyer’s Signature: ___________________ Date: [MM/DD/YYYY]
Print Name: [BUYER’S NAME]
How to Write an Addendum
Writing an addendum for a commercial purchase agreement ensures both parties understand the changes being made to the original terms. In general, most addendums will provide the following information:
- Party Identification. The name of both the buyer and seller in the purchase agreement.
- Original Agreement. The addendum must state the signing date of the original agreement and the property’s address.
- Revised Terms. The new or modified terms must be clearly defined.
- Execution. The addendum must be signed and dated by the parties.