Switching tenant to M2M and raising rent $50 - Is this how to?

[Cali Skier]

Hey so I am going to switch some tenants to month to month and I think all I need to do is use our states Lease supplement form and say something like this:

The lease of the property on XXXXXX St. City State, is now month-to-month at a new monthly rate of $1,500 per month. All provisions of the original signed lease and all signed addendum shall remain in effect.

Am I doing that correctly or should we have them resign a new lease like the original.

Current lease has a Hold Over Tenancy Clause:  If Tenant holds over after the Expiration Date with the consent of Owner, the tenancy shall be from month to month only and not a renewal (unless there is an execution of a new written lease). Tenant agrees to pay rent and all other charges as herein provided, and to comply with all the terms and covenants of this Lease from the time that Tenant holds over.

Supplement Form:  Our supplement form basically has this line:  

This Supplement, which attaches to and is part of the Oklahoma Residential Lease Agreement between:  

The way it works is the landlord fills in the blanks for the parties and address and then you have several blanks for what you want to "supplement".  Then is says:  All the other terms and conditions of the Residential Lease shall remain the same