Commercial Lease Agreement - Template, Sample Form Pro · NG-law
✓ Valid in Nigeria · drafted to comply with local law
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DEED OF COMMERCIAL LEASE
THIS DEED OF LEASE is made this ________
BETWEEN
________, of ________ (hereinafter referred to as the "Landlord", which expression shall where the context so admits include its successors-in-title and assigns) of the one part;
AND
________, of ________ (hereinafter referred to as the "Tenant", which expression shall where the context so admits include its successors-in-title and permitted assigns) of the other part.
The Landlord and the Tenant are hereinafter jointly referred to as the "Parties" and individually as a "Party".
WHEREAS:
A. The Landlord is the beneficial owner of the Demised Premises and is seised of an estate in fee simple/leasehold interest therein free from encumbrances, with full power and authority to grant this lease.
B. The Tenant has requested the Landlord to grant, and the Landlord has agreed to grant, a lease of the Demised Premises for the term and upon the terms, covenants and conditions hereinafter contained.
NOW THIS DEED WITNESSETH and it is hereby agreed as follows:
1. DEMISED PREMISES
In consideration of the rent reserved and the covenants on the part of the Tenant herein contained, the Landlord hereby demises unto the Tenant ALL THAT property more particularly described as follows (the "Demised Premises"):
________
TOGETHER WITH all rights, easements, fixtures, fittings and appurtenances belonging or appertaining thereto.
2. USE OF THE DEMISED PREMISES
The Demised Premises shall be used solely for the lawful commercial purpose of ________ and for no other purpose whatsoever without the prior written consent of the Landlord, and the Tenant shall comply with all applicable laws, by-laws and regulations governing such use, including the Urban and Regional Planning Law applicable in ________ State.
3. DURATION OF LEASE
3.1 This lease is granted for a fixed term of ________ certain.
3.2 The said term shall commence on ________ and shall determine on ________ unless sooner determined in accordance with the provisions of this Deed.
4. RENT
4.1 The total rent payable for the use of the Demised Premises is ₦________ (________) for the duration of the lease, payable in advance.
4.2 The Tenant shall pay the periodic rent of ₦________ (________) on each ________, such rent being treated as advance payment for the relevant period.
4.3 The reserved rent shall be paid by ________.
4.4 Where any rent reserved under this Deed remains unpaid for the period within which it falls due, the Tenant shall pay interest at the rate of ________% (________ percent) on the outstanding sum for every period of default, without prejudice to the Landlord's other remedies.
4.5 The Tenant shall be entitled to deduct and remit applicable Withholding Tax on the rent in accordance with the Companies Income Tax Act and Personal Income Tax Act, and to remit Value Added Tax where applicable under the Value Added Tax Act.
5. SECURITY DEPOSIT
5.1 Upon execution of this Deed, the Tenant shall deposit with the Landlord the sum of ₦________ (________) as security against any damage to the Demised Premises during the term.
5.2 The Tenant shall be liable at the expiration or determination of the lease for any damage to the Demised Premises save reasonable wear and tear, and deductions may be made from the security deposit for, but not limited to, unpaid rent or utilities, maintenance fees, service charge and removal of abandoned property.
5.3 At the expiration or determination of the lease, the unutilised portion of the security deposit shall be refunded to the Tenant or transferred to the new owner where the Demised Premises is sold or assigned by the Landlord.
6. COVENANTS OF THE TENANT
The Tenant hereby covenants with the Landlord as follows:
(I) to pay the reserved rent in the manner aforesaid;
(II) to pay all service charge, taxes, rates, assessments and outgoings now or hereafter imposed by any government or public authority in respect of the Tenant's use of the Demised Premises;
(III) to keep the Demised Premises, fixtures and fittings in good repair and condition, fair wear and tear excepted;
(IV) to comply with all terms, covenants and conditions of this Deed;
(V) to observe all laws relating to the safety, sanitation, maintenance and habitability of the Demised Premises;
(VI) to comply with all planning and estate laws and regulations affecting the use of the Demised Premises and to obtain the Landlord's consent before making any planning application;
(VII) to keep the Demised Premises in a clean and sanitary condition at all times;
(VIII) to keep the Demised Premises insured against loss or damage by fire and such other risks as the Landlord may reasonably require, and to pay all premiums promptly;
(IX) not to destroy, damage or remove any fixtures, fittings or any part of the Demised Premises;
(X) to use all fixtures and fittings in a reasonable manner;
(XI) to keep all fixtures and fittings in good and proper condition;
(XII) not to alter or replace anything on the Demised Premises without the prior written consent of the Landlord;
(XIII) not to use or permit the use of the Demised Premises for any illegal or immoral purpose;
(XIV) to deliver up possession of the Demised Premises in a good state of repair and clean condition at the expiration or determination of the term.
7. COVENANTS OF THE LANDLORD
The Landlord hereby covenants with the Tenant as follows:
(I) that upon timely payment of the reserved rent and due observance of the covenants herein, the Tenant shall peaceably hold and enjoy the Demised Premises without interruption by the Landlord;
(II) that the Demised Premises is in good and habitable condition;
(III) to pay and discharge all ground rent and tenement rates payable in respect of the Demised Premises during the term;
(IV) to keep the structure and exterior of the Demised Premises in good and tenantable repair; and
(V) to observe all laws relating to the safety, sanitation, maintenance and habitability of the Demised Premises.
8. SERVICE CHARGE
8.1 The Tenant shall pay the sum of ₦________ (________) as service charge.
8.2 The service charge shall cover the following:
________
9. CONDITION OF THE DEMISED PREMISES
The Tenant acknowledges that the Demised Premises is in good order, repair and condition and situate in a clean and safe environment as at the commencement of the term.
10. QUIET ENJOYMENT
The Landlord covenants that upon the Tenant paying the reserved rent and observing all the terms, covenants and conditions herein, the Tenant shall during the term peaceably and quietly hold and enjoy the Demised Premises without any lawful interruption by the Landlord or any person lawfully claiming through or under the Landlord.
11. NON-DELIVERY OF POSSESSION
11.1 If the Landlord is unable to deliver possession of the Demised Premises at the commencement of the term through no fault of the Landlord, possession shall be delivered within a reasonable time and the Landlord shall not be liable for breach of contract.
11.2 Where possession is delivered within such reasonable time, the Tenant shall accept the Demised Premises and pay rent from the date of delivery.
11.3 If the Landlord is wholly unable to deliver possession through no fault of the Landlord, the Landlord shall refund any sum paid by the Tenant and shall not be liable for breach of contract.
12. ALTERATIONS AND IMPROVEMENTS
12.1 The Tenant shall not without the prior written consent of the Landlord:
(I) paint or significantly alter the appearance of the Demised Premises;
(II) place any placard, notice, poster or sign within or outside the Demised Premises;
(III) install any plant, equipment, machinery or apparatus;
(IV) demolish, rebuild or restructure any part of the Demised Premises;
(V) construct, alter or make any improvement to the building.
12.2 Where the Landlord approves any alteration, addition or improvement to be undertaken by contractors, such contractors shall be approved by the Landlord.
13. MAINTENANCE AND REPAIR
13.1 The Tenant and persons authorised by the Tenant shall maintain the Demised Premises and appurtenances in good and sanitary condition and repair, fair wear and tear excepted, throughout the term and any renewal thereof.
13.2 The Tenant shall keep the fixtures and fittings in good condition.
13.3 If at the determination of the term any fixture or fitting is missing or not in proper condition, the Tenant shall repair, replace or pay for its replacement.
14. MAINTENANCE OF ORDER
The Tenant agrees:
(I) not to make or permit any loud or improper noise or otherwise cause nuisance to other occupiers; and
(II) not to do or permit anything which may constitute a nuisance or annoyance to the neighbours and occupiers of adjoining premises.
15. ASSIGNMENT AND SUB-LETTING
The Tenant shall not assign, sublet, underlet, charge or part with possession of the Demised Premises or any part thereof without the prior written consent of the Landlord, such consent not to be unreasonably withheld.
16. INSURANCE
16.1 Property Insurance. The Tenant shall maintain insurance over the Demised Premises against damage of any kind in a sum not less than ₦________ (________), and such further insurance as the Landlord may reasonably require.
16.2 Liability Insurance. The Tenant shall maintain liability insurance over the Demised Premises in a sum not less than ₦________ (________) and shall deliver to the Landlord proof that adequate insurance issued by insurers reasonably satisfactory to the Landlord is in force.
17. DANGEROUS MATERIALS
The Tenant shall not keep any dangerous, inflammable or explosive material that may increase the danger of fire or explosion on or about the Demised Premises, or that may be considered hazardous by any insurer, without the prior written consent of the Landlord and proof of adequate insurance.
18. ANIMALS AND PETS
The Tenant shall not keep any animal or pet in or about the Demised Premises without the prior written consent of the Landlord.
19. LANDLORD'S ACCESS
The Landlord may, upon reasonable notice and at all reasonable times during the term and any renewal thereof, enter the Demised Premises to inspect its condition and/or to effect repairs.
20. DAMAGE TO PREMISES AND RENEWAL
20.1 If the Demised Premises or any material part thereof is damaged or destroyed by fire, flood, earthquake or other event beyond the control of the Parties so as to render it unfit for occupation, this lease shall determine as at the date of such destruction and the rent shall abate proportionately.
20.2 This lease shall, subject to mutual agreement, be renewable for a further term of ________ unless either Party gives notice of its intention not to renew no later than ________ days prior to the expiration of the initial term, the terms of any renewal to be as agreed by the Parties.
21. SURRENDER OF THE DEMISED PREMISES
At the expiration or determination of the term, the Tenant shall quit, surrender and deliver up the Demised Premises together with all appurtenances in the same condition as at the commencement of the lease, fair wear and tear excepted.
22. TERMINATION
22.1 The Tenant shall not have the option to determine this lease before the natural expiration of the term; provided that the Landlord may, upon payment by the Tenant of a penalty of ₦________ (________), permit the Tenant to determine the lease before its expiration.
22.2 The Landlord may determine this lease before its expiration by serving on the Tenant a valid notice to quit of ________, in accordance with the Recovery of Premises Law/Tenancy Law applicable in ________ State.
22.3 At the determination of the lease, the Tenant shall quit, surrender and deliver up the Demised Premises together with all appurtenances in the same condition as at the commencement of the lease, fair wear and tear excepted.
22.4 Nothing in this Deed shall derogate from the Tenant's statutory entitlement to the requisite statutory notices and due process before recovery of possession under the applicable tenancy legislation.
23. TERMINATION UPON SALE OF DEMISED PREMISES
Notwithstanding any other provision herein, the Landlord may determine this lease upon serving on the Tenant a notice of ________ that the Demised Premises has been sold, subject always to the statutory rights of the Tenant.
24. INDEMNITY
25. NO WAIVER
The failure of either Party to enforce strict performance of any provision of this Deed shall not be construed as a waiver of its right to enforce the same or any other provision thereafter.
26. BREACH AND FORFEITURE
26.2 The Tenant shall pay damages for any loss, damage or cost incurred by the Landlord in consequence of such breach and shall indemnify the Landlord against all actions, claims, liabilities, costs and expenses arising therefrom.
27. ABANDONMENT
If at any time during the term the Tenant abandons the Demised Premises or any part thereof before the date of determination, the Landlord shall be entitled to take possession and re-let the Demised Premises, and the Tenant shall remain liable for any outstanding rent and other sums then due and payable.
28. CUMULATIVE RIGHTS
The rights and remedies of the Parties under this Deed are cumulative and not exclusive of any rights or remedies provided by law.
29. DISPUTE RESOLUTION
29.1 The Parties shall first endeavour to resolve any dispute arising out of or in connection with this Deed amicably by negotiation.
29.2 Where the dispute is not so resolved within ________ days, the dispute shall be referred to mediation, and failing resolution, to the exclusive jurisdiction of the courts of ________ State of the Federal Republic of Nigeria.
30. ENTIRE AGREEMENT
This Deed constitutes the entire agreement between the Parties and supersedes all prior written or oral agreements, representations and understandings between them in relation to its subject matter.
31. VARIATION
No variation of this Deed shall be effective unless reduced into writing and signed by or on behalf of both Parties.
32. SEVERABILITY
If any provision of this Deed is held to be invalid, illegal or unenforceable for any reason by any court of competent jurisdiction, such provision shall be severed and the remaining provisions shall continue in full force and effect to the fullest extent permitted by law and shall not be affected or impaired thereby.
33. NOTICES
Any notice required to be given under this Deed shall be in writing and delivered to the address of the relevant Party stated herein, by hand, by registered post or by electronic mail to ________, and shall be deemed duly served at the time of delivery, or in the case of registered post, on the third business day after posting.
34. STAMPING AND REGISTRATION
This Deed shall be stamped in accordance with the Stamp Duties Act and, where the term exceeds three (3) years, registered under the applicable Land Registration/Land Instruments Registration Law of ________ State.
35. GOVERNING LAW
This Deed shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria.
IN WITNESS WHEREOF the Parties have executed this Deed in the manner hereinafter appearing the day and year first above written.
SIGNED, SEALED AND DELIVERED by the within-named Landlord
________
_________________________
in the presence of:
Name: ________
Address: ________
Occupation: ________
Signature: _________________________
SIGNED, SEALED AND DELIVERED by the within-named Tenant
________
_________________________
in the presence of:
Name: ________
Address: ________
Occupation: ________
Signature: _________________________
FRANKING / PREPARED BY:
This Deed was prepared by:
________
Legal Practitioner
________
________
NBA Enrolment/SCN No.: ________
SCHEDULE — FIXTURES AND FITTINGS
The Demised Premises contains the following fixtures and fittings:
________
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