Commercial Lease Renewal Agreement - Template Form Pro · NG-law

COMMERCIAL LEASE RENEWAL AGREEMENT

THIS COMMERCIAL LEASE RENEWAL AGREEMENT (this "Agreement") is made this ________ between:

________, of the following address:

________

(hereinafter referred to as the "Landlord", which expression shall, where the context so admits, include its heirs, personal representatives, successors-in-title and assigns) of the first part;

AND

________, of the following address:

________

(hereinafter referred to as the "Tenant", which expression shall, where the context so admits, include its heirs, personal representatives, successors-in-title and assigns) of the second part.

The Landlord and the Tenant are hereinafter together referred to as the "Parties" and individually as a "Party".

RECITALS / BACKGROUND

A. By virtue of a Commercial Lease Agreement dated ________ (the "Original Lease"), the Landlord granted the Tenant exclusive possession of the rental property described in this Agreement, together with all appurtenances attached thereto.

B. The Tenant desires to extend the term of the Original Lease, and the Landlord has agreed to grant such extension on the terms herein contained, and the Parties desire to amend the Original Lease accordingly.

C. This Agreement is made subject to the provisions of the applicable tenancy and property law of the State in which the Demised Premises is situate, namely ________, the Conveyancing Act/Property and Conveyancing Law (as applicable), and the general law of contract of the Federal Republic of Nigeria.

NOW THEREFORE, in consideration of the payment of the rent and the mutual covenants contained herein, the receipt and sufficiency of which are hereby acknowledged, the Parties hereby agree as follows:

1. DEMISED PREMISES

1.1. Subject to the terms and conditions of the Original Lease and this Agreement, the Landlord agrees to let to the Tenant the following rental property (the "Demised Premises"):

________

1.2. The Demised Premises shall be used by the Tenant for the following commercial purpose only:

________

1.3. The Demised Premises may be used for any additional purpose only with the prior express written consent of the Landlord, such consent not to be unreasonably withheld.

2. THE ORIGINAL LEASE

2.1. The Parties executed the Original Lease on ________, by which the Landlord granted the Tenant exclusive possession of the Demised Premises for a fixed term of ________ certain, which is set to expire on ________ (the "Original Term").

2.2. The Landlord has agreed to extend the Original Term and to amend the Original Lease in the manner set out in this Agreement.

3. TERMS OF LEASE RENEWAL

3.1. The Landlord hereby agrees to extend the Original Term for a further term of ________. The renewed lease shall commence on ________ and shall expire on ________ (the "Renewed Term").

3.2. The Tenant shall pay to the Landlord the rent of ₦________ (________) for every ________. The said rent shall be due and payable in advance on ________ of each such period.

3.3. The Tenant shall pay the reserved rent by ________ into the bank account designated in writing by the Landlord, and the Landlord shall issue a valid receipt for each payment received.

3.4. If any instalment of the reserved rent payable under this Agreement is not paid within ________ of the date on which it falls due, the Tenant shall pay a late-payment charge of ________% (________ percent) of the unpaid sum for each period during which the Tenant remains in default, without prejudice to any other remedy available to the Landlord.

3.5. The Tenant shall, on or before the commencement of the Renewed Term, deposit with the Landlord a security/caution deposit of ₦________, refundable at the determination of the Renewed Term less any sums lawfully deductible for unpaid rent or damage beyond fair wear and tear.

4. AMENDMENT TO THE ORIGINAL LEASE

4.1. With effect from the commencement of the Renewed Term, the Original Lease shall be amended as follows:

________

4.2. Save as expressly amended by this Agreement, all the terms, covenants and conditions of the Original Lease shall continue in full force and effect and shall apply to the Renewed Term mutatis mutandis.

5. COVENANTS OF THE TENANT

The Tenant hereby covenants with the Landlord as follows:

(I) to pay the reserved rent in the manner and at the times aforesaid;

(II) to pay all taxes, rates, assessments, tenement rates and outgoings now or hereafter imposed in respect of the Tenant's use and occupation of the Demised Premises;

(III) to keep the interior of the Demised Premises in good and tenantable repair and condition at all times during the Renewed Term (fair wear and tear and damage by insured risks excepted);

(IV) to comply with all the terms and conditions of this Agreement and the Original Lease;

(V) to observe and comply with all applicable laws and regulations relating to safety, sanitation, public health, fire safety and the lawful use of the Demised Premises;

(VI) to keep the Demised Premises in a clean and sanitary condition at all times;

(VII) not to destroy, damage or remove any part of the fixtures, fittings, or any part of the Demised Premises;

(VIII) not to assign, sublet, charge or part with possession of the Demised Premises or any part thereof without the prior written consent of the Landlord;

(IX) not to use or permit the use of the Demised Premises for any illegal, immoral or noxious purpose;

(X) to yield up the Demised Premises in good and tenantable repair and condition at the determination of the Renewed Term.

6. COVENANTS OF THE LANDLORD

The Landlord hereby covenants with the Tenant as follows:

(I) that the Tenant, paying the reserved rent and performing and observing the covenants and conditions on its part herein contained, shall peaceably and quietly hold and enjoy the Demised Premises during the Renewed Term without any interruption or disturbance from the Landlord or any person lawfully claiming through, under or in trust for the Landlord;

(II) to pay all taxes, rates and outgoings of an owner-related nature now or hereafter imposed in respect of the Demised Premises, save those expressly charged to the Tenant under this Agreement;

(III) to keep the structure, roof, main walls and external parts of the Demised Premises in good and tenantable repair throughout the Renewed Term;

(IV) to ensure that the Tenant has access to the Demised Premises and all common areas appurtenant thereto during the Renewed Term;

(V) to comply with all the terms and conditions of this Agreement and all applicable laws relating to the Demised Premises.

7. CONTACT INFORMATION

The Tenant shall be contacted as follows:

Phone: ________
Email: ________

The Landlord shall be contacted as follows:

Phone: ________
Email: ________

Either Party shall notify the other in writing of any change in its contact information within a reasonable time of such change.

8. INDEMNITY AND LIABILITY

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9. ABANDONMENT

If at any time during the Renewed Term the Tenant abandons the Demised Premises or any part thereof before the date of determination, the Landlord shall, subject to the issuance of any notice required by law, have the right to re-enter, possess and re-let the Demised Premises. The Tenant shall remain liable to pay all outstanding rent and other payments which have become due and payable up to the date of lawful re-entry.

10. DETERMINATION AND RECOVERY OF POSSESSION

10.1. Notwithstanding any other provision of this Agreement, the Landlord shall not recover possession of the Demised Premises otherwise than in accordance with the Recovery of Premises Law / Tenancy Law applicable in ________, including the service of the statutory notices to quit and notice of owner's intention to recover possession, and an order of a court of competent jurisdiction where required.

10.2. The Renewed Term shall determine at the expiration thereof, or earlier upon a fundamental breach of this Agreement by the Tenant, subject always to the procedure in clause 10.1.

11. GENERAL PROVISIONS

(I) NO WAIVER: The failure of the Landlord to enforce strict performance of any provision of this Agreement shall not be construed as a waiver of the Landlord's right to enforce the same or any other provision thereafter.

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(III) RATIFICATION: Other than the provisions expressly modified by this Agreement, all other obligations, rights, terms and conditions contained in the Original Lease shall remain in full force and effect until the determination of the Renewed Term.

(IV) ENTIRE AGREEMENT: This Agreement amends the Original Lease, and both documents, together with any other document referred to therein, constitute the entire agreement between the Parties and supersede any prior contrary written or oral agreement between them.

(V) NOTICES: All notices under this Agreement shall be in writing and shall be delivered personally, sent by registered or courier post, or sent by email to the relevant Party at the address or contact details stated in clause 7, and shall be deemed duly served upon delivery.

(VI) VARIATION: No part of this Agreement shall be varied, modified or terminated unless such variation is reduced into writing and signed by both Parties.

(VII) STAMPING AND REGISTRATION: This Agreement shall be stamped in accordance with the Stamp Duties Act and, where applicable, registered under the relevant land registration law of ________. The stamp duty and registration fees payable shall be borne by ________.

(VIII) SEVERABILITY: If any provision of this Agreement is held to be unenforceable for any reason, the remaining provisions shall continue in full force and effect.

(IX) GOVERNING LAW AND DISPUTE RESOLUTION: This Agreement shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria and the laws applicable in ________. Any dispute arising out of or in connection with this Agreement shall first be referred to amicable settlement and, failing resolution, shall be submitted to ________.

(X) COUNTERPARTS: This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same agreement.

IN WITNESS WHEREOF the Parties hereto have executed this Agreement the day and year first above written.

SIGNED, SEALED AND DELIVERED by the within named Landlord

Name: ________

_________________________

in the presence of:

Name: ________

Address: ________

Occupation: ________

Signature: _________________________

SIGNED, SEALED AND DELIVERED by the within named Tenant

Name: ________

_________________________

in the presence of:

Name: ________

Address: ________

Occupation: ________

Signature: _________________________