Commercial Sublease Agreement - Template, Sample Form Pro · NG-law
✓ Valid in Nigeria · drafted to comply with local law
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COMMERCIAL SUBLEASE AGREEMENT
THIS COMMERCIAL SUBLEASE AGREEMENT (this "Agreement") is made this ________ (the "Effective Date").
BETWEEN
________, of the following address:
________
hereinafter referred to as the "Tenant" (which expression shall, where the context so admits, include its successors-in-title and permitted assigns) of the one part;
AND
________, of the following address:
________
hereinafter referred to as the "Subtenant" (which expression shall, where the context so admits, include its successors-in-title and permitted assigns) of the other part.
The Tenant and the Subtenant are hereinafter individually referred to as a "Party" and collectively as the "Parties".
WHEREAS:
A. The Tenant originally entered into a Commercial Lease Agreement with ________ (the "Landlord"), of the address ________, dated ________ (the "Original Lease") in respect of the premises particularly described in this Agreement (the "Subleased Premises").
B. The Tenant wishes to sublet the Subleased Premises to the Subtenant with the prior written consent of the Landlord, and the Subtenant has agreed to take the Subleased Premises on the terms and conditions set out in this Agreement and to comply with the terms of the Original Lease.
C. The Landlord has granted his written consent to this sublease in accordance with the terms of the Original Lease, a copy of which consent is annexed to this Agreement.
NOW, THEREFORE, in consideration of the mutual covenants and promises contained in this Agreement, and other good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows:
1. AGREEMENT TO SUBLET PREMISES
1.1 Subject to the terms and conditions contained herein and to the consent of the Landlord, the Tenant hereby sublets to the Subtenant the following property, being the entirety of the Subleased Premises together with all appurtenances:
________
1.2 The sublease shall commence on ________ and shall, unless sooner determined in accordance with this Agreement, terminate on ________ (the "Term").
1.3 The Subleased Premises shall be used by the Subtenant solely for the lawful business, profession, trade or commercial purpose of ________ and for no other purpose without the prior written consent of the Landlord and the Tenant.
1.4 The Subtenant acknowledges that the Term granted under this Agreement shall not in any event exceed or extend beyond the residue of the term granted under the Original Lease.
2. THE ORIGINAL LEASE
2.1 The Subtenant acknowledges that it has received and reviewed a copy of the Original Lease and agrees to be bound by, observe and perform all the covenants, terms and conditions of the Original Lease (save for the covenant to pay the rent reserved thereunder) insofar as the same relate to the Subleased Premises and are applicable to the Subtenant.
2.2 No part of the Original Lease or this Agreement shall be modified except by an instrument in writing duly executed by the Parties and, where required, with the prior written consent of the Landlord.
3. CONTINUING LIABILITY
3.1 The Tenant covenants to continue to be bound by and remain liable under the Original Lease throughout the Term.
3.2 The Parties acknowledge that any breach of the provisions of the Original Lease may entitle the Landlord to recover possession of the Subleased Premises and that any such recovery of possession shall automatically determine this Agreement, without prejudice to any accrued rights or remedies of the Parties.
4. RENT AND PAYMENT
4.1 The Subtenant shall pay to the Tenant the sum of ₦________ (________) every ________ (the "Rent"). The Rent shall be due and payable in advance on ________ of each payment period.
4.2 The Rent shall be paid by the Subtenant by ________ into the account designated by the Tenant.
4.3 If any sum payable under this Agreement remains unpaid after it becomes due, the Subtenant shall pay interest on such unpaid sum at the rate of ________% (________ percent) of the unpaid amount for each period (or part thereof) during which the default continues, without prejudice to any other right or remedy available to the Tenant.
4.4 All sums payable under this Agreement are exclusive of any applicable taxes, levies and rates lawfully payable, which shall be borne by the Party upon whom liability is imposed by law.
5. MAINTENANCE OF ORDER
The Subtenant agrees not to make or permit the making of any loud or improper noise and not, at any time during the Term, to do or permit to be done on or about the Subleased Premises any act which may constitute a nuisance, annoyance, disturbance or inconvenience to the Landlord, the Tenant, or the occupiers of adjoining or neighbouring premises.
6. ALTERATIONS AND IMPROVEMENT OF THE PREMISES
7. MAINTENANCE AND REPAIR
The Subtenant and persons authorised by it shall at all times maintain and keep the Subleased Premises and appurtenances in good, clean, tenantable and sanitary condition and repair (fair wear and tear excepted) during the Term and any renewal thereof, and shall yield up the same in such condition at the determination of this Agreement.
8. ASSIGNMENT AND SUB-LETTING OF THE PREMISES
The Subtenant undertakes not to assign, let, sublet, short-let, license, charge or otherwise part with possession of the Subleased Premises or any part thereof without first obtaining the prior written consent of the Landlord and the Tenant.
9. INSURANCE
9.1 The Subtenant shall, at its own expense, take out and maintain throughout the Term adequate insurance cover in respect of the Subleased Premises and its contents against loss or damage by fire, flood, and such other risks as may be required under the Original Lease, with a reputable insurer registered under the Insurance Act.
9.2 The Subtenant shall keep such insurance policy valid and subsisting during the Term and shall, upon request, furnish the Tenant or the Landlord with evidence of such insurance and proof of payment of the relevant premiums.
10. ABANDONMENT
11. RECOVERY OF PREMISES
The Parties acknowledge that any recovery of possession of the Subleased Premises shall be effected in accordance with the applicable recovery of premises or tenancy legislation in force in ________, including the giving of all requisite statutory notices.
12. DISPUTE RESOLUTION
12.1 The Parties shall use their best endeavours to settle any dispute or difference arising out of or in connection with this Agreement amicably through negotiation. If the Parties are unable to resolve the dispute amicably within thirty (30) days, the matter shall be referred to mediation.
12.2 The Parties may be represented by legal practitioners in the mediation proceedings. The legal representatives may advise the Party they represent and negotiate or execute a binding settlement agreement on that Party's behalf.
12.3 Experts, professionals and witnesses may be required and accepted in the mediation process. All persons involved in the mediation, including experts, professionals and witnesses, shall be bound by the rules of confidentiality under this Agreement. The mediation shall take place at the following venue: ________. The mediator shall determine the procedure of the mediation proceedings.
12.4 The mediation shall be conducted in the English language. If a Party wishes to participate in any other language, that Party shall, with the consent of the other Party, provide an interpreter at its own expense.
12.5 If the Parties are unable to resolve their dispute through mediation, the matter shall be finally resolved by arbitration in accordance with the Arbitration and Mediation Act 2023. The arbitration shall be conducted by a sole arbitrator appointed by agreement of the Parties or, failing agreement, by ________. The seat of arbitration shall be ________ and the proceedings shall be conducted in the English language.
13. JURISDICTION
Subject to Clause 12, the Parties agree that the courts of the Federal Republic of Nigeria shall have jurisdiction to settle any dispute or claim arising out of or in connection with this Agreement.
14. GOVERNING LAW
This Agreement shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria.
15. GENERAL PROVISIONS
(I) Variation: This Agreement may only be amended or varied by an instrument in writing agreed to and signed by both Parties. No delay or omission to exercise any right under this Agreement shall be construed as a waiver.
(II) Notices: All notices under this Agreement shall be given in writing and delivered personally or sent by registered/certified post or by electronic mail to the relevant Party's address set out above or to that Party's solicitor.
(III) Headings: Headings in this Agreement are used for convenience only and shall not be construed to limit or affect the terms of this Agreement.
(IV) Counterparts: This Agreement may be executed in counterparts, all of which together shall constitute one and the same Agreement.
(V) Entire Agreement: This Agreement, together with any addendum to it, constitutes the entire agreement between the Parties and supersedes any prior written or oral agreement between them.
(VI) Assignment: No Party shall assign any of its rights, obligations or duties under this Agreement without the prior written consent of the other Party and the Landlord.
(VII) Enurement: This Agreement shall enure for the benefit of and be binding on the Parties and their respective successors-in-title and permitted assigns.
(VIII) Cumulative Rights: The rights of the Parties under this Agreement are cumulative and shall not be construed as exclusive except as otherwise provided by law.
(IX) Waivers: Any term or provision of this Agreement may be waived only in writing by the Party entitled to the benefit thereof. No delay or omission to exercise any right shall be construed as a waiver.
(X) Severability: If any part of this Agreement is held to be unenforceable, the remainder of this Agreement shall continue to be in full force and effect.
(XI) Further Assurance: The Parties shall execute and deliver all such documents and take all such actions as may be necessary or incidental to give full effect to the provisions of this Agreement.
IN WITNESS WHEREOF the Parties have executed this Agreement on the day and year first above written.
SIGNED by the within named Tenant
____________________
________
in the presence of:
Name: ________
Address: ________
Occupation: ________
Signature: ________
SIGNED by the within named Subtenant
_____________________
________
in the presence of:
Name: ________
Address: ________
Occupation: ________
Signature: ________
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