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Addendum To Lease Agreement

Addendum To Lease Agreement Template for Nigeria

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Key Requirements PROMPT example:

Addendum To Lease Agreement

"I need an Addendum to Lease Agreement for my commercial retail space in Lagos, increasing the monthly rent by 15% and extending the lease term until March 2025, with an option for further renewal."

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Document background
An Addendum To Lease Agreement is a crucial legal instrument used in Nigerian property law when parties need to modify their existing lease arrangement without creating an entirely new agreement. This document type is commonly used when circumstances require changes to rent amounts, lease duration, property use terms, or other specific provisions of the original lease. It must conform to Nigerian federal legislation, including the Land Use Act, Property and Conveyancing Law, and state-specific rent control regulations. The addendum becomes legally binding once properly executed with witnesses and stamped according to Nigerian law. It's particularly important in both commercial and residential contexts where flexibility in lease terms is needed while maintaining the stability of the original agreement.
Suggested Sections

1. Parties: Identifies the parties to the original lease and this addendum, including their full legal names, addresses, and roles (Landlord/Lessor and Tenant/Lessee)

2. Background: References the original lease agreement including its date of execution, property details, and explains the need for this addendum

3. Definitions: Defines key terms used in the addendum and references definitions from the original lease that remain applicable

4. Original Lease Reference: Specifically identifies which provisions of the original lease are being modified or supplemented

5. Modifications: Clearly states the specific changes being made to the original lease, with reference to specific clauses or sections being modified

6. Effect on Original Lease: Confirms that all other terms and conditions of the original lease remain in full force and effect

7. Integration: States that this addendum becomes part of the original lease agreement

8. Execution: Provides for signature blocks for all parties and witnesses, including date of execution

Optional Sections

1. Additional Rent Provisions: Include when the addendum modifies rent amounts, payment terms, or security deposit requirements

2. Term Extension: Include when the addendum extends or modifies the original lease term

3. Property Modifications: Include when changes are being made to the leased premises or permitted uses

4. Additional Occupants: Include when adding or removing authorized occupants from the lease

5. New Rules and Regulations: Include when adding or modifying rules regarding property use or tenant obligations

6. Insurance Requirements: Include when modifying insurance obligations of either party

7. Governing Law Update: Include when there's a need to update or clarify the governing law provisions

Suggested Schedules

1. Schedule A - Modified Rent Schedule: Details of new rent amounts and payment schedules if rent terms are being modified

2. Schedule B - Property Modifications: Detailed descriptions or plans of any modifications to the leased premises

3. Schedule C - Updated Rules and Regulations: Complete set of new or modified rules and regulations

4. Appendix 1 - Original Lease Agreement: Copy of the original lease agreement being modified

5. Appendix 2 - Supporting Documentation: Any relevant supporting documents such as property inspection reports, certificates, or permits

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Real Estate

Commercial Property

Residential Property

Retail

Industrial

Office Space

Hospitality

Healthcare

Education

Manufacturing

Warehousing

Agriculture

Relevant Teams

Legal

Real Estate

Facilities Management

Operations

Property Management

Asset Management

Compliance

Administration

Leasing

Contract Management

Relevant Roles

Property Manager

Real Estate Manager

Legal Counsel

Facilities Manager

Asset Manager

Leasing Manager

Real Estate Director

Corporate Counsel

Operations Manager

Property Administrator

Lease Administrator

Compliance Officer

Real Estate Agent

Building Superintendent

Contract Manager

Industries
Nigerian Property and Conveyancing Law: This law governs the transfer and ownership of property rights in Nigeria, including leasehold interests. It provides the fundamental framework for property transactions and modifications to existing agreements.
Nigerian Contract Law: Based on common law principles, this legislation governs the formation and modification of contracts, including requirements for valid amendments such as consideration, capacity, and mutual consent.
Rent Control and Recovery of Premises Act: This federal law provides the framework for landlord-tenant relationships, including provisions for rent determination and the process of modifying existing lease agreements.
Land Use Act of 1978: This fundamental legislation governs land tenure in Nigeria and affects how property can be leased and how lease terms can be modified, particularly in relation to land use and duration.
Stamp Duties Act: This law requires certain legal documents, including lease amendments, to be properly stamped to be admissible as evidence in court, making it crucial for the formal execution of lease addenda.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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