Company Tenancy Agreement Template for Nigeria

The Company Tenancy Agreement is a vital legal instrument used in Nigerian commercial real estate transactions to formalize the lease of business premises between corporate entities. This document is essential when a company seeks to lease commercial space from another company or property owner, ensuring compliance with both federal legislation (such as the Land Use Act and Companies and Allied Matters Act) and state-specific tenancy laws. The agreement covers crucial aspects including rent determination, payment terms, maintenance responsibilities, permitted use restrictions, and service charges, while incorporating necessary provisions for insurance, assignments, and lease termination. It's particularly important in Nigeria's dynamic business environment where commercial property relationships need clear definition and protection under law.

1. Parties: Identification of the landlord and tenant companies, including registration numbers and registered addresses

2. Background: Context of the agreement, including brief description of the property and intended use

3. Definitions: Definitions of key terms used throughout the agreement

4. Demise: The formal grant of the lease, specifying the property being leased

5. Term: Duration of the lease, including start and end dates

6. Rent: Rent amount, payment terms, review periods, and payment method

7. Service Charges: Details of service charges, calculation method, and payment terms

8. Utilities and Outgoings: Responsibility for utilities, taxes, and other outgoings

9. Use of Premises: Permitted use of the property and any restrictions

10. Repairs and Maintenance: Responsibilities for repairs and maintenance of the property

11. Insurance: Insurance requirements for both landlord and tenant

12. Assignment and Subletting: Rights and restrictions regarding assignment and subletting

13. Landlord's Covenants: Obligations and promises of the landlord

14. Tenant's Covenants: Obligations and promises of the tenant

15. Termination: Circumstances and procedures for termination of the lease

16. Forfeiture: Landlord's right of re-entry and circumstances for forfeiture

17. Notices: Process for serving notices between parties

18. Governing Law: Specification of Nigerian law and relevant state jurisdiction