Lease Extension Addendum Template for Nigeria

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Key Requirements PROMPT example:

Lease Extension Addendum

"I need a Lease Extension Addendum for my commercial property in Lagos, extending the current lease for 3 additional years from January 2025, with a 15% increase in rent and maintaining all other original terms."

Document background
The Lease Extension Addendum is utilized when parties to an existing lease agreement in Nigeria wish to extend their landlord-tenant relationship beyond the original lease term. This document is essential for maintaining legal continuity while potentially updating certain terms to reflect current market conditions or changed circumstances. The addendum must comply with Nigerian federal and state property laws, including the Recovery of Premises Act and relevant state tenancy laws. It typically includes the extension period, revised rent amounts, and any modified terms while referencing and preserving other conditions from the original lease. Registration requirements may apply depending on the jurisdiction within Nigeria and the length of the extension.
Suggested Sections

1. Parties: Identification of the Landlord and Tenant as they appear in the original lease

2. Background: Reference to the original lease agreement, including its date and key details

3. Definitions: Key terms used in the addendum, particularly any new terms not in the original lease

4. Extension Term: Specific details of the lease extension period and effective date

5. Rent and Payment Terms: Updated rent amount, payment schedule, and any adjustments from the original lease

6. Confirmation of Original Terms: Statement confirming that all other terms and conditions of the original lease remain in effect

7. Governing Law: Confirmation that Nigerian law governs the addendum

8. Execution: Signature blocks for all parties and witness requirements under Nigerian law

Optional Sections

1. Modified Terms: Any specific terms from the original lease that are being modified besides the extension period

2. Property Improvements: Details of any approved modifications or improvements made or to be made to the property

3. Additional Tenant Obligations: Any new responsibilities or requirements for the tenant not covered in the original lease

4. Security Deposit Adjustment: Changes to the security deposit amount or terms, if applicable

5. Insurance Requirements: Updates to insurance requirements or coverage amounts

6. Registration Requirements: Specific provisions regarding registration of the addendum with relevant authorities

Suggested Schedules

1. Schedule A - Property Description: Reference to or update of the property description from the original lease

2. Schedule B - Rent Payment Schedule: Updated rent payment schedule for the extension period

3. Schedule C - Condition Report: Current condition of the property at the time of extension

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

5. Appendix 2 - Property Photographs: Current photographs of the property condition (if required)

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

Relevant Industries

Real Estate

Commercial Property

Residential Property

Retail

Industrial

Office Space

Hospitality

Manufacturing

Agriculture

Education

Healthcare

Relevant Teams

Legal

Real Estate

Facilities Management

Operations

Finance

Compliance

Administrative

Property Management

Asset Management

Corporate Services

Relevant Roles

Property Manager

Real Estate Manager

Facilities Manager

Legal Counsel

Contract Administrator

Real Estate Director

Operations Manager

Commercial Director

Chief Financial Officer

Asset Manager

Property Administrator

Compliance Officer

Real Estate Agent

Leasing Manager

Company Secretary

Industries
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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