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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."
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
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
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
Original Lease
Extended Term
Commencement Date
Expiration Date
Premises
Base Rent
Additional Rent
Security Deposit
Landlord
Tenant
Guarantor
Permitted Use
Extension Period
Renewal Notice
Original Terms
Modified Terms
Effective Date
Parties
Property
Common Areas
Service Charges
Stamp Duty
Registration Requirements
Applicable Law
Business Day
Payment Date
Interest Rate
Review Date
Term Extension
Rent and Payment
Binding Effect
Original Lease Reference
Property Description
Tenant Obligations
Landlord Obligations
Registration
Stamp Duty
Amendment
Confirmation of Terms
Insurance
Maintenance
Service Charges
Default
Notices
Assignment and Subletting
Force Majeure
Governing Law
Dispute Resolution
Severability
Entire Agreement
Execution
Witness
Real Estate
Commercial Property
Residential Property
Retail
Industrial
Office Space
Hospitality
Manufacturing
Agriculture
Education
Healthcare
Legal
Real Estate
Facilities Management
Operations
Finance
Compliance
Administrative
Property Management
Asset Management
Corporate Services
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
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