Standard Commercial Lease Agreement Template for Nigeria

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Key Requirements PROMPT example:

Standard Commercial Lease Agreement

"I need a Standard Commercial Lease Agreement for a retail space in Lagos, Nigeria, starting March 1, 2025, with specific provisions for store renovations and signage rights, as we plan to operate a high-end fashion boutique that requires significant interior modifications."

Document background
The Standard Commercial Lease Agreement is a fundamental legal document used in Nigerian commercial property transactions to establish and regulate the relationship between property owners and business tenants. This document is essential when any business entity or individual wishes to lease commercial space in Nigeria, whether for retail, office, industrial, or other commercial purposes. The agreement must comply with Nigerian property law, particularly the Land Use Act of 1978, and includes comprehensive provisions covering rent, maintenance, permitted use, service charges, and other crucial aspects of commercial tenancy. It provides legal protection for both parties while ensuring clarity in their respective rights and obligations. The document is structured to accommodate various commercial arrangements while maintaining compliance with state-specific property regulations and federal Nigerian law.
Suggested Sections

1. Parties: Identification of the landlord and tenant, including full legal names, addresses, and registration details for corporate entities

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

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

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

5. Term and Commencement: Duration of the lease and start date

6. Rent and Payment Terms: Rent amount, payment schedule, and payment methods

7. Security Deposit: Details of security deposit amount, terms, and conditions for return

8. Service Charges: Details of additional charges for services, maintenance, and utilities

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

10. Maintenance and Repairs: Responsibilities of both parties regarding property maintenance

11. Insurance: Required insurance coverage for both parties

12. Assignment and Subletting: Terms regarding transfer of lease rights or subletting

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

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

15. Termination: Conditions and procedures for ending the lease

16. Governing Law: Specification of Nigerian law as governing law

17. Dispute Resolution: Procedures for handling disputes between parties

18. Notices: Methods and addresses for official communications

19. Execution: Signature blocks and execution requirements

Optional Sections

1. Break Clause: Optional provision allowing early termination under specific conditions

2. Rent Review: Procedures for periodic rent adjustments, if applicable

3. Alterations and Improvements: Terms regarding modifications to the property, if permitted

4. Environmental Matters: Specific environmental obligations and compliance requirements

5. Force Majeure: Provisions for unforeseen circumstances affecting the lease

6. Option to Renew: Terms for lease renewal if offered

7. Guarantor Provisions: Required when there is a guarantor for the tenant's obligations

8. Special Terms: Any unique terms specific to the property or arrangement

9. Building Management Rules: Applicable for properties in managed buildings or complexes

Suggested Schedules

1. Schedule 1 - Property Description: Detailed description of the leased property, including floor plans and measurements

2. Schedule 2 - Rent Payment Schedule: Detailed breakdown of rent payments and due dates

3. Schedule 3 - Service Charge Items: Itemized list of service charges and their calculation

4. Schedule 4 - Condition Report: Initial condition of the property at lease commencement

5. Schedule 5 - Permitted Alterations: List of allowed modifications to the property, if any

6. Schedule 6 - Building Rules and Regulations: Specific rules governing the use of the property and common areas

7. Appendix A - Plans and Drawings: Property layout, floor plans, and relevant drawings

8. Appendix B - Inventory: List of fixtures, fittings, and equipment included in the lease

9. Appendix C - Required Licenses and Permits: Copies or details of necessary operational 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

Relevant legal definitions
Clauses
Relevant Industries

Retail

Office Space

Hospitality

Industrial

Healthcare

Financial Services

Technology

Professional Services

Manufacturing

Logistics

Education

Entertainment

Food and Beverage

Warehousing

Commercial Real Estate

Relevant Teams

Legal

Real Estate

Operations

Finance

Administration

Compliance

Risk Management

Facilities Management

Property Management

Business Development

Contract Management

Relevant Roles

Property Manager

Real Estate Manager

Facilities Manager

Legal Counsel

Commercial Director

Operations Manager

Chief Financial Officer

Business Development Manager

Company Secretary

Compliance Officer

Real Estate Agent

Property Surveyor

Contract Manager

Risk Manager

Administrative Manager

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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