The Option to Renew Commercial Lease agreement is a crucial document in Nigerian commercial property transactions, providing tenants with the security of a guaranteed right to extend their lease term while protecting landlords' interests through clearly defined conditions. This document is typically used when a commercial tenant seeks long-term security for their business location but the landlord prefers to grant the initial lease for a shorter term. It includes specific provisions compliant with Nigerian property law, including the Land Use Act and state-specific regulations, detailing the mechanism for exercising the option, notice periods, rent determination methods, and conditions for renewal. The agreement is particularly important in Nigeria's dynamic commercial property market, where businesses need to secure their operational locations while maintaining flexibility in their long-term commitments.
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1. Parties: Identification of the Landlord and Tenant, including full legal names, addresses, and registration details for corporate entities
2. Background: Details of the existing lease agreement, including its date, term, and current expiry date
3. Definitions: Definitions of key terms used throughout the agreement, including 'Option Period', 'Exercise Notice', 'Renewal Term', etc.
4. Grant of Option: Explicit grant of the option to renew the lease and the conditions under which it may be exercised
5. Exercise of Option: Procedure and requirements for exercising the option, including notice period and format
6. Renewal Term: Duration of the renewal period and any conditions attached to it
7. Rent for Renewal Term: Specification of rent during the renewal period or method of determining it
8. Time of Essence: Clause specifying that compliance with time requirements is essential
9. Conditions Precedent: Conditions that must be satisfied before the option can be exercised
10. Governing Law: Specification that Nigerian law governs the agreement
11. Execution: Signature blocks and execution requirements
1. Property Improvements: Terms regarding any improvements or modifications to the property during the renewal term - include when tenant has or plans to make substantial improvements
2. Multiple Renewal Options: Terms for multiple successive renewal options - include when agreed with landlord
3. Assignment and Subletting: Provisions regarding the tenant's right to assign the option or sublease during the renewal term - include when these rights are specifically negotiated
4. Break Clause: Provisions allowing early termination during the renewal term - include when specifically requested by either party
5. Rent Review Mechanism: Detailed procedure for rent reviews during the renewal term - include for longer renewal periods
6. Service Charge Provisions: Specific terms regarding service charges during the renewal period - include for multi-tenant properties
7. Building Insurance: Specific provisions about insurance requirements during the renewal term - include when insurance responsibilities are changing
1. Schedule 1 - Property Description: Detailed description of the leased premises including floor plans and measurements
2. Schedule 2 - Existing Lease Terms: Summary of key terms from the existing lease that will continue to apply
3. Schedule 3 - Rent Calculation: Formula or methodology for calculating the renewed rent if applicable
4. Schedule 4 - Condition Report: Current condition of the property at the time of entering into the option agreement
5. Appendix A - Form of Exercise Notice: Template notice for exercising the option to renew
6. Appendix B - Property Plans: Detailed plans and drawings of the property
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