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1. Parties: Identification of the Landlord and Tenant, including full legal names, addresses, and any registration details for corporate entities
2. Background: Brief recital of the existing tenancy agreement, its key terms, and the context for the renewal option
3. Definitions: Key terms used in the agreement, including 'Option Period', 'Renewal Term', 'Exercise Notice', and other relevant definitions
4. Grant of Option: The formal grant of the renewal option, specifying the number of renewal terms permitted
5. Exercise of Option: Procedure and requirements for exercising the option, including notice periods and format
6. Renewal Terms: Specific terms that will apply during the renewal period, including rent, duration, and any modifications to existing terms
7. Conditions Precedent: Conditions that must be met before the option can be exercised (e.g., no existing defaults)
8. Time of Essence: Clause establishing that all time requirements in the agreement are essential terms
9. Execution: Signature blocks for all parties and witnesses as required under Nigerian law
1. Rent Review Mechanism: Used when the renewal includes specific rent review provisions different from the original agreement
2. Property Improvements: Include when there are specific provisions about improvements made by the tenant and their impact on renewal terms
3. Multiple Renewal Options: Required when granting more than one successive renewal option
4. Assignment and Subletting: Include when specific restrictions or permissions regarding assignment during the renewal term are needed
5. Break Clause: Optional provision allowing early termination during the renewal period
6. Guarantor Provisions: Required when the original lease has a guarantor whose obligations need to extend to the renewal period
1. Schedule 1 - Property Description: Detailed description of the premises including boundaries and any exclusive or shared areas
2. Schedule 2 - Existing Lease Terms: Summary of key terms from the existing lease that will continue during the renewal period
3. Schedule 3 - Rent Schedule: Detailed breakdown of rent payments, including any scheduled increases during the renewal term
4. Schedule 4 - Condition Report: Current condition of the property to be referenced at the time of renewal
5. Appendix A - Form of Exercise Notice: Template notice format for exercising the renewal option
6. Appendix B - Required Documents: List of documents required for option exercise (e.g., proof of insurance, tax clearance)
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