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Addendum To Rental Agreement For Rent Increase

Addendum To Rental Agreement For Rent Increase Template for Nigeria

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Key Requirements PROMPT example:

Addendum To Rental Agreement For Rent Increase

"I need an Addendum To Rental Agreement For Rent Increase for my residential property in Lagos, Nigeria, implementing a 15% rent increase effective March 1, 2025, with the option for the tenant to pay in quarterly installments."

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Document background
The Addendum To Rental Agreement For Rent Increase is a crucial document used in Nigerian property management when modifying the rental amount in an existing lease agreement. This document is essential when landlords need to implement rent increases in compliance with Nigerian federal and state laws, including the Recovery of Residential Premises Act and applicable state tenancy laws. It should be used whenever a rent increase is proposed and agreed upon, documenting the new rental amount, effective date, and confirmation that all other original lease terms remain unchanged. The addendum ensures legal compliance with notice requirements and rent control regulations where applicable, protecting both landlord and tenant interests while maintaining a clear record of the modification.
Suggested Sections

1. Parties: Identification of the landlord/lessor and tenant/lessee, including their full legal names and addresses as they appear on the original lease agreement

2. Background: Reference to the original lease agreement, including its execution date and property address

3. Definitions: Key terms used in the addendum, ensuring consistency with the original lease agreement

4. Rent Increase Details: Specification of the new rent amount, the previous rent amount, and the amount of increase

5. Effective Date: The date when the new rent amount becomes effective

6. Continuing Validity: Confirmation that all other terms and conditions of the original lease agreement remain in full force and effect

7. Acknowledgment and Agreement: Statement that both parties agree to the modification and their rights and obligations under the addendum

8. Signatures: Space for dated signatures of all parties, including witnesses if required under local law

Optional Sections

1. Payment Schedule: Used when the rent increase will be implemented in phases or when specific payment terms need to be outlined

2. Utilities and Services: Include when the rent increase affects or is affected by changes in utility payments or services

3. Notice of Local Law Compliance: Required when specific state or local rent control laws need to be referenced

4. Rent Increase Justification: Include when local laws require landlords to provide reasoning for the rent increase

5. Security Deposit Adjustment: Used when the security deposit needs to be adjusted proportionally with the rent increase

Suggested Schedules

1. Schedule A - Original Lease Agreement: Copy or reference to the original lease agreement

2. Schedule B - Rent Increase Calculation: Detailed breakdown of the rent increase calculation, including any applicable percentages or formulas

3. Schedule C - Payment Schedule: If applicable, detailed schedule of phased rent increases or payment structure

4. Appendix 1 - Notice of Rent Increase: Copy of the formal rent increase notice previously served to the tenant

5. Appendix 2 - Local Law Compliance Certificate: If required, documentation showing compliance with local rent control laws

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
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Relevant Industries

Real Estate

Property Management

Residential Housing

Commercial Property

Retail Space Rental

Office Space Rental

Industrial Property

Mixed-Use Development

Student Housing

Hospitality

Relevant Teams

Legal

Property Management

Real Estate Operations

Facilities Management

Asset Management

Compliance

Tenant Relations

Contract Administration

Property Administration

Operations

Relevant Roles

Property Manager

Real Estate Manager

Leasing Agent

Legal Counsel

Real Estate Attorney

Property Administrator

Facilities Manager

Asset Manager

Operations Manager

Compliance Officer

Real Estate Portfolio Manager

Housing Administrator

Tenant Relations Manager

Contract Administrator

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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