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Business Rental Agreement
"I need a Business Rental Agreement for a retail store in Lagos, Nigeria, with a 5-year term starting March 1, 2025, including provisions for signage rights and an option to renew for an additional 3 years."
1. Parties: Identification and details of the landlord and tenant, including registration numbers for businesses
2. Background: Context of the agreement and brief description of the property and intended use
3. Definitions: Definitions of key terms used throughout the agreement
4. Property Description: Detailed description of the rented premises, including address and boundaries
5. Term and Renewal: Duration of the lease, commencement date, and renewal terms
6. Rent and Payment Terms: Rental amount, payment schedule, and method of payment
7. Security Deposit: Amount, terms of holding, and conditions for return of security deposit
8. Utilities and Services: Responsibilities for utilities, maintenance, and service charges
9. Use of Premises: Permitted business activities and restrictions on use
10. Maintenance and Repairs: Responsibilities of each party for maintaining the property
11. Insurance: Required insurance coverage for both parties
12. Default and Remedies: Consequences of breach and available remedies
13. Termination: Conditions and procedures for ending the agreement
14. Governing Law: Specification of Nigerian law as governing law and jurisdiction
15. Execution: Signature blocks and execution requirements
1. Subletting and Assignment: Terms for subletting or assigning the lease, if permitted
2. Alterations and Improvements: Terms for making changes to the property, used when modifications are anticipated
3. Option to Purchase: Terms for tenant's right to purchase the property, if applicable
4. Force Majeure: Provisions for unforeseen circumstances affecting the lease
5. Environmental Compliance: Specific environmental obligations, particularly relevant for industrial or manufacturing use
6. Guarantor Provisions: Terms relating to guarantors, if required for the tenancy
7. Parking and Common Areas: Rules and rights regarding shared facilities, if applicable
8. Signage Rights: Terms for external business signage and advertising
1. Schedule 1: Property Plan: Detailed floor plan and measurements of the premises
2. Schedule 2: Inventory: List of fixtures, fittings, and equipment included in the lease
3. Schedule 3: Service Charges: Breakdown of service charges and calculation method
4. Schedule 4: Building Rules: Specific rules and regulations for the building or complex
5. Schedule 5: Maintenance Schedule: Detailed maintenance responsibilities and schedules
6. Appendix A: Condition Report: Initial condition of the property with photographs
7. Appendix B: Required Permits: Copies of necessary business permits and licenses
8. Appendix C: Insurance Requirements: Detailed insurance specifications and minimum coverage requirements
Authors
Real Estate
Retail
Manufacturing
Professional Services
Hospitality
Healthcare
Technology
Education
Financial Services
Logistics
Warehousing
Entertainment
Food and Beverage
Legal
Real Estate
Operations
Finance
Facilities Management
Risk and Compliance
Procurement
Business Development
Administration
Property Manager
Business Owner
Real Estate Manager
Legal Counsel
Operations Director
Facilities Manager
Commercial Director
Chief Financial Officer
Business Development Manager
Compliance Officer
Real Estate Agent
Company Secretary
Procurement Manager
Risk Manager
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