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Commercial Lease Addendum

Commercial Lease Addendum Template for Nigeria

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Key Requirements PROMPT example:

Commercial Lease Addendum

"I need a Commercial Lease Addendum to modify our existing lease agreement for a retail space in Lagos, incorporating a 15% rent increase and extending the lease term until March 2025, with additional provisions for outdoor signage rights."

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Document background
The Commercial Lease Addendum is a crucial document used in Nigerian commercial property relationships when parties need to modify an existing lease agreement without creating an entirely new contract. It's commonly employed when circumstances require changes to the original lease terms, such as rent adjustments, lease term extensions, modifications to permitted use, or alterations to the leased space. This document must align with Nigerian property law requirements, including the Recovery of Premises Act and state-specific regulations. The addendum serves as a legally binding modification to the original lease, maintaining the validity of unmodified original terms while clearly documenting agreed changes. It's particularly important in Nigeria's dynamic commercial real estate market, where business needs and market conditions frequently necessitate lease adjustments.
Suggested Sections

1. Parties: Identification of the landlord and tenant as per the original lease, including their current contact details

2. Background: Reference to the original lease agreement, its date, and the reason for this addendum

3. Definitions: Key terms used in the addendum, including references to defined terms in the original lease

4. Effect and Duration: Specification of when the modifications take effect and their duration

5. Amendments to Original Lease: Detailed description of specific modifications to the original lease terms

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

7. Governing Law: Confirmation that the addendum is governed by Nigerian law

8. Execution: Signature blocks for all parties and witnesses as required under Nigerian law

Optional Sections

1. Rent Modification: Include when the addendum involves changes to rent amount or payment terms

2. Property Modifications: Include when the addendum involves physical changes to the property or permitted uses

3. Term Extension: Include when the addendum modifies the lease duration

4. Additional Services: Include when new services or utilities are being added to the lease arrangement

5. Insurance Requirements: Include when modifying insurance obligations

6. Environmental Compliance: Include when adding environmental obligations or modifications

7. Security Deposit Adjustment: Include when modifying security deposit terms

Suggested Schedules

1. Schedule A - Modified Floor Plans: Drawings or plans showing any physical modifications to the leased premises

2. Schedule B - Rent Schedule: Updated rent payment schedule if rent terms are modified

3. Schedule C - Works Specification: Details of any approved modifications or improvements to be made

4. Appendix 1 - Consent Documents: Any required third-party consents or regulatory approvals

5. Appendix 2 - Property Photographs: Current photographs of areas affected by the modification

6. Appendix 3 - Services Agreement: Details of any new or modified services to be provided

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
Relevant legal definitions






























Clauses






























Relevant Industries

Retail

Office Space

Industrial

Hospitality

Healthcare

Education

Banking and Financial Services

Technology

Manufacturing

Logistics and Warehousing

Entertainment and Leisure

Professional Services

Relevant Teams

Legal

Real Estate

Facilities Management

Operations

Finance

Risk and Compliance

Property Management

Business Development

Administration

Relevant Roles

Property Manager

Facilities Manager

Real Estate Director

Legal Counsel

Commercial Director

Operations Manager

Chief Financial Officer

Business Development Manager

Lease Administrator

Risk Manager

Compliance Officer

Asset 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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