Fixed Term Lease Rental Agreement

Fixed Term Lease Rental Agreement Template for Nigeria

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Key Requirements PROMPT example:

"I need a Fixed Term Lease Rental Agreement for a commercial property in Lagos, Nigeria, starting March 1, 2025, with specific provisions for retail use and shared common areas in a shopping complex."

Document background

The Fixed Term Lease Rental Agreement is a fundamental legal document used in Nigerian property transactions to establish a definitive rental arrangement for a specified period. This document is essential when property owners wish to lease their property while maintaining long-term ownership rights, and when tenants require secure occupancy for a predetermined duration. The agreement incorporates all necessary elements required under Nigerian federal and state property laws, including the Recovery of Premises Act and state-specific tenancy regulations. It provides comprehensive coverage of rental terms, maintenance obligations, security deposits, utility responsibilities, and termination conditions, while ensuring compliance with local property regulations and tenant protection laws. This document is particularly crucial in establishing clear expectations and legal protections for both parties in the Nigerian property market.

Suggested Sections

1. Parties: Identification and details of the landlord and tenant, including full legal names, addresses, and contact information

2. Background: Brief context of the agreement and property ownership

3. Definitions: Definitions of key terms used throughout the agreement

4. Property Details: Complete description and address of the leased property

5. Term and Commencement: Duration of the lease and start date

6. Rent and Payment Terms: Rental amount, payment schedule, and accepted payment methods

7. Security Deposit: Amount, terms of holding, and conditions for return of security deposit

8. Utilities and Services: Responsibility for utilities, services, and associated costs

9. Maintenance and Repairs: Responsibilities of landlord and tenant for property maintenance

10. Tenant Obligations: Key responsibilities and restrictions on the tenant's use of the property

11. Landlord Obligations: Key responsibilities of the landlord including maintaining the property

12. Insurance: Required insurance coverage for both parties

13. Default and Remedies: Consequences of breach and available remedies

14. Termination: Conditions and process for ending the lease

15. Notices: How formal communications between parties should be made

16. Governing Law: Specification of Nigerian law as governing law and jurisdiction

Optional Sections

1. Furnished Property Provisions: Additional terms regarding furnished items when property is let furnished

2. Subletting and Assignment: Terms for subletting or assigning the lease, if permitted

3. Pet Provisions: Terms and conditions for keeping pets on the property

4. Property Access Rights: Specific terms about landlord's right to access for inspections

5. Commercial Use: Terms for any permitted commercial activities on the property

6. Renovations and Alterations: Terms for making changes to the property

7. Pool/Garden Maintenance: Specific terms for maintaining special amenities

8. Security and Safety Measures: Special provisions for security systems and safety protocols

9. Parking Provisions: Terms regarding parking spaces if applicable

10. Force Majeure: Provisions for unforeseen circumstances affecting the lease

Suggested Schedules

1. Schedule 1 - Property Inventory: Detailed list of all items included in the property

2. Schedule 2 - Property Condition Report: Detailed description of property condition at commencement

3. Schedule 3 - Utility Meters and Readings: Initial meter readings and meter locations

4. Schedule 4 - House Rules: Specific rules and regulations for the property

5. Schedule 5 - Maintenance Schedule: Regular maintenance tasks and responsibilities

6. Appendix A - Property Photos: Photographic evidence of property condition

7. Appendix B - Floor Plans: Detailed plans of the property layout

8. Appendix C - Security Deposit Terms: Detailed terms for security deposit handling

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok��˰� | 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

Real Estate

Residential Property

Commercial Property

Property Management

Legal Services

Housing

Construction

Facilities Management

Hospitality

Retail

Relevant Teams

Legal

Real Estate

Facilities Management

Property Management

Operations

Compliance

Administration

Contract Management

Asset Management

Risk Management

Relevant Roles

Property Manager

Real Estate Agent

Legal Counsel

Facilities Manager

Housing Officer

Lease Administrator

Property Administrator

Real Estate Manager

Tenant Relations Manager

Contract Manager

Property Owner

Asset Manager

Real Estate Director

Compliance Officer

Property Consultant

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Let's create your Fixed Term Lease Rental Agreement

Authors

Alex Denne

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