The Fixed Term Lease agreement is essential for establishing clear, legally enforceable tenancy arrangements in Nigeria. This document is used when parties wish to create a lease for a specific duration, typically ranging from one to ten years, with defined start and end dates. It's particularly relevant in commercial and residential contexts where certainty of tenure is crucial. The agreement must comply with Nigerian federal laws, including the Land Use Act of 1978, as well as state-specific tenancy laws and regulations. It typically includes comprehensive terms covering rent, maintenance, permitted use, insurance, and termination provisions. This document type is commonly used in both urban and rural settings across Nigeria, requiring careful consideration of local property practices and legal requirements to ensure enforceability.
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1. Parties: Identification and details of the landlord and tenant, including full legal names, addresses, and registration details for corporate entities
2. Background: Brief context of the lease arrangement and property ownership
3. Definitions: Definitions of key terms used throughout the lease agreement
4. Demise: The formal grant of the lease, specifying the property being leased
5. Term: Duration of the lease, including start and end dates
6. Rent: Rent amount, payment terms, method of payment, and review provisions
7. Tenant Covenants: Tenant's obligations including maintenance, repairs, permitted use, and compliance with laws
8. Landlord Covenants: Landlord's obligations including structural repairs, insurance, and quiet enjoyment
9. Insurance: Insurance requirements for both parties
10. Termination: Circumstances and procedures for early termination
11. Forfeiture: Landlord's right to forfeit the lease for breach of conditions
12. Notices: How formal notices should be given between parties
13. Governing Law: Confirmation of Nigerian law as governing law and jurisdiction
14. Execution: Signature blocks and execution formalities
1. Service Charge: Details of service charge where property is part of a larger building or estate
2. Rent Review: Detailed rent review provisions for longer-term leases
3. Break Clause: Provisions allowing either party to terminate early under specific conditions
4. Assignment and Subletting: Terms governing the tenant's ability to assign or sublet the property
5. Alterations: Provisions regarding tenant's rights to make changes to the property
6. Security Deposit: Terms regarding any security deposit required
7. Guarantor: Where a guarantor is required to guarantee tenant obligations
8. Planning Permission: Special provisions regarding planning permission if required for specific use
1. Property Description: Detailed description of the leased property including plans and measurements
2. Plan: Floor plans or site plans of the property
3. Inventory: List of fixtures, fittings, and furniture included in the lease
4. State of Repair: Condition report of the property at the start of the lease
5. Service Charge Budget: Breakdown of estimated service charges where applicable
6. Building Rules: Rules and regulations for use of the property or building
7. Permitted Alterations: Details of alterations that can be made without specific consent
8. Rent Payment Schedule: Detailed breakdown of rent payment dates and amounts
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