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Lease Modification Agreement

Lease Modification Agreement Template for Nigeria

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Key Requirements PROMPT example:

Lease Modification Agreement

"I need a Lease Modification Agreement for our Lagos office space that extends the current lease term by 5 years until March 2025 and increases the annual rent by 15%, while adding new provisions for maintenance responsibilities."

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Document background
The Lease Modification Agreement is a crucial legal instrument used in Nigerian property law when parties need to alter terms of an existing lease without creating an entirely new agreement. This document type is particularly relevant when circumstances require adjustments to lease terms such as rent revisions, tenure extensions, or changes in property usage. The agreement must comply with Nigerian federal laws, including the Land Use Act 1978, as well as relevant state-specific property legislation. It's commonly used in both commercial and residential contexts, requiring careful attention to local property regulations and registration requirements. The document typically includes detailed references to the original lease, specific modifications being made, and confirmations of unchanged terms, ensuring legal continuity and enforceability under Nigerian law. Special consideration must be given to proper execution, witnessing, and potential requirements for governmental consent or registration.
Suggested Sections

1. Parties: Identification of the landlord and tenant, including their full legal names, addresses, and any registration details for corporate entities

2. Background: Recitals detailing the original lease date, property description, and reasons for modification

3. Definitions: Key terms used in the agreement, including references to defined terms in the original lease that remain applicable

4. Original Lease Reference: Specific reference to the original lease agreement, including its date, parties, and registration details if applicable

5. Effective Date: The date from which the modifications will take effect

6. Modifications: Detailed description of each specific modification to the original lease, clearly stating both the original clause and the new version

7. Confirmation of Other Terms: Statement confirming that all other terms of the original lease remain unchanged and in full force

8. Registration and Stamp Duty: Provisions regarding registration requirements and stamp duty obligations under Nigerian law

9. Governing Law: Confirmation that the agreement is governed by Nigerian law

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

Optional Sections

1. Rent Modification: Specific section detailing changes to rent amount or payment terms, required if rent terms are being modified

2. Term Extension: Section specifically addressing any changes to the lease duration, required if the lease term is being modified

3. Property Modifications: Section detailing any changes to the property description or permitted use, required if there are changes to the physical space or its allowed usage

4. Security Deposit Adjustment: Details of any changes to security deposit requirements, included if security deposit terms are being modified

5. Broker Representation: Required if any brokers were involved in negotiating the modification

6. Landlord's Works: Details of any modifications or improvements to be carried out by the landlord, included if physical changes to the property are part of the modification

7. Force Majeure: Additional provisions dealing with unforeseen circumstances, particularly relevant if the modification is due to external events

8. Guarantor Confirmation: Required if the original lease has a guarantor who needs to confirm agreement to the modifications

Suggested Schedules

1. Schedule 1 - Modified Lease Terms: Detailed list of all specific terms being modified, with side-by-side comparison of original and new terms

2. Schedule 2 - Modified Floor Plan: Required if there are any changes to the leased area or property configuration

3. Schedule 3 - Rent Schedule: New rent schedule if payment terms are being modified

4. Appendix A - Original Lease: Copy of the original lease agreement for reference

5. Appendix B - Required Consents: Copies of any required third-party consents or regulatory approvals

6. Appendix C - Property Documents: Updated property certificates or documentation if relevant to the modifications

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 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

Commercial Property

Residential Property

Retail

Industrial

Office Space

Healthcare

Education

Hospitality

Manufacturing

Warehousing

Agriculture

Mining

Oil and Gas

Financial Services

Relevant Teams

Legal

Real Estate

Facilities Management

Operations

Finance

Compliance

Administration

Property Management

Asset Management

Risk Management

Relevant Roles

Property Manager

Real Estate Manager

Facilities Manager

Legal Counsel

Corporate Lawyer

Property Lawyer

Estate Agent

Leasing Manager

Asset Manager

Operations Manager

Contract Administrator

Company Secretary

Chief Financial Officer

Real Estate Director

Property Administrator

Compliance Officer

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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