Commercial Lease Assignment Agreement

LEASE ASSIGNMENT AGREEMENT

This Lease Assignment Agreement is made on ________ between

________, of the following address:

________

hereinafter referred to as (the "Assignor" which expression shall where the context so admits include its successors-in-title and assigns) of the first part;

AND

________, of the following address:

________

hereinafter referred to as (the "Assignee" which expression shall where the context so admits include its successors-in-title and assigns) of the second part.

WHEREAS

A. By virtue of a Commercial Lease Agreement executed on ________ (the "Lease") together with ________ (the "Landlord), the Assignor is a tenant in exclusive possession of the following property (the "Demised Premises"):

________

B. The Lease created between the Assignor and the Landlord is set to expire on ________ (the "Expiration Date").

C. Subject to the terms of this Agreement, the Assignor desires to assign and transfer the unexpired term of the Lease to the Assignee, and the Assignee accepts this Assignment.

Therefore, in consideration of the mutual covenants of the Parties and other valuable consideration, (the receipt of which is hereby acknowledged), the Parties hereby agree as follows:

1. LEASE ASSIGNMENT

1.1. Subject to the terms and conditions of this Agreement, the Assignor has agreed to Assign all its rights, interests, title in the Lease to the Assignee.

1.2. This Agreement shall begin on the Effective Date and expire on the Expiration Date.

2. ASSUMPTION

2.1. From the Effective Date, the Assignee shall assume all rights, liabilities, and covenants under the Lease.

2.2. The Assignee agrees to observe all the terms and conditions of the Commercial Lease Agreement. The Assignee agrees to pay the rent, fees, and charges and fulfill all the obligations contained in the Lease.

3. ASSIGNOR'S WARRANTIES AND COVENANTS

The Assignor hereby warrants and represents to the Assignee as follows:

(I) the Assignor's interest in the Lease is free from any encumbrance and is not subject to lien;

(II) the Assignor has the legal capacity, power, and authority to enter into, deliver, and perform its obligations under this Agreement;

(III) There are no sums due or owing by the Assignor under the Lease as of the Effective Date, and there is no condition of default thereunder.

4. BREACH

Nothing in this Assignment shall exclude the Assignor from liability in the event of the Assignee's breach. In the event of breach by the Assignee, the Landlord may proceed to recover accrued rents from the Assignor, and charge the Assignor to recover the Demised Premises and remedy the default of the Assignee.

The Assignor also agrees to pay damages for loss, damage, or costs incurred by the Landlord as a consequence of any breach by the Assignee, and indemnify the Landlord from and against all actions, claims, liability, costs and expenses arising therefrom.

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6. MISCELLANEOUS

(a) Governing Law: This Agreement shall be governed and construed in accordance with the laws of the Federal Republic of Nigeria.

(b) Notices: All notices under this Agreement shall be in writing. The notices shall be delivered personally or mailed by a certified mail to the Parties at the address written in this Agreement or attorney's address.

(c) Cumulative Rights: The rights of the Parties in this Agreement are cumulative and shall not be construed as exclusive except as otherwise stated by the law.

(d) Headings: Headings in this Agreement are for convenience only and shall not be construed to limit or otherwise affect the terms of this Agreement.

(e) Waivers: Any term or provision of this Agreement may be waived in writing at any time by the Party entitled to such benefit. No delay, omission to exercise any right shall not be construed as waiver.

(f) Severability: If any part of this Agreement is held unenforceable, the remainder of this Agreement shall continue to be in force and have effect.

(g) Further Assurance: The Parties shall execute and deliver all such documents and take all such actions and all steps to procure the performance of all such acts as may be necessary or incidental to give effect to the provisions of this Agreement.

(h) Counterparts: This Agreement may be executed in several counterparts, all of which constitutes a single agreement between the Parties.

SIGNED by the within named Assignor

_________________________

in the presence of:

Name................................................................................................................

Address.............................................................................................................

Occupation........................................................................................................

Signature..........................................................................................................

SIGNED by the within named Assignee

__________________________

in the presence of:

Name................................................................................................................

Address.............................................................................................................

Occupation........................................................................................................

Signature..........................................................................................................