Commercial Lease Renewal Agreement

This Commercial Lease Renewal Agreement is a document that is used to extend the term of a current commercial lease. A commercial or business lease is a document for the renting rental properties for commercial purposes. Usually, commercial leases are designed for warehouses, office spaces, of other rental property designated for business purposes.

This document can be used in fixed-term commercial lease, where the term of the lease has expired and both the landlord and tenant desire to extend or renew the lease. Therefore, instead of creating an entirely different document, this document allows the landlord and tenant to maintain their relationship and also modify the terms of their original lease.

This document is used to modify the terms of the Commercial Lease Agreement, such as the rent increase or the structure of the lease (for example, from monthly rent payment to yearly payment).

This means that the document retains most parts of the original lease except the terms that are modified in the lease renewal. A tenant or landlord can use this agreement when the tenant's lease is about to expire and the tenant wants to renew the terms of their original lease. Once both parties have agreed to the renewal, the parties can use this document to outline the terms of the renewed lease.

How to use this document

The party using this document should fill out the information required for this document, which include the renewed term, the commencement and expiration date of the new lease, the new rent payment, and modifications to the original lease. After completing this document, it should be printed and signed by the landlord and the tenant.

If one of the parties is a Nigerian company, the document should be signed by either two directors of the company or one director and one company secretary. If one of the parties is a business name, incorporated trustee or other registered organization, the document should be signed by one officer of the organization.

Each party should keep one signed copy for record purposes.

Applicable law

The following laws applicable to leases in Nigeria also apply to this document. These laws include the following:

• Tenancy Laws of various States. It outlines the obligations of parties to a lease;

• Rent Control and Recovery of Premises Act and Laws of various States. This provides the procedure a Lessor or landlord must adopt in recovering his demised premises. The procedures are primarily to protect the interest of Lessee against the Lessor;

• Land Instrument Registration Act and Laws of various States. This relates to the registration of instruments relating to Land in Nigeria;

• Land Use Charge Laws;

• Property and Conveyancing Laws;

• Conveyancing Act.

How to modify the template

You fill out a form. The document is created before your eyes as you respond to the questions.

At the end, you receive it in Word and PDF formats. You can modify it and reuse it.