Commercial Lease Renewal Agreement

COMMERCIAL LEASE RENEWAL AGREEMENT

This Commercial Lease Renewal Agreement is made on ________ between ________, of the following address:

________

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

BACKGROUND

A. By virtue of a Commercial Lease Agreement, dated ________ (the "Original Lease"), the Tenant was granted exclusive possession to the rental property described in this Agreement together with all appurtenances attached thereto.

B. The Tenant desires to extend the term of the lease and amend the Original Lease.

In consideration of the payment of the rent and the covenants contained herein, the receipt of which is hereby acknowledged, the Parties hereby agree as follows:

1. DEMISED PREMISES

1.1. Subject to the terms and conditions of the Original Lease, the Landlord agrees to let the following rental property to the Tenant (the "Demised Premises"):

________

1.2. The Demised Premises shall be used for commercial purposes only.

The Demised Premises may be used for additional purposes only with the prior express consent of the Landlord.

2. ORIGINAL LEASE

2.1. The Parties executed a Commercial Lease Agreement on ________, wherein the Landlord granted the Tenant the exclusive possession to the Demised Premises for a term of ________ certain, which is set to expire on ________ (the "Original Term").

2.2. The Landlord has agreed to extend the Original Term and amend the Original Lease.

3. TERMS OF LEASE RENEWAL

3.1. The Landlord agrees to extend the Original Term for an additional term of: ________. The renewed lease shall commence on ________, and shall expire on ________ (the "Renewed Term").

3.2. The Tenant shall pay the sum of ₦________ (________) every week. The rent shall be due on Mondays. The rent shall be considered advance payment for that week.

3.3. The Tenant shall pay the reserved rent in cash.

3.4. If the reserved rent payable under this Agreement is not paid within the period the rent is due for payment, the Tenant will be charged ________% (________ percent) of the unpaid rent for every period the Tenant is in default.

4. AMENDMENT TO THE ORIGINAL LEASE

The Original Lease shall be amended as follows:

________

5. COVENANTS OF THE TENANT

The Tenant covenants with the Landlord as follows:

(I) to pay the reserved rent in the aforesaid;

(II) to pay all taxes, rates, assessments and outgoings chargeable now or hereinafter imposed for the use of the Demised Premises;

(III) to keep the Demised Premises in good repair and condition at all times with reasonable wear and tear;

(IV) to comply with all terms and conditions of this Agreement;

(V) to respect the laws on the safety, sanitation, maintenance, and habitability of the dwelling;

(VI) to keep the Demised Premises in good and sanitary condition always;

(VII) not to destroy, damage or remove any part of the fixtures, fittings or any part of the premises;

(VIII) not to use or permit the use of the Demised Premises for any illegal or immoral purpose.

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7. CHANGE OF CONTACT INFORMATION

The Tenant shall be contacted as follows:

Phone: ________
Email: ________

The Landlord shall be contacted as follows:

Phone: ________
Email: ________

8. INDEMNITY

The Landlord shall not be liable for any damage or any injury to the Tenant or any other persons in the Demised Premises. The Tenant agrees to indemnify the Landlord against losses, claims, liabilities, damages, including reasonable attorney's fees, if any for which the Landlord may suffer or incur in connection with the Tenant's possession, use or misuse of the Premises, except for the Landlord's negligence.

9. ABANDONMENT

If at any time during the term of the lease, the Tenant abandons the premises or any part of the Premises before the date of termination, the Landlord shall have the right to possess and let the Demised Premises. The Tenant will be liable to pay any outstanding rent and other payments which have become due and payable.

10. GENERAL PROVISIONS

(I) NO WAIVER: If the Tenant fails to enforce strict performance of any part of this Agreement, this shall not be construed as a waiver of the Landlord's right to enforce same.

(II) BREACH OF CONTRACT: It is hereby agreed that if the Tenant breaches any fundamental provision in this Agreement, this Agreement shall be determined and it shall be lawful for the Landlord to enter the Demised Premises upon the issuance of reasonable notice to the Tenant to take full possession and to eject the Tenant and all other persons found in the premises.

The Tenant shall also pay damages for loss and damage or costs incurred by the Landlord of a consequence of such breach by the Tenant and indemnify the Landlord from and against all actions, claims, liability, costs and expenses arising therefrom.

(III) RATIFICATION: Other than the provisions expressly modified under this Agreement, all other obligations, rights, terms and conditions contained in the Lease shall remain in full force and effect until the termination of the Lease.

(IV) ENTIRE AGREEMENT: This Amendment amends the Lease and both documents and any other document referred to in the Lease constitute the entire agreement between the Parties and supersedes any prior contrary written or oral agreement made between them.

(V) NOTICES: All notices under this Agreement must be in writing. The notices shall be delivered personally or mailed by a certified mail to the other Party at the designated address.

(VI) VARIATION: No part of this Agreement shall be varied or terminated unless such variation is agreed and signed by the Parties.

(VII) SEVERABILITY: If any part of this Amendment is held unenforceable for any reason, the remainder of this Agreement shall continue to be in force and have effect.

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

IN WITNESS WHEREOF the Parties hereto have executed this Agreement this day and year first written above.

SIGNED by the within named Landlord

_________________________

in the presence of:

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

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

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

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

SIGNED by the within named Tenant

____________________

in the presence of:

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

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

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

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