The Master Rental Agreement serves as an efficient solution for organizations needing to rent multiple properties in Nigeria, eliminating the need for separate negotiations for each location. This document is particularly valuable for businesses expanding their physical presence across different Nigerian states, as it provides a uniform framework while accounting for state-specific property laws and regulations. The agreement includes comprehensive terms for property management, maintenance responsibilities, rent calculations, and dispute resolution mechanisms, while maintaining flexibility through schedules for property-specific details. It ensures compliance with Nigerian property laws, including the Recovery of Premises Act and state-specific rent control regulations, while streamlining administrative processes and reducing transaction costs for both landlords and tenants.
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1. Parties: Identification and details of the landlord/lessor and tenant/lessee, including registration details for companies
2. Background: Context of the agreement and brief description of the master rental arrangement
3. Definitions: Detailed definitions of terms used throughout the agreement
4. Scope of Agreement: Overview of the master agreement's coverage and application to individual properties
5. Term and Renewal: Duration of the master agreement and renewal provisions
6. Rental Properties: Process for adding properties under the agreement and property-specific requirements
7. Rent and Payment Terms: General provisions for rent determination, payment methods, and timing
8. Security Deposit: Requirements and handling of security deposits for properties
9. Maintenance and Repairs: Responsibilities of both parties regarding property maintenance
10. Insurance and Liability: Insurance requirements and allocation of risks between parties
11. Default and Remedies: Events of default and available remedies for both parties
12. Termination: Conditions and procedures for terminating the master agreement
13. Notices: Methods and requirements for formal communications between parties
14. Governing Law: Specification of Nigerian law as governing law and jurisdiction
15. Dispute Resolution: Procedures for resolving disputes, including arbitration provisions
16. General Provisions: Standard boilerplate clauses including assignment, severability, and entire agreement
1. Property Management: Include when property management services are part of the arrangement
2. Utilities and Services: Include when there are shared utilities or services provided by the landlord
3. Fit-out Works: Include when properties may require tenant improvements or modifications
4. Environmental Compliance: Include for industrial or commercial properties with environmental concerns
5. Operating Expenses: Include for commercial properties with common area maintenance charges
6. Subletting and Assignment: Include when subletting might be permitted under specific conditions
7. Force Majeure: Include when specific force majeure provisions are needed beyond standard provisions
8. Information Technology: Include for properties with shared IT infrastructure or smart building features
1. Schedule 1 - Property Template: Template for adding individual properties under the master agreement
2. Schedule 2 - Rent Calculation Formula: Methodology for calculating rent for different property types
3. Schedule 3 - Service Level Standards: Standards for maintenance and property management services
4. Schedule 4 - Property Condition Report Template: Template for documenting property condition at handover
5. Schedule 5 - Insurance Requirements: Detailed insurance requirements for different property types
6. Schedule 6 - Operating Procedures: Standard procedures for property operations and management
7. Appendix A - Required Documentation: List of required documents for adding properties
8. Appendix B - Contact Information: Key contacts for both parties and escalation procedures
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