Rental Extension Agreement for Nigeria

Rental Extension Agreement Template for Nigeria

A legally binding document governed by Nigerian law that extends an existing lease agreement between a landlord and tenant for a specified additional period. The agreement maintains or modifies the terms of the original lease while complying with federal regulations such as the Rent Control and Recovery of Residential Premises Act, as well as relevant state-specific tenancy laws. It includes essential elements such as the extended term duration, rent amount, and any revised conditions, while ensuring all statutory requirements for property agreements in Nigeria are met.

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What is a Rental Extension Agreement?

The Rental Extension Agreement is a crucial document used in Nigerian property law when parties wish to extend an existing lease rather than create an entirely new agreement. It's particularly useful when both landlord and tenant are satisfied with their arrangement and want to continue their relationship with minimal changes. The document must comply with both federal Nigerian property laws and state-specific tenancy regulations, including requirements for registration and stamp duty. The agreement typically references the original lease terms while specifying the new duration, any rent adjustments, and modified terms if applicable. It's commonly used in both residential and commercial contexts, and can be adapted for various property types while maintaining its essential legal framework under Nigerian law.

What sections should be included in a Rental Extension Agreement?

1. Parties: Identifies the landlord and tenant with their full legal names and addresses

2. Background: References the original lease agreement, its date, and key terms, establishing the context for the extension

3. Definitions: Defines key terms used in the agreement, including references to terms from the original lease that remain applicable

4. Extension Term: Specifies the new duration of the lease extension, including start and end dates

5. Rent: States the rent amount for the extension period, including any adjustments from the original amount

6. Confirmation of Original Terms: Affirms which terms from the original lease agreement remain in effect during the extension period

7. Representations and Warranties: Statements by both parties confirming their authority to enter into the extension and that no defaults exist under the original lease

8. Execution: Signature blocks for all parties, including dates and witness provisions as required by Nigerian law

What sections are optional to include in a Rental Extension Agreement?

1. Modified Terms: Used when any original lease terms are being changed during the extension period

2. Security Deposit Adjustment: Include when the security deposit amount is being modified for the extension period

3. Guarantor Confirmation: Required when the original lease had a guarantor who needs to confirm their continued guarantee for the extension period

4. Property Inspection Report: Include when parties wish to document the current condition of the property at the time of extension

5. Renovation/Modification Provisions: Used when specific property improvements or modifications are agreed upon as part of the extension

6. Break Clause: Optional provision allowing either party to terminate the extension early under specified conditions

What schedules should be included in a Rental Extension Agreement?

1. Schedule 1 - Original Lease Agreement: Copy of the original lease agreement being extended

2. Schedule 2 - Property Details: Updated description and inventory of the rental property and any included fixtures/fittings

3. Schedule 3 - Modified Terms: Detailed list of any terms that differ from the original lease agreement

4. Appendix A - Property Inspection Report: Current condition report with photographs if applicable

5. Appendix B - Utility Agreements: Updated arrangements for utility payments and responsibilities if changed from original lease

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Nigeria

Publisher

Genie AI

Document Type

Rental Agreement

Cost

Free to use
Relevant Industries

Real Estate

Retail

Commercial Office

Industrial

Hospitality

Healthcare

Education

Manufacturing

Logistics

Professional Services

Relevant Teams

Legal

Real Estate

Facilities Management

Operations

Administration

Finance

Corporate Services

Property Management

Contract Management

Relevant Roles

Property Manager

Real Estate Manager

Facilities Manager

Legal Counsel

Corporate Real Estate Manager

Operations Manager

Office Manager

Real Estate Agent

Leasing Manager

Property Administrator

Contracts Manager

Company Secretary

Chief Financial Officer

Administrative Manager

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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