LEASE AGREEMENT

DATED THE …………….DAY OF……………………………20…

BETWEEN

MRS. ……

AND

MR……

LEASE AGREEMENT IN RESPECT OF PROPERT AT ….

Prepared by:
O.H. Fasiku ESQ.,
LEGAL PRACTITIONER,
pelumifasiku@gmail.com
08071437660
THIS LEASE AGREEMENT is made the …………………day of
………………………… 20…….

BETWEEN

MRS… of …. Lagos State (hereinafter referred to as “the Lessor” which expression

shall, where the context so admits, include his heirs, legal personal representatives and
assigns) of the one part

AND

MR. … of … Lagos State.(hereinafter referred to as “the Lessee” and which expression

shall, where the context so admits, include its agents, successors in-title and assigns) of
the other part.

WHEREAS IT IS AGREED AS FOLLOWS:

1. In consideration of the rent and the covenants on the part of the Lessee hereinafter
reserved and contained, the Lessor HEREBY DEMISES UNTO the Lessee ALL
THAT Premises comprised in the building known, lying and situate at ……
(hereinafter referred to as “the Demised Premises”) for a term of 5 (five) years
certain YIELDING AND PAYING therefore during the term hereby created the
yearly rent of =N= (…) and the sum of =N= (…) being rent for first 3 (three)
years that is to say 1st November, 2020 to 31st day of October, 2023 net of
withholding or any other tax, or fees, having been paid before the execution of
these presents (the receipt whereof the Lessor hereby acknowledges).

2. THE TENANT HEREBY COVENANTS AS FOLLOWS:

a. To use the Demised Premises for Commercial/Residential purposes only.

b. To pay the rent hereby reserved at the time and in the manner aforesaid
particularly the Lessee agrees to pay the rent for 2 (two) years for the
period of 1st November, 2023 to31st October, 2025 in the sum of (…) on or
before 31st October, 2021. Any breach of this covenant to pay shall
immediately terminate the tenancy and entitle the Lessor to retake
possession of the demised premises.

c. To pay all costs and expenses incurred in the preparation of this Agreement,
including stamp duty and legal fees.
d. Not to do or permit or suffer to be done on the said property any act which
is or may be to the annoyance of the Lessor or the occupiers of any
adjoining premises.

d. Not to use the premises for illegal and/or unlawful purposes and to be fully
liable if there is any commission of crime or criminal omission on the
premises by himself or by anyone acting within the scope of the tenant’s
authority.

e. To observe and comply with all environmental and sanitation laws, rules
and regulations of the Federal State and Local Government in the use of the
demised premises.

f. To pay water, tenement, township, improvement rates and land use charge
imposed upon the Demised Premises or upon the owner or occupier thereof
by the government or any of its agents or agencies.

g.. To keep the interior of the Demised Premises, windows, doors, locks,
fastenings, bells and other fixtures and fittings, and conveniences now
belonging thereto in good and tenantable repair and condition, reasonable
wear and tear and damages by Act of God excepted, and at the end of the
term hereby granted to repair and re-decorate the interior including the
doors, fixtures and fittings thereof with paint of good quality.

i. To replace all missing keys, damaged locks, doors, windows, fixtures and
fittings caused by the tenant, or its agents or servants during the term
hereby created.

j. To permit the Lessor and/or her agents with or without workmen upon
giving at least 48 hours’ notice at a reasonable time of the day to enter
upon, view and inspect the conditions of the Demised Premises and to carry
out any necessary structural repairs therein.

k. Not to assign, sub-let or part with the possession of the said Demised
Premises without the prior written consent of the Lessor, such consent,
however not to be unreasonably withheld.

l. Not to make any structural alterations to the Demised Premises without the
prior written consent of the Lessor, such consent not to be unreasonably
withheld. SAVE THAT where such alterations, additions and
improvements are removed on determination of the term herein or sooner
determination of same, the demised premises shall be restored by the
Lessee to its previous state.
 m. At all times and before or at the expiration of the term hereby created, to
indemnify the Lessor against any damage caused to the roof or other parts
of the building or its environment and in respect of any damage to the
interior or contents caused directly or indirectly by the erection of any
antennae or aerial and should the aerial for any reason whatsoever act as
lightening conductor the Lessee shall be responsible for any and all
consequential damage or loss suffered or incurred by the Lessor as a result
of the negligence of the Lessee and/or its agents (acting within the scope of
the tenant’s authority).

n. To bear, pay and discharge all accounts or charges in respect of electricity

consumed upon the Demised Premises during the term hereby created, (or
sooner determination of same in accordance with the provisions herein)
notwithstanding non-availability or otherwise of PHCN and Lagos State
Water Corporation bills as and when due in respect thereof.

o. To be responsible for the maintenance and cleaning of the septic tank and
soak-away pits serving the Demised Premises provided that the cost of
repairing any defects in or damage to the structural of same shall be borne
by the Lessee.

p. At the expiration or sooner determination of the term hereby granted to

yield up peaceably to the Lessor possession of the Demised Premises with
additions thereof if any (except the Lessee’s moveable fixtures) in good and
tenantable repair and condition.

3. THE LESSOR HEREBY COVENANTS AS FOLLOWS:

a. That the Lessee paying the rent hereby reserved and performing and
observing the several covenants, conditions and stipulations herein on his
part contained shall peaceably hold and enjoy the Demised Premises during
the said term without any interruption by the Lessor or any persons rightly
claiming under or in trust for him.

b. To keep the Demised Premises structurally sound water tight and the
exterior thereof and all addition thereto in good and tenantable repair and
condition PROVIDED that this covenant shall not extend to the repairs
made necessary by the act or negligence of the Lessee and/or its agents.
 c. The Lessor shall indemnify the Lessee against any and all claims which
may be suffered or incurred by, or made against the Lessee arising out of or
in connection with any defect in or challenge to the Lessor’s title to the
Demised Premises.

4. PROVIDED ALWAYS AND IT IS HEREBY AGREED AS FOLLOWS:

a. That if the Lessee shall desire to take a further renewal of the tenancy of the
demised premises for a further term after the expiration of the term hereby
granted and if he gives to the Lessor notice in writing three calendar months
before the expiration of the present term and if there shall not at the time of
such request be any existing breach or non-observance any of the covenants on
the part of the tenant herein contained the Lessor will demise to the tenant a
new lease of the premises for a further term at a reviewed rent to be agreed by
both parties but subject otherwise to the like covenants as are in and by these
present reserved and contained and subject further to the fact that any tenancy
agreement pursuant thereto shall be at the expense of the Lessee.

b. That if any covenant on the part of the Lessee herein contained shall not be
performed or observed then and in any of the said cases it shall be lawful for
the Lessor at any time thereafter to re-enter upon the demised premises or any
part thereof in the name of the whole and thereupon this demise shall
absolutely determine but without prejudice to any right of action of the Lessor
in respect of any antecedent breach of the Lessee’s covenants herein contained.

c. That for the purpose of effecting service of any notice(s), letter(s) and/or
processes by the Lessor or his agent on the Lessee, it shall be sufficient if same
is either served personally or on any occupant or employee of the Lessee found
on the demised premises or where such is impracticable or impossible by
posting same on the entrance/doorway to the demised premises.

d. Notwithstanding anything to the contrary whether herein or in any enactment,

any dispute arising out of or in relation to this agreement or the subject-matter
hereof (that is to say: covenants, rent, rent review, recovery of possession,
repairs, damages, liabilities, interpretations and such like) as between the
parties herein shall be referred to arbitration PROVIDED THAT the arbitral
panel shall consist of a single arbitrator to be appointed by the Chartered
Institute of Arbitrators UK (Nigerian Branch). The appointment shall be made
upon a request in writing by either of the parties addressed to the Chairman of
the aforesaid Institute and all incidental fees for the arbitral proceedings shall
be borne by the party against whom an award is made.
IN WITNESS WHEREOF the parties hereto have hereunto set their hands seals the day
and year first above written.

SIGNED SEALED AND DELIVERED

by the within named LESSOR
………………………………

In the presence of:

Name:…………………………………………………………

Address:………………………………………………………

Occupation:…………………………………………………..

Signature:……………………………………………………..

AND

SIGNED SEALED AND DELIVERED

by the within named LESSEE
………………………………

In the presence of:

Name:…………………………………………………………

Address:………………………………………………………

Occupation:…………………………………………………..

Signature:……………………………………………………..