The Commercial Sublease Agreement is a vital legal instrument used in Nigerian business operations when an existing tenant wishes to transfer partial or full rights of their leased premises to another party while maintaining their original lease agreement with the landlord. This document is essential in situations where businesses need to optimize their space usage, reduce costs, or accommodate changing space requirements. The agreement must comply with Nigerian property laws, particularly the Land Use Act 1978, and typically requires the master landlord's consent. It includes detailed provisions for rent, maintenance, insurance, and other obligations, while ensuring that the subtenant's use aligns with both the master lease terms and local regulations. The document is particularly relevant in urban commercial centers like Lagos, Abuja, and Port Harcourt, where commercial property subleasing is common practice.
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1. Parties: Identification of the Sublandlord (original tenant) and Subtenant, including full legal names, registration numbers for companies, and addresses
2. Background: Recitals explaining the context of the sublease, including reference to the master lease and the Sublandlord's authority to sublease
3. Definitions: Definitions of key terms used throughout the agreement
4. Demise: The formal granting of the sublease, specifying the premises being subleased
5. Term and Renewal: Duration of the sublease, commencement date, and any renewal options
6. Rent and Other Payments: Details of rent amount, payment schedule, security deposit, and other financial obligations
7. Use of Premises: Permitted use of the premises and any restrictions
8. Maintenance and Repairs: Responsibilities for maintaining and repairing the premises
9. Alterations and Improvements: Rules regarding modifications to the premises
10. Insurance and Liability: Required insurance coverage and allocation of risks
11. Assignment and Further Subletting: Restrictions on transfer of the sublease interest
12. Compliance with Master Lease: Subtenant's obligations to comply with master lease terms
13. Default and Remedies: Events of default and available remedies
14. Termination: Conditions and procedures for ending the sublease
15. Governing Law: Specification of Nigerian law as governing law and jurisdiction
1. Utilities and Services: Details of responsibility for utilities when not included in rent
2. Signage Rights: Rules regarding exterior and interior signage when applicable
3. Parking: Allocation of parking spaces when parking is available
4. Common Areas: Rights and obligations regarding shared facilities when applicable
5. Environmental Matters: Special provisions for properties with environmental concerns
6. Security Arrangements: Special security requirements for high-security premises
7. Force Majeure: Provisions for unforeseen circumstances affecting performance
8. Option to Purchase: Right to purchase the property if agreed with master landlord
1. Schedule 1 - Property Description: Detailed description of the subleased premises including floor plans and measurements
2. Schedule 2 - Master Lease: Copy or relevant excerpts of the master lease agreement
3. Schedule 3 - Rent Schedule: Detailed breakdown of rent payments, including any escalations
4. Schedule 4 - Condition Report: Description of the premises condition at commencement of sublease
5. Schedule 5 - Fitting Out Specifications: Specifications for any permitted tenant improvements
6. Schedule 6 - Service Charges: Breakdown of service charges and operating expenses if applicable
7. Appendix A - Required Insurances: Detailed list of required insurance coverage
8. Appendix B - Rules and Regulations: Building rules and regulations applicable to the subtenant
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