tiktok���˰�

The Simple Shop Rental Agreement is a fundamental legal document used in the Nigerian commercial property market for leasing retail space. This agreement is particularly suitable for individual shop units, small retail premises, and stores within shopping centers or commercial buildings. The document is designed to comply with Nigerian property law while remaining accessible for small to medium-sized businesses. It covers essential elements such as rent, term, permitted use, maintenance obligations, and service charges, while providing adequate protection for both landlord and tenant interests. The agreement is commonly used across Nigeria's major commercial centers and can be adapted for various retail businesses while maintaining compliance with local property regulations and commercial practice.

1. Parties: Identification and details of the landlord and tenant, including registration numbers for companies

2. Background: Brief context of the agreement and confirmation of the landlord's right to lease the premises

3. Definitions: Definitions of key terms used throughout the agreement

4. Premises Description: Detailed description of the shop premises, including exact location, size, and any included fixtures

5. Term and Commencement: Duration of the lease and commencement date

6. Rent and Payment Terms: Rental amount, payment schedule, and method of payment

7. Security Deposit: Amount, payment terms, and conditions for return of the security deposit

8. Permitted Use: Specified business activities allowed in the premises

9. Utilities and Services: Responsibility for utilities, maintenance, and service charges

10. Tenant's Obligations: Key responsibilities and obligations of the tenant

11. Landlord's Obligations: Key responsibilities and obligations of the landlord

12. Insurance: Required insurance coverage for both parties

13. Assignment and Subletting: Conditions under which the tenant may assign or sublet the premises

14. Termination: Conditions and procedures for termination of the lease

15. Governing Law: Specification of Nigerian law as governing law

16. Dispute Resolution: Process for resolving disputes between parties