The Lease Of Real Estate With Guarantee & Indemnity is a specialized legal document used in Nigerian property transactions where additional security is required beyond the standard tenant covenant. This document is particularly relevant when leasing high-value commercial properties or when dealing with tenants who may need financial backing. It combines standard lease provisions compliant with the Land Use Act 1978 and state-specific property laws, with robust guarantee and indemnity clauses that protect the landlord's interests. The document is commonly used by corporate landlords, property management companies, and institutional property owners who require additional security for their lease agreements. It includes comprehensive provisions for both the primary lease relationship and the guarantee obligations, making it suitable for complex commercial arrangements where financial assurance is paramount.
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1. Parties: Identification of the Landlord, Tenant, and Guarantor(s)
2. Background: Context of the lease agreement and guarantee arrangement
3. Definitions and Interpretation: Definitions of key terms and interpretation rules
4. Demise: The formal grant of lease, specifying the property and term
5. Rent and Payment Terms: Rent amount, payment schedule, and review provisions
6. Tenant Covenants: Tenant's obligations including maintenance, repair, and use restrictions
7. Landlord Covenants: Landlord's obligations including quiet enjoyment and insurance
8. Guarantee and Indemnity: Terms of guarantee, including scope and duration of guarantor's obligations
9. Insurance: Insurance requirements for both parties
10. Assignment and Subletting: Restrictions and conditions for transfer of lease rights
11. Termination: Circumstances and procedures for lease termination
12. Forfeiture: Landlord's right of re-entry and forfeiture conditions
13. Notices: Requirements for serving formal notices
14. Governing Law: Specification of Nigerian law and jurisdiction
1. Service Charge: For properties with common areas or shared services requiring additional charges
2. Rent Review: Detailed rent review mechanisms for longer-term leases
3. Break Clause: Optional early termination provisions
4. Alterations and Improvements: Detailed provisions for property modifications in commercial leases
5. Additional Guarantor Provisions: Extra provisions for multiple guarantors or corporate guarantees
6. Planning and Zoning Compliance: Specific provisions for commercial properties requiring planning permissions
7. Environmental Matters: For properties with potential environmental concerns or obligations
8. Security Deposit: Terms for handling security deposits if required
1. Schedule 1 - Property Description: Detailed description of the property including boundaries and plan
2. Schedule 2 - Rent Payment Schedule: Detailed breakdown of rent payments and due dates
3. Schedule 3 - Guarantor Obligations: Specific terms and extent of guarantee and indemnity
4. Schedule 4 - Permitted Use: Detailed description of permitted use of the property
5. Schedule 5 - Property Inventory: List of fixtures, fittings, and condition report
6. Schedule 6 - Service Charges: Breakdown of service charges if applicable
7. Appendix A - Property Plans: Floor plans and property drawings
8. Appendix B - Photos: Photographic evidence of property condition at lease start
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