DRAFT RENT REVIEW CLAUSE IN A LEASE

"The tenant may exercise the option to renew the term granted under this lease subject to the right of the landlord to review the rent. The landlord may consider the following:

• The rent at which the premises might reasonably be expected to be let in the open market by a willing landlord for a term equivalent to the term granted under this lease, or
• The rent at which the premises might, in the opinion of an expert, be let.

PROVIDED THAT where no agreement is reached between the parties within 30 days into the commencement of the new term granted under this lease as to the rent payable then a recourse shall be made to an Arbitration Panel appointed by the parties and until the new rent is agreed, the current rent shall continued to be payable and arrears of rent (if any) paid immediately after the new rent has been agreed."

SAMPLE DRAFT OF A LEASE (Please, adopt as the fact of the case at hand demands)

DEED OF LEASE

THIS DEED OF LEASE is made the ___________ day of _________________, 2012 BETWEEN Mr. Kunle Ade of No. 8 Fajuyi Street, Peace Estate, Jos (the Lessor) of the one part AND Chief Kalajaye Gbada of No. 9 Tejuosho Avenue, Area 4, Abuja (the Lessee) of the other part.

WHEREAS:

• Mr Kunle Ade is the beneficial owner of the Plot of land situate at No 8 Fajuyi Street, Peace Estate, Jos and is willing to lease to the Lessee.
• The Lessee is equally willing to pay the rent for the property to be leased.

THIS DEED WITNESSES AS FOLLOWS:

In consideration of the Rent and the Lessee's covenants reserved and contained in this lease, the Lessor LEASE to the Lessee ALL THAT property situated at Plot A1 No. 8 Fajuyi Street, Peace Estate, Jos to hold unto the Lessee for a fixed term of six (6) years commencing from 1st January 2009 and expires 31st December 2015 paying the sum of N1,000,000 (One Million Naira) yearly and the Lessee shall pay the sum of N6,000,000 (Six Million Naira) the receipt of which the Lessor hereby acknowledges as rent for the term granted in advance at the commencement of this lease.

THE LESSEE COVENANTS with Lessor as follows: