THIS LEASE AGREEMENT (hereinafter referred to as the “Agreement”) made

and entered into this ____________ day of September 2022.

BY AND BETWEEN

MALLAM ABUBAKAR MUHAMMED MAHE (hereinafter called the

LESSOR (which expression shall where the context so admits shall include his
successor in the title and assigns on the one part) of the one part.

AND

Krisbery Pharmacy and Store of Plot No. Cus07, Cadestral Zone 07-04
(hereinafter called the LESSEE which expression shall where the context so
admits shall include his successor in the title and a

WITNESSETH:

assigns on the one part) of the one part.

WHEREAS: The Lessor is the beneficial owner of the plot of land with its
appurtenances situate and lying at

WHEREAS:, the Lessor is desirous of leasing the premises to Lessee upon the
terms and condition as contained herein; and

WHEREAS, The Lessee is desirous of leasing the premises from Lessor on the
terms and condition as contained herein;

NOW THEREFORE. For and in consideration of the sum of THREE MILLION

NAIRA (N3,000,000.00) as advanced payment (Signifying 5 years down
payment), the covenants and obligations contained herein and other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledge, the parties hereto hereby agree as follows:
1. TERM. Lessor Leases to Lessee and Lessee leases from Lessor the above
described premises together with any and all appurtenances thereto, for a term of
5 years. Such term beginning on 16 th Sept. 2022 and 12 o’clock midnight on 16 th
of Sept. 2027.
2. RENT. The total rent for the term hereof is the sum of Three Million
(3,000,000.00) naira payable in Two installments of One Million naira
(N1,000,000.00) upon the execution of this lease agreement and the Second
installment of (N2,000,000.00) upon the vacation of the leasors tenant for the
premises.(3 months form the date of the execution of this lease agreement)
All such payments shall be made by Lessee to the Lessors. Account details as
follows Bank: ……………….. on or before due date and without demand.
3. USE OF PREMISES. (a) Lessee shall use or cause to be used the leased
property only as business facility (Pharmacy and Supermarket), and for such
other uses as may be necessary or incidental to such use or such other use as
otherwise approved by Lessor ( the primary intended use). Lessee shall not sell
or permit to be kept, used or sold in or about the Lessed property any article
which may be prohibited by law.
(b). Lessee covenants that it will proceed with all due diligence and will exercise
reasonable efforts to obtain and to maintain all licenses and other approvals
needed to use and operate the leased property and the Supermarket/ Pharmacy
under applicable local, state and federal law.
(c). Lessee covenants and agrees that during the term it will operate
continuously the leased property as a supermarket facility maintain appropriate
certifications and licenses for such use and seek to maximize the gross revenue
generated therefrom consistent with sound business practices.
(d). Lessee shall not commit or suffer to be committed any form of violence on
the leased property, nor shall lessee cause or permit any nuisance thereon
(e). Lessee shall neither suffer nor permit the leased property or any portion
therefore, or Lessee’s personal Property, to be used in such a manner as (1)
might reasonably tend to impair Lessor’s (or Lessee, as the case may be) title
thereto or to any portion thereof, or (2) may reasonably make possible a cliam of
adverse usage or adverse possession by the public, as such, or of implied
dedication of the leased property or any portion thereof, except as necessary in
the ordinary and prudent operation of the Supermarket/ Pharmacy the leased
property.
4. Lessor to Grant Easement, Etc. Lessor will, from time to time, so long as no
event of Default has occurred and is continuing, at the request of Lessee and
Expense (but subject to the approval of Lessor, which approval shall not be
unreasonably withheld or delayed), (a) grant easement and other rights in the
nature of easement with respect to the leased property to third parties, (b) release
existing easement or other rights in the nature of easement which are for the
benefit of the leased property, (c) dedicate or transfer unimproved portion of the
leased property for road, highway or other public purpose, (d) execute
amendment to any covenants and restrictions affecting the leased property and
5. CONDITION OF PREMISES: Lessor stipulates, represents and warrants that
the lessee has examined the premises, and that they are at the time of this lease
in good order, and in a safe, and tenantable condition save for the portions
captured in the joint inspection and inventory (the joint inventory shall form a
part of this agreement) to be carried out by both parties as needing repairs,
reconstruction, renovation and redesigning.
The joint inventory capturing all movable items, immovable structure in their
current state shall be contained in the first schedule and shall form a part of this
agreement.
6. ASSIGNMENT AND SUB-LETTING. Lessee shall have the power to assign
this agreement, or sublet or grant any license to use the premises or any parts
thereof without the prior or subsequent written, oral or electronic texted consent
of lessor.
7. ALTERATIONS AND IMPROVEMENT Lessee shall have the powers to
reinforce, expand, upgrade and redesign the existing structure to ensure its
suitability for the purpose being used for. The Lessee shall be liable for all cost
and expenses incurred in respect to the expansion upgrade and redesigning of
the property
8. NON-DELIVERY OF POSSESSION. In the event lessor cannot deliver
possession of the premises to lease upon the commencement of the lease term,
through no fault of Lessor or its agents, then lessor or its agents shall have no
liability, but the rental herein provided shall abate until possession is given.
Lessor or its agent shall have thirty (7) days in which to give possession, and if
possession is tendered within such time, Lessee agrees to accept the demised
premises and pay the rental herein provided from that date.
In the event possession cannot be delivered within such time, through no fault of
lessor or its agent, then this agreement and all rights hereunder shall terminate
and the lessor shall refund all payments made in respect of rent, rates, taxes,
licenses, Immovable improvements.
10. HAZARDOUS MATERIALS. Lessee shall not keep on the premises any
item of a dangerous, flammable or explosive character that might unreasonably
increase the danger of fire or explosion on the premises or that might be
considered hazardous or extra hazardous.
11. UTILITIES. Lessee shall be responsible for arranging for and paying for all
utility services required on the premises.
12. MAINTENANCE AND REPAIR; RULES. Lessee will, at its sole expense,
keep and maintain the premises and appurtenances in good and sanitary
condition and repair during the term of this agreement and any renewal thereof.
Without limiting the generality of the foregoing, Lessee shall: (a) Not obstruct
the driveways, sidewalks, entry ways, which shall be used for the purpose of
ingress and egress only (b) and lessee’s staff shall at all times maintain order in
the premises and at all places on the premises, and shall not make or permit any
loud or improper noises, or otherwise disturb other residents.(c) keep all radios,
television sets, stereos, phonographs, etc turned down to a level of sound that
does not annoy or interfere with other residents, (d) deposit all trash, garbage,
rubbish or refuse in the locations provided therefore and shall not allow any
trash, garbage, rubbish or refuse to be deposited or permitted to stand on the
exterior of any building or within the common elements (e) abide by and be
bound by any and all rules and regulations affecting the premises or the common
area appurtenant thereto which may be adopted or promulgated by the
condominium or homeowners’ Association having control over them.
13. DAMAGE TO PREMISES. In the event the premises are destroyed or
rendered wholly tenantable by fire, storm, earthquake, or other casualty not
caused by the negligence of Lessee, this agreement shall terminate from such
time except for the purpose of enforcing right that may have then accrued
hereunder. The rental provided for herein shall then be accountable for by and
between Lessor and Lessee up to the time of such injury or destruction of the
premises, Lessee paying rentals up to such date and Lessor refunding rentals
collected beyond such date. Shall be restored by lessor as speedily as practicable
after which the full rent shall commence and the agreement continue according
to its term.
14. INSPECTION OF PREMISES. Lessor and lessor’s agents shall have the right
at all reasonable times during the terms of this agreement and any renewal thereof
to enter the premises for the purpose of inspecting the premises and all buildings
and improvement thereon. This right of entry shall be once a year at such date
times and manners as may be agreed by the parties herein in writing.

15. SURRENDING OF PREMISES. Upon the expiration of the terms hereof,

lessee shall surrender the premises in as good a state and condition as they were at
the commencement of this Agreement, alteration, improvements, reasonable use
and wear and tear thereof and damages by the elements excepted. The Lease
Agreement shall be Subject To Renewal upon Agreement between the Lessee and
Lessor.

16. QUIET-ENJOYMENT. Lessee, upon payment of all the sum referred to herein
as being payable by lessee and lessee’s performance of all Lessee’s agreements
contained herein and lessee’s observance of all regulations, shall and may
peacefully and quietly have, hold and enjoy said premises for the term hereof.

17. DEFAULT. If Lessee fails to comply with any of the material provisions of
this Agreements or materially fails to comply with any duties impose on Lessee by
statute within twenty one days (21) day after delivery of written notice by Leasor
specially stating the non-compliance and indicating the intention of Lessor to
terminate this lease by reason thereof, lessor may terminate this Agreement.

18. GOVERNING LAW. This Agreement shall be governed, constructed and

interpreted by through and under the Law of Nigeria.

19. SEVERAILITY. If any provision of this Agreement or the application thereof

shall, for any reason and to any extent, be invalid or unenforced, neither the
remainder of this agreement nor the application of the provision to other persons,
entities or circumstances shall be affected thereby, but instead shall be enforced to
the maximum extent permitted by the law.

20. BINDING EFFECT: the covenants, obligations and conditions herein

contained shall be binding on and inure to the benefit of the heirs, legal
representatives and assigns of the parties hereto.

21. DESCRIPTIVE HEADINGS: the descriptive headings used herein are for
convenience of reference only and they are not intended to have any effect
whatsoever in determining the rights or obligation of the lessor or lessee.

22. CONSTRUCTION: The pronouns used herein shall include, where

appropriate, either gender or both, singular and plural.

23. NON-WAIVER. No indulgence, waiver, election or non-election by Lessor

under this agreement shall affect Lessee’s duties and liabilities hereunder.

24. MODIFICATION. The parties hereby agree that this document contains the
entire agreement between the parties and this agreement shall not be modified,
changes, altered or amended in any way except through a written signed by all of
the parties hereto.
 FIRST SCHEDULE

JOINT INVENTORY

It is hereby declared that both parties and their experts have jointly inspected the
property known as the proposed lease property and taken inventory of the
following items in their sub categories:

1. Infrastructures:
This covers the structure and their current conditions. The comment section
captures whether they need reconstructing, renovation, redesigning etc.

NO DESCRIPTION CONDITION COMMENTS

1. 4 Shops
IN WITNESS WHEREOF, the parties have caused these presents to be duly
executed in the day and the year first above written.

SIGNED

By the within named LESSOR

………………………………………
MALLAM ABUBAKAR
MUHAMMMADU MAHE
In the presence of

SIGNATURE:……………………………
NAME……………………………….……
OCCUPATION;…………………………....
ADDRESS………………………………….
………………………………………………

SIGNED

By the within named LESSEE

………………………………………
KRISS BERRY PHARMACY AND
STORES LTD
In the presence of

SIGNATURE:……………………………
NAME……………………………….……
OCCUPATION;…………………………....
ADDRESS………………………………….
………………………………………………