The End of Lease Agreement is a crucial document used in Nigerian property law when formally concluding a lease arrangement between a landlord and tenant. It becomes necessary when either party wishes to terminate the lease according to the original agreement's terms or by mutual consent. This document ensures compliance with Nigerian federal legislation, particularly the Recovery of Premises Act, and relevant state-specific tenancy laws. It covers essential aspects such as property inspection requirements, security deposit handling, outstanding payment settlements, and mutual releases. The agreement is designed to protect both parties' interests and prevent future disputes by clearly documenting the termination process and final obligations. It's particularly important in Nigeria's dynamic property market, where clear documentation of lease terminations is essential for legal certainty and proper record-keeping.
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1. Parties: Identification of the landlord and tenant with full legal names and addresses
2. Background: Brief recital of the original lease details, property description, and reason for termination
3. Definitions: Definitions of key terms used throughout the agreement
4. Termination Date: Specific date when the lease will terminate and premises will be vacated
5. Property Inspection: Terms for conducting final inspection and documentation of property condition
6. Return of Keys: Process and timing for returning all keys and access devices
7. Security Deposit: Terms for the return or deduction from security deposit
8. Outstanding Payments: Settlement of any remaining rent, utilities, or other charges
9. Property Condition: Requirements for the condition in which the property must be returned
10. Mutual Release: Release of both parties from future obligations under the original lease
11. Governing Law: Confirmation that the agreement is governed by Nigerian law
12. Signatures: Execution section with date and signature blocks for all parties
1. Dispute Resolution: Include when there are existing disputes or potential areas of disagreement
2. Restoration Works: Include when specific restoration or repair works are required before vacation
3. Holdover Provisions: Include when there's a possibility of delayed vacation
4. Assignment of Rights: Include when there are third-party rights or obligations to be addressed
5. Insurance Requirements: Include for commercial properties or when specific insurance matters need resolution
6. Environmental Compliance: Include for properties with environmental considerations or industrial use
7. Confidentiality: Include for commercial properties or when sensitive information is involved
1. Schedule 1 - Property Inventory: Detailed inventory of fixtures, fittings, and condition of the property
2. Schedule 2 - Outstanding Payments Schedule: Detailed breakdown of any outstanding payments or adjustments
3. Schedule 3 - Inspection Report: Comprehensive property inspection report with photographs
4. Schedule 4 - Utility Accounts: List of utility accounts and status of final readings/payments
5. Appendix A - Original Lease: Copy of the original lease agreement for reference
6. Appendix B - Correspondence: Relevant correspondence regarding the termination process
7. Appendix C - Restoration Requirements: Detailed specifications of any required restoration work
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