The Lease Agreement With Option To Purchase is a sophisticated legal instrument used in Nigerian property transactions where parties wish to combine a traditional lease with a future purchase opportunity. This arrangement is particularly valuable in situations where immediate purchase is not feasible or desired, but both parties want to secure future purchase rights. The document must comply with the Nigerian Land Use Act, state property laws, and registration requirements, making it suitable for both commercial and residential properties. It typically includes detailed terms for the lease period, maintenance responsibilities, option exercise procedures, and purchase price determination. This type of agreement is commonly used in various scenarios including business expansion, residential property acquisition, and commercial property development, offering flexibility while protecting both parties' interests under Nigerian law.
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1. Parties: Identification of the lessor (landlord) and lessee (tenant), including full legal names, addresses, and any registration details for companies
2. Background: Context of the agreement, including brief property description and parties' intention to enter into lease with purchase option
3. Definitions: Key terms used throughout the agreement including Property, Lease Term, Purchase Option, Option Period, Purchase Price
4. Lease Terms: Core lease provisions including duration, rent amount, payment terms, and renewal options
5. Property Use and Maintenance: Permitted use of property, maintenance responsibilities, and property condition requirements
6. Option to Purchase: Terms of the purchase option, including option price, exercise period, and execution process
7. Payment Terms: Detailed financial terms for both lease and purchase option, including rent, deposits, and purchase price
8. Insurance and Liability: Insurance requirements and allocation of risks between parties
9. Default and Remedies: Consequences of default under either lease or option terms, and available remedies
10. Assignment and Subletting: Rights and restrictions regarding transfer of lease or option rights
11. Notices: Process and requirements for formal communications between parties
12. Governing Law and Jurisdiction: Specification of Nigerian law application and jurisdiction for disputes
13. Execution: Signature blocks and execution requirements
1. Property Management: Include when property is part of a larger complex or requires specific management arrangements
2. Utilities and Services: Include when there are shared utilities or special service arrangements
3. Improvements and Alterations: Include when tenant is permitted to make significant modifications to the property
4. Environmental Matters: Include for industrial or commercial properties with potential environmental impacts
5. Security Arrangements: Include when additional security measures or deposits are required
6. Force Majeure: Include when parties want specific provisions for unforeseen circumstances
7. Option Premium: Include when there is a separate payment for the purchase option right
1. Property Description: Detailed description of the property including boundaries, plans, and certificates of occupancy
2. Rent Payment Schedule: Detailed breakdown of rent payments, including any escalation provisions
3. Inventory: List of any furnishings or equipment included in the lease
4. Condition Report: Detailed report of property condition at lease commencement
5. Purchase Price Calculation: Formula or method for determining final purchase price, including any adjustments
6. Required Consents: List of necessary government or third-party approvals
7. Form of Option Notice: Template for exercising the purchase option
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