A Lease Surrender Agreement is utilized when both landlord and tenant mutually agree to terminate a lease before its natural expiry. This document is essential in the Nigerian real estate context where formal documentation of property transactions is crucial for legal certainty. The agreement should comply with Nigerian property law, particularly the Land Use Act 1978 and relevant state legislation. It typically includes detailed provisions about the surrender date, property condition, outstanding obligations, and mutual releases. The document is particularly important in commercial settings where significant property interests are involved and formal registration is required. It provides protection for both parties by clearly documenting the terms of the surrender and ensuring all necessary legal requirements are met.
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1. Parties: Identification of the Landlord and Tenant, including full legal names and addresses
2. Background: Recitals describing the existing lease, its key terms, and the parties' intention to surrender
3. Definitions: Definitions of key terms used throughout the agreement
4. Agreement to Surrender: The core agreement where the tenant agrees to surrender and the landlord agrees to accept the surrender of the lease
5. Date of Surrender: Specification of the exact date when the surrender takes effect
6. Consideration: Details of any payment or consideration for the surrender
7. Property Condition: Requirements for the condition in which the property must be returned
8. Release of Obligations: Mutual release of future obligations under the lease
9. Representations and Warranties: Basic warranties about capacity to enter agreement and authority to surrender
10. Governing Law: Specification that Nigerian law governs the agreement
11. Execution: Signature blocks and execution formalities
1. Outstanding Payments: Section dealing with any remaining rent, service charges, or other payments - include if there are outstanding financial obligations
2. Sub-tenancies: Provisions dealing with any existing sub-tenants - include if there are sub-leases in place
3. Security Deposit: Provisions for the return of any security deposit - include if a deposit was paid under the original lease
4. Dilapidations: Detailed provisions about repair obligations and settlement of dilapidations - include if there are significant repair issues
5. Surviving Obligations: List of any obligations that survive the surrender - include if certain obligations need to continue
6. Keys and Security: Provisions for returning keys and security devices - include for commercial properties
7. Service Contracts: Provisions dealing with existing service contracts - include for commercial properties with ongoing services
1. Schedule 1 - Property Description: Detailed description of the property including its address and any relevant plan or drawing
2. Schedule 2 - Original Lease: Details of the original lease including its date and parties
3. Schedule 3 - Inventory: List of any fixtures, fittings or equipment included in the surrender
4. Schedule 4 - Condition Report: Detailed report on the condition of the property at surrender
5. Appendix A - Property Plans: Plans or drawings of the property if required
6. Appendix B - Photographic Schedule: Photographs documenting the condition of the property at surrender
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