The Lease Termination Agreement is a crucial legal document used in Nigeria when parties wish to formally end a lease arrangement before its natural expiration or document the terms of an ending lease. It complies with Nigerian property law and relevant state legislation, providing a clear framework for lease termination that protects both landlords' and tenants' interests. This document is essential for properly documenting the agreed termination terms, financial settlements, property handover requirements, and mutual releases from future obligations. It helps prevent future disputes by clearly outlining each party's responsibilities and rights during the termination process. The agreement is particularly important in commercial settings but is equally valuable for residential leases, especially in cases involving significant property values or complex termination terms.
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1. Parties: Identification of the landlord and tenant(s), including full legal names and addresses
2. Background: Brief recital of the original lease agreement details, including date of execution, property description, and current term
3. Definitions: Definitions of key terms used throughout the agreement
4. Termination Date: Clear statement of the effective date of lease termination
5. Settlement of Rent and Charges: Details of final rent payment, utility bills, and any other outstanding charges
6. Security Deposit: Provisions for the return or forfeiture of security deposit, including timeline and conditions
7. Property Inspection and Handover: Requirements for property inspection, repairs, and the process of returning keys and possession
8. Mutual Release: Mutual release of future claims and obligations related to the lease
9. Governing Law: Specification that the agreement is governed by Nigerian law and relevant state legislation
10. Execution: Signature blocks for all parties and witnesses
1. Disputed Amounts: Section detailing resolution of any disputed amounts - include when there are unresolved financial disputes
2. Surviving Obligations: List of obligations that survive termination - include for commercial leases or when specific obligations continue post-termination
3. Confidentiality: Confidentiality provisions - include for commercial properties or when requested by either party
4. Return of Fixtures and Fittings: Detailed provisions for removal or transfer of tenant improvements - include for commercial properties or furnished residential properties
5. Third Party Rights: Provisions regarding rights of guarantors or other third parties - include when there are guarantors or other involved parties
6. Alternative Dispute Resolution: ADR provisions - include when parties wish to specify dispute resolution methods
1. Schedule 1 - Property Details: Detailed description of the property including address and any registered title information
2. Schedule 2 - Settlement Statement: Detailed breakdown of all financial settlements including rent, deposits, and other charges
3. Schedule 3 - Inventory List: List of fixtures, fittings, and items to be returned or retained - particularly relevant for furnished properties
4. Appendix A - Property Inspection Report: Final inspection report documenting the condition of the property at termination
5. Appendix B - Original Lease Agreement: Copy of the original lease agreement being terminated
6. Appendix C - Photographic Evidence: Photographs documenting the property's condition at termination
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