The Surrender Of Lease Deed is a crucial document in Nigerian property law that enables the consensual early termination of a lease agreement. It is typically used when both landlord and tenant wish to end their lease relationship before the original termination date, whether for commercial or practical reasons. The document must comply with the Land Use Act 1978 and other relevant Nigerian property laws, ensuring proper registration and stamping requirements are met. It should detail the surrender terms, including the effective date, settlement of outstanding obligations, property handover conditions, and mutual releases. This type of deed is particularly important in commercial property management and requires careful drafting to protect both parties' interests and ensure a clean break from the lease obligations.
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1. Parties: Identifies and defines the Landlord and Tenant (including their full legal names, addresses, and any registration details for companies)
2. Background: Recites the existence of the original lease, its key terms, and the parties' intention to surrender it
3. Definitions: Defines key terms used throughout the deed, including 'Property', 'Lease', 'Surrender Date', and other relevant terms
4. Agreement to Surrender: The operative clause where the tenant agrees to surrender and the landlord agrees to accept the surrender of the lease
5. Effective Date: Specifies the date when the surrender takes effect
6. Consideration: Details any payment or consideration for the surrender
7. Tenant's Obligations: Lists the tenant's obligations regarding vacation of premises, removal of belongings, and condition of property
8. Release of Obligations: Mutual release of parties from future obligations under the lease
9. Outstanding Payments: Addresses settlement of any outstanding rent, service charges, or other payments
10. Return of Security Deposit: Provisions regarding the return of any security deposit or rent deposit
11. Governing Law: Confirms Nigerian law as governing law and jurisdiction
12. Execution: Formal execution block for signing by all parties
1. Dilapidations: Include when there are specific agreements about repair works or compensation for property damage
2. Third Party Consents: Include when consent from mortgagees or other third parties is required for the surrender
3. Tax Provisions: Include when there are specific tax implications that need to be addressed
4. Service Contracts: Include when there are ongoing service contracts that need to be terminated or transferred
5. Insurance: Include when specific arrangements about insurance coverage during transition period are needed
6. Confidentiality: Include when parties wish to keep the terms of surrender confidential
7. Surviving Provisions: Include when certain provisions of the original lease need to survive the surrender
1. Schedule 1 - Property Description: Detailed description of the property including boundaries and any relevant plans
2. Schedule 2 - Original Lease: Copy or details of the original lease being surrendered
3. Schedule 3 - Inventory: List of fixtures, fittings, and any items being left in or removed from the property
4. Schedule 4 - Condition Report: Current condition of the property with photographs if applicable
5. Schedule 5 - Outstanding Payments: Detailed breakdown of any outstanding payments or adjustments
6. Appendix A - Required Consents: Copies of any third-party consents obtained for the surrender
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