The Surrender of Tenancy Agreement is essential when both landlord and tenant wish to terminate a lease before its natural expiry date in Nigeria. This document is commonly used in situations where early termination is mutually beneficial, such as when a tenant needs to relocate unexpectedly or a landlord requires the property for alternative use. The agreement must comply with Nigerian property law, including the Tenancy Law (Recovery of Residential Premises) Act and state-specific legislation. It typically includes detailed provisions about the surrender date, property condition, financial settlements, and mutual releases. The document protects both parties by clearly defining their rights and obligations during the surrender process, preventing future disputes, and ensuring proper documentation of the tenancy termination. It's particularly important in commercial contexts where significant financial interests are involved, but is equally applicable to residential tenancies.
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1. Parties: Identifies and provides full details of the Landlord and Tenant, including their addresses and any relevant registration numbers for companies
2. Background: References the original tenancy agreement, its date, the property details, and confirms both parties' intention to surrender the tenancy
3. Definitions: Defines key terms used in the agreement including 'Property', 'Surrender Date', 'Original Lease', and other relevant terms
4. Agreement to Surrender: The core clause where both parties agree to the surrender of the tenancy and specify the effective date
5. Surrender Terms: Details the conditions of surrender, including the state of the property, return of keys, and any financial settlements
6. Property Condition: Specifies the required condition of the property upon surrender and arrangements for inspection
7. Financial Settlement: Addresses rent payments up to surrender date, deposit return, and any agreed compensation
8. Release of Obligations: Mutual release of future obligations under the original tenancy agreement
9. Governing Law: Confirms the agreement is governed by Nigerian law
10. Execution: Signature blocks and execution details for all parties
1. Outstanding Utilities: Used when there needs to be specific arrangements for settling utility bills and transferring accounts
2. Fixtures and Fittings: Include when there are specific agreements about removal or retention of tenant's fixtures
3. Third Party Consents: Required when the surrender needs approval from mortgagees or other third parties
4. Insurance: Include when specific arrangements are needed regarding existing insurance policies
5. Break Payment: Used when the tenant agrees to make a payment in consideration of early termination
6. Guarantee Release: Include when there are guarantors who need to be released from their obligations
7. Dilapidations: Used when there are specific arrangements regarding repair obligations or compensation for damage
1. Property Description: Detailed description of the property including its address and any relevant plan or layout
2. Inventory: List of landlord's fixtures and fittings and their condition at surrender
3. Financial Statement: Breakdown of any financial settlements, including rent calculations and deposit deductions
4. Condition Report: Detailed report on the property's condition at surrender, with photographs if applicable
5. Outstanding Obligations: List of any obligations that survive the surrender or need to be completed
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