The Lease Termination Contract is a vital legal instrument used in Nigerian property law when parties mutually agree to end a lease agreement before its natural expiration or to formally document the end of a lease term. This document is essential in both commercial and residential contexts across Nigeria's various states, requiring compliance with both federal legislation and state-specific tenancy laws. The contract typically includes provisions for property handover, financial settlements, and mutual releases, while ensuring all requirements under Nigerian property law are met. It serves to protect both landlords and tenants by clearly documenting the agreed terms of lease termination, helping prevent future disputes and providing a clear framework for concluding the tenancy relationship. The document must be carefully drafted to ensure enforceability within the Nigerian legal system, particularly considering state-specific requirements for notice periods and property recovery procedures.
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1. Parties: Identification of the landlord/lessor and tenant/lessee with their full legal names, addresses, and any registration details for companies
2. Background: Brief recital of the existing lease agreement details including date of execution, property description, and current term
3. Definitions: Definitions of key terms used throughout the agreement including 'Termination Date', 'Property', 'Original Lease', etc.
4. Termination Agreement: Clear statement of mutual agreement to terminate the lease and the effective termination date
5. Settlement of Accounts: Details of any outstanding rent, utilities, or other payments to be settled between the parties
6. Property Handover: Requirements and process for returning the property, including condition requirements and inspection procedures
7. Security Deposit: Agreement on the handling and return of any security deposit or other held funds
8. Release and Discharge: Mutual release from future obligations under the lease, while preserving any accrued rights
9. Governing Law: Specification that the agreement is governed by Nigerian law and the relevant state jurisdiction
10. Execution: Signature blocks for all parties and witnesses as required under Nigerian law
1. Surviving Obligations: Used when certain obligations from the original lease need to survive termination, such as confidentiality or indemnification provisions
2. Dispute Resolution: Include when parties wish to specify particular dispute resolution mechanisms or jurisdiction for any future disputes
3. Repairs and Restoration: Necessary when specific repair or restoration work needs to be completed before property handover
4. Third Party Rights: Include when there are guarantors, sub-tenants, or other third parties whose rights need to be addressed
5. Confidentiality: Include for commercial properties where parties wish to keep the termination terms confidential
6. Return of Keys and Access Devices: Include when there are specific security arrangements or multiple sets of keys/access cards to be returned
7. Utilities and Services Transfer: Include when there are specific arrangements needed for transferring or disconnecting utilities and services
1. Schedule 1 - Property Inventory: Detailed list of property condition and any fixtures/fittings to be checked during handover
2. Schedule 2 - Settlement Statement: Detailed breakdown of all financial settlements including rent, utilities, deposits, and any adjustments
3. Schedule 3 - Handover Checklist: List of items to be completed and checked during the property handover process
4. Appendix A - Original Lease: Copy of the original lease agreement being terminated
5. Appendix B - Property Photographs: Current photographs of the property condition (if relevant)
6. Appendix C - Outstanding Maintenance Records: Documentation of any maintenance issues or repairs to be addressed before handover
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