Assignment Of Lease for Nigeria

Assignment Of Lease Template for Nigeria

A legal document governed by Nigerian law that facilitates the transfer of leasehold interests from an existing tenant (Assignor) to a new tenant (Assignee). The document ensures compliance with the Land Use Act 1978 and relevant state property laws, incorporating necessary landlord consents and registration requirements. It details the terms of transfer, including rights and obligations under the original lease, consideration paid, and any specific conditions or warranties. The document must be properly stamped and registered at the relevant state land registry to be legally effective.

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What is a Assignment Of Lease?

An Assignment Of Lease is a crucial document used in Nigerian property transactions when an existing tenant wishes to transfer their entire interest in a lease to a new tenant. This document is essential for businesses and individuals looking to transfer their leasehold interests while ensuring compliance with Nigerian federal and state property laws. The assignment must adhere to the Land Use Act 1978, relevant state property laws, and registration requirements. It typically includes details of the original lease, parties involved, consideration paid, and the landlord's consent. The document becomes particularly important in commercial property transactions, corporate restructuring, or when businesses need to exit a lease agreement. Proper execution requires attention to stamp duty obligations and registration at the state land registry.

What sections should be included in a Assignment Of Lease?

1. Parties: Identifies the Assignor (current lessee), Assignee, and Landlord details

2. Background: Recitals explaining the existing lease details, intention to assign, and confirmation of landlord's consent

3. Definitions: Defines key terms used throughout the document including Property, Lease, Assignment Date, etc.

4. Assignment: Core clause transferring all rights, title and interest in the lease from Assignor to Assignee

5. Consideration: States the amount paid by the Assignee for the assignment

6. Assignor's Covenants: Warranties and representations by the Assignor regarding the lease status

7. Assignee's Covenants: Assignee's undertaking to comply with lease terms and indemnification of Assignor

8. Landlord's Consent: Confirmation of the Landlord's agreement to the assignment as required by Nigerian law

9. Registration: Requirements for registration at the relevant land registry

10. Stamp Duty: Provisions regarding payment of stamp duty and registration fees

11. Governing Law: Specifies Nigerian law as governing law and relevant jurisdiction

What sections are optional to include in a Assignment Of Lease?

1. Outstanding Payments: Used when there are any rent arrears or outstanding payments to be addressed

2. Security Deposit Transfer: Include when there's an existing security deposit to be transferred or handled

3. Condition of Premises: Used when specific conditions of the property need to be documented at assignment

4. Break Clause: Include if there's a specific agreement about existing break clauses in the lease

5. Third Party Consents: Required when additional third party consents (beyond landlord) are needed

6. Service Charge Reconciliation: Used when there are outstanding service charge accounts to be settled

7. Existing Subleases: Include if there are any existing subleases that need to be addressed

What schedules should be included in a Assignment Of Lease?

1. Schedule 1 - The Property: Detailed description of the property including physical boundaries and any plans

2. Schedule 2 - The Lease: Copy or details of the original lease including date, parties, and key terms

3. Schedule 3 - Landlord's Consent: Formal consent document from the landlord

4. Schedule 4 - Rent and Other Payments: Details of current rent, service charges, and other financial obligations

5. Schedule 5 - Condition Report: Current condition of the property if relevant

6. Appendix A - Required Consents: Copies of all necessary consents and approvals

7. Appendix B - Registration Requirements: List of documents required for registration of the assignment

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Nigeria

Publisher

Genie AI

Document Type

Agreement Contract

Cost

Free to use
Relevant Industries

Real Estate

Retail

Commercial Property

Industrial

Manufacturing

Hospitality

Healthcare

Education

Professional Services

Banking and Finance

Technology

Telecommunications

Energy

Agriculture

Relevant Teams

Legal

Real Estate

Operations

Facilities Management

Compliance

Administration

Property Management

Asset Management

Risk Management

Corporate Services

Relevant Roles

Property Manager

Real Estate Manager

Facilities Manager

Legal Counsel

Corporate Lawyer

Real Estate Lawyer

Operations Director

Chief Operating Officer

Company Secretary

Compliance Officer

Asset Manager

Business Development Manager

Branch Manager

Regional Manager

Tenant Representative

Property Administrator

Lease Administrator

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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