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1. Parties: Identification of the Lessor (vehicle owner) and Lessee (person leasing to own), including full legal names, addresses, and contact information
2. Background: Context of the agreement, including the purpose and intent of the lease-to-own arrangement
3. Definitions: Definitions of key terms used throughout the agreement
4. Vehicle Description: Detailed description of the vehicle including make, model, year, VIN, color, and current mileage
5. Term and Payment: Duration of the lease-to-own agreement, payment schedule, amounts, and purchase price
6. Transfer of Ownership: Conditions for and process of transferring vehicle ownership upon completion of payments
7. Use and Maintenance: Requirements for vehicle use, maintenance obligations, and restrictions
8. Insurance Requirements: Mandatory insurance coverage and responsibilities for maintaining insurance
9. Default and Remedies: Consequences of payment default or breach of agreement terms
10. Termination: Conditions and process for early termination of the agreement
11. Representations and Warranties: Statements of fact and promises made by both parties
12. Governing Law: Specification of Nigerian law as governing law and jurisdiction
13. Execution: Signature blocks and execution requirements
1. Early Purchase Option: Terms for early buyout of the vehicle before the end of the lease term
2. Cross-Border Use: Terms for using the vehicle outside Nigeria, if permitted
3. Sublease Prohibition: Explicit prohibition of subleasing, if desired
4. Modification and Customization: Terms regarding vehicle modifications or customizations
5. Death or Incapacity: Provisions for handling the agreement in case of death or incapacity of the lessee
6. Assignment: Terms regarding the ability to assign the agreement to another party
7. Trade-In Provisions: Terms for any trade-in vehicle involved in the transaction
1. Schedule A - Vehicle Condition Report: Detailed inspection report of vehicle condition at commencement of lease
2. Schedule B - Payment Schedule: Detailed breakdown of all payments including dates, amounts, and allocation between lease and purchase components
3. Schedule C - Insurance Requirements: Specific insurance coverage requirements and minimum policy limits
4. Schedule D - Maintenance Schedule: Required maintenance schedule and service requirements
5. Schedule E - Vehicle Documents: List of vehicle documentation including registration, roadworthiness certificates, and other required permits
6. Appendix 1 - Vehicle Photographs: Dated photographs of vehicle condition at commencement of lease
7. Appendix 2 - Handover Checklist: List of items and documents to be handed over with the vehicle
Vehicle
Lease Term
Lease Payments
Purchase Price
Down Payment
Residual Value
Commencement Date
Completion Date
Default
Early Purchase Option
Fair Wear and Tear
Insurance Requirements
Lessor
Lessee
Maintenance Schedule
Normal Working Hours
Outstanding Balance
Permitted Use
Purchase Option
Regular Payment Date
Required Insurance
Security Deposit
Term
Territory
Title Documents
Transfer Date
Vehicle Documents
Vehicle Identification Number
Warranties
Vehicle Delivery
Title Transfer
Insurance Requirements
Maintenance and Repairs
Use Restrictions
Default and Remedies
Early Termination
Purchase Option
Risk and Liability
Representations and Warranties
Force Majeure
Assignment
Notices
Dispute Resolution
Governing Law
Indemnification
Registration and Documentation
Inspection Rights
Events of Default
Termination Rights
Security Interest
Amendments
Entire Agreement
Severability
Waiver
Compliance with Laws
Force Majeure
Confidentiality
Automotive
Financial Services
Transportation
Fleet Management
Vehicle Leasing
Retail Automotive Sales
Consumer Finance
Commercial Transportation
Legal
Finance
Sales
Operations
Compliance
Risk Management
Business Development
Contract Administration
Fleet Operations
Credit Assessment
Fleet Manager
Finance Manager
Legal Counsel
Automotive Sales Manager
Credit Risk Officer
Contract Administrator
Vehicle Leasing Specialist
Commercial Director
Operations Manager
Compliance Officer
Sales Executive
Finance Director
Business Development Manager
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