The Commercial Lease Termination Agreement is a crucial document used in Nigerian commercial property relationships when parties mutually agree to end a lease before its scheduled expiration. It's particularly relevant in situations involving business restructuring, relocation, or changes in commercial circumstances. The agreement must comply with Nigerian federal and state property laws, including the Tenancy Law of Nigeria and the Recovery of Premises Act. This document typically includes provisions for the settlement of outstanding obligations, property handover procedures, security deposit arrangements, and mutual releases from future liabilities. It serves to protect both landlord and tenant interests by providing a clear framework for lease termination while preventing future disputes through comprehensive documentation of the termination terms.
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1. Parties: Identification of the landlord and tenant, including full legal names, addresses, and any registration numbers for corporate entities
2. Background: Brief recital of the original lease details, including date of execution, property description, and parties' desire to terminate
3. Definitions: Definitions of key terms used throughout the agreement, including 'Premises', 'Original Lease', 'Termination Date', etc.
4. Termination Agreement: Core clause stating the mutual agreement to terminate the lease and specifying the effective termination date
5. Settlement of Rents and Charges: Details of any outstanding rent, service charges, or utilities to be settled
6. Handover Requirements: Specific conditions for returning the premises, including state of repair and removal of tenant's property
7. Release and Waiver: Mutual release from future obligations under the original lease, subject to specified exceptions
8. Return of Security Deposit: Terms for the return of any security deposit, including deductions if applicable
9. Confidentiality: Requirements for keeping the termination terms confidential
10. Governing Law: Specification that Nigerian law governs the agreement
11. Execution: Signature blocks and execution requirements
1. Outstanding Repairs: Details of any repairs required before termination, used when premises require specific remedial work
2. Third Party Notifications: Requirements for notifying relevant third parties, included when there are registered interests or service providers
3. Holdover Provisions: Terms governing any temporary extension of occupation, used when exact vacation date is uncertain
4. Assignment of Contracts: Provisions for transferring or terminating related contracts, used when service agreements exist
5. Insurance Claims: Handling of ongoing or potential insurance claims, included when there are outstanding claims
6. Tax Provisions: Special tax considerations or obligations, included when there are specific tax implications
7. Broker Fees: Settlement of any outstanding broker or agent fees, included when brokers were involved
1. Schedule 1 - Property Description: Detailed description of the premises including any fixtures and fittings to be returned
2. Schedule 2 - Settlement Statement: Detailed breakdown of all financial settlements including rents, deposits, and deductions
3. Schedule 3 - Handover Checklist: Itemized list of requirements for premises handover
4. Schedule 4 - Original Lease Details: Key details from the original lease agreement referenced in the termination
5. Appendix A - Photographic Schedule: Current photographs of the premises condition, if required
6. Appendix B - Outstanding Obligations: List of any continuing obligations that survive termination
Relevant legal definitions
Agreement
Original Lease
Premises
Property
Landlord
Tenant
Termination Date
Effective Date
Security Deposit
Outstanding Obligations
Rent
Service Charges
Handover Date
Handover Requirements
Permitted Use
Business Day
Force Majeure
Improvements
Fixtures and Fittings
Common Areas
Utilities
Occupation Period
Outstanding Payments
Release Date
Relevant Authority
Security Interest
Stamp Duty
Governing Law
Settlement Amount
Confidential Information
Working Hours
Notice
Party/Parties
Representatives
Surviving Provisions
Original Lease
Premises
Property
Landlord
Tenant
Termination Date
Effective Date
Security Deposit
Outstanding Obligations
Rent
Service Charges
Handover Date
Handover Requirements
Permitted Use
Business Day
Force Majeure
Improvements
Fixtures and Fittings
Common Areas
Utilities
Occupation Period
Outstanding Payments
Release Date
Relevant Authority
Security Interest
Stamp Duty
Governing Law
Settlement Amount
Confidential Information
Working Hours
Notice
Party/Parties
Representatives
Surviving Provisions
Clauses
Definitions
Interpretation
Termination
Settlement
Property Handover
Release and Waiver
Security Deposit
Outstanding Payments
Utilities and Services
Repairs and Maintenance
Confidentiality
Representations and Warranties
Notices
Governing Law
Dispute Resolution
Severability
Entire Agreement
Force Majeure
Assignment
Third Party Rights
Costs and Expenses
Compliance with Laws
Insurance
Indemnification
Survival
Amendment
Counterparts
Further Assurance
Time of Essence
Authority
Interpretation
Termination
Settlement
Property Handover
Release and Waiver
Security Deposit
Outstanding Payments
Utilities and Services
Repairs and Maintenance
Confidentiality
Representations and Warranties
Notices
Governing Law
Dispute Resolution
Severability
Entire Agreement
Force Majeure
Assignment
Third Party Rights
Costs and Expenses
Compliance with Laws
Insurance
Indemnification
Survival
Amendment
Counterparts
Further Assurance
Time of Essence
Authority
Relevant Industries
Real Estate
Retail
Commercial Property
Banking and Financial Services
Hospitality
Healthcare
Professional Services
Manufacturing
Logistics and Warehousing
Technology
Education
Relevant Teams
Legal
Real Estate
Facilities Management
Operations
Finance
Risk and Compliance
Property Management
Asset Management
Administrative Services
Corporate Services
Relevant Roles
Property Manager
Real Estate Director
Facilities Manager
Legal Counsel
Commercial Property Lawyer
Chief Financial Officer
Operations Director
Business Owner
Leasing Manager
Asset Manager
Property Administrator
Risk Manager
Compliance Officer
Real Estate Portfolio Manager
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