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Lease Assignment Agreement

Lease Assignment Agreement Template for Nigeria

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Key Requirements PROMPT example:

Lease Assignment Agreement

"I need a Lease Assignment Agreement for transferring a commercial warehouse lease in Lagos, Nigeria, from my company to another business, with the assignment to take effect from March 1, 2025, and including specific provisions for handling existing manufacturing equipment on the premises."

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Document background
The Lease Assignment Agreement is a critical document used in Nigerian real estate transactions when an existing tenant wishes to transfer their leasehold interest to another party. This document is essential for ensuring legal compliance with Nigerian property laws, particularly the Land Use Act, and maintaining proper documentation of property rights transfers. The agreement becomes necessary when a tenant needs to exit a lease early, during business restructuring, or in property portfolio management. It must address specific Nigerian legal requirements, including Governor's consent for statutory rights of occupancy, proper registration with the Land Registry, and stamp duty payments. The document protects all parties' interests by clearly defining the terms of assignment, obligations, and liabilities while ensuring the new tenant (assignee) commits to the original lease terms.
Suggested Sections

1. Parties: Identification of the Assignor (current tenant), Assignee (new tenant), and Landlord

2. Background: Recitals explaining the existing lease arrangement and the intention to assign

3. Definitions: Definitions of key terms used throughout the agreement

4. Assignment: Core provision transferring the lease from Assignor to Assignee

5. Consideration: Details of the payment or other consideration for the assignment

6. Conditions Precedent: Required conditions to be met before assignment becomes effective, including Governor's consent where applicable

7. Assignor's Covenants: Warranties and obligations of the Assignor regarding the lease and property

8. Assignee's Covenants: Assignee's undertakings to comply with lease terms and obligations

9. Landlord's Consent: Confirmation of Landlord's approval of the assignment

10. Registration: Requirements for registering the assignment with relevant authorities

11. Costs: Allocation of costs related to the assignment, including stamp duty and registration fees

12. Governing Law: Specification of Nigerian law as governing law

13. Execution: Formal execution block for all parties

Optional Sections

1. Security Deposit: Terms regarding transfer or replacement of security deposit, if applicable

2. Outstanding Charges: Provisions dealing with any existing rent arrears or service charge obligations

3. Environmental Matters: For industrial or commercial properties where environmental obligations need to be addressed

4. Break Rights: If the original lease contains break rights that need to be specifically addressed

5. Sub-letting Provisions: If the assignment includes specific restrictions or permissions regarding sub-letting

6. Dispute Resolution: Specific dispute resolution procedures, if parties want to include mediation or arbitration provisions

7. Insurance: Special insurance requirements or transfer of existing policies

8. Guarantor Provisions: Where a guarantor is required for the Assignee's obligations

Suggested Schedules

1. Original Lease: Copy or details of the original lease being assigned

2. Property Description: Detailed description of the leased property, including plans if applicable

3. Rent and Payment Details: Schedule of rent payments, review dates, and other financial obligations

4. Condition Report: Current condition of the property at the time of assignment

5. Consent Requirements: List of required consents and their status

6. Outstanding Obligations: List of any outstanding obligations or breaches under the original lease

7. Existing Guarantees: Details of any existing guarantees or securities

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

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alex.den.21@genieai.co
Relevant legal definitions
Agreement
Assignor
Assignee
Assignment Date
Completion Date
Consent Fee
Effective Date
Encumbrances
Governor's Consent
Landlord
Land Registry
Lease
Original Lease
Premises
Property
Rent
Security Deposit
Service Charge
Stamp Duty
Term
Outstanding Obligations
Permitted Use
Registration Requirements
Relevant Authority
Title Documents
Transfer Documents
Completion Requirements
Business Day
Guarantor
Lease Period
Material Breach
Outgoings
Parties
Planning Laws
Statutory Requirements
Working Hours
Clauses
Assignment
Consideration
Consent Requirements
Registration
Conditions Precedent
Warranties
Representations
Covenants
Indemnification
Insurance
Property Condition
Completion
Default
Remedies
Notice
Amendment
Severability
Entire Agreement
Governing Law
Force Majeure
Assignment and Transfer
Costs and Expenses
Stamp Duty
Registration Requirements
Environmental Compliance
Property Use
Maintenance
Security Deposit
Outstanding Charges
Dispute Resolution
Confidentiality
Survival
Further Assurance
Waiver
Time of Essence
Relevant Industries

Real Estate

Commercial Property

Retail

Industrial

Hospitality

Healthcare

Education

Professional Services

Manufacturing

Logistics

Agriculture

Technology

Relevant Teams

Legal

Real Estate

Facilities Management

Operations

Finance

Compliance

Risk Management

Property Management

Corporate Services

Administrative Services

Relevant Roles

Real Estate Manager

Property Manager

Legal Counsel

Facilities Manager

Commercial Director

Operations Manager

Contract Administrator

Compliance Officer

Asset Manager

Business Development Manager

Chief Financial Officer

Risk Manager

Company Secretary

Property Lawyer

Lease Administrator

Industries
Property and Conveyancing Law: Governs the transfer of property rights and interests, including leasehold interests, and sets out requirements for valid property transactions
Land Use Act 1978: Fundamental legislation governing land tenure in Nigeria, requiring Governor's consent for assignment of statutory rights of occupancy
Contract Law: Common law principles governing formation and enforcement of contracts in Nigeria, including requirements for valid contracts
Stamp Duties Act: Requires proper stamping of lease assignment documents for them to be admissible as evidence in court
Registration of Titles Law: Mandates registration of property instruments including lease assignments in the state lands registry
Nigerian Law of Landlord and Tenant: Governs the relationship between landlords and tenants, including provisions affecting assignment of leases
Recovery of Premises Act: Regulates the procedure for recovery of premises and may affect terms that can be included in lease assignments
State Land Laws: Specific state legislation governing land transactions in the relevant Nigerian state where the property is located
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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