The Lease Cancellation Agreement is a crucial legal document used in Nigeria when parties to a lease wish to formally terminate their existing lease arrangement, whether before the natural expiration date or at term end. This document is essential for protecting both landlords' and tenants' interests by clearly documenting the agreed terms of lease termination, including specific dates, financial settlements, and property handover conditions. The agreement must comply with Nigerian property law, contract law, and relevant state-level regulations governing property transactions. It typically includes provisions for security deposit returns, outstanding payment settlements, property condition requirements, and mutual releases from future obligations. The Lease Cancellation Agreement is particularly important in commercial and residential real estate contexts, where formal documentation of lease termination is necessary for legal certainty and risk management.
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1. Parties: Identifies and defines the Landlord and Tenant as parties to the agreement
2. Background: Recites key facts including details of the original lease, property description, and parties' desire to terminate
3. Definitions: Defines key terms used throughout the agreement
4. Termination: States the mutual agreement to terminate the lease and specifies the effective termination date
5. Release and Discharge: Mutual release from future obligations under the lease, while preserving any accrued rights
6. Property Handover: Requirements for returning the property, including condition requirements and inspection procedures
7. Security Deposit: Arrangements for the return or withholding of security deposit
8. Outstanding Payments: Settlement of any remaining rent, utilities, or other charges
9. Keys and Access Devices: Requirements for returning all keys, access cards, and security devices
10. Governing Law: Specifies Nigerian law as governing law and jurisdiction
11. Execution: Signature blocks and execution requirements
1. Early Termination Fee: Include when parties agree to a penalty or fee for early termination
2. Utilities Transfer: Include when there are specific requirements for transferring or disconnecting utilities
3. Renovation/Restoration: Include when specific restoration work is required before handover
4. Surviving Obligations: Include when certain obligations need to survive the termination
5. Confidentiality: Include when parties wish to keep the termination terms confidential
6. Dispute Resolution: Include when parties want specific dispute resolution procedures
7. Third Party Rights: Include when there are guarantors or other third parties involved in the lease
1. Schedule 1 - Property Details: Detailed description of the leased property including address and any registered title information
2. Schedule 2 - Original Lease: Copy or details of the original lease agreement being terminated
3. Schedule 3 - Inventory List: List of fixtures, fittings, and items to be checked during handover
4. Schedule 4 - Settlement Calculation: Detailed calculation of final payments, including security deposit deductions if any
5. Appendix A - Property Inspection Report: Final inspection report documenting the condition of the property
6. Appendix B - Handover Checklist: Checklist of items to be completed for successful handover
Relevant legal definitions
Agreement
Original Lease
Property
Effective Date
Termination Date
Security Deposit
Outstanding Payments
Handover Date
Landlord
Tenant
Premises
Lease Period
Parties
Business Day
Property Manager
Handover Protocol
Inspection Report
Settlement Amount
Utilities
Common Areas
Fixtures and Fittings
Keys and Access Devices
Relevant Authority
Permitted Use
Working Hours
Governing Law
Original Lease
Property
Effective Date
Termination Date
Security Deposit
Outstanding Payments
Handover Date
Landlord
Tenant
Premises
Lease Period
Parties
Business Day
Property Manager
Handover Protocol
Inspection Report
Settlement Amount
Utilities
Common Areas
Fixtures and Fittings
Keys and Access Devices
Relevant Authority
Permitted Use
Working Hours
Governing Law
Clauses
Interpretation
Termination
Property Handover
Security Deposit
Payment and Settlement
Release and Discharge
Rights and Obligations
Representations and Warranties
Property Condition
Access and Inspection
Utilities and Services
Confidentiality
Notices
Force Majeure
Severability
Entire Agreement
Amendment
Assignment
Waiver
Governing Law
Dispute Resolution
Costs
Third Party Rights
Counterparts
Survival
Termination
Property Handover
Security Deposit
Payment and Settlement
Release and Discharge
Rights and Obligations
Representations and Warranties
Property Condition
Access and Inspection
Utilities and Services
Confidentiality
Notices
Force Majeure
Severability
Entire Agreement
Amendment
Assignment
Waiver
Governing Law
Dispute Resolution
Costs
Third Party Rights
Counterparts
Survival
Relevant Industries
Real Estate
Commercial Property
Residential Property
Retail
Office Space
Industrial
Hospitality
Healthcare
Education
Manufacturing
Warehousing
Agriculture
Relevant Teams
Legal
Real Estate
Facilities Management
Operations
Finance
Administration
Risk & Compliance
Property Management
Asset Management
Corporate Services
Relevant Roles
Property Manager
Real Estate Manager
Facilities Manager
Legal Counsel
Corporate Lawyer
Real Estate Attorney
Property Administrator
Lease Administrator
Asset Manager
Operations Manager
Company Secretary
Risk Manager
Commercial Director
Property Officer
Compliance Officer
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