Purchase Lease Option Template for Nigeria

1. Parties: Identification of the property owner/lessor and the tenant/potential purchaser with full legal names and addresses

2. Background: Context of the agreement, including property owner's right to lease and sell the property

3. Definitions: Key terms used throughout the agreement including Property, Option Period, Purchase Price, Lease Term

4. Property Description: Detailed legal description of the property subject to the lease and option

5. Lease Terms: Duration, rent amount, payment terms, and other standard lease provisions

6. Option Grant: Terms of the option to purchase, including the option period and any consideration paid

7. Option Exercise: Process and requirements for exercising the purchase option

8. Purchase Price: Agreed purchase price and any rent credit arrangements

9. Property Maintenance: Responsibilities for property maintenance during the lease period

10. Insurance Requirements: Insurance obligations of both parties during the lease period

11. Default and Remedies: Consequences of default under either the lease or option provisions

12. Assignment and Subletting: Restrictions on transferring lease or option rights

13. Governing Law: Specification of Nigerian law and relevant state jurisdiction

14. Execution: Signature blocks and attestation requirements

1. Schedule 1 - Property Details: Detailed property description, including land registration particulars and survey plans

2. Schedule 2 - Rent Payment Schedule: Detailed breakdown of rent payments and due dates

3. Schedule 3 - Option Consideration: Details of option payment and any rent credit calculations

4. Schedule 4 - Property Condition Report: Initial condition assessment of the property

5. Schedule 5 - Permitted Uses: Specific allowed uses of the property during lease period

6. Appendix A - Required Maintenance Schedule: Detailed maintenance obligations of both parties

7. Appendix B - Form of Option Exercise Notice: Template for formal notice to exercise purchase option

8. Appendix C - Property Plans: Survey plans, building plans, and other relevant property drawings