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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. Rent Credit: Used when a portion of rent payments will be credited toward the purchase price
2. Property Inspection: Include when specific inspection rights or requirements are needed before option exercise
3. Mortgage Provisions: Include when the property has an existing mortgage or financing requirements
4. Environmental Matters: Required for properties with potential environmental concerns or industrial use
5. Development Rights: Include when tenant may make improvements during lease period
6. Option Extension: Used when parties want to include provisions for extending the option period
7. Multiple Properties: Include when the agreement covers more than one property
8. Special Conditions: For unique circumstances specific to the transaction
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
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