The Release of Lease Agreement is a crucial document in Nigerian property law that provides a formal mechanism for terminating existing lease arrangements before their natural expiration or at the agreed end date. This document is typically used when both parties mutually agree to end their landlord-tenant relationship, requiring compliance with Nigerian property legislation, including the Land Use Act of 1978 and state-specific property laws. The agreement covers essential elements such as the release of obligations, handling of security deposits, confirmation of payments, and property handover procedures. It's particularly important in commercial and residential contexts where a clear record of lease termination is needed for legal certainty and future reference. The document should be properly stamped in accordance with the Stamp Duties Act to ensure its admissibility in Nigerian courts.
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1. Parties: Identification of the Landlord and Tenant, including full legal names and addresses
2. Background: Recitals detailing the original lease agreement, its key terms, and the parties' desire to terminate it
3. Definitions: Definitions of key terms used throughout the agreement
4. Release and Discharge: Core provision releasing both parties from their obligations under the lease
5. Effective Date: Specification of when the release takes effect
6. Return of Security Deposit: Terms regarding the return of any security deposit held by the landlord
7. Confirmation of Payments: Confirmation that all rent and other payments are up to date
8. Mutual Release: Mutual release of claims related to the lease
9. Governing Law: Specification that Nigerian law governs the agreement
10. Execution: Signature blocks and execution requirements
1. Outstanding Obligations: Used when there are specific obligations that survive the release
2. Property Condition: Include when there are specific agreements about the condition in which the property is being returned
3. Utilities and Services: Used when there are arrangements needed for transfer or termination of utilities
4. Keys and Access Devices: Include when there are specific arrangements for returning keys and access devices
5. Surviving Indemnities: Used when certain indemnities need to survive the release
6. Confidentiality: Include when parties wish to keep the terms of the release confidential
7. Dispute Resolution: Optional clause for specific dispute resolution procedures
1. Original Lease Details: Copy or key details of the original lease agreement
2. Property Inspection Report: Documentation of the property's condition at the time of release
3. Payment History: Record of rent payments and other financial obligations
4. Property Handover Checklist: List of items to be checked during property handover
5. Outstanding Payments Schedule: If applicable, details of any final payments or adjustments
Relevant legal definitions
Agreement
Original Lease
Premises
Landlord
Tenant
Effective Date
Release Date
Security Deposit
Outstanding Obligations
Property
Lease Term
Rent
Handover Date
Parties
Business Day
Execution Date
Lease Period
Original Lease Date
Property Manager
Common Areas
Utilities
Improvements
Fixtures and Fittings
Outstanding Payments
Claims
Released Matters
Relevant Period
Governing Law
Original Lease
Premises
Landlord
Tenant
Effective Date
Release Date
Security Deposit
Outstanding Obligations
Property
Lease Term
Rent
Handover Date
Parties
Business Day
Execution Date
Lease Period
Original Lease Date
Property Manager
Common Areas
Utilities
Improvements
Fixtures and Fittings
Outstanding Payments
Claims
Released Matters
Relevant Period
Governing Law
Clauses
Interpretation
Release and Discharge
Termination
Property Return
Security Deposit
Payment Settlement
Mutual Release
Property Condition
Keys and Access
Outstanding Obligations
Utilities Transfer
Representations and Warranties
Indemnification
Confidentiality
Governing Law
Dispute Resolution
Severability
Entire Agreement
Notices
Assignment
Force Majeure
Costs and Expenses
Further Assurance
Counterparts
Third Party Rights
Waiver
Amendment
Release and Discharge
Termination
Property Return
Security Deposit
Payment Settlement
Mutual Release
Property Condition
Keys and Access
Outstanding Obligations
Utilities Transfer
Representations and Warranties
Indemnification
Confidentiality
Governing Law
Dispute Resolution
Severability
Entire Agreement
Notices
Assignment
Force Majeure
Costs and Expenses
Further Assurance
Counterparts
Third Party Rights
Waiver
Amendment
Relevant Industries
Real Estate
Commercial Property
Retail
Industrial
Office Space
Hospitality
Healthcare
Education
Manufacturing
Logistics
Banking and Financial Services
Relevant Teams
Legal
Real Estate
Facilities Management
Operations
Finance
Risk and Compliance
Administration
Property Management
Asset Management
Corporate Services
Relevant Roles
Property Manager
Real Estate Manager
Facilities Manager
Legal Counsel
Corporate Lawyer
Operations Manager
Asset Manager
Property Administrator
Lease Administrator
Real Estate Director
Chief Financial Officer
Company Secretary
Commercial Manager
Portfolio Manager
Risk Manager
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