The Termination Of Lease Contract is a crucial legal document used in Nigeria when parties wish to formally end their lease arrangement, whether at the natural conclusion of the lease term or through mutual agreement for early termination. This document is essential for protecting both landlord and tenant interests under Nigerian property law, particularly in compliance with the Recovery of Premises Act and state-specific tenancy regulations. It should be used whenever a lease needs to be formally terminated, documenting key aspects such as the final settlement of accounts, property condition requirements, and the specific obligations of each party during the termination process. The document plays a vital role in preventing future disputes by clearly recording the agreed terms of termination and ensuring all parties understand their rights and responsibilities during the lease conclusion process.

1. Parties: Identification of the Landlord and Tenant with their full legal names and addresses

2. Background: Reference to the original lease agreement, including its date, property details, and current status

3. Definitions: Definitions of key terms used in the termination agreement

4. Termination Date: Specific date when the lease will terminate and the tenant must vacate the premises

5. Confirmation of Termination: Mutual agreement to terminate the lease and release both parties from future obligations

6. Tenant's Obligations: Requirements for the tenant including property condition, utility payments, and handover procedures

7. Landlord's Obligations: Landlord's responsibilities regarding security deposit, final inspections, and acknowledgment of termination

8. Property Inspection: Terms for final inspection and assessment of property condition

9. Settlement of Accounts: Agreement on final payments, including rent, utilities, and security deposit return

10. Keys and Access: Arrangements for returning keys and securing the property

11. Governing Law: Confirmation that the agreement is governed by Nigerian law

12. Execution: Signature blocks and execution details