Lease Surrender Agreement Template for Nigeria

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Key Requirements PROMPT example:

Lease Surrender Agreement

"I need a Lease Surrender Agreement for my commercial warehouse property in Lagos, where the tenant has agreed to an early termination effective March 1, 2025, with a surrender premium of ₦1 million and requirements for repairs to be completed before handover."

Document background
A Lease Surrender Agreement is utilized when both landlord and tenant mutually agree to terminate a lease before its natural expiry. This document is essential in the Nigerian real estate context where formal documentation of property transactions is crucial for legal certainty. The agreement should comply with Nigerian property law, particularly the Land Use Act 1978 and relevant state legislation. It typically includes detailed provisions about the surrender date, property condition, outstanding obligations, and mutual releases. The document is particularly important in commercial settings where significant property interests are involved and formal registration is required. It provides protection for both parties by clearly documenting the terms of the surrender and ensuring all necessary legal requirements are met.
Suggested Sections

1. Parties: Identification of the Landlord and Tenant, including full legal names and addresses

2. Background: Recitals describing the existing lease, its key terms, and the parties' intention to surrender

3. Definitions: Definitions of key terms used throughout the agreement

4. Agreement to Surrender: The core agreement where the tenant agrees to surrender and the landlord agrees to accept the surrender of the lease

5. Date of Surrender: Specification of the exact date when the surrender takes effect

6. Consideration: Details of any payment or consideration for the surrender

7. Property Condition: Requirements for the condition in which the property must be returned

8. Release of Obligations: Mutual release of future obligations under the lease

9. Representations and Warranties: Basic warranties about capacity to enter agreement and authority to surrender

10. Governing Law: Specification that Nigerian law governs the agreement

11. Execution: Signature blocks and execution formalities

Optional Sections

1. Outstanding Payments: Section dealing with any remaining rent, service charges, or other payments - include if there are outstanding financial obligations

2. Sub-tenancies: Provisions dealing with any existing sub-tenants - include if there are sub-leases in place

3. Security Deposit: Provisions for the return of any security deposit - include if a deposit was paid under the original lease

4. Dilapidations: Detailed provisions about repair obligations and settlement of dilapidations - include if there are significant repair issues

5. Surviving Obligations: List of any obligations that survive the surrender - include if certain obligations need to continue

6. Keys and Security: Provisions for returning keys and security devices - include for commercial properties

7. Service Contracts: Provisions dealing with existing service contracts - include for commercial properties with ongoing services

Suggested Schedules

1. Schedule 1 - Property Description: Detailed description of the property including its address and any relevant plan or drawing

2. Schedule 2 - Original Lease: Details of the original lease including its date and parties

3. Schedule 3 - Inventory: List of any fixtures, fittings or equipment included in the surrender

4. Schedule 4 - Condition Report: Detailed report on the condition of the property at surrender

5. Appendix A - Property Plans: Plans or drawings of the property if required

6. Appendix B - Photographic Schedule: Photographs documenting the condition of the property at surrender

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant Industries

Real Estate

Retail

Commercial Office

Industrial

Hospitality

Healthcare

Education

Manufacturing

Warehousing

Agriculture

Relevant Teams

Legal

Real Estate

Facilities Management

Operations

Finance

Administration

Compliance

Property Management

Asset Management

Relevant Roles

Property Manager

Facilities Manager

Real Estate Director

Legal Counsel

Operations Manager

Asset Manager

Lease Administrator

Commercial Director

Chief Financial Officer

Company Secretary

Property Lawyer

Estate Agent

Building Manager

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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