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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."
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
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
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
Business Day
Completion
Completion Date
Dilapidations
Effective Date
Encumbrances
Existing Lease
Governor's Consent
Land Registry
Landlord
Outstanding Obligations
Premises
Property
Registration Requirements
Rent
Security Deposit
Service Charge
Stamp Duty
Surrender
Surrender Premium
Tenant
Term
Title Documents
Vacant Possession
Property Condition
Vacant Possession
Payment Terms
Release of Obligations
Outstanding Payments
Security Deposit Return
Dilapidations
Key Handover
Registration
Stamp Duty
Representations and Warranties
Further Assurance
Entire Agreement
Severability
Costs
Notices
Assignment
Third Party Rights
Confidentiality
Force Majeure
Governing Law
Dispute Resolution
Real Estate
Retail
Commercial Office
Industrial
Hospitality
Healthcare
Education
Manufacturing
Warehousing
Agriculture
Legal
Real Estate
Facilities Management
Operations
Finance
Administration
Compliance
Property Management
Asset Management
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
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