The Cancellation of Lease Agreement is a crucial legal document used in Nigerian property law when both landlord and tenant mutually agree to terminate their lease arrangement before its natural expiration date. This document is essential in both residential and commercial contexts across Nigeria, where property relationships are governed by federal laws and state-specific regulations. It should be used when parties wish to formally document the early termination of their lease, ensuring all aspects of the termination are properly addressed, including property return, financial settlements, and mutual releases. The document must comply with Nigerian Property and Conveyancing Law, relevant state tenancy laws, and the Recovery of Premises Act, while also addressing practical matters such as security deposits, utility bills, and property condition assessments.
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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, term, and property details
3. Definitions: Key terms used in the agreement including 'Effective Date', 'Original Lease', 'Property', and 'Termination Date'
4. Mutual Agreement to Cancel: Clear statement of both parties' agreement to terminate the lease and the effective date of termination
5. Return of Property: Terms regarding the inspection, condition, and handover of the property
6. Settlement of Accounts: Details of final rent payment, utilities, and other financial obligations
7. Release of Obligations: Mutual release of future obligations under the original lease
8. Governing Law: Specification that the agreement is governed by Nigerian law
9. Execution: Signature blocks for all parties and witnesses as required under Nigerian law
1. Security Deposit: Terms for the return of security deposit, to be included if a deposit was paid under the original lease
2. Outstanding Repairs: Details of any repairs or restoration required before termination, if the property has damages
3. Surviving Obligations: List of any obligations that survive the termination, if applicable
4. Dispute Resolution: Procedure for resolving any disputes arising from the cancellation, recommended for high-value leases
5. Confidentiality: Terms regarding confidentiality of the agreement terms, useful for commercial leases
6. Third Party Rights: Provisions regarding any third party rights or obligations, if relevant
1. Schedule 1 - Property Details: Detailed description of the leased property including address and any relevant registration numbers
2. Schedule 2 - Financial Settlement: Breakdown of all financial settlements including rent, deposits, and any adjustments
3. Schedule 3 - Inventory List: List of any fixtures, fittings, or items included in the original lease that need to be accounted for
4. Appendix A - Original Lease: Copy of the original lease agreement being cancelled
5. Appendix B - Property Inspection Report: Final inspection report documenting the condition of the property at termination
Relevant legal definitions
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Real Estate
Residential Property
Commercial Property
Retail
Office Space
Industrial
Hospitality
Healthcare
Education
Manufacturing
Warehousing
Agricultural
Relevant Teams
Legal
Real Estate
Facilities Management
Operations
Finance
Compliance
Administrative Services
Property Management
Corporate Services
Risk Management
Relevant Roles
Property Manager
Real Estate Manager
Facilities Manager
Legal Counsel
Corporate Lawyer
Lease Administrator
Asset Manager
Operations Manager
Commercial Director
Property Administrator
Real Estate Agent
Compliance Officer
Finance Manager
Corporate Services Manager
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