tiktok���˰�

The Lease and License Agreement is a vital legal instrument used in Nigerian property transactions where both occupancy rights and specific usage permissions are required. This document is particularly relevant when a property owner wishes to grant both exclusive possession of premises (lease) and specific rights for property usage (license) to another party. It incorporates requirements from Nigerian property law, including the Land Use Act of 1978, state-specific property regulations, and relevant commercial laws. The agreement is commonly used for commercial properties, retail spaces, industrial facilities, and specialized residential arrangements. It includes detailed provisions for rent payment, maintenance obligations, permitted activities, insurance requirements, and termination conditions, while ensuring compliance with local registration and stamping requirements. This type of agreement offers flexibility in structuring property rights while maintaining legal enforceability under Nigerian law.

1. Parties: Identification and details of the Lessor/Licensor and Lessee/Licensee, including registration details for companies or identification for individuals

2. Background: Context of the agreement, brief description of the property, and purpose of the lease and license

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

4. Grant of Lease and License: Formal grant of the lease and license, specifying the nature and extent of rights granted

5. Term and Commencement: Duration of the lease and license, including start date and end date

6. Rent and License Fee: Payment terms, amounts, frequency, and method of payment for both lease and license components

7. Security Deposit: Details of security deposit amount, terms of holding, and conditions for refund

8. Permitted Use: Specified authorized uses of the property and any restrictions

9. Maintenance and Repairs: Responsibilities of each party regarding property maintenance and repairs

10. Utilities and Outgoings: Responsibility for payment of utilities, taxes, and other property-related expenses

11. Insurance: Insurance requirements for both parties

12. Assignment and Subletting: Restrictions and conditions for transferring rights under the agreement

13. Termination: Grounds and procedures for termination of the agreement

14. Return of Property: Conditions for returning the property at the end of the term

15. Governing Law: Specification of Nigerian law as governing law and jurisdiction

16. Dispute Resolution: Procedures for resolving disputes between parties