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Dissolution Of Lease Agreement for Nigeria

Dissolution Of Lease Agreement Template for Nigeria

A legally binding document governed by Nigerian property law that formally terminates an existing lease agreement between a landlord and tenant. This agreement outlines the terms and conditions for ending the lease, including the termination date, settlement of outstanding obligations, return of security deposits, and property handover procedures. It ensures compliance with Nigerian federal and state-specific property laws while providing both parties with legal protection and clarity regarding their rights and obligations during the termination process. The document includes provisions for property inspection, utility settlements, and mutual release of future obligations.

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What is a Dissolution Of Lease Agreement?

The Dissolution of Lease Agreement is a crucial legal document used in Nigerian property transactions when both parties mutually agree to terminate an existing lease before its natural expiration date. This document is essential when circumstances require early termination of a lease, such as business relocations, property sales, or mutual agreement to end the tenancy. It must comply with Nigerian federal property laws and state-specific rental regulations, incorporating necessary provisions for property handover, financial settlements, and release of obligations. The agreement protects both landlord and tenant interests by clearly documenting the termination terms, preventing future disputes, and ensuring proper closure of the landlord-tenant relationship. It's particularly important in both commercial and residential contexts, requiring careful attention to local legal requirements and customary practices in Nigerian property law.

What sections should be included in a Dissolution Of Lease Agreement?

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

2. Background: Brief recital of the original lease agreement details and the parties' mutual desire to terminate

3. Definitions: Key terms used in the agreement including 'Lease Agreement', 'Premises', 'Termination Date', and 'Settlement Amount' if applicable

4. Mutual Agreement to Terminate: Express statement of both parties' agreement to dissolve the lease and the effective termination date

5. Outstanding Obligations: Details of any remaining rent, utilities, or other payments due from either party

6. Property Inspection and Handover: Requirements for property condition upon surrender and the handover process

7. Security Deposit: Terms for the return or forfeiture of the security deposit

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

9. Governing Law: Specification that the agreement is governed by Nigerian law

10. Execution: Signature blocks for all parties and witnesses

What sections are optional to include in a Dissolution Of Lease Agreement?

1. Damages and Repairs: Include when there are specific repair requirements or damage assessments to be addressed

2. Holdover Provisions: Include when there's a possibility of delayed vacation of the premises

3. Settlement of Disputes: Include when there are existing disputes that need to be resolved as part of the termination

4. Confidentiality: Include when parties wish to keep the terms of dissolution private

5. Return of Keys and Access Devices: Include when there are multiple keys or access devices to be returned

6. Surviving Obligations: Include when certain obligations need to survive the termination

7. Third Party Rights: Include when there are subtenants or other third parties with interests in the property

What schedules should be included in a Dissolution Of Lease Agreement?

1. Schedule A - Property Details: Detailed description of the leased premises including address and any included fixtures

2. Schedule B - Settlement Statement: Detailed breakdown of all financial settlements including rent, deposits, and any adjustments

3. Schedule C - Inspection Report: Current condition report of the property with photographs if applicable

4. Schedule D - Handover Checklist: List of items to be checked during the final property handover

5. Appendix 1 - Original Lease Agreement: Copy of the original lease agreement being terminated

6. Appendix 2 - Utility Bills Settlement: Final readings and settlement status of all utility accounts

Authors

Alex Denne

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

Jurisdiction

Nigeria

Publisher

Ƶ

Cost

Free to use
Relevant legal definitions






























Clauses




























Relevant Industries

Real Estate

Commercial Property

Residential Property

Retail

Industrial

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Agricultural

Relevant Teams

Legal

Real Estate

Facilities Management

Operations

Administration

Risk & Compliance

Property Management

Asset Management

Corporate Services

Lease Administration

Relevant Roles

Property Manager

Real Estate Manager

Facilities Manager

Legal Counsel

Property Lawyer

Lease Administrator

Asset Manager

Operations Manager

Commercial Director

Real Estate Agent

Building Superintendent

Property Administrator

Compliance Officer

Risk Manager

Real Estate Director

Industries






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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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