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Assignment Of Sublease

Assignment Of Sublease Template for Nigeria

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Key Requirements PROMPT example:

Assignment Of Sublease

"I need an Assignment of Sublease for transferring my retail store sublease in Lagos to a new tenant by March 2025, with provisions for transferring existing service contracts and handling the security deposit."

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Document background
An Assignment of Sublease is a crucial document used in Nigerian real estate transactions when a subtenant wishes to transfer their entire interest in a subleased property to another party. This document is essential for ensuring compliance with Nigerian property law, particularly the Land Use Act 1978, and requires careful consideration of various legal requirements including registration, stamping, and obtaining necessary consents. The assignment must address the transfer of rights and obligations, handle any existing security deposits or improvements, and ensure all parties' interests are protected. It's particularly important in commercial contexts where businesses need to transfer their leasehold interests, and must include specific provisions required by Nigerian law regarding Governor's consent, registration at the lands registry, and payment of appropriate duties.
Suggested Sections

1. Parties: Identification of the assignor (current subtenant), assignee (new subtenant), and head landlord

2. Background: Recitals explaining the existing sublease, reason for assignment, and confirmation of head landlord's consent

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

4. Assignment: Core provision assigning all rights, title and interest in the sublease to the assignee

5. Consideration: Details of the payment or other consideration for the assignment

6. Conditions Precedent: Prerequisites including obtaining necessary consents and satisfying registration requirements

7. Assignor's Covenants: Warranties and representations by the assignor regarding the sublease and property

8. Assignee's Covenants: Assignee's promises to comply with sublease terms and indemnify the assignor

9. Completion: Details of completion date and requirements for transfer of possession

10. Registration and Stamping: Obligations regarding registration of the assignment and payment of stamp duty

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

12. Execution: Signature blocks and attestation requirements

Optional Sections

1. Security Deposit: Terms for transfer or replacement of any security deposit - include if there is an existing deposit

2. Outstanding Charges: Provisions for handling any unpaid rent or charges - include if there are outstanding amounts

3. Improvements: Dealing with any improvements made by the assignor - include if improvements exist

4. Break Options: Treatment of any break options in the sublease - include if break options exist

5. Service Contracts: Assignment of service contracts - include if relevant contracts exist

6. Environmental Matters: Environmental warranties and indemnities - include for industrial/commercial properties

7. Planning Permissions: Transfer of planning permissions - include if specific permissions exist

Suggested Schedules

1. Schedule 1 - Property Description: Detailed description of the property including boundaries and plan

2. Schedule 2 - Original Sublease: Copy or details of the original sublease being assigned

3. Schedule 3 - Head Landlord's Consent: Copy of the head landlord's consent to the assignment

4. Schedule 4 - Rent and Other Payments: Details of current rent, service charges, and other financial obligations

5. Schedule 5 - Condition Report: Current condition of the property and any fixtures/fittings

6. Appendix A - Property Plans: Plans and drawings of the property

7. Appendix B - Required Consents: Copies of all required regulatory and governmental consents

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions

































Clauses






























Relevant Industries

Real Estate

Retail

Manufacturing

Industrial

Commercial Office

Hospitality

Healthcare

Education

Logistics

Warehousing

Agriculture

Relevant Teams

Legal

Real Estate

Facilities Management

Operations

Finance

Compliance

Administration

Property Management

Commercial

Relevant Roles

Real Estate Manager

Property Manager

Facilities Manager

Legal Counsel

Commercial Director

Operations Manager

Chief Financial Officer

Company Secretary

Compliance Officer

Asset Manager

Property Administrator

Leasing Manager

Real Estate Director

General Counsel

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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