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Deed Of Surrender Of Tenancy

Deed Of Surrender Of Tenancy Template for Nigeria

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Key Requirements PROMPT example:

Deed Of Surrender Of Tenancy

"I need a Deed of Surrender of Tenancy for my commercial retail space in Lagos, where the tenant has agreed to surrender the lease early on March 1, 2025, with a negotiated surrender premium of ���500,000 and settlement of outstanding service charges."

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Document background
The Deed of Surrender of Tenancy is a crucial document used in Nigerian property law when both landlord and tenant agree to terminate a lease before its natural expiration. This document is particularly relevant in situations where there is a need for early termination of either commercial or residential leases, provided both parties consent. It must comply with Nigerian federal laws, including the Recovery of Premises Act and the Land Use Act of 1978, as well as relevant state-specific property laws. The deed formally documents the surrender of the tenant's interests, arrangements for vacant possession, settlement of any outstanding obligations, and mutual releases. It requires proper execution as a deed and may need to be stamped and registered according to Nigerian law. The document protects both parties by providing clear evidence of the agreed termination and preventing future disputes about the lease's end.
Suggested Sections

1. Parties: Identifies and defines the Landlord and Tenant (and any guarantors if applicable)

2. Background: Recites details of the original lease, current occupation, and intention to surrender

3. Definitions: Defines key terms used in the deed including the Property, the Lease, and the Surrender Date

4. Agreement to Surrender: The operative clause where the tenant agrees to surrender and the landlord agrees to accept the surrender

5. Release of Obligations: Mutual release of parties from their obligations under the original lease

6. Vacant Possession: Tenant's confirmation to deliver vacant possession on the surrender date

7. Return of Keys: Provisions regarding the return of all keys and access devices

8. Governing Law: Specifies that Nigerian law governs the deed

9. Execution: Formal execution blocks for signing as a deed under Nigerian law

Optional Sections

1. Condition of Property: Used when specific requirements about the condition of return of the property need to be documented

2. Settlement of Outstanding Amounts: Include when there are any rent arrears, service charges, or other payments to be settled

3. Return of Deposit: Include when there is a security deposit to be returned

4. Dilapidations: Used when there are specific agreements about repair obligations or compensation for disrepair

5. Third Party Rights: Include when there are guarantors or other third parties whose rights need to be addressed

6. Survival of Claims: Used when certain rights or claims need to survive the surrender

Suggested Schedules

1. Schedule 1 - The Property: Detailed description of the property including its address and any relevant plan

2. Schedule 2 - The Original Lease: Details of the original lease including its date, parties, and any variations

3. Schedule 3 - Inventory: List of any fixtures, fittings or items included in the surrender

4. Schedule 4 - Condition Report: Document recording the condition of the property at surrender

5. Appendix A - Property Photos: Photographic evidence of the property's condition at surrender

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

Commercial Property

Residential Property

Retail

Office Space

Industrial

Hospitality

Healthcare

Education

Professional Services

Relevant Teams

Legal

Property Management

Real Estate

Facilities Management

Asset Management

Compliance

Operations

Administration

Tenant Relations

Risk Management

Relevant Roles

Property Manager

Real Estate Manager

Facilities Manager

Legal Counsel

Property Lawyer

Estate Agent

Leasing Manager

Asset Manager

Property Administrator

Real Estate Director

Compliance Officer

Tenant Relations Manager

Building Manager

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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