The Lease Contract Cancellation document is essential in the Nigerian real estate market where early termination of lease agreements requires formal documentation to ensure legal compliance and protect all parties' interests. This document is typically used when both parties mutually agree to end a lease before its intended expiration date, or when termination is initiated under specific circumstances outlined in the original lease agreement. It must comply with Nigerian federal legislation, including the Recovery of Premises Act, as well as state-specific tenancy laws. The document incorporates critical elements such as identification of parties, property details, termination date, settlement terms, and property handover procedures. It serves as crucial evidence of the agreed termination and helps prevent future disputes by clearly documenting the terms of separation and mutual releases.
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1. Parties: Identification of the landlord/lessor and tenant/lessee, including full legal names, addresses, and any registration numbers for companies
2. Background: Details of the original lease agreement including date of execution, property description, and reference to the decision to terminate
3. Definitions: Key terms used in the cancellation agreement including 'Lease Agreement', 'Premises', 'Effective Date of Termination'
4. Termination Declaration: Formal statement of the mutual agreement to terminate the lease, specifying the effective termination date
5. Outstanding Obligations: Statement of any remaining rent, utilities, or other payments due from either party
6. Property Inspection and Handover: Requirements for inspection of the premises and the process for returning keys and possession
7. Release of Obligations: Mutual release from future obligations under the original lease agreement
8. Governing Law: Confirmation that the cancellation is governed by Nigerian law
9. Execution: Signature blocks for all parties and witnesses
1. Security Deposit: Terms for the return or forfeiture of security deposit - include if a deposit was paid under the original lease
2. Surviving Obligations: List of any obligations that survive termination - include if there are confidentiality or indemnity provisions that should continue
3. Dispute Resolution: Procedure for resolving any disputes arising from the cancellation - include if parties want specific dispute resolution mechanisms
4. Modifications to Premises: Handling of any modifications made to the property - include if tenant made authorized or unauthorized changes
5. Third Party Rights: Address any third party interests or rights - include if there are subtenants or registered interests
1. Schedule 1 - Original Lease Details: Copy or key details of the original lease agreement being terminated
2. Schedule 2 - Property Condition Report: Detailed report of the property condition at termination
3. Schedule 3 - Settlement Statement: Detailed breakdown of all financial settlements between parties
4. Appendix A - Handover Checklist: Checklist of items to be completed for proper handover of the property
5. Appendix B - Photographic Evidence: Photos documenting the condition of the property at termination
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