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Lease Option Contract
"I need a Lease Option Contract for a commercial warehouse in Lagos, Nigeria, with a 2-year lease term starting March 2025 and an option to purchase that includes rights to develop additional storage units on the property."
1. Parties: Identification of the property owner (Optionor) and potential buyer (Optionee) with full legal names and addresses
2. Background: Context of the agreement, including property owner's willingness to grant option and potential buyer's interest in acquiring the property
3. Definitions: Key terms used throughout the agreement including Property, Option Period, Purchase Price, Option Fee
4. Grant of Option: Details of the option rights being granted, including exclusivity provisions
5. Option Period: Duration of the option period and any extension terms
6. Option Fee: Amount of option fee, payment terms, and whether it's applicable to purchase price
7. Exercise of Option: Process and requirements for exercising the option
8. Lease Terms: Terms of the lease during the option period including rent, duration, and maintenance responsibilities
9. Purchase Price: Agreed purchase price if option is exercised and any adjustment mechanisms
10. Property Condition: Current condition of property and any warranties or disclaimers
11. Title and Documentation: Requirements for clear title and necessary documentation under Nigerian law
12. Default and Remedies: Consequences of default by either party
13. Governing Law: Specification of Nigerian law as governing law and jurisdiction
14. Signing Page: Execution block with space for signatures, witnesses, and dates as required under Nigerian law
1. Due Diligence: Used when the optionee requires a period for property investigation and verification
2. Property Improvements: Include when the optionee is permitted to make improvements during the lease period
3. Assignment Rights: Include when either party may need to transfer their rights under the agreement
4. Option Extension Terms: Used when parties want to include possibility of extending the option period
5. Mortgage Provisions: Include when the property has existing mortgage or if buyer will require financing
6. Special Conditions: Used for any unique requirements or conditions specific to the transaction
7. Land Use Compliance: Include when there are specific zoning or land use requirements to address
8. Insurance Requirements: Used when specific insurance coverage is required during the lease period
1. Schedule 1 - Property Description: Detailed legal description of the property including boundaries, title details, and registration information
2. Schedule 2 - Payment Terms: Detailed breakdown of all payments including option fee, rent, and purchase price
3. Schedule 3 - Property Inventory: List of fixtures, fittings, and contents included in the lease and potential sale
4. Schedule 4 - Lease Terms and Conditions: Detailed terms of the lease portion of the agreement
5. Appendix A - Property Documents: Copies of title documents, land use approvals, and other relevant property documentation
6. Appendix B - Property Plans: Site plans, building plans, and surveys of the property
7. Appendix C - Due Diligence Checklist: List of required documentation and verification steps for due diligence
8. Appendix D - Maintenance Schedule: Detailed breakdown of maintenance responsibilities during the lease period
Authors
Real Estate
Commercial Property
Residential Property
Retail
Industrial
Agriculture
Hospitality
Office Space
Mixed-Use Development
Manufacturing
Warehousing
Healthcare
Legal
Real Estate
Property Management
Operations
Finance
Compliance
Risk Management
Facilities Management
Commercial
Asset Management
Investment
Administrative
Real Estate Manager
Property Development Manager
Legal Counsel
Contract Manager
Property Manager
Asset Manager
Investment Manager
Facilities Manager
Commercial Director
Operations Manager
Real Estate Agent
Property Broker
Chief Financial Officer
Risk Manager
Compliance Officer
Land Administrator
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