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The Cancellation of Lease Agreement by Tenant is a crucial document used in Nigerian property law when a tenant wishes to formally terminate their lease agreement. It is designed to comply with the Recovery of Premises Act and state-specific tenancy laws in Nigeria, which typically require specific notice periods and procedures for lease termination. This document should be used when a tenant has decided to end their tenancy, whether at the natural end of the lease term or through an early termination provision. It includes essential details such as party information, property details, termination date, security deposit arrangements, and property handover procedures. The document helps protect both parties' interests by clearly documenting the termination process and ensuring compliance with local laws and regulations. It's particularly important in Nigeria's legal context, where property matters are governed by both federal and state-specific legislation.

1. Parties: Identification of the Tenant (party serving notice) and Landlord (receiving notice), including full legal names and addresses

2. Background: Reference to the original lease agreement, including its date, property address, and current rental term

3. Definitions: Key terms used in the agreement, including 'Premises', 'Lease Agreement', 'Termination Date', and 'Security Deposit'

4. Notice of Termination: Clear statement of tenant's intention to terminate the lease and the proposed termination date

5. Statutory Notice Period: Confirmation that the notice period complies with Nigerian law and the original lease terms

6. Property Inspection: Arrangements for final property inspection and condition assessment

7. Security Deposit: Process for the return of the security deposit, subject to property condition assessment

8. Outstanding Obligations: Statement regarding settlement of any outstanding rent, utilities, or other obligations

9. Keys and Access: Arrangements for returning keys and vacating the property

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

11. Execution: Signature blocks for both parties with date fields