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Commercial Lease Assignment Template for Nigeria

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Key Requirements PROMPT example:

Commercial Lease Assignment

"I need a Commercial Lease Assignment for my retail store in Lagos, transferring my 5-year lease to a new tenant who will continue the same business, with completion planned for March 2025; landlord has already given verbal consent."

Document background
The Commercial Lease Assignment is a crucial document used in Nigerian property transactions when an existing commercial tenant wishes to transfer their leasehold interest to another party. It operates within the framework of Nigerian property law, particularly the Land Use Act 1978 and state-specific property legislation. This document is essential when businesses need to exit a lease early, restructure their property portfolio, or transfer their business premises to another entity. It requires careful consideration of various elements including landlord's consent, financial obligations, property condition, and compliance with local regulations. The assignment must be properly executed and registered with relevant authorities to be legally effective in Nigeria.
Suggested Sections

1. Parties: Identifies and provides full details of all parties: the Assignor (current tenant), Assignee (new tenant), and Landlord

2. Background: Recitals explaining the existing lease, the intention to assign, and confirmation of landlord's consent

3. Definitions: Defines key terms used throughout the agreement, including Property, Lease, Assignment Date, etc.

4. Agreement to Assign: Core clause establishing the assignment of the lease from Assignor to Assignee

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

6. Conditions Precedent: Conditions that must be satisfied before the assignment becomes effective

7. Assignor's Covenants: Warranties and obligations of the outgoing tenant

8. Assignee's Covenants: New tenant's obligations and commitments, including compliance with lease terms

9. Landlord's Consent: Confirmation and terms of the landlord's consent to the assignment

10. Completion Requirements: Actions required to complete the assignment, including registration and documentation

11. Costs and Stamp Duty: Allocation of legal costs, registration fees, and stamp duty

12. Governing Law: Confirmation that the assignment is governed by Nigerian law

13. Execution: Signature blocks and execution formalities

Optional Sections

1. Guarantor Provisions: Required when there's a guarantor for the Assignee's obligations

2. Outstanding Rent: Needed when addressing settlement of any rent arrears or prepaid rent

3. Property Maintenance Status: Used when specific maintenance or repair obligations need to be addressed

4. Security Deposit Transfer: Required when handling transfer of existing security deposits

5. Break Clause: Optional provision allowing early termination rights

6. Assignment Restrictions: Used when specifying additional restrictions on future assignments

7. Service Charge Reconciliation: Needed when addressing outstanding service charge accounts

8. Existing Alterations: Required when dealing with alterations made by the Assignor

9. VAT Elections: Needed when the property is subject to VAT elections

Suggested Schedules

1. Schedule 1 - Property Description: Detailed description of the leased property, including plans and measurements

2. Schedule 2 - Existing Lease: Copy or summary of the original lease terms being assigned

3. Schedule 3 - Condition Report: Current condition of the property at the time of assignment

4. Schedule 4 - Outstanding Obligations: List of any outstanding obligations or breaches under the existing lease

5. Schedule 5 - Rent and Payment Details: Details of current rent, payment dates, and review dates

6. Appendix A - Landlord's Consent Document: Formal consent document from the landlord

7. Appendix B - Property Plans: Detailed plans and drawings of the property

8. Appendix C - Inventory: List of any fixtures, fittings, or equipment included in the assignment

Authors

Alex Denne

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

Relevant legal definitions
































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Relevant Industries

Retail

Office Space

Industrial

Hospitality

Healthcare

Education

Manufacturing

Logistics

Technology

Financial Services

Professional Services

Entertainment

Warehousing

Relevant Teams

Legal

Real Estate

Facilities Management

Finance

Operations

Compliance

Risk Management

Property Management

Business Development

Administrative

Relevant Roles

Real Estate Manager

Property Manager

Legal Counsel

Commercial Director

Facilities Manager

Chief Financial Officer

Business Development Manager

Operations Director

Company Secretary

Asset Manager

Leasing Manager

Property Lawyer

Compliance Officer

Risk 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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