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Ending A Fixed Term Tenancy Agreement Early

Ending A Fixed Term Tenancy Agreement Early Template for Nigeria

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Key Requirements PROMPT example:

Ending A Fixed Term Tenancy Agreement Early

"I need to draft an agreement for Ending A Fixed Term Tenancy Agreement Early for a commercial property in Lagos, Nigeria, where the tenant has agreed to terminate the lease on March 1, 2025, and will pay a break fee of two months' rent due to their business relocation."

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Document background
The document "Ending A Fixed Term Tenancy Agreement Early" is essential in the Nigerian real estate context where parties need to legally terminate a fixed-term tenancy before its scheduled end date. It's commonly used when circumstances require early termination by mutual consent, such as job relocations, property sales, or other significant changes in either party's situation. The document ensures compliance with Nigerian federal and state tenancy laws, particularly the Recovery of Premises Act and state-specific rent control regulations. It includes crucial elements such as termination date, financial settlements, property handover procedures, and mutual releases, while accounting for local legal requirements regarding witness signatures and document registration where applicable. This agreement is vital for protecting both landlord and tenant interests and preventing future disputes under Nigerian law.
Suggested Sections

1. Parties: Details of the Landlord and Tenant, including full legal names, addresses, and contact information

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

3. Definitions: Definitions of key terms used in the agreement including 'Property', 'Original Agreement', 'Termination Date', and 'Settlement Amount'

4. Early Termination Agreement: Mutual agreement to terminate the tenancy before the fixed term end date

5. Termination Date: Specific date when the tenancy will end and the tenant will vacate the property

6. Tenant's Obligations: Responsibilities of the tenant including property condition, cleaning, removal of belongings, and return of keys

7. Financial Settlement: Details of any rent adjustments, security deposit handling, and settlement of outstanding payments

8. Release and Waiver: Mutual release from obligations under the original tenancy agreement post-termination

9. Property Inspection: Arrangements for final inspection and inventory check

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

11. Execution: Signature blocks and execution requirements

Optional Sections

1. Utilities Settlement: Include when utilities are in tenant's name and need to be transferred or settled

2. Forwarding Address: Include when security deposit or future correspondence needs to be sent to tenant's new address

3. Security Deposit Deductions: Include when there are specific agreed deductions from the security deposit

4. Break Fee: Include when there is a specific fee agreed for early termination

5. Handover Schedule: Include when there is a specific timeline for moving out and handover procedures

6. Third Party Obligations: Include when there are guarantors or other third parties involved in the original agreement

Suggested Schedules

1. Schedule 1 - Property Inventory: Current inventory list and condition report of the property

2. Schedule 2 - Financial Statement: Detailed breakdown of all financial settlements, including rent calculations and deposit deductions

3. Schedule 3 - Handover Checklist: List of items to be checked and tasks to be completed before property handover

4. Appendix A - Original Tenancy Agreement: Copy of the original fixed-term tenancy agreement being terminated

5. Appendix B - Photographic Evidence: Current photographs of the property condition (if required)

Authors

Alex Denne

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

alex.den.21@genieai.co
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Relevant Industries

Real Estate

Property Management

Residential Property

Commercial Property

Legal Services

Housing

Property Development

Facility Management

Property Investment

Relevant Teams

Legal

Real Estate

Property Management

Operations

Facilities

Compliance

Administrative

Asset Management

Tenant Relations

Contract Management

Relevant Roles

Property Manager

Real Estate Agent

Legal Counsel

Housing Officer

Lease Administrator

Property Administrator

Estate Manager

Facilities Manager

Tenancy Relations Officer

Real Estate Lawyer

Property Operations Manager

Asset Manager

Compliance Officer

Housing Administrator

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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