OFF-PLAN LEASE PROTECTION

TAARD’s off-plan lease protection serves as a risk management tool, ensuring that TAARD’s co-promoter’s lease payments are protected and refunded upon demand by them. This tool takes the form of a promissory note issued on behalf of TAARD to co-promoters by a Grade A Nigerian Bank or Insurance company, assuring the full refund of lease payments to co-promoters according to the terms stipulated in the lease agreement.

Purpose

The risk mitigation tool was created for the benefit of TAARD’s co-promoters (corporate lessees), will provide them with:

  1. Safeguards against any unforeseen events: This instrument acts as a financial safety net, protecting the financial interests of TAARD’s co-promoters by mitigating any risk of losing their payment in the event of any unforeseen events.
  2. Assurance of a full refund: By providing assurance of a full refund upon demand to our co-promoters, TAARD is in effect, ensuring they are protected from any uncertainties related to the project’s development.
  3. Adequate comfort: This instrument also provides our co-promoters with the comfort they require to enter an off-plan lease agreement with us.

Coverage Limits:

Your Off-Plan lease payments are protected till delivery of the apartment, of which the estimated completion and handover timeline is 36 – 42 months (about 3 and a half years).

Lease Payment: Minimum 1 year

Terms:

  • The Lessor guarantees the protection of the Lessee’s deposit during the Development Period.
  • Lessee (co-promoter) can request a full deposit return anytime during this period.
  • The Lessor commits to returning the full amount promptly, without any deductions.

Eligibility Criteria for Co-Promoters:

  1. Your organization must formally express her interest to lease one or more of TAARD’s exquisite 1 or more-bedroom apartments for 1 or more years.
  2. Your organization must enter an exclusive agreement with TAARD as lessee and co-promoter of TAARD’s mission regarding no. 1 above.

Refund of Lease Deposit:

In the event of a withdrawal of interest, the Lessor will return the full deposit to the lessee (Co-promoter), and her protected funds will be disbursed as follows:

  • Within the first year of executing a lease agreement – 14 (fourteen) working days from date of request.
  • After the first year of executing a lease agreement – 1 (one) month from date of request.

Claims Process

The lessee is required to submit a refund request with a withdrawal of acceptance letter and wait out the period stipulated to receive the refund.

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Email

49 Bourdillon Road, Ikoyi, Lagos, Nigeria

+234 911 1111 101
+234 911 1111 102

enquiries@theafropolitanalpha.com

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