The Loan And Mortgage Agreement is a fundamental document in Nigerian secured lending transactions, used when providing financing secured against real property. It serves dual purposes: documenting the loan facility terms and creating a legal mortgage over property as security. This document is essential for both commercial and residential property financing in Nigeria, requiring compliance with the Land Use Act, Central Bank of Nigeria regulations, and state-specific property laws. It typically includes comprehensive details about the loan facility, property description, payment terms, borrower obligations, and enforcement rights. The agreement must be properly stamped and registered with relevant authorities to ensure enforceability under Nigerian law. It's commonly used by banks, mortgage institutions, and other financial institutions when providing property-backed financing to individuals or businesses.
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1. Parties: Identification of the Lender, Borrower, and any Guarantors with their full legal names and addresses
2. Background: Context of the loan arrangement and brief description of the mortgaged property
3. Definitions: Definitions of key terms used throughout the agreement
4. Loan Terms: Details of the loan amount, interest rate, repayment terms, and payment schedule
5. Security Creation: Creation of the mortgage and charge over the property
6. Property Details: Detailed description of the mortgaged property and confirmation of ownership
7. Borrower's Representations: Warranties and representations regarding the borrower's capacity and property ownership
8. Borrower's Covenants: Ongoing obligations of the borrower including property maintenance and insurance
9. Events of Default: Circumstances constituting default and their consequences
10. Enforcement Rights: Lender's rights and remedies upon default, including power of sale
11. Expenses and Indemnity: Allocation of costs and indemnification provisions
12. Notices: Process for serving notices between parties
13. Governing Law: Confirmation of Nigerian law as governing law and jurisdiction
14. Execution: Signature blocks and attestation requirements
1. Guarantor Provisions: Required when there is a guarantor securing the loan obligations
2. Insurance Requirements: Detailed insurance obligations when specific insurance requirements exceed standard provisions
3. Assignment and Transfer: Include when the loan may be syndicated or transferred
4. Additional Security: Required when additional collateral beyond the primary mortgaged property is provided
5. Priority Arrangements: Include when there are multiple charges or security interests on the property
6. Construction Provisions: Required for construction loans or when property development is involved
7. Environmental Matters: Include for commercial properties or when environmental risks are significant
1. Property Description Schedule: Detailed legal description of the mortgaged property including title details
2. Payment Schedule: Amortization table showing payment dates, principal and interest breakdown
3. Insurance Requirements: Detailed specifications of required insurance coverage
4. Form of Notice: Standard forms for various notices under the agreement
5. Conditions Precedent: List of documents and conditions required before loan disbursement
6. Property Documents: List of title documents and property-related certificates
7. Special Conditions: Any special terms or conditions specific to the loan or property
Relevant legal definitions
Agreement
Applicable Law
Borrower
Business Day
Charged Property
Commencement Date
Conditions Precedent
Default Interest Rate
Default Notice
Enforcement Event
Environmental Laws
Event of Default
Facility
Final Repayment Date
Financial Indebtedness
Governor's Consent
Guarantor
Insurance Policies
Interest Payment Date
Interest Period
Interest Rate
Land Registry
Land Use Act
Legal Charge
Lender
Loan Amount
Material Adverse Effect
Mortgage
Mortgaged Property
Outstanding Amount
Payment Date
Permitted Encumbrance
Planning Laws
Power of Attorney
Principal Amount
Property Documents
Receiver
Repayment Schedule
Security
Security Documents
Security Interest
Security Period
Stamp Duties Act
Tax
Title Documents
Transaction Documents
Valuation Report
Applicable Law
Borrower
Business Day
Charged Property
Commencement Date
Conditions Precedent
Default Interest Rate
Default Notice
Enforcement Event
Environmental Laws
Event of Default
Facility
Final Repayment Date
Financial Indebtedness
Governor's Consent
Guarantor
Insurance Policies
Interest Payment Date
Interest Period
Interest Rate
Land Registry
Land Use Act
Legal Charge
Lender
Loan Amount
Material Adverse Effect
Mortgage
Mortgaged Property
Outstanding Amount
Payment Date
Permitted Encumbrance
Planning Laws
Power of Attorney
Principal Amount
Property Documents
Receiver
Repayment Schedule
Security
Security Documents
Security Interest
Security Period
Stamp Duties Act
Tax
Title Documents
Transaction Documents
Valuation Report
Clauses
Loan Facility
Security Creation
Property Rights
Interest and Payments
Representations and Warranties
Borrower Covenants
Lender Covenants
Insurance
Events of Default
Enforcement Rights
Power of Sale
Assignment and Transfer
Property Maintenance
Environmental Compliance
Expenses and Indemnity
Notices
Amendments and Waivers
Severability
Entire Agreement
Force Majeure
Governing Law
Dispute Resolution
Confidentiality
Registration and Stamping
Further Assurance
Survival of Terms
Title Covenants
Property Use
Inspection Rights
Insurance Proceeds
Default Interest
Set-off Rights
Cross-Default
Acceleration Rights
Security Creation
Property Rights
Interest and Payments
Representations and Warranties
Borrower Covenants
Lender Covenants
Insurance
Events of Default
Enforcement Rights
Power of Sale
Assignment and Transfer
Property Maintenance
Environmental Compliance
Expenses and Indemnity
Notices
Amendments and Waivers
Severability
Entire Agreement
Force Majeure
Governing Law
Dispute Resolution
Confidentiality
Registration and Stamping
Further Assurance
Survival of Terms
Title Covenants
Property Use
Inspection Rights
Insurance Proceeds
Default Interest
Set-off Rights
Cross-Default
Acceleration Rights
Relevant Industries
Banking
Real Estate
Financial Services
Construction
Agriculture
Manufacturing
Retail
Healthcare
Education
Hospitality
Relevant Teams
Legal
Credit Risk
Compliance
Real Estate
Finance
Operations
Corporate Secretariat
Property Management
Document Management
Risk Assessment
Relevant Roles
Legal Counsel
Loan Officer
Mortgage Specialist
Credit Risk Manager
Property Manager
Compliance Officer
Banking Operations Manager
Real Estate Manager
Financial Controller
Chief Financial Officer
Risk Assessment Officer
Document Controller
Company Secretary
Property Valuation Officer
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