Mortgage Modification Agreement Template for Nigeria

1. Parties: Identification of the Lender and Borrower, including their full legal names, addresses, and registration details if applicable

2. Background: Recitals detailing the original mortgage agreement, its date, and the reasons for modification

3. Definitions: Key terms used in the agreement, including references to terms from the original mortgage agreement

4. Original Mortgage Reference: Details of the original mortgage agreement including registration particulars and property description

5. Modification Terms: Specific changes being made to the original mortgage terms (e.g., interest rate, payment amount, loan term)

6. Effective Date: When the modifications take effect and any conditions precedent

7. Confirmation of Other Terms: Statement that all other terms of the original mortgage remain unchanged and in full force

8. Representations and Warranties: Declarations by the borrower regarding their financial situation and ability to comply with modified terms

9. Registration and Stamp Duty: Provisions for registration of the modification and payment of applicable stamp duties

10. Governing Law: Confirmation that Nigerian law governs the agreement

11. Execution: Signature blocks for all parties and witnesses as required under Nigerian law

1. Schedule 1 - Property Description: Detailed legal description of the mortgaged property including registration particulars

2. Schedule 2 - Modified Payment Terms: Detailed breakdown of new payment terms, including payment schedule and amounts

3. Schedule 3 - Original Mortgage Agreement: Copy or extract of relevant portions of the original mortgage agreement being modified

4. Appendix A - Amortization Schedule: New amortization schedule reflecting modified payment terms

5. Appendix B - Required Consents: Copies of any required regulatory or third-party consents

6. Appendix C - Supporting Documents: Any additional documentation supporting the modification (e.g., property valuations, financial statements)