The Private Mortgage Note serves as a fundamental instrument in Nigerian private lending transactions secured by real estate. This document is essential when individuals or institutions provide mortgage financing outside of traditional banking channels, requiring careful consideration of the Land Use Act, state property laws, and financial regulations. The note typically includes comprehensive details about the loan terms, security arrangements, property description, and enforcement mechanisms. It's particularly relevant in situations where traditional mortgage financing is not available or when parties prefer private lending arrangements. The document must be properly executed and registered with relevant authorities to ensure enforceability under Nigerian law.
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1. Parties: Identification of the Lender and Borrower with full legal names and addresses
2. Background: Context of the loan agreement and brief description of the mortgaged property
3. Definitions: Definitions of key terms used throughout the document
4. Loan Amount and Interest: Specification of the principal amount, interest rate, and calculation method
5. Payment Terms: Details of payment schedule, installment amounts, and payment methods
6. Security: Description of the property being mortgaged and creation of the security interest
7. Borrower's Covenants: Borrower's obligations including property maintenance, insurance, and tax payments
8. Representations and Warranties: Statements of fact by the Borrower regarding their capacity and the property's status
9. Events of Default: Circumstances constituting default and consequences thereof
10. Remedies: Lender's rights and remedies in case of default
11. Governing Law: Specification of Nigerian law as governing law and relevant jurisdiction
12. Execution: Signature blocks and attestation requirements
1. Prepayment Provisions: Terms for early repayment of the loan, including any penalties or fees
2. Insurance Requirements: Detailed insurance obligations if more extensive than standard covenants
3. Assignment and Transfer: Rights and restrictions regarding transfer of the note or property
4. Further Assurance: Obligation to execute additional documents if required
5. Force Majeure: Provisions for unforeseen circumstances affecting performance
6. Guarantor Provisions: Terms applicable when a guarantor is involved in the transaction
7. Property Use Restrictions: Specific limitations on property use during mortgage term
1. Property Description: Detailed legal description of the mortgaged property including boundaries and title details
2. Payment Schedule: Amortization table showing payment dates, principal and interest breakdown
3. Insurance Requirements: Detailed specifications for required insurance coverage
4. Property Documents: List of title documents and relevant property certificates
5. Form of Transfer: Template for property transfer documentation in case of default
6. Required Consents: Copies of necessary governmental or regulatory approvals
7. Property Valuation: Professional valuation report of the mortgaged property
Relevant legal definitions
Agreement
Applicable Law
Business Day
Borrower
Completion Date
Default Event
Default Interest Rate
Effective Date
Encumbrance
Environmental Laws
Governor's Consent
Interest Rate
Land Registry
Land Use Act
Lender
Loan Amount
Maturity Date
Mortgage
Mortgaged Property
Notice
Outstanding Balance
Payment Date
Permitted Use
Principal Amount
Property Documents
Repayment Schedule
Security
Security Interest
State Authority
Term
Title Documents
Transfer
Valuation Report
Working Day
Applicable Law
Business Day
Borrower
Completion Date
Default Event
Default Interest Rate
Effective Date
Encumbrance
Environmental Laws
Governor's Consent
Interest Rate
Land Registry
Land Use Act
Lender
Loan Amount
Maturity Date
Mortgage
Mortgaged Property
Notice
Outstanding Balance
Payment Date
Permitted Use
Principal Amount
Property Documents
Repayment Schedule
Security
Security Interest
State Authority
Term
Title Documents
Transfer
Valuation Report
Working Day
Clauses
Property Description
Loan Terms
Interest Rate
Security Interest
Payment Terms
Default
Acceleration
Remedies
Property Insurance
Property Maintenance
Assignment
Transfer Restrictions
Registration
Consent Requirements
Title Warranties
Covenants
Events of Default
Enforcement
Notice Requirements
Governing Law
Jurisdiction
Force Majeure
Further Assurance
Severability
Entire Agreement
Amendment
Waiver
Costs and Expenses
Representations
Warranties
Indemnification
Property Use
Insurance Requirements
Tax Obligations
Default Interest
Prepayment Rights
Loan Terms
Interest Rate
Security Interest
Payment Terms
Default
Acceleration
Remedies
Property Insurance
Property Maintenance
Assignment
Transfer Restrictions
Registration
Consent Requirements
Title Warranties
Covenants
Events of Default
Enforcement
Notice Requirements
Governing Law
Jurisdiction
Force Majeure
Further Assurance
Severability
Entire Agreement
Amendment
Waiver
Costs and Expenses
Representations
Warranties
Indemnification
Property Use
Insurance Requirements
Tax Obligations
Default Interest
Prepayment Rights
Relevant Industries
Real Estate
Banking & Financial Services
Legal Services
Construction
Property Development
Mortgage Services
Private Lending
Housing Finance
Relevant Teams
Legal
Real Estate
Mortgage Services
Compliance
Risk Management
Property Management
Financial Services
Documentation
Credit Analysis
Relevant Roles
Real Estate Lawyer
Mortgage Officer
Property Manager
Legal Counsel
Loan Officer
Real Estate Agent
Property Developer
Financial Advisor
Compliance Officer
Title Officer
Private Lender
Real Estate Investment Manager
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