The Residential Mortgage Contract is a fundamental legal document used in Nigerian property financing transactions when an individual or entity seeks to purchase residential property through mortgage financing. This document is essential in the Nigerian real estate market, where property transactions are governed by the Land Use Act 1978 and various banking regulations. The contract establishes the legal relationship between the lender and borrower, securing the loan against the property while ensuring compliance with federal and state requirements. It becomes necessary whenever residential property is purchased using mortgage financing and must incorporate specific provisions required by Nigerian law, including Governor's consent requirements. The document typically includes comprehensive details about the property, financing terms, parties' obligations, and enforcement mechanisms, making it a crucial instrument for both financial institutions and property buyers.
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1. Parties: Identification of the lender (mortgage institution) and borrower(s) with full legal names and addresses
2. Background: Context of the mortgage agreement including property identification and purpose of the loan
3. Definitions: Definitions of key terms used throughout the agreement
4. Loan Details: Principal amount, interest rate, term of the loan, and payment schedule
5. Security: Details of the property being mortgaged and the nature of the security interest
6. Borrower's Covenants: Borrower's obligations including property maintenance, insurance, and payment commitments
7. Lender's Rights and Remedies: Rights of the lender in case of default and enforcement procedures
8. Property Insurance Requirements: Mandatory insurance coverage and requirements
9. Events of Default: Circumstances constituting default and consequences
10. Representations and Warranties: Statements of fact and promises by the borrower regarding their capacity and the property
11. Payment Terms: Detailed payment obligations including methods, dates, and prepayment provisions
12. Governing Law and Jurisdiction: Specification of Nigerian law and relevant jurisdiction
13. Notices: Process for formal communications between parties
14. Execution: Signature blocks and attestation requirements
1. Guarantor Provisions: Required when there is a guarantor for the mortgage loan
2. Special Payment Arrangements: Include when there are specific payment structures or arrangements
3. Construction Provisions: Required when the mortgage involves property under construction
4. Islamic Banking Compliance: Include for Sharia-compliant mortgages
5. Joint Borrower Provisions: Required when there are multiple borrowers
6. Foreign Currency Provisions: Include when payments are made in foreign currency
7. Assignment and Transfer: Include when the lender wishes to reserve right to assign the mortgage
8. Property Letting Restrictions: Include when there are specific restrictions on renting out the property
1. Property Description Schedule: Detailed legal description of the mortgaged property including boundaries and title details
2. Payment Schedule: Detailed amortization schedule showing principal and interest payments
3. Insurance Requirements: Detailed specifications of required insurance coverage
4. Property Valuation Report: Professional valuation of the property
5. Special Conditions: Any special terms or conditions specific to the loan
6. Required Documentation: List of documents required from the borrower
7. Fee Schedule: Breakdown of all fees and charges associated with the mortgage
8. Governor's Consent Requirements: Documentation requirements for obtaining Governor's consent as per Land Use Act
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