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An Assignment of Mortgage is a crucial document used in Nigerian banking and real estate transactions when a mortgagee (typically a bank or financial institution) needs to transfer its rights and interests in a mortgage to another party. This commonly occurs during loan portfolio sales, bank restructuring, or refinancing arrangements. The document must comply with Nigerian federal and state laws, including the Land Use Act, relevant property laws, and banking regulations. It contains specific provisions addressing the transfer of rights, outstanding loan amounts, property details, and security interests. The assignment must be properly registered with relevant land registries and appropriately stamped to be enforceable under Nigerian law. This document is essential for maintaining the chain of title and ensuring the new mortgagee has proper legal standing to enforce the mortgage terms.

1. Parties: Identifies and defines the Assignor (current mortgagee), Assignee (new mortgagee), and acknowledgment by the Mortgagor

2. Background: Recitals detailing the original mortgage, its registration details, and the intention to assign

3. Definitions: Defines key terms used in the assignment including Property, Mortgage, Secured Obligations, etc.

4. Assignment: Core provision transferring all rights, title, and interest in the mortgage from Assignor to Assignee

5. Consideration: States the amount paid by the Assignee to the Assignor for the assignment

6. Assignor's Covenants: Warranties and representations by the Assignor regarding the mortgage, outstanding amount, and authority to assign

7. Mortgagor's Acknowledgment: Confirmation by the Mortgagor of the assignment and agreement to pay the Assignee

8. Completion Requirements: Steps to be taken to complete the assignment including registration and stamping requirements

9. Governing Law: Specifies Nigerian law as governing law and relevant jurisdiction

10. Execution: Signature blocks and attestation requirements for all parties