The Contract of Loan with Real Estate Mortgage is a vital legal instrument in Nigerian financial transactions, particularly used when providing secured financing against real property. This document type serves dual purposes: it establishes the lending relationship and creates a security interest over real estate. The agreement is commonly used by banks, financial institutions, and private lenders when extending loans secured by real property in Nigeria. It must comply with Nigerian federal laws including the Land Use Act 1978, Money Lenders Act, and relevant state property laws. The document typically includes comprehensive details about the loan terms, property description, repayment schedule, and enforcement rights, making it essential for both commercial and residential property financing in Nigeria.
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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 agreement
4. Loan Amount and Purpose: Specification of the loan amount, purpose, and disbursement terms
5. Interest Rate and Calculations: Details of interest rate, calculation method, and payment periods
6. Repayment Terms: Schedule of repayments, payment methods, and prepayment provisions
7. Security and Mortgage: Details of the property being mortgaged and security arrangements
8. Property Details and Warranties: Full description of the mortgaged property and borrower's warranties regarding ownership
9. Borrower's Covenants: Obligations of the borrower regarding property maintenance, insurance, and use
10. Events of Default: Circumstances constituting default and consequences thereof
11. Lender's Rights and Remedies: Rights of the lender in case of default, including power of sale
12. Representations and Warranties: Standard representations about legal capacity and property ownership
13. Costs and Expenses: Allocation of legal fees, registration costs, and other expenses
14. Notices: Process for serving notices between parties
15. Governing Law and Jurisdiction: Specification of Nigerian law and jurisdiction
1. Guarantor Provisions: Required when a third party guarantees the loan
2. Insurance Requirements: Detailed insurance obligations when specific insurance coverage is required
3. Construction Provisions: Required when loan is partially for property construction or renovation
4. Assignment and Transfer: Include when either party may need to transfer rights under the agreement
5. Multiple Properties: Additional provisions when multiple properties serve as security
6. Environmental Warranties: Required for commercial properties or properties with potential environmental risks
7. Conditional Disbursement: Include when loan disbursement is tied to specific conditions or milestones
1. Schedule 1 - Property Description: Detailed legal description of the mortgaged property including title details
2. Schedule 2 - Payment Schedule: Detailed amortization schedule with payment dates and amounts
3. Schedule 3 - Condition Precedent Documents: List of documents required before loan disbursement
4. Schedule 4 - Insurance Requirements: Specific insurance requirements and minimum coverage amounts
5. Schedule 5 - Property Documents: List of title documents, surveys, and property-related certificates
6. Appendix A - Form of Disbursement Request: Standard form for requesting loan disbursements
7. Appendix B - Form of Compliance Certificate: Template for periodic compliance certification by borrower
Relevant legal definitions
Clauses
Relevant Industries
Banking & Finance
Real Estate
Construction
Legal Services
Housing Development
Commercial Property
Residential Property
Agriculture (for farm land)
Industrial & Manufacturing
Hospitality & Tourism
Relevant Teams
Legal
Credit Risk
Mortgage Operations
Loan Administration
Real Estate
Compliance
Property Management
Document Management
Risk Assessment
Corporate Banking
Relevant Roles
Legal Counsel
Loan Officer
Mortgage Officer
Risk Manager
Credit Analyst
Property Manager
Real Estate Manager
Compliance Officer
Banking Manager
Property Lawyer
Contract Administrator
Financial Director
Chief Legal Officer
Chief Risk Officer
Real Estate Director
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