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Land Mortgage Agreement

Land Mortgage Agreement Template for Nigeria

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Key Requirements PROMPT example:

Land Mortgage Agreement

"I need a Land Mortgage Agreement for a commercial property in Lagos, Nigeria, where our company is borrowing 500 million Naira from FirstBank, with the loan to be disbursed by March 2025; the agreement should include special provisions for property development and multiple guarantors."

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Document background
The Land Mortgage Agreement is a crucial document in Nigerian property financing, used when a property owner seeks to obtain financing using their land or property as security. This agreement type is essential in both commercial and residential property transactions throughout Nigeria, subject to the Land Use Act 1978 and state-specific property laws. The document comprehensively details the mortgage terms, property description, parties' rights and obligations, and enforcement mechanisms. It requires specific formalities including Governor's consent and registration at the state land registry. The agreement protects both the lender's security interest and the borrower's equity of redemption, while ensuring compliance with Nigerian banking regulations and property laws. This document is particularly important given Nigeria's unique land tenure system where all land is vested in the state governors.
Suggested Sections

1. Parties: Identification of the Mortgagor (property owner) and Mortgagee (lender), including full legal names, addresses, and registration details for corporate entities

2. Background: Recitals explaining the context of the mortgage, including the loan request and property ownership status

3. Definitions: Definitions of key terms used throughout the agreement, including Property, Secured Obligations, and Security Interest

4. Creation of Mortgage: Legal clauses establishing the mortgage and charge over the property

5. Loan Amount and Terms: Specification of the loan amount, interest rate, repayment terms, and payment schedule

6. Property Details: Brief description of the mortgaged property and confirmation of ownership

7. Representations and Warranties: Mortgagor's warranties regarding property ownership, authority to mortgage, and absence of encumbrances

8. Covenants: Mortgagor's obligations including property maintenance, insurance, payment of taxes, and restrictions on disposal

9. Events of Default: Circumstances constituting default and consequences thereof

10. Enforcement Rights: Mortgagee's rights and remedies upon default, including power of sale

11. Insurance Requirements: Obligations regarding property insurance and assignment of policies

12. Costs and Expenses: Allocation of legal fees, registration costs, and other expenses

13. Notices: Process for serving formal notices between parties

14. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes

Optional Sections

1. Guarantor Provisions: Include when there is a third-party guarantor securing the mortgage obligations

2. Additional Security: Include when other assets or properties are provided as additional security

3. Environmental Matters: Include for commercial properties or when environmental risks are significant

4. Assignment and Transfer: Include when the mortgage may be sold or transferred to other lenders

5. Multiple Properties: Include when the mortgage covers more than one property

6. Property Development Provisions: Include when the property is under development or construction

7. Islamic Banking Provisions: Include when the mortgage needs to comply with Islamic banking principles

8. Force Majeure: Include when specific provisions for unforeseen circumstances are required

Suggested Schedules

1. Property Description Schedule: Detailed legal description of the property, including survey plans and title details

2. Payment Schedule: Detailed breakdown of payment installments, dates, and amortization schedule

3. Insurance Requirements Schedule: Specific insurance requirements, minimum coverage amounts, and approved insurers

4. Form of Transfer: Template for property transfer deed in case of default

5. Required Authorizations: List of required government consents and authorizations

6. Existing Encumbrances: Details of any existing charges or encumbrances on the property

7. Condition Report: Current condition of the property and any identified defects

8. Property Documents: List of title documents and other relevant property documentation

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions













































Clauses









































Relevant Industries

Banking & Finance

Real Estate

Construction

Agriculture

Industrial & Manufacturing

Commercial Property

Residential Property

Legal Services

Insurance

Property Development

Relevant Teams

Legal

Real Estate

Credit Risk

Compliance

Property Management

Banking Operations

Documentation

Risk Management

Land Administration

Corporate Finance

Relevant Roles

Legal Counsel

Property Lawyer

Real Estate Manager

Mortgage Officer

Credit Risk Officer

Property Valuation Officer

Compliance Officer

Land Registry Officer

Banking Operations Manager

Real Estate Development Manager

Property Rights Manager

Legal Documentation Specialist

Property Finance Manager

Title Registration Officer

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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