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Mortgage Loan Modification Agreement

Mortgage Loan Modification Agreement Template for Nigeria

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Key Requirements PROMPT example:

Mortgage Loan Modification Agreement

"I need a Mortgage Loan Modification Agreement for a Nigerian commercial property loan where we're extending the loan term by 5 years and reducing the interest rate from 15% to 12%, with the changes to take effect from March 1, 2025."

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Document background
The Mortgage Loan Modification Agreement is essential in Nigerian banking and real estate transactions when existing mortgage terms need to be altered due to various circumstances such as financial hardship, market changes, or mutual agreement between parties. This document modifies original mortgage terms while maintaining compliance with Nigerian banking regulations, the Land Use Act, and state-specific property laws. It's commonly used during loan restructuring, payment plan adjustments, or when changing key terms like interest rates or loan duration. The agreement must be properly executed and registered with relevant authorities to be enforceable under Nigerian law. It includes detailed specifications of all modifications, acknowledgment of existing obligations, and necessary regulatory compliance provisions.
Suggested Sections

1. Parties: Identification of the Lender and Borrower with their full legal names, addresses, and registration details if applicable

2. Background: Recitals detailing the original mortgage agreement, reason for modification, and current loan status

3. Definitions: Definitions of key terms used in the agreement, including references to terms from the original mortgage agreement

4. Acknowledgment of Existing Loan: Confirmation of the current loan balance, status, and terms of the original mortgage

5. Modification Terms: Detailed description of all modifications to the original loan terms, including interest rate, payment amount, term length, and payment schedule changes

6. Effective Date: Specification of when the modification takes effect and any conditions precedent

7. Continued Validity: Confirmation that all other terms of the original mortgage remain in full force and effect

8. Representations and Warranties: Statements by the borrower confirming their ability to pay, understanding of terms, and current property status

9. Fees and Costs: Details of any fees or costs associated with the modification

10. Governing Law: Confirmation that the agreement is governed by Nigerian law and specific state jurisdiction

11. Execution: Signature blocks for all parties, including witnesses as required under Nigerian law

Optional Sections

1. Additional Security: Include when new collateral or security is being added as part of the modification

2. Insurance Requirements: Include when modifying insurance requirements for the property

3. Property Maintenance Covenants: Include when adding or modifying requirements for property maintenance

4. Default Remedies: Include when modifying the original default and enforcement provisions

5. Tax Provisions: Include when there are specific tax implications or requirements related to the modification

6. Forbearance Terms: Include when the modification includes temporary forbearance provisions

7. Release of Claims: Include when parties agree to release certain claims as part of the modification

Suggested Schedules

1. Schedule A - Modified Payment Schedule: Detailed amortization schedule showing new payment amounts, dates, and allocation between principal and interest

2. Schedule B - Property Description: Legal description of the mortgaged property as registered with relevant authorities

3. Schedule C - Outstanding Balance Calculation: Detailed calculation of the current outstanding balance, including any arrears or fees

4. Schedule D - Modified Loan Terms Summary: Summary table comparing original and modified loan terms

5. Appendix 1 - Required Documents: List of documents required for the modification, including proof of income, property valuation, etc.

6. Appendix 2 - Compliance Certificates: Copies of necessary compliance certificates and regulatory approvals

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

Real Estate

Financial Services

Legal Services

Property Development

Mortgage Lending

Housing Finance

Construction

Relevant Teams

Legal

Credit Risk

Mortgage Operations

Compliance

Real Estate

Loan Processing

Documentation

Property Valuation

Title Registration

Debt Recovery

Relevant Roles

Mortgage Officer

Loan Officer

Credit Risk Manager

Legal Counsel

Property Lawyer

Banking Compliance Officer

Real Estate Manager

Credit Analysis Manager

Mortgage Underwriter

Bank Branch Manager

Property Valuation Expert

Debt Recovery Officer

Documentation Specialist

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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