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Form and Content of A Legal Mortgage

Mortgage

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22 views2 pages

Form and Content of A Legal Mortgage

Mortgage

Uploaded by

cupidluv2096
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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PROPERTY LAW PRACTICE

LAGOS CAMPUS
2021/2022 SESSION

1. FORM AND CONTENT OF A LEGAL MORTGAGE

FIRST DRAFT

Introductory Part (Commencement, date, parties, addresses, description, and recitals)

Whereas:
1. Recite the loan agreement
2. Recite the Mortgagor/Guarantor’s title to the security.

{Testatum 1}

NOW in pursuance of the loan agreement and in consideration of the sum of Twenty-five
million naira (=N= 25,000,000) now paid to the Mortgagor by the Mortgagee the receipt of
which the Mortgagor (Borrower) acknowledges

THIS DEED WITNESSES AS FOLLOWS:

1. The Mortgagor HEREBY COVENANTS with the Mortgagee to pay to the Mortgagee on
the (repayment date) the sum of Twenty-five million naira (=N=25,000,000) with
interest thereon from the date of this deed at the rate of 15% per annum AND FURTHER
if the said sum of Twenty-five million naira (=N=25,000,000) advanced shall not be so
paid to the Mortgagee interest at the rate of 15% by equal payments on (Payment
dates) in each year on the principal moneys for the time being remaining due on this
security or on any order or judgment which may be recovered hereunder.

{Testatum 2}
2. The Mortgagor as beneficial owner HEREBY CHARGES BY WAY OF LEGAL MORTGAGE/
(SUB-)DEMISES ALL that (mortgaged property) as stated in the schedule with the payment to
the Mortgagee of the principal moneys and interest hereby covenanted to be paid by the
Mortgagor. PROVIDED THAT if the Mortgagor shall on the (date) pay to the Mortgagee the sum
of Twenty-five million naira (=N=25,000,000) with interest from the date of this deed, the
Mortgagee will at the request and cost of the Mortgagor duly discharge this security.

Miscellaneous Part
{The Mortgagor further covenants as follows:

The Mortgagee covenants as follows:}

1
Concluding Part (Testimonium, Execution and Attestation Clauses)

ALTERNATIVE DRAFT
Introductory Part (Commencement, date, parties, addresses, description, and recitals)

Whereas:
1. Recite the loan agreement
2. Recite the Mortgagor/Guarantor’s title to the security.

NOW THIS DEED WITNESSES AS FOLLOWS:

1. In consideration of the sum of Twenty-five million naira (=N=25,000,000:00) paid by the


lender to the borrower (the receipt of which the borrower acknowledges) the borrower
covenants with the lender to pay to the lender on the first day of July 2024 the sum of
Twenty-five million naira (=N= 25,000,000:00) with interest thereon from the date of
this deed at the rate of 15% per annum and if the said sum (the principal money) or any
part shall not be paid on the said date will at the date aforesaid pay to the lender (as
well after as before any judgment) interest on the principal sum or such part thereof as
shall from time to time remain owing by equal half yearly payments on the first of July
and the first of January in each year.
2. In consideration of the principal sum, the borrower as beneficial owner herby charges to
the lender all the property specified in the schedule hereto TO HOLD unto the lender for
the term of two years from the date of this deed subject to the provision for cesser
upon redemption.
3. Provided that if the borrower shall on the first date of July 2024 pay to the lender the
principal sum with interest from the date of this deed at the rate mentioned the term
creates shall cease.

II CONTRACT SUBJECT TO MORTGAGE CLAUSE

This contract of sale is conditional on the purchaser obtaining a mortgage loan from Pacific
Intercontinental Bank PLC in the sum of =N=50,000,000 (fifty million naira) with interest
payable at the rate of 15%. PROVIDED THAT where the loan is not obtained mon completion,
this Contract of Sale of land shall be void and the purchaser shall be entitled to the return of the
deposit paid.

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