HIRE PURCHASE AGREEEMENT

BETWEEN

MR. ----------------
(OWNER)

AND

MR. -----------------
(HIRER)

IN RESPECT OF THAT HONDA CIVIC WITH REG. NO: ----------, ENGINE NO: -------------- AND

CHASIS NO. -----------------

HIRE PURCHASE AGREEMENT

THIS HIRE PURCHASE AGREEMENT is made this ……………….. Day of
……………………….. 2020.

BETWEEN

------------- of --------------------, (herein referred to as “THE OWNER” which expression

shall where the context admits include its successor-in-title and assigns) of the first
part.

AND

---------------- of -----------------(herein referred to as the HIRER which expression shall

where the context admits include its successor-in-title and assigns) of the other part.

WHEREAS

1. The subject matter of this hire purchase agreement is a Silver coloured Honda
Civic, with Reg. No. ------------- Engine No. ---------- and Chasis No. ------------

2. The owner is in true and lawful possession of the said Silver coloured Honda
Civic, with ------------- (herein referred to as “the vehicle”).

3. The owner undertakes that the vehicle is free from any form of encumbrance
or adverse claim from a third party.

4. The hirer has approached the owner for the purpose of purchase of the
vehicle under hire purchase agreement.
5. The owner has consented to the sale on the terms and conditions contained
herein under.

NOW THIS AGREEMENT WITNESSES THUS;

1. That the hire purchase sum for the vehicle is N700,000.00 (Seven Hundred
Thousand Naira) only which is to be paid in installments until the total
purchase sum is fully paid up by the Purchaser.
6. The Hirer will pay to the Owner, the above sum of N700,000.00 (Seven
Hundred Thousand Naira) being the value of the vehicle within a period of
Seven months.

7.

8. The Hirer will pay the purchase price to the Owner in instalments by
depositing the sum of N25,000.00 (Twenty Five Thousand Naira) only per
week till the entire sum of N700,000.00 (Seven Hundred Thousand Naira) is
defrayed.

9. If in any event the Hirer fails, neglects and/or refuses to make the normal
deposit of N25,000.00 (Twenty Five Thousand Naira) to the Owner for a
period of two weeks consecutively, this agreement will be vitiated and any
amount deposited so far remains forfeited while the Owner can immediately
take possession of the vehicle.

10. The Hirer hereby covenants to use the above mentioned vehicle for the
purposes of transportation business.

11. The Hirer will be responsible for the maintenance of the vehicle and also takes
charge of all cases in connection with the vehicle involving any Law
Enforcement Agency of Nigeria.

12. That the Hirer shall not in any way deal with the property in a manner that is
inconsistent with the ownership of the Owner and as such, the Hirer shall not
sub-let, sell, cause the property to be sold neither shall he use or cause the
property to be used as collateral during the term of this Hire Purchase.

13. That where the Hirer by an intentional or negligent act causes the Owner to
lose the ownership of the property, the Hirer and/or his guarantor (as
presented by the Hirer) shall be held liable for payment of the remaining sum
under this Agreement.

14. The Hirer covenants that at no point shall the Owner be responsible to
indemnify third party (ies) for loss or damage suffered by such a party arising
from the negligence or reckless conduct of the Hirer.
15. The Hirer covenants that he shall not do or cause to be done any change
whatsoever to the vehicle without the written consent of the Owner first had
and obtained.

16. The Hirer covenants that at all times during the term of this agreement to
keep the vehicle in good condition by fueling and maintaining the vehicle as
well as carrying out necessary repairs as the need may arise in the course of
his business.

17. The Owner has every right to inspect the vehicle as at when he wishes upon
giving reasonable notice of not less than twenty four hours to the Hirer and
such inspection shall be carried out in a reasonable place at the instance of the
Owner.

18. The Hirer shall only use the vehicle within the city of Lagos. Where however
it has become necessary for the Hirer to use the vehicle to another location
outside Lagos, prior notice and adequate information of such trip must be
given to the Owner, and his consent must be first had and obtained before
proceeding on the said trip.

19. The Owner can immediately take possession of the vehicle if the Hirer
commits any violation of the terms and condition of this agreement.
20. No notice is required to be given to the Hirer when the Owner intends to take
possession of the vehicle where the Hirer is in breach of the terms of this
agreement.

21. Where the Hirer by an intentional or negligent act causes the Owner to lose
the ownership of the vehicle, the Hirer and / or his guarantor (as presented
by the Hirer) shall be held liable for payment of the remaining sum under this
agreement.

22. That upon the payment of the last installment the ownership of the said
vehicle shall automatically pass to the hirer and the owner shall be under
 obligation to effect change of ownership and handover originals of all the
vehicle particulars.

23. PROVIDED THAT, this agreement CAN be terminated at any time before the
expiration at the instance of the Owner upon the default of any terms of this
agreement by the Hirer.

IN WITNESS WHEREOF the parties have executed this agreement in the manner
below, the day and year first above written.

SIGNED SEALED AND DELIVERED BY THE WITHIN NAMED OWNER:

.............................................
----------------------
IN THE PRESENCE OF:

NAME..............................................................................

OCCUPATION...............................................................

ADDRESS.........................................................................

SIGNATURE/DATE.........................................................
SIGNED SEALED AND DELIVERED BY THE WITHIN NAMED HIRER:

...........................................
----------------------

IN THE PRESENCE OF HIS GURANTOR:

NAME: ............................................................................................

ADDRESS: ......................................................................................

OCCUPATION: .............................................................................
SIGNATURE/ DATE: .................................................................