CONTRACT OF SALE OF LAND

BETWEEN

LAND REPUBLIC LIMITED

(VENDOR)

AND

NGENE PRINCEPAUL IFEANYI

(PURCHASER)

IN RESPECT OF 1 UNIT OF 150 SQUARE METRES LAND ON THE GRANDIOSE

GARDEN,SITUATE, LYING AND BEING AT OFF LONDON ROAD, OKO ODOROGA,
ODORAGUNSHIN, EPE, EPE LOCAL GOVERNMENT AREA, LAGOS STATE,
NIGERIA, MEASURING APPROXIMATELY 150 SQUARE METRES

DATED THIS ………………. DAY OF................................ 20……

PREPARED BY:

………………………………………….
TOMISONA FEYISAYO OLAJIRE Esq.
OLUWATOMISIN JOLAOLUWA ADEGOKE Esq.
Ralph. J. Karieren Crescent,
Lekki Peninsula Scheme 2,
Lagos State.
oluwatomisin@landrepublic.co
THIS CONTRACT OF SALE AGREEMENT dated this …… day of …….…….
20….

BETWEEN

LAND REPUBLIC LIMITED, a company duly incorporated under the Company

and Allied Matters Act Cap 20, LFN 2004, and having its registered office at No
26, Lanre Olumide, Idado Estate Lekki, Lagos State,
(hereinafter referred to as “The Vendor”, which expression shall where the context
so admits, include its agents, privies, Personal Legal Representatives, Attorney,
assigns and any other claiming through and under it of the first part);
AND
NGENE PRINCEPAUL IFEANYI of Saloon Street, Off Estate Gate, Benin City,
Edo State (hereinafter referred to as “The Purchaser” which expression shall where
the context so admits include his Successors in title, Heirs, Executors,
Administrators,Personal-Legal Representatives and Assigns) of the second part.

WHEREAS:
1.1. The piece of land being the subject matter of this Contract of sale, is 1
Unit of 150 square meters on the Grandiose Garden, a property acquired
by the Vendor from the ODOROGA ROYAL FAMILY, under a Deed
of Assignment, lying and being situate at Off London Road, Oko
Odoroga, Odoragunshin, Epe, Epe Local Government Area, Lagos State,
measuring approximately 150 square meters (hereinafter referred to as
“The Property”).
1.2. The Vendor has been exercising its rights and title in the entire parcel of
land to the present day.
1.3. The Vendor is desirous of selling and transferring The Property and the
Purchaser is desirous of acquiring same, subject to the terms of this
Agreement and any by-law regulating ownership, management and
governance of the common property elements of Grandiose Garden in the
general interest of all owners of Unit of private properties therein.

1.4. That the Vendor has also agreed to indemnify the Purchaser from any
defects in title and or third party claims to the property.
 1.5. That the Parties have agreed that the Purchaser shall pay the sum of
N1, 500, 000.00 (One Million Five Hundred Thousand Naira) only, as
full payment for the property to the Vendor herein.
1.6. That this payment precludes the Vendor from alienating the property to a
third party during the subsistence of this contract.
1.7. The Vendor agrees to sell the Property to the Purchaser and has agreed to
the assignment of its interests and rights over the said portion of land to
the Purchaser herein for a consideration hereinafter stated.

2.0. NOW THIS CONTRACT WITNESSETH AS FOLLOWS;

2.1. IN CONSIDERATION of the sum of N1, 500, 000.00 (One Million Five
Hundred Thousand Naira) only, as full payment, hereby paid by the
Purchaser to the Vendor (the receiptwhereof the Vendor acknowledges), the
Vendor hereby allocates to the Purchaser all that demised property as
described in the schedule hitherto.

2.2. Parties acknowledge that the Purchase Price in Clause 2.1 is exclusive of taxes
and the Purchaser agrees to pay all applicable taxes required by law to be paid
by the Purchaser.
3.0. THE VENDOR HEREBY COVENANTS AS FOLLOWS:
3.1. To sell to the purchaser 1 Unit of 150 square meters land on the
Grandiose Garden, situate, lying and being at Off London Road, Oko Odoroga,
Odoragunshin, Epe, Epe Local Government Area, Lagos State, measuring
approximately 150 square meters, for the total sum of N1, 500, 000.00 (One
Million Five Hundred Thousand Naira) only.
3.2. That the purchaser shall take immediate possession of the Property upon
the payment of the agreed sum of N1, 500, 000.00 (One Million Five
Hundred Thousand Naira) only.
3.3. To demise unto the Purchaser, his agents, assigns, buyers, nominees or
beneficiaries, the Vendors right, title and interest in all or any portion of the
Property including the right to sell, mortgage, charge or otherwise part with
possession of all or any part of the said demised property.
3.4. To give notice of allocation of the Unit to the Purchaser, as soon as the
Vendors start allocation.
3.5. The Purchaser shall peacefully hold and enjoy the Property without any
interruption or disturbance by the Vendor or anyone lawfully claiming through,
 from, for, against, under or in trust for the Vendor.
3.6. The Vendor herein affirms that it has the right and power to sell, assign
and convey to the Purchaser, subsisting and valid title and interest in the said
Property.
3.7. The Vendor agrees with the Purchaser that at all times, the Vendor shall
indemnify the Purchaser (including the refund to the Purchaser of an amount
equal to the total payments for the land by the Purchaser , plus interest at the
rate of twenty percent per annum) and keep him indemnified against all acts,
damages, claims, proceedings, demands, expenses and losses incurred in
consequence of any eviction, action or anything in any wise done by any rival
claimant or claimants of the said Property or portion thereof and or losses
arising out of or relating to or concerning any defect in the title, rights or
interest of the Vendor in the property.
3.8. That the full payment of N1, 500, 000.00 (One Million Five Hundred
Thousand Naira) only, by the Purchaser precludes the Vendor from
alienating the property to a third partyduring the subsistence of this contract.
4.0. THE PURCHASER HEREBY COVENANTS AS FOLLOWS:
4.1. To take the property as described in the schedule hereto subject to the
Conditions, Covenants and Stipulations which the Vendor is, by law or contract,
to observe.
4.2. To obtain all necessary regulatory permits and approval for any physical
development of the Unit.
4.3. To obtain the Vendor’s written approval before the commencement of
building and construction works on the Unit and before connection to any
central or common facility.
4.4. To be fully responsible for any damage or destruction to any of the
Common Elements of the Property in the course of site and construction works
in his Unit.
4.5. To be responsible for all Utility Bills on the Property which include but not
limited to Municipal/Land Use Charges/Assessments or Water/Neighborhood
Improvement Rates/Impositions from the Government alongside the Service
Charges mutually agreed by property Owners and Occupants with the Vendor
or any appointed Property Managers.
4.6. To execute and adhere to the By-law adopted by Co-Owners of the
Common Property Elements of the Grandiose Garden.
5.0. FURTHER TERMS AND CONDITIONS
5.1. The Unit hereby allocated shall not be sold, disposed or transferred to any
third party without the prior consent of the Vendor at a period before the
delivery of the Unit. After the delivery of the Unit, the Purchaser is required to
give notice in writing to the Vendor of his intention to transfer, sell or dispose
the Unit in any manner and any Agreement for the sale of the Unit shall include
all provisions regarding the administration and management of the Common
Property Elements.
5.2. The Purchaser shall abide by all the rules, regulations, directives and
policies governing the property and cooperate with the Vendor and other
occupants for all arrangements necessary for ensuring the security, good
neighborliness and development of the Estate.
5.3. Parties shall deem as properly served, any Notice/Document originating
from the Vendor or its authorized representative(s) delivered to the Purchasers’
Email Address as recorded in this Agreement or any other used in any previous
communication between the Parties.
5.4. The Vendor shall have no obligation to obtain Governor’s consent on
behalf of the Purchaser or to pay any prescribed statutory fees associated with
the registration of title.
5.5. In the event of termination of this Agreement by the Purchaser before the
delivery of the Unit, the Purchaser shall be entitled to a refund of the total
instalment paid less 30% (thirty percent) after the sale of the Unit to any third-
party. Refund is payable after 90 days of application. See Payment Protection
Promise Policy for more information on refund.
5.6. Where the Vendor defaults in the allocation of the Unit after full payment
of the Purchase Price in accordance with this Agreement, without
communicating any cogent reason for the delay to the purchaser, the Purchaser
shall be entitled to a full refund of the total instalment and/or all monies paid to
the Vendor with interest at 0.7% commencing 6 months after the
acknowledgment of receipt of the full Purchase Price by the Vendor.

6.0. REPRESENTATION AND WARRANTIES

6.1. The Vendor represents that this Agreement constitutes a valid and binding
obligation of the Vendor as Vendor and enforceable against it in accordance
with the terms of this Agreement.
6.2. The Vendor represents that there are no actions, suits, proceedings,
 investigations, or claims now pending or in progress, against the Vendor in
respect of the Property and there are no matters under discussion, or appeal with
any Governmental Authority relating to the Property.
6.3. There are no trespassers of any nature on the Property.
6.4. The Purchaser represents that he has the legal capacity to enter into this
Agreement and has sought independent professional advice on the merit or
otherwise of purchasing the Unit of the Grandiose Garden.
6.5. The Purchaser warrants that the funds paid under this transaction are not
proceeds of crime or any corrupt practices or dealings under Nigerian laws. The
Purchaser further acknowledges that, in response to increased regulatory
concerns with respect to the sources of funds used in investments and other
activities, the Vendor may request the Purchaser to provide additional
documentation verifying, among other things, the source of funds used for this
transaction if required by governmental authorities.
6.6. The Vendor’s failure to perform any term or condition of this Agreement
as a result of force majeure conditions beyond its control such as, but not limited
to, acts of God, fire, war, flood, accident, explosion, industrial dispute,
regulatory directives and governmental acts of which the Vendor is not aware
at the time of execution of the contract, or any other act, omission, or event
beyond its reasonable control shall not be deemed as a default/breach of this
Agreement. Parties further acknowledge that such events may necessitate the
modification of any delivery or construction timeline
7.0. SEVERABILITY
7.1 If any provision of this Agreement becomes unenforceable or is determined
by a court or other authority with competent jurisdiction to be void, voidable,
unlawful or unenforceable, the remaining provisions of this Agreement shall
remain in full force and effect.
8.0. ENTIRE AGREEMENT
8.1. This Agreement constitutes the entire agreement and understanding
between the Parties and supersedes all prior discussions, agreements,
negotiations, understandings or arrangements (both oral and written) relating to
the subject matter of this Agreement.
9.0. AMENDMENTS
9.1 This Agreement (including this clause 9.1) may be amended only in writing
by an instrument signed by all Parties.
10.0. GOVERNING LAW AND DISPUTE RESOLUTION
10.1. This Agreement and rights of the Parties hereunder shall be governed by
and construed in accordance with the laws of the Federal Republic of Nigeria.
10.2 All Disputes shall, if possible, be resolved amicably by negotiation
between the Parties. Upon written notice from any Party requesting a meeting
to settle a Dispute, the Parties shall meet to attempt to settle a Dispute. If the
Dispute is not settled amicably within a period of 20 (twenty) days from the
receipt of such written notice, then any Party may refer the Dispute to
arbitration pursuant to this Clause 10.3-10.7
Notwithstanding the foregoing, any Party may at any time file a request for
arbitration but will thereafter agree to deter taking active steps in that arbitration
to enable the settlement process by negotiation to be completed within the said
period of 20 (twenty) days.
No party shall object to any delay in pursuing the arbitration proceedings for
the duration of the settlement process.
10.3. Arbitration shall be in accordance to the Arbitration and Conciliation Act.
A Sole Arbitrator shall be appointed by agreement between the parties.
10.4. The Party initiating an arbitration shall give a written notice of arbitration
to the other party and nominate an arbitrator for confirmation by the other party
within fourteen (14) days of the notice.
10.5. In the event that parties are unable to agree on the appointment of a Sole
Arbitrator or the other party fails to confirm the Arbitrator nominated by the
party initiating the arbitration, an application shall be made to the Chairman of
the Chartered Institute of Arbitrators (UK), Nigeria Branch who shall appoint a
Sole Arbitrator having due regard to any representations made to him as to the
appropriate qualifications of such arbitrator.
10.6. The arbitration shall take place in Lagos, Nigeria and the decision of the
arbitrators shall be final and binding upon the Parties.
10.7 The Parties agree to keep the contents of the arbitration proceedings strictly
confidential.
10.8 The right to arbitrate disputes and or claims under this Agreement shall
survive its termination.
11.0 THE SCHEDULE HEREIN BEFORE MENTIONED
IN RESPECT OF 1 UNIT OF 150 SQUARE METRES LAND ON THE
GRANDIOSE GARDEN, SITUATE, LYING AND BEING AT OFF LONDON
ROAD, OKO ODOROGA, ODORAGUNSHIN, EPE, EPE LOCAL
GOVERNMENT AREA, LAGOS STATE, NIGERIA, MEASURING
APPROXIMATELY 150 SQUARE METRES.
THE PARTIES HAVE SET THEIR HANDS AND SEALS ON THE DAY AND
YEAR FIRST ABOVE WRITTEN

THE COMMON SEAL OF THE VENDOR WAS AFFIXED TO THIS

CONTRACT OF SALE AGREEMENT AND WAS DULY DELIVERED

In the presence of:

……………………… ……………………
DIRECTOR DIRECTOR

SIGNED, SEALED and DELIVERED

By the within named ‘PURCHASER’

………….………………………..…
NGENE PRINCEPAUL IFEANYI

In the Presence of:

NAME:
ADDRESS:
OCCUPATION:
SIGNATURE: