CONTRACT OF SALE

BETWEEN

AUDACIA PROPERTIES LTD

(VENDOR)

AND

MR AZEEZ JULIUS
(PURCHASER)
(IN RESPECT OF 600SQM OF LAND LYING, BEING
AND SITUATE AT OKENLA, ITAMAPAKO TOWN,
ILOTIIJEBU, OGUN STATE NIGERIA)
THIS CONTRACT OF SALE is made this 27th day of APRIL, 2023.

BETWEEN
AUDACIA PROPERTIES LTD having its business address at Osagie Unuigbe Close, Lekki
Penninsula II, Lagos State Nigeria (hereinafter referred to as “the VENDOR”) which
expression shall where the context so admits include its successors- in-title and assigns
of the ONE PART
AND

MR AZEEZ JULIUS Of 5, Old Abeokuta Road, Onihale Phase 2, Ifo L.G.A., Ogun State
(Hereinafter referred to as the Purchaser) which expression shall where the context so
admits include their heirs, assigns, personal representatives and executors OTHER PART.

BACKGROUND

1. The piece and parcel of land to be hereby transferred is a large tract of land
which originally belonged to Late Pa SALISU OYASANYA of Okenla, Itamapako
Town, Iloti Ijebu, Ogun State in fee simple absolute from time under the native
law and custom of the Yoruba people of Nigeria.

2. Late Pa Salisu Oyasanya begat one child known as Late Pa Oyasanya Yisau.
Late Pa Oyasanya Yisau begat three children namely Mary Yisau, Tajudeen
Yisau and Ganiu Yisau from whom the entire Oyasanya Family descended.

3. The Pa SALISU OYASANYA family through the Family Representatives assigned

20 Acres out of the family land to Audacia Prime Realty Limited, the Vendor
herein.

4. The Vendor is now desirous of assigning to the Purchaser all that piece of land
totaling 600sqm together with the appurtenances thereto situate within
Queen’s Court, Okenla, Itamapako Town, Iloti Ijebu, Ogun State, Nigeria and
more particularly described in the schedule herein (the Purchased Property)
upon the terms and subject to the conditions herein appearing.
IT IS HEREBY AGREED THAT:

1. AGREEMENT

This agreement is executed in good faith and that the Vendor shall in consideration of
the purchase price paid by the Purchaser agree to deliver up vacant possession of
the Property described in this Agreement to the purchaser and within the time
stipulated herein. The Purchaser shall also pay the agreed purchase price at the time
and in the manner herein agreed.

2. CONSIDERATION

The consideration for the sale of the land shall be the sum of N800,000 naira (Eight
Hundred Thousand Naira)

3. DEPOSIT

The Purchaser shall upon the execution of this agreement pay to the Vendor the first
installment in the sum of N200,000 naira (Two Hundred Thousand Naira) to the Vendor,
the receipt of which the Vendor hereby acknowledges.

4. PAYMENT OF BALANCE

The entire balance of the purchase price being the sum of N600,000.00 (Six Hundred
Thousand Naira) shall be paid on/before 25th of July, 2023

5. DELIVERY AND POSSESSION

The Vendor shall ensure to deliver vacant possession of the Land to the Purchaser
Immediately after the issuance of the Letter of allocation to the purchaser

6. DATE OF COMPLETION

This agreement shall be determined on completion and upon delivery of vacant

possession to the Purchaser in accordance with this agreement.
7. INDEMNITY

The Vendor hereby undertake to indemnify the Purchaser from and against any
adverse claim from any person whomsoever and from all proceedings, costs,
expenses and liabilities whatsoever arising from any defect in his title in relation to the
Land and from the Vendors’ misrepresentation or non-disclosure of facts material to
the agreement.

8. TITLE DOCUMENT PROCESSING

The Vendor undertake to do all acts and things required to vest legal title in the land
on the Purchaser which include Deed of Assignment. The Purchaser shall also pay a
documentation fee of N150, 000.00 (One Hundred and Fifty Thousand Naira Only) in
addition to the Purchase Price for the Deed of Assignment and Provisional Survey. It
shall also be the responsibility of the Purchaser to obtain Survey Plan and Certificate
of occupancy on the executed Deed of Assignment and pay all prescribed statutory
fees associated with the registration of title.

9. RESTRICTION ON SALE OR TRANSFER

On the payment of the deposit of the Purchase price by the Purchaser, the Vendor
shall not for any reasons whatsoever sell, assign, mortgage, transfer or alienate the
Land to any other person. The land 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 land. After the delivery of the Land, the Purchaser is required
to give notice in writing to the Company of his intention to transfer, sell or dispose the
Plot(s) in any manner.

10. FURTHER TERMS & CONDITIONS

10.1 Where the Purchaser determines this Agreement without any default from the
Vendor, the vendor shall deduct 50% from the deposit/full payment made
by the purchaser and the purchaser shall be entitled to only 50% which shall
be paid within 90 (Ninety) working days
 10.2 The Purchaser shall abide by all the rules, regulations, directives and policies
governing the Estate and cooperate with the Vendor and other occupants
for all arrangements necessary for ensuring the security, good
neighborliness and development of the Estate

10.3 The Purchaser shall be responsible for all statutory and regulatory charges
payable by property owners including Land Use Charges/Assessments or
Water/Neighborhood Improvement Rates and Impositions from the
Government alongside the Service Charges as may be agreed by the
Managers of the Estate.

10.4 Upon paper/physical allocation, the Vendor shall no longer effect sale on
behalf of the purchaser.

11. FORCE MAJEURE

The Parties 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, pandemic, war, flood, accident, explosion, industrial dispute,
governmental acts of which the parties are not aware and did not anticipate 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.

12. NON-WAIVER

No failure to exercise and/or delay in exercising any right, power or privilege on

the part of the Company shall operate as a waiver thereof, nor shall any single
or partial exercise of same preclude any other or further exercise of any right,
power or privilege provided by law.

13. CONCLUSION

This contract shall prevail over any previous agreement and it contains all the terms
finally agreed by the parties
 SCHEDULE II
DESCRIPTION OF THE PURCHASED LAND

ALL THAT PROPERTY TOTALLING 600SQM OF LAND TOGETHER WITH ITS APPURTENANCES
LYING, BEING AND SITUATE WITHIN QUEENS COURT, OKENLA, ITAMAPAKO TOWN, ILOTI
IJEBU, OGUN STATE NIGERIA
IN WITNESS WHEREOF, the parties have executed this Deed in the manner below and
on the day and year first above written

THE COMMON SEAL OF AUDACIA PROPERTIES LIMITED

Was hereunto affixed in the presence

of

………………… ………………….
DIRECTOR DIRECTOR

SIGNED by the PURCHASER

MR AZEEZ JULIUS ………………………….

In the Presence of:

Name: …………………………………….

Address: ………………………………….

Occupation: ……………………………

Signature: ………………………………