A FORMAL CONTRACT OF SALE OF LAND

CONTRACT OF SALE OF LAND

THIS CONTRACT OF SALE OF LAND is made the 9th day of January 2013 BETWEEN ADEAGBO FAITH of No. 2 Yag Street, Garki Abuja (the "Vendor") of the one part and MUFUTAU AHMED of No.4 Meridian Crescent Maitama Abuja (the "purchaser") of the other part.

WHEREAS:

• The Vendor is the owner of the property situate at Plot 109 Kado Estate, Gwarinpa District Abuja.
• The Vendor is willing to sell the property to the purchaser at the price of N100 million.

IT IS AGREED AS FOLLOWS:

• CONSIDERATION

The consideration for the sale of the property shall be the sum of N100 million

• DEPOSIT

The Purchaser shall before the execution of this Agreement pay a deposit of the sum of N1,000,000.00 (One million Naira) the vendor's Solicitor, Meridian Consulting who shall hold the deposit as stakeholder pending completion of the contract.

• BALANCE:

The balance of the consideration being the sum of N90,000,000 (Ninety million Naira) shall be paid at completion and is there is delay caused by the default of the Purchaser he shall be liable to pay interest at the current Bank rate.

• CHATTELS, FITTINGS AND OTHER ITEMS:

The sale of chattels, fitting and fixtures itemised and stated in the schedule is valued at the sum of N100,000.00 (One Hundred Thousand Naira) the receipt of which the vendor acknowledges. 5………………………………………………………(state other agreements/covenants).

IN WITNESS OF WHICH THE PARTIES HAVE EXECUTED THIS AGREEMENT THE DAY AND YEAR FIRST ABOVE WRITTEN.

SIGNED AND DELIVERED by the within-named

Vendor