A SIMPLE DEED OF MORTGAGE (PLEASE ADOPT AS SCENARIO REQUIRES)

DEED OF MORTGAGE

THIS DEED OF MORTGAGE is made the ________ day of _______________ 2014 BETWEEN Alhaji Usman Ameachi Adebayo (the Mortgagor or Borrower ) of No.1

Broadstreet, Tejumola, Ibadan of the one part AND Zenith Bank Plc (the Mortgagee) of Plot A-B Ikoyi Ibadan of the other part.

WHEREAS:

• The Mortgagor is entitled to the property a duplex situate at No.4 Iyaganku Street Ring Road, Ibadan which is covered by Certificate of Occupancy dated 12/10/92 with Registration No. 13/13/92.
• The Mortgagee has agreed to lend to the Mortgagor the sum of N50,000,000 (Fifty Million Naira).
• This mortgage is made subject to Governor's consent to be obtained by the Mortgagor.

THIS DEED WITNESSES AS FOLLOWS:

The Mortgagor hereby mortgage all that property, a duplex situate at No.4 Iyaganku Street Ring Road, Ibadan which is covered by Certificate of Occupancy dated 12/10/92 with Registration No. 13/13/92 for a legal estate for the residue of the term of years granted by the Lease the particulars of which are herein set out in the schedule.

I, the Mortgagor hereby covenants with the Mortgagee to pay the Mortgagee on the 1st day of every month next the sum of N5,000,000 (Five Million Naira) with interest thereon in the meantime at the rate of 15 per cent per annum, if the interest is paid promptly at the rate of 12 per cent between 1st February 2012 to 30th January 2013.

The Mortgagor shall, not later than_______day of _______________2014 before the legal due date, pay to the Mortgagee in full the said sum outstanding on the interest and the principal sum under this deed to redeem his property.

But if the Mortgagor or Borrower shall on the _____day of _______________next pay to the Mortgagee in full the said sum of N_________________interest and other money payable under this deed then that sub-term shall cease and become merged and extinguished in the reversion immediately.

THE MORTGAGOR COVENANTS WITH MORTGAGEE AS FOLLOWS:

• The mortgagor covenants that the property shall not be redeemable until at least 24 months after the execution of the contract.
• The Mortgagor covenant to pay inclusive any sum expended in insuring the property and interest thereon for the purpose of protecting the property.
• The mortgagor covenant to consolidate the redemption of any subsequent mortgage undertaken with the mortgagee.

IN WITNESS OF WHICH THE MORTGAGEE AND MORTGAGOR HAVE EXECUTED THIS DEED OF MORTGAGE IN THE MANNER BELOW THE DATE AND YEAR FIRST ABOVE WRITTEN.