DEED OF MORTGAGE

DEED OF MORTGAGE

THIS DEED OF MORTGAGE is made this ___ day of_____2020

BETWEEN

MR ADE MUSA of No. 1, xxxxxxxx, Lagos state (hereinafter referred to as the "the Mortgagor or Borrower"), which expression where the contexts so permit shall include his heirs, privies, successors-in-title, personal representatives, agents, assigns or anyone acting for or on his behalf, of the one part

AND

ABC BANK PLC, a company incorporated under Part A of the Companies and Allied Matters Act with its head office located at No. 2, xxxxxxxx, Lagos (hereinafter called the "the Mortgagee") which expression where the contexts so permit shall include his heirs, privies, successors-in-title, personal representatives, agents, assigns or anyone acting for or on his behalf, s of the other part.

WHEREAS:

1. The Mortgagor is entitled to the property a duplex situate at No.3,xxxxxx, Lagos which is covered by Certificate of Occupancy dated 23/07/2002 with Registration No. 02/11/03.

2. The Mortgagee has agreed to lend to the Mortgagor the sum of N36,000,000 (Thirty Six Million Naira).

3. This mortgage is made subject to Governor's consent to be obtained by the Mortgagor.

NOW THIS DEED WITNESSES AS FOLLOWS:-

1. The Mortgagor hereby mortgage all that property, a duplex situate at No.3,xxxxxx, Lagos which is covered by Certificate of Occupancy dated 23/07/2002 with Registration No. 02/11/03 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.
2. I, the Mortgagor hereby covenants with the Mortgagee to pay the Mortgagee on the 1st day of every month next the sum of N3,000,000 (Three Million Naira) with interest thereon in the meantime at the rate of 12 per cent per annum, if the interest is paid promptly at the rate of 10 per cent between 1st May 2020 to 31st August 2021.
3. The Mortgagor shall, not later than____day of ______2020 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.
4. 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: