DRAFT A SEARCH REPORT

Garba & CO.

{GLORY CHAMBER)

Plot B2 Maple Way, Victoria Island, Lagos

Phone No: 0800 000 0000

E:mail: info@lawchambers.example Website: www.lawchambers.example

Our Ref_______________ Your Ref__________________

16th January, 2015.

The Manager,

Zenith Bank Plc,

Nigerian Law School, Bwari, Abuja.

Dear Sir,

A SEARCH REPORT CONDUCTED ON THE PROPERTY OF

CHIEF ADEBAYO ST.EMMANUEL

Introduction: This is the search report of the property of Chief Adebayo St.Emmanuel situate at No. 4 Iyanganku Street, Ring Road Ibadan.

Date of Search: This search was conducted on 10th January, 2012

Name of Borrower: Chief Adebayo St.Emmanuel

Name of Person giving security other than Borrower- Nil

Brief Description of Property: The property is duplex situate at lying and situated at No. 4 Iyanganku Street, Ring Road Ibadan property designated with the Survey Plan No. IB.119 registered at the Land Registry of Oyo State.

Type of Title: The owner is a beneficial owner of the property subject to legal mortgage with First Bank Plc.

Encumbrance(s):- There is subsisting an undischarged legal mortgage with First Bank Plc.

Valuation Report:- The property has been valued by a registered estate valuer to worth the sum of N120,000,000.00

Conclusion/Opinion: The title is defective unless the mortgagee consents to the sale by using the purchase price to repay the outstanding loan security on the property.