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The Mortgage Loan Agreement is a fundamental document in Nigerian real estate financing, used when a borrower seeks to obtain funding secured against real property. This agreement is essential for both residential and commercial property transactions in Nigeria, requiring careful consideration of federal and state-specific regulations. The document must comply with the Land Use Act 1978, Central Bank of Nigeria regulations, and state-specific property laws. It typically includes comprehensive details about the loan amount, interest calculations, repayment terms, property security arrangements, and the rights and obligations of all parties. Special attention must be paid to Nigerian land tenure systems, state governor's consent requirements, and proper registration procedures. The agreement serves as both a loan facility document and a security document, protecting the lender's interests while providing clear terms for the borrower.

1. Parties: Identification of the Lender and Borrower with full legal names and addresses

2. Background: Context of the loan agreement, including property details and purpose of the mortgage

3. Definitions: Key terms used throughout the agreement including 'Property', 'Mortgage', 'Interest Rate', 'Term', etc.

4. Loan Amount and Purpose: Specification of the principal amount and confirmed purpose of the loan

5. Interest and Repayment Terms: Details of interest rate, calculation method, repayment schedule, and payment terms

6. Security: Details of the property being mortgaged and creation of the legal charge

7. Borrower's Representations and Warranties: Borrower's confirmations regarding their legal capacity, property ownership, and accuracy of provided information

8. Borrower's Covenants: Ongoing obligations including property maintenance, insurance, payment of taxes, and restrictions on property use

9. Events of Default: Circumstances constituting default and consequences thereof

10. Lender's Rights and Remedies: Actions lender can take in case of default, including power of sale

11. Insurance Requirements: Mandatory insurance coverage for the property and assignment of policies

12. Costs and Expenses: Allocation of legal fees, registration costs, and other expenses

13. Notices: Process for formal communications between parties

14. Governing Law and Jurisdiction: Confirmation of Nigerian law application and jurisdictional courts