The Mortgage Purchase Agreement is a crucial document used in Nigerian financial markets when one financial institution wishes to transfer its rights and obligations under a mortgage to another institution. This transfer may occur as part of portfolio management, securitization, or strategic business decisions. The agreement must comply with Nigerian banking regulations, property laws, and specifically the requirements of the Land Use Act and Federal Mortgage Bank of Nigeria Act. It typically includes detailed provisions about the underlying property, the existing mortgage terms, purchase price calculations, and representations about the mortgage's standing. The document ensures proper transfer of security interests and maintains the chain of title while protecting both institutions' interests and the mortgagor's rights under Nigerian law.
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1. Parties: Identifies and provides full details of all parties to the agreement
2. Background: Provides context and purpose of the agreement, including brief description of the transaction
3. Definitions and Interpretation: Defines key terms used throughout the agreement and establishes interpretation rules
4. Sale and Purchase: Core terms of the mortgage purchase, including purchase price and payment terms
5. Conditions Precedent: Conditions that must be satisfied before completion of the purchase
6. Completion: Details of the completion process, timing, and requirements
7. Representations and Warranties: Statements of fact and assurances from both parties regarding the mortgage and property
8. Seller's Covenants: Ongoing obligations and commitments of the seller
9. Buyer's Covenants: Ongoing obligations and commitments of the buyer
10. Default and Remedies: Consequences of breach and available remedies
11. Indemnification: Obligations to compensate for losses or damages
12. Notices: Process and requirements for formal communications between parties
13. Confidentiality: Obligations regarding confidential information
14. Governing Law and Jurisdiction: Specifies Nigerian law as governing law and jurisdiction for disputes
15. Boilerplate Provisions: Standard contract provisions including severability, entire agreement, and amendments
16. Execution: Signature blocks and execution requirements
1. Assignment and Transfer: Include when parties may need to transfer rights or obligations under the agreement
2. Security Arrangements: Include when additional security measures are required beyond the standard mortgage
3. Insurance: Include when specific insurance requirements need to be detailed
4. Tax Provisions: Include when specific tax arrangements or obligations need to be addressed
5. Force Majeure: Include when parties want specific provisions for unforeseen circumstances
6. Anti-Money Laundering Compliance: Include when enhanced AML provisions are required
7. Third Party Rights: Include when third parties may have rights under the agreement
1. Schedule 1 - Property Details: Detailed description of the property including title information and location
2. Schedule 2 - Mortgage Details: Full details of the mortgage being purchased including payment history
3. Schedule 3 - Form of Transfer: Template for the transfer deed or assignment
4. Schedule 4 - Completion Requirements: Checklist of documents and actions required for completion
5. Schedule 5 - Seller's Disclosures: Full disclosure of relevant information about the mortgage and property
6. Appendix A - Required Consents: List of required regulatory and third-party consents
7. Appendix B - Property Documents: List of title documents and property-related certificates
8. Appendix C - Payment Schedule: Detailed breakdown of payment terms and schedule
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