DEED OF LEGAL MORTGAGE

DEED OF LEGAL MORTGAGE WITH A GUARANTOR TO THE MORTGAGOR

THIS DEED OF LEGAL MORTGAGE is made this …. Day of ……….. 2012


BETWEEN

Chief NosaOkon of No. 16,Makurdi Close Ilorin Kwara State (‘The Mortgagor’) of the first part

AND

Mrs. Loretta Ugochi of No. 56 Calabar Road UyoAkwaIbom State (‘The Guarantor’) of the second part

AND

Global Trust Bank Plc a public company dully incorporated under the Companies and Allied Matters Act with its registered office at 10 Bambul Close Maitama Abuja (‘The Mortgagee’) of the third part

WHEREAS:

  1. The Guarantor is the holder of a Certificate of Occupancy no. 26971 dated 10/10/2008 and registered as 19/19/1167 at the Lands Registry office, Akure Ondo State.
  2. A loan Agreement between the Mortgagor, Guarantor and the Mortgagee where the sum of three million naira (N3, 000, 000.00) was advanced to the mortgagor by the Mortgagee was made on 13 day of April 2012 and dully executed.
  3. The Guarantor agreed in the Agreement to secure the repayment of the loan collected by the Mortgagor on the property covered by a certificate of occupancy No. 26971 dated 10/10/2008 and registered as 19/19/1167 at the Lands Registry Akure Ondo State.
  4. The Mortgagor has agreed to obtain the loan and the Mortgagee to advance it while the Guarantor is standing as surety for the repayment of the loan using the said property as security.

Note that the operative part will be here.

The miscellaneous part- provisos

IN WITNESS OF WHICH the parties have executed this Deed in the manner below the day and year first above written.


SCHEDULE


SIGNED, SEALED AND DELIVERED
By the Mortgagor
Chief NosaOkon

…………………….

IN THE PRERSENCE OF:
Name:
Address:
Occupation:
Signature:
Date:

SIGNED, SEALED AND DELIVERED
By the Guarantor
Mrs. Loretta Ugochi

…………………….

IN THE PRERSENCE OF:
Name:
Address:
Occupation:
Signature:
Date:

The Common Seal of Global Trust Bank Plc (‘The Mortgagee’) is affixed on this Deed the ……. day of ……….. 2012 and dully delivered in the presence of:


……………. ……………………
Director Secretary

I CONSENT TO THIS LEGAL MORTGAGE

_________________________________
DATED THE …..DAY OF ……….2012
EXECUTIVE GOVERNOR OF ONDO STATE

DEED OF LEGAL MORTGAGE

THIS DEED OF LEGAL MORTGAGE is made this …. Day of ……….. 2012


BETWEEN

Mrs. Loretta Ugochi of No. 56 Calabar Road UyoAkwaIbom State (‘The Mortgagor’) of the one part

AND

Global Trust Bank Plc a public company dully incorporated under the Companies and Allied Matters Act with its registered office at No. 20 Calabar Road Uyo-Akwa Ibom State (‘The Mortgagee’) of the other part

WHEREAS:

  1. The Mortgagor is the holder of a certificate of Occupancy no. 269713 dated 10/10/2008 situated at 12 Ikoyi Crescent Akure and registered as 19/19/1167 at the Lands Registry office, AkureOndo State.
  2. A loan Agreement between the Mortgagor and the Mortgagee where the sum of three million naira (N3, 000, 000.00) was advanced to the mortgagor by the Mortgagee was made on 13 day of April 2012 and dully executed.
  3. The Mortgagor agreed in the Agreement to secure the repayment of the loan and interest collected on the property covered by a certificate of occupancy No. 269713 dated 10/10/2008 and registered as 19/19/1167 at the Lands registry AkureOndo State. The Mortgagor has agreed to take the sum of sixty million naira (N60, 000, 000.00) loan and the Mortgagee has agreed to advance it using the said property as security.


NOW in consideration of the sum of sixty million naira (N60, 000, 000.00) only paid to the Mortgagor by the Mortgagee (the receipt of which the Mortgagor hereby acknowledges)


NOW THIS DEED WITNESSES AS FOLLOWS:

  1. The Mortgagor covenants to repay the principal of sixty million (N60, 000, 000.00) only and the interest at 21 percent per annum or at 10 percent if he pays timously, repayable on or before 20 January 2014.
  2. The Mortgagor as BENEFICIAL OWNER hereby SUB-DEMISES to the mortgagor ALL THAT PROPERTY at N0. 12 Ikoyi Crescent off Lokoja Road AkureOndo State covered by a Certificate of Occupancy No. 269713 dated 10/10/2008 and registered as 19/19/1167 at the Lands Registry Office AkureOndo state rightly described by the survey plan attached to the First Schedule TO HOLD unto the Mortgagee for the unexpired residue of the term granted under the Certificate of Occupancy less one day.


PROVIDED always that if the mortgagor repays the principal and interest on the loan, the mortgage property shall cease and the mortgagee shall re-convey the property to the mortgagor at his cost.

IN WITNESS OF WHICH the Mortgagor has made her mark and the Mortgagee has affixed its common seal in the manner below the day and year first above written.


FIRST SCHEDULE

SIGNED, SEALED AND DELIVERED
By the Mortgagor
Mrs. Loretta Ugochi

…………………….

IN THE PRERSENCE OF:
Name:
Address:
Occupation:
Signature:
Date

The common seal of Global Trust Bank Plc (‘The Mortgagee’) is affixed on this Deed the ……. day of ……….. 2012 and dully delivered in the presence of:


……………. ……………………
Director Secretary

I CONSENT TO THIS LEGAL MORTGAGE

_______________________________
DATED THE …..DAY OF ……….2012
EXECUTIVE GOVERNOR OF ONDO STATE