THIS AGREEMENT made the ………………. Day of ………….. 2012

BETWEEN

Mrs. Aduke Thomas of No. 45 Isheri Street Ikeja Lagos State (‘The Vendor’) of the one part

AND

Professor Ugo Ekanem of No. 11 Park Street Asaba Delta State (‘The Purchaser’) on the other part.

NOW THIS AQGREEMENT WITNESSES AS FOLLOWS:
That the Vendor as BENEFICIAL OWNER sells and the Purchaser has agreed to buy ALL THAT property at No. 10 Bingo Street Sapale, Delta State covered by a Certificate of statutory Right of Occupancy No 641231 dated 12/11/2006 and registered as 14/14/2387 rightly described in the First Schedule, subject to the following terms and conditions:

1. CONSIDERARTION
   The consideration for the sale of the property shall be the sum of thirteen million naira only (N13, 000, 000.00).


2. DEPOSIT
   The purchaser shall before the execution of this Agreement pay the deposit of the sum of seven million (N7, 000, 000.00) to the vendor’s solicitor who shall hold the deposit as stakeholder pending completion.


3. BALANCE
   The balance of the consideration being the sum of six million (N6, 000, 000.00) shall be paid at completion, and if there is delay caused by the default of the purchaser he shall be liable to pay interest at the prevailing bank rate.


4. CHATTELS, FITTINGS AND OTHER ITEMS
   The sale includes chattels, fittings and other items specified in the second schedule and valued at the sum of N……………………………….(the receipt of which the Vendor acknowledges).


5. CAPACITY
   The Vendor sells as Beneficial Owner subject to the clause to be inserted in the Assignment; PROVIDED ALWAYS and it is agreed that the covenants which are implied by reason of assigning as beneficial owner shall not be deemed to imply that the vendor has performed the covenant for repairs contained in his document of title.


6. POSSESSION BEFORE COMPLETION
   The purchaser after the execution of this Agreement shall take immediate possession of the property for his use and enjoyment as licencee, and if he defaults in the payment of the balance at completion he shall peacefully give up possession of the [property to the vendor and the deposit paid under this Agreement shall be forfeited.


7. DATE AND PLACE OF COMPLETION
   It is agreed that time is of the essence of this Agreement which shall be completed on or before ………. of ………..2012 at the office of the Vendor’s solicitor.


8. INSURANCE
   The vendor shall insure the property with a reputable insurance company registered in Nigeria against loss caused by fire, flood and other usual peril for the cost of reinstatement, and the insurance policy shall be assigned to the purchaser at completion.
   
   PROVIDED THAT where reinstatement is not possible the insurance money shall be shared between the parties pro rata the deposit paid the purchaser.


9. INDEMNITY
   The vendor agrees to indemnify the purchaser for any loss or damage arising from and connected with the title of the Vendor.


10. COST AND EXPENSES
    The purchaser shall pay all costs incidental to the preparation and execution of this Agreement


11. CONCLUSION
    This contract shall prevail over any previous agreement and it contains all the terms finally agreed by the parties.