CONTRACT OF SALE OF LAND

BETWEEN
1. ALHAJI SHABI ISMAIL OLADELE (PRESIDENT)
2. MRS. RASHIDAT TEMITOPE SALAU(SECRETARY)
3. OKUNBANJO NIYI (TREASURER)
(FOR THEMSELVES AND ON BEHALF OF OTHER MEMBERS OF THE EPE
UNITED COOPERATIVE MULTIPURPOSE SOCIETY LIMITED, BEST EVER
(EPE) COOPERATIVE MULTIPURPOSE SOCIERTY LIMITED, ALARO
STANDING ORDER (EPE) COOPERATIVE THRIFT & CREDIT SOCIETY
LIMITED, EPE, EPE LOCAL GOVERNMENT AREA, LAGOS STATE).
(VENDORS)

AND
PWAN ROYALE INVESTMENT AND
DEVELOPMENTS LTD.
(PURCHASER)
_________________________________________________________
IN RESPECT OF ALL THAT TEN (10) ACRES OF LAND MEASURING
APPROXIMATELY SIXTY (60) PLOT OF LAND OF 60FT X 120FT EACH LYING,
SITUATE AND KNOWN AS OGUNLAJA FAMILY LAND AT IJOYIN AREA,
IBONWON, EREDO LCDA, EPE LOCAL GOVERNMENT AREA, LAGOS STATE,
NIGERIA.

Prepared By:

PRINCE O. WILLIAMS-JOEL (ESQ.) MCIArb

FOR: PRINCE JOEL & ASSOCIATES
LEGAL PRACTITIONERS,
5A DOZEK CLOSE CHEVRON DRIVE,
OFF ALTERNATIVE ROUTE,
LEKKI, LAGOS.
08034869295, 08020550410
princejoelesq@yahoo.com
info@princejoelandassociates.com
www.princejoelandassociates.com

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VENDORS SIGNATURE: ______________ ______________

PURCHASER’S SIGNATURE: _______________

PRINCE JOEL & ASSOCIATES

This Agreement is made this _________day of _____________
202___.

BETWEEN

ALHAJI SHABI ISMAIL OLADELE (PRESIDENT), MRS. RASHIDAT

TEMITOPE SALAU (SECRETARY), OKUNBANJO NIYI (TREASURER), (FOR
THEMSELVES AND ON BEHALF OF OTHER MEMBERS OF THE EPE UNITED COOPERATIVE
MULTIPURPOSE SOCIETY LIMITED, BEST EVER (EPE) COOPERATIVE MULTIPURPOSE
SOCIERTY LIMITED, ALARO STANDING ORDER (EPE) COOPERATIVE THRIFT & CREDIT
SOCIETY LIMITED, EPE, EPE LOCAL GOVERNMENT AREA, LAGOS STATE). all of Ogunlaja
Family Land at Ijoyin Area, Ibonwon, Eredo LCDA, Epe Local Government Area, Lagos
State, Nigeria (hereinafter referred to as “the VENDORS”) which expression shall
wherever the context so admits include their heirs, successors-in-title, administrators,
agents, assigns and receivers of the ONE PART.

AND

PWAN ROYALE INVESTMENT AND DEVELOPMENTS LTD. a Private Limited

Liability Company duly incorporated under the Laws of the Federal Republic of Nigeria
with its office address is at 36B, Freedom way, Lekki phase 1, by VFS Global, directly
opposite Delta Afrique Atlanta, Eti-Osa Local Government Areas, Lagos State,
(hereinafter referred to as “the PURCHASER”) which expression shall wherever the
context so admits include its administrators, agents, assigns and receivers of the OTHER
PART.

WHEREAS:

1. The VENDORS are duly incorporated under the EPE COOPERATIVE

MULTIPURPOSE UNION LIMITED, a cooperative society registered by the LAGOS
STATE COOPERATIVE SOCEITY under Section 10 of Chapter C15 of the laws of
Lagos of Nigeria, 2003.

2. All that land measuring Ten (10) Acres of Land measuring approximately Sixty (60)
Plot of Land of 60ft X 120ft each, lying, situate and known as Ogunlaja Family Land
at Ijoyin Area, Ibonwon, Eredo LCDA, in Epe Local Government Area, Lagos State,
Nigeria belongs to the VENDORS by virtue of purchase from the Ogunlaja Family
of Ijoyin Area, Ibonwon, Eredo LCDA, Epe Local Government Area of Lagos State.

3. The Ogunlaja Family are the original owners of all that vast land known as Ogunlaja
Family Land at Ijoyin Area, Ibonwon, Eredo LCDA, in Epe Local Government Area,
Lagos State, Nigeria from time immemorial and has passed the land from
generation after generation without any encumbrance and they are entitled to
customary right of occupancy under the Yoruba Native Law and Customs.
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VENDORS SIGNATURE: ______________ ______________

PURCHASER’S SIGNATURE: _______________

PRINCE JOEL & ASSOCIATES

 4. The VENDORS are the credited members of EPE UNITED COOPERATIVE
MULTIPURPOSE SOCIETY LIMITED, BEST EVER (EPE)
COOPERATIVE MULTIPURPOSE SOCIERTY LIMITED, ALARO
STANDING ORDER (EPE) COOPERATIVE THRIFT & CREDIT SOCIETY
LIMITED, vested with the right and power to alienate, assign and sale all that Ten
(10) Acres of Land measuring approximately Sixty (60) Plot of Land of 60ft X 120ft
each, lying, situate and known as Ogunlaja Family Land at Ijoyin Area, Ibonwon,
Eredo LCDA, in Epe Local Government Area, Lagos State.

5. The VENDORS is desirous and have agreed to sell all that Ten (10) Acres of
Land measuring approximately Sixty (60) Plot of Land of 60ft X 120ft
each, lying, situate and known as Ogunlaja Family Land at Ijoyin Area,
Ibonwon, Eredo LCDA, in Epe Local Government Area, Lagos State,
Nigeria; (Hereinafter referred to as “The Property”) to the PURCHASER and
the PURCHASER is desirous and has also agreed to Purchase the PROPERTY
subject to the following terms:

NOW IT IS HEREBY AGREED AS FOLLOWS:

In Consideration of the sum of N60,000,000.00 (Sixty Million Naira) only, at the

rate of N1,000,000.00 (One Million Naira) only per plot, which the VENDORS
shall issue a receipt to the PURCHASER, The VENDORS as BENEFICIAL OWNER
hereby sell UNTO the PURCHASER all that Ten (10) Acres of Land measuring
approximately Sixty (60) Plot of Land of 60ft X 120ft each, lying, situate and known as
Ogunlaja Family Land at Ijoyin Area, Ibonwon, Eredo LCDA, in Epe Local
Government Area, Lagos State, Nigeria; with all rights, easements, and things
appurtenant thereto, TO HOLD the same UNTO the use of the PURCHASER for the
term unexpired.

THE SALE WILL BE SUBJECT TO THE FOLLOWING CONDITIONS:

1. PURCHASE PRICE:
The Complete Purchase Price shall be the sum of N60,000,000.00 (Sixty Million
Naira) only, at the rate of N1,000,000.00 (One Million Naira) only per plot
for the entire PROPERTY.
2. COMMENCEMENT DATE
The commencement date shall be on the date first above written.
3. PAYMENT SCHEDULE:
a. The complete purchase price of N60,000,000.00 (Sixty Million Naira) shall be
paid in instalments.
b. The first initial payment of N20,000,000.00 (Twenty Million Naira) only shall
be paid at commencement of this transaction.

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VENDORS SIGNATURE: ______________ ______________

PURCHASER’S SIGNATURE: _______________

PRINCE JOEL & ASSOCIATES

c. Upon payment of the initial deposit, the PURCHASER surveyor shall survey the
land, and produce a sketch in a layout showing the Ten (10) Acres of Land
measuring approximately Sixty (60) Plot of Land of 60ft X 120ft each, and shall have
right to bulldoze the land, clear the land, measure it, parcellate the land and
commence building activities thereon.
d. Subsequent instalment payment of N5, 000,000.00 (Five Million Naira) only
shall be paid by the PURCHASER to the VENDORS every one (1) clear calendar
month after the first Instalment payment till the complete purchased price is
defrayed.

4. TITLE:
a. This agreement shall confer on the PURCHASER, the right to advertise the land,
create commercial activities and the right to sell to third parties.
b. The VENDORS undertakes to do anything necessary and incidental to the
perfection of the PURCHASER’S title document without incurring any extra cost
or charges on the property at the point the last instalment is paid. This includes
Deed of Assignment, Certificate of Occupancy, and Governor’s consent among other
documents.

5. POSSESSION:
a) The PURCHASER Upon the payment of N20,000,000.00 (Twenty Million
Naira) only as stated in 3(b) above, the PURCHASER shall retain exclusive right
to enter the land, take actual possession of it, erect its corporate sign post on the
land, parcellate and clear the land, commence perimeter fencing, gate house
construction, commence building and construction projects. However, this right
shall be limited to the plots already paid for.
b) That from the commencement of this agreement till when the purchase price is fully
defrayed, the PURCHASER shall remain in possession of the land. The
PURCHASER shall have right against all forms of encumbrances and disturbance
from the VENDORS or anybody claiming title through them.
6. INDEMNITY
a) The VENDORS covenants with the PURCHASER that they have not done,
engaged in or carried out any act or omission, deed and/or anything whatsoever in
respect of the property herein which will make the VENDORS incapable of or
preventing the VENDORS from selling or/and assigning the property and further
agree at all times hereafter to indemnify the PURCHASER fully for any loss or
damage arising from a successful claim to title to the property or any act done by
any person with an adverse claim to the property.
b) The PURCHASER hereby admits that he entering into this contract based on
information given him by the VENDORS that the property is free from
encumbrance, boundary issues, litigation or any form of disturbance.
c) That the VENDORS has agreed to execute deed of assignment and every other
document necessary and instrumental to the PURCHASER obtaining perfect title

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VENDORS SIGNATURE: ______________ ______________

PURCHASER’S SIGNATURE: _______________

PRINCE JOEL & ASSOCIATES

 and all cost and charges both statutory and incidentals shall be borne by the
PURCHASER solely.
d) The VENDORS hereby agree to be true, all information given by them and
covenants to indemnify the PURCHASER fully for any loss incurred by its as a
result of relying on the information given by them.
e) The VENDORS hereby agrees that the executing of all agreements, including the
Deed of Assignment, covering the Ten (10) Acres of Land measuring approximately
Sixty (60) Plot of Land of 60ft X 120ft each, herein above mentioned, shall be
undertaken and expressly signed by the VENDORS.

7. DEFAULTS AND REMEDIES:

The following shall constitute defaults and remedies:
a. Where the VENDORS decide to terminate this agreement before the completion of
the payment of the purchase price herein for a reason or reasons not arising from an
act of omission or commission on the part of the PURCHASER, the VENDORS
shall:

ii. Give the PURCHASER Three (3) months’ written notice before such
termination.
iii. Assign to the PURCHASER all the portion that their payment already made
covers without hindrance.

b. Where the PURCHASER fails to pay an installment to the VENDORS on the due
date, the PURCHASER shall give a written notice of default to the VENDORS
not later than 7 working days after the due date, and shall include in the notice, the
date on which that installment shall be redeemed, in so far as the date of
redemption shall be not later than One (1) month from the date of the issuance of
the notice of default.
c. Where the PURCHASER fails to redeem an installment at the expiration of the first
notice of default, the VENDORS shall give to the PURCHASER a grace period of
not less than 7 working days.
d. Where the PURCHASER defaults on two successive installments, the VENDORS
shall give the PURCHASER Seven (7) days written notice of his intention to
terminate the Agreement.
e. Where the PURCHASER fails to remedy the default at the expiration of the Seven
(7) days’ notice, the VENDORS shall have the right to terminate this agreement,
and shall assign to the PURCHASER, the total number of plots equal to the
amount of the Installment paid by the PURCHASER as at the date of termination
of this Agreement by the VENDORS.

8. FORCE MAJEURE:
THE PURCHASER shall not be liable for any failure to perform its obligations
under this Agreement, if such failure is attributed to an event of Force Majeure,
including but not limited to Acts of God, usually severe weather conditions,
restrains, Civil commotion, pandemic, breakdown of law and/order, threat, fire,
accident, etc. However, Notice of peculiar personal Force Majure (i.e. one that
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VENDORS SIGNATURE: ______________ ______________

PURCHASER’S SIGNATURE: _______________

PRINCE JOEL & ASSOCIATES

 affects only or only within the knowledge of the PURCHASER e.g accidents, fire,
flooding, etc) shall be brought to the VENDOR’S knowledge by the PURCHASER
as soon as possible, except for one which is of general public knowledge, e.g
pandemic, war, etc.

9. GOVERNING LAW:
a. The parties agree that this Agreement and all matters incidental thereto shall be
governed by and construed in accordance with the Laws of the Federal Republic of
Nigeria.
b. All questions, interpretations and disputes between the parties as to any matter,
rights and obligation arising or in connection with this agreement shall be referred
to Arbitration in Nigeria before a single Arbiter to be appointed in Accordance with
the Arbitration and Conciliation Act Cap A.19 Laws of the Federation of Nigeria
2004.

10. NOTICES:
All Notices required to be given under this Agreement by the VENDORS to the
PURCHASER shall be given in writing and shall be sufficiently served upon the
other party when received by a duly appointed representative of the party intended
to be served.

11. ALTERATIONS:

No alteration, consensual cancellation, variation of, or addition hereto shall be of

any force or effect unless reduced to writing and signed by the duly authorized
representatives of both parties.

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VENDORS SIGNATURE: ______________ ______________

PURCHASER’S SIGNATURE: _______________

PRINCE JOEL & ASSOCIATES

IN WITNESS OF WHICH the parties have executed this of Contract of Sale in the
manner below, day and year first above written.

SIGNED, SEALED AND DELIVERED

By the within named ‘VENDORS’

ALHAJI SHABI ISMAIL OLADELE ________________

(PRESIDENT) SIGNATURE/THUMBPRINT

MRS. RASHIDAT TEMITOPE SALAU _________________

(SECRETARY) SIGNATURE/THUMBPRINT

OKUNBANJO NIYI _________________

(TREASURER) SIGNATURE/THUMBPRINT

In the Presence of:

Name: ________________________________
Address: ______________________________
Occupation: ____________________________
Signature: _____________________________

Phone N0. _____________________________

SIGNED, SEALED AND DELIVERED

By the within named ‘PURCHASER’

THE COMMON SEAL of the within named purchaser, PWAN ROYALE

INVESTMENT AND DEVELOPMENTS LTD. is hereby affixed.

_________________
COMMON SEAL

_____________________ ___________________
DIRECTOR SECRETARY

BEFORE ME
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VENDORS SIGNATURE: ______________ ______________

PURCHASER’S SIGNATURE: _______________

PRINCE JOEL & ASSOCIATES

 COMMISSIONER FOR OATHS/NOTARY PUBLIC

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VENDORS SIGNATURE: ______________ ______________

PURCHASER’S SIGNATURE: _______________

PRINCE JOEL & ASSOCIATES