1. INTERPRETATION The following definitions and rules of interpretation apply in this Agreement.
"Consideration" ---- means N47, 000,000 (Forty Seven Million Naira, only) being the purchase price of the property;
"Reservation Fee" ---- means the sum of N 1,000, 000 (One Million Naira only) already paid to the Vendor;
"Completion" ---- means anytime the Purchaser makes full payment of the frill consideration for the Property;
"Handover" ---- means giving the Purchaser possession of the Property by delivery of keys and other necessary procedures on or before but not later than 90/120 clear days of payment of the deposit;
"Completion Period" ---- means the time the Vendor requires to complete the Property for Handover to take place that is, 90/120 days of payment of Deposit.
"Agency Fee" ---- means 5% of the consideration
"Legal Fee" ---- means 5% of the consideration
"Deposit" ---- means N9, 000,000 (Nine Million Naira only) paid within go days of payrnent of reservation fee
"Balance" ---- means the com'jmation of the outstanding balance of 000,000 (Thirty Seven Million Naira onzy) and interest payments on a reducing balance at any given time the Purchaser Pakes a payrnent to the Vendor;
"Default" ----any failure, neglect and or refusal within 10 days of notice of obligations by either party as a9eed in this Agreement
"Contract of Sale" ---- means the formal contract parties 'trill enter into ornbodles Cho conditions, covenants, tormg of contract and maintenance and to be drawn up and executed by the Parties within 21 days of payment of Deposit;
"Deed of Sub-Lease" --- means the instrument conveying title to the Purchaser upon full payment of consideration and interest in accordance with this Agreement
2. The Vendor Covenants
1. To hand over the Property to the Purchaser and the Purchaser shall be deemed to take possession of the Property from then on, the Purchaser having made payment of the Deposit in full.
2. To grant the Purchaser access to the Property during the Completion Period and the Purchaser is at liberty to visit to the property to assess progess on the Property.
3. To execute Contract of Sale in favour of the Purchaser in accordance with this Agreement.
4. To assist the Purchaser pay N500, 000 representing 50% of the legal fee immediately the Purchaser makes tall Deposit.
5. To assist the Purchaser pay N500, 000 representing 50% of the agency fee immediately the Purchaser makes full Deposit.
3. The Purchaser agrees
a) To make monthly payment of NI, 000, 000 (One Million Naira Only) starting from July 31, 2018 until Balance on the Property is fully settled.