MAINTENANCE AGREEMENT OWOLABI ADEJONWO PROPERTY AND INVESTMENT COMPANY LIMITED
THIs CONTRACT OF SALE ("Agreement") dated made between: OWOLABI ADEJONWO PROPERTY & INVESTMENT COMPANY LIMITED, incorporated under the laws of the Federal Republic of Nigeria and having its registered at KM 37, Lekki Epe Expressway, Lekki, Lagos State of Nigeria (hereinafter referred to as "VENDOR", which expression shall where the context so admits include its successors-in-title and assigns) of the first part; AND (hereinafter referred to as "PURCHASER" which expression shall where the context so admits include its successors-in-title and assigns) of the other part; WHEREAS : A. B. The Vendor signed a Contract of Sale with the Purchaser in respect of the three (3) Bedroom Bungalow within Phase 1 of the Gioni Country Homes on an approximate land space measuring an area of 450 square metres as edged and delineated on Survey Plan No dated and prepared by licensed Surveyor with Beacon nos. and ,("Demised Premises") In consideration of the above premises, their mutual promises and assurances, the Parties hereby declare and agree as follows: Now this Deed vhtnesses that the Purchaser hereby covenancts wit the Vendor as follows:
1. TO pay and discharge all existing and future water township and improvement rate or other taxes, duties, charges, assessments, impositions and outgoings whatsoever whether or not of a capital or non-recurring nature which now are or at any time thereafter during the term demised be charged, levied, assessed or irnposed upon the land or the buildings erected thereon upon the Vendor.
2. To use the Property for Residential Purpose only.
3. Not to make or permit to be made any addition or alteration to the buildings without submitting the plans of such addition or alteration to the Vendor for vetting and clearance to ensure compliance with the terms in the other documents and obtain the approval of the appropriate authorities for the said addition or alterations.
4. To conform to all rules laid dovm from time to time in regard to the location of buildings and planning regulations and controls made by the Vendor and to comply vvith all local government and/or all other relevant authorities in regard of the aforesaid.
5. To comply vnth all reasonable bye-laws and regulations given by Vendor from time to time to deal with the administration of Gioni Estate provided they do not prevent the purchaser's enjoyment of the demised property and to comply with all local government and statutory rules or regulations affecting the use and occupation of the Property and structure erected thereon.
6. To keep all structure and fences that may be erected upon the Property in good and tenantable condition.
7. To pay the Maintenance and Estate Management cost N365,OOO (Three Hundred and Sixty Five Thousand Naira only) per annum calculated at NIOOo per day commencing from the handing over of the demised property to the Purchaser howsoever that the said sum of N365,OOO shall be subjected to review as the case may be in consideration of the inflationary tendencies and allied factors in the Nigerian economy but such review vill in every case be the resultant effect of mutual discussion and negotiations between the parties to this Agreement.
8. To be responsible for the cost of preparing and engrossing the Contract of Sale also known as the Legal Fee and the Agency Fee at a sum assessed at N 1, 000,000 (One Million Naira Only) each.
9. Not to commit any nuisance on the demised property and permit anything to be used or done upon any of the property which shall be noxious or offensive or be any inconvenience or annoyance to the Vendor or to other Purchasers or Occupiers of premises adjoining thereto.
THE VENDOR HEREBY COVENANTS WITH THE PURCHASER
1. To pay yearly ground rent reserved and perform the covenants and stipulations on the Vendor's part under the Certificate of occupancy in so far as same are not hereby required to be performed and observed by the purchaser in these present and to indemnify the Purchaser against any claims, demands, cost and expenses caused by failure of the Vendor to pay, perform and observe the aforesaid.
2. That the Purchasers performing and observing all the covenants and conditions herein contained shall quietly hold and enjoy the Demised Property during the term granted mthout interruption by the Vendor or any body claiming through or in trust for it.
3. To indemnify the Purchaser from and against all proceedings, costs, expenses, and liabilities whatsoever arising from any defect in title in relations to the Property.
4. To provide for such facilities and services on its part to be performed as are contained in this Ageement.
5. Provided as always that any default by the Purchaser in the payment of any of the agreed installment (1) One Calendar month or 30 days after same must have fallen due shall be tantamount to a cancellation of this Agreement and forfeiture of demised property howsoever that, the Purchaser shall not be at liberty or demand or request for previous payments made without a deduction by the Vendor of all claims, interest attracted thereupon by such default.