A008-804
CONTRACT OF SALE
BETWEEN
CHIEF RASAQ OWOLABI OSO
(THE VENDOR)
AND
NINE STARS AGRICULTURE LIMITED
(THE PURCHASER)
Being conveyance of all that piece or parcel of land and
transfer of interest and right of title to all the plots/large
expanse of land measuring 58.224 Acres approximately
lying and situate at Egan Farmland off Ibadan/Lagos
Express Way Ikenne, Iperu Local Government Area, Ogun
State
PREPARED BY:
OLAYINKA I. ADEYEMI, ESQ.
No. 4, Supo Ogundein Avenue,
Oke-Ola, Ode-Remo, Remo
North, Ogun State.
08059713421
Olaesther437@gmail.com
This Contract of sale is made this ……… day of …………………. 20.…
Between
Chief Rasaq Owolabi Oso, of no.1 Oshopi Lane, Iperu,
Ogunn State (hereinafter referred to as “THE VENDOR” which
expression shall where the context so admits include his heirs, next of kin,
agents, assign, representatives, administrators, executors and successors in
title) of the ONE PART.
AND
NINE STARS AGRICULTURE LIMITED, a private company incorporated
under the relevant Laws of the Federal Republic of Nigeria as a Limited
Liability Company with the Registered Company Number, RC-7514921 and
having its registered office at No. 4, Supo Ogundein Avenue, Oke-Ola, Ode-
Remo, Remo North, Ogun State (Hereinafter referred to as “The PURCHASER”
which expression where the context so permits or admits shall include its
Directors, Successors –in- title and assigns or other persons exercising the
powers or authority of the company for the time being on their behalf) of the
OTHER PART.
BACKGROUND:
By virtue of Deed of Conveyance from the family of Fibigbuwa, Chief Rasaq
Owolabi Oso, became the beneficial owner of all that 58.224 Acres of land
at Egan Farmland off Ibadan/Lagos Express Way Ikenne,
Iperu Local Government Area, Ogun State
NOW THIS AGREEMENT WITNESSES AS FOLLOWS:
In pursuance of the mutual agreement set forth herein and in consideration of
the sum of ₦157,208,800 ( One Hundred and Fifty Seven Million, Two
Hundred Eight Thousand, Eight Hundred Naira) only of which
₦47,162,640(Forty Seven Million, One Hundred and Sixty Two
Thousand, Six Hundred and Forty Naira) (being the total consideration for
58.224 Acres payable by the Purchaser to the Vendor, (net of all taxes) the
Vendor as BENEFICIAL OWNER hereby TRANSFER UNTO the Purchaser, the
Vendor’s interest in the Parcel of Land TO HOLD same UNTO the Purchaser for
all the interest acquired in the Land free from all encumbrances.
CONSIDERATION
The consideration for the sale shall be the sum of ₦157,208,800 ( One
Hundred and Fifty Seven Million, Two Hundred Eight Thousand, Eight
Hundred Naira) only is the consideration for the 58.224 Acres.
DEPOSIT/PART PAYMENT
The PURCHASER has agreed to pay before the execution of this agreement a
part payment of the sum of ₦47,162,640(Forty Seven Million, One
Hundred and Sixty Two Thousand, Six Hundred and Forty Naira) only to
the VENDOR for the Acres of Land who shall hold the part-payment pending
completion to the following account details:
Account Name: Rasaq Owolabi Oso
Account: 0229914030
Bank: Wema
BALANCE
Pursuant to the agreement, the outstanding balance of ₦31,441,760 (Thirty
One Million, Four Hundred and Forty One Thousand Seven
Hundred and Sixty Naira) shall be settled after demarcation of land if
there are no issues involved followed by a second installment one month
thereafter, and culminating in a final installment of ₦78,604,400 (Seventy
Eight Million, Six Hundred Four Thousand, Four Hundred Naira) one
month after the second payment.
The balance of the consideration being the sum of ₦78,604,400 (Seventy
Eight Million, Six Hundred Four Thousand, Four Hundred Naira) only
shall be paid on or before one month from the day of execution of this contract
for the Acres of Land..
CAPACITY OF THE VENDOR
The Vendor sells as Beneficial Owner subject to the terms and conditions
contained in this agreement.
CONDITION OF THE PROPERTY
The property is sold in its present condition and the purchaser hereby
acknowledge that he has inspected the property and this agreement is entered
into on the strength of such inspection without reliance on any representation
or warranty expressly or implicitly made by the Vendor or his agents.
POSSESSION BEFORE COMPLETION
The Purchaser after the execution of this Agreement shall take vacant
possession of the land for its use; enjoy quiet and peaceful possession of the
landed property forthwith.
The Purchaser shall erect fence or corner piece without disturbance from the
community, agents or any other persons.
DATE OF COMPLETION
It is agreed that this Agreement which shall be completed on or before one
month from the date of execution of this Agreement on a condition that the
purchaser shall start erecting fence without disturbance from the community
and correction made on the survey plan regarding the overlapping.
INDEMNITY
The Vendor agrees to indemnify and keep indemnified the Purchaser for any
loss occasioned by encumbrances affecting the Land or as a result of any
defect in the Vendor’s title.
GOVERNOR’S CONSENT
The Vendor agrees to execute the Deed of Assignment and to obtain the
Governor’s consent to assign the property to the Purchaser where it is
required.
COST AND EXPENSES
The Purchaser shall pay all costs incidental to the preparation and execution
of this Agreement and the Deed of Assignment.
EXCLUSION CLAUSE
This contract shall prevail over any previous Agreement over this Land, and it
contains all the terms finally agreed to by the parties.
JURISDICTION AND PROPER PARTIES
This Agreement shall be governed by Laws of the Federal Republic of Nigeria
which shall include interpretations of the terms contained in this agreement.
The parties to this Agreement undertake that they have the capacity and
authorities to execute this Agreement.
BENEFICIAL OWNERSHIP OF PLANTS AND TREES:
Upon completion of the sale and transfer of ownership of the Land, the
Purchaser shall become the beneficial owner of all plants, trees, and
vegetation located on the Land, whether growing or planted, from the date of
the sale. The Purchaser shall have full rights to the use, removal, and
management of such plants and trees, subject to any applicable laws and
regulations governing their protection or preservation. The Seller hereby
warrants that, to the best of their knowledge, no third-party rights exist in
respect of the plants and trees that would prevent or restrict the Purchaser’s
beneficial ownership thereof.
DISPUTE RESOLUTION
Any dispute arising from the interpretation, performance or any matter
relating to this agreement shall be resolved by reference to a single Arbitrator
which shall be mutually appointed by the parties in accordance with the
provisions of the Arbitration and Reconciliation Act of Nigeria. The decision of
the Arbitrator shall be final and binding on both parties.
VENDOR'S LIABILITY FOR ISSUES WITH THE LAND
The Vendor hereby agrees that if, within the agreed verification and due
diligence period, any issues, discrepancies, or encumbrances are discovered
relating to the land that were not previously disclosed to the Purchaser, the
Vendor shall be fully liable. In such an event, the Vendor shall refund to the
Purchaser the full amount already paid for the land and money spent as
expenses on the land. This sum shall be paid immediately upon the
Purchaser’s notification of the discovery of any such issues, and the Vendor
acknowledges that this is a strict and enforceable obligation under this
agreement.
VENDOR'S OBLIGATION TO RESOLVE LAND ISSUES
The Vendor agrees that if any issues, discrepancies, or encumbrances are
discovered on the land after the Purchaser has made payment, the Vendor
shall resolve the issue within one month from the date of discovery. If the
issue is not resolved within this one-month period, the Vendor shall refund
the contract sum and the additional contract sum to the Purchaser within the
same one-month period. Failure to fulfill this obligation within the stipulated
time will result in the matter being taken to court for resolution.
FACILITATOR'S ROLE AS WITNESS
The Facilitator who introduces the Purchaser to the Vendor must also serve as
a witness in the contract agreement and shall endorse the witness signature
on the agreement, confirming the authenticity of the transaction."
WITNESS BEARING LIABILITY
In the event that issues are found with the land, the witness who endorsed the
contract shall bear part of the liability and be responsible for ensuring that the
issue is resolved, as per the terms of this agreement.
SCHEDULE
Being conveyance of all that piece or parcel of land and
transfer of interest and right of title to all the plots/large
expanse of land measuring 58.224 Acres approximately
lying and situate at Egan Farmland off Ibadan/Lagos
Express Way Ikenne, Iperu Local Government Area, Ogun
State.
IN WITNESS WHEREOF the parties hereto have executed this Agreement as
of the day and the year first above written.
SIGNED, SEALED AND DELIVERED by the within-named “VENDOR”
….………………………………………
Chief Rasaq Owolabi Oso
TEL: 08030419538
(Vendor)
In the presence of:
1. Name:
Address:
Occupation:
Tel No:
Signature: ………………………………..…..……………………..……
The Common Seal of the above-named company, NINE STARS AGRICULTURE
LIMITED is hereby affixed to this deed and duly delivered:
In the presence of:
_______________________ _______________________
DIRECTOR SECRETARY
Dated this ………… day of …………………………….. 20…
IN THE MAGISTERATE COURT OF OGUN STATE
IN THE SAGAMU MAGISTERIAL DIVISION
HOLDEN AT SAGAMU
AFFIDAVIT EVIDENCING SALE OF LAND
I, Chief Rasaq Owolabi Oso, of no.1 Oshopi Lane, Iperu, Ogunn State, Adult, Male,
Nigerian citizen, do hereby make oath and state as follows:
THAT:
1. I am the deponent herein and all facts deposed to are within my personal
knowledge except where otherwise expressly stated.
That I, Chief Rasaq Owolabi Oso is the Bona fide Owners of the large expanse of land
measuring 58.224 Acres approximately lying and situate at
Egan Farmland off Ibadan/Lagos Express Way Ikenne,
Iperu Local Government Area, Ogun State
That I have resolved and willing to sell the land measuring 58.224 acres approximately
lying and situate at Egan Farmland off Ibadan/Lagos Express Way Ikenne, Iperu
Local Government Area, Ogun State, for a consideration of the sum of
₦157,208,800 ( One Hundred and Fifty Seven Million, Two Hundred Eight
Thousand, Eight Hundred Naira), ₦47,162,640(Forty Seven Million, One Hundred
and Sixty Two Thousand, Six Hundred and Forty Naira) only has been paid as
Part Payment by one registered company, NINE STARS AGRICULTURE LIMITED of
No. 4, Subo Ogundein Avenue, Oke-Ola, Ode-Remo, Ogun State which has expressed
its intention and agreed to acquire/purchase the land.
2. That I have accepted the Company’s offer to acquire the interest and right of title
to the landed property for the above amount, payable in respect of the land, of
which sum had been paid by the Company to my approved account.
3. That the Company and my family have therefore agreed to enter into an
agreement for the transfer of interest and right of title of the landed property on
the Terms and Conditions specified in the Executed Deed of Assignment in
furtherance of this transaction.
4. I hereby affirm that our right of title to the land is genuine, which right of title is
hereby passed on and transferred to NINE STARS AGRICULTURE LIMITED,
which it shall acquire for its quiet enjoyment, without any encumbrance from
anyone whatsoever.
5. I deposed to the facts in this affidavit in good faith conscientiously believing the
facts herein to be true and correct to the best of my knowledge and belief in
accordance with the Oaths Act.
…………………………………….
DEPONENT
SWORN TO AT THE MAGISTERATE COURT REGISTRY, SAGAMU, OGUN STATE.
DATED THIS ……….DAY OF…………………..…..202
BEFORE ME
……………………………………….
COMMISSIONER FOR OATHS.
