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Explanatory Essay

1096 words - 5 pages

TRIPARTITE DEVELOPMENT AGREEMENT

BETWEEN

THE BAALE IN COUNCIL AND ELDERS OF MAGBON COMMUNITY, ETI- OSA LOCAL GOVERNMENT COUNCIL OF LAGOS STATE – REPRESENTED BY:
1. ALHAJA CHIEF S. A. MUSTAPHA – BAALE
2. ALHAJA MUNIAT MATHIS
3. MR LUKMON AKANBI SAULA
(For Themselves And On Behalf Of All Members Of Magbon Community, Magbon Ancient Village, Eti- Osa Local Governmemt Area Of Lagos State )

AND

ALPHA CHRISTI ESTATES LIMITED
(DEVELOPERS)

AND

MR. A. A.
(FINANCIER)

THIS TRIPARTITE AGREEMENT is made this ………………….day of…………………….2012 BETWEEN THE BAALE IN COUNCIL AND ELDERS OF MAGBON COMMUNITY – REPRESENTED BY (1) ALHAJA CHIEF S. A. MUSTAPHA (BAALE) (2) ALHAJA MUNIAT ...view middle of the document...

2. The developer is in the business of building and constructing houses for owners upon terms and condition as agreed.

3. The Owners have laid out 15 (fifteen) plots of land i.e. Plots 8, 9,…….21, 22, 23,……29 within the Magbon layout (herein attached as a schedule) which are contiguous for the purpose of construction described in the schedule attached hereto and the developer has agreed to build and execute the development of the buildings as agreed by the parties hereto subject, to terms and condition contained in the Finance Development Agreement between both parties.

4. The developer desirous of executing the construction and development of the buildings as agreed with the owners within the stipulated time has approached the financier to finance the execution of the project.

5. The financier is a businessman and engages in project financing and hereby agrees with the other parties hereto subject to terms and conditions contained herein to finance the development and construction of the building contained in the schedule attached herewith.

6. The developer has commenced the construction of part of the buildings and has agreed to provide and present adequate and professional bill of qualities to determine the extent of construction work done in the execution of the project to the financier.

NOW THIS DEED WITNESSETH AS FOLLOWS:

In consideration of the financier providing the finance for the execution of the buildings and the Developer constructing, completing and handling over the building (as agreed and contained in the schedule attached) the OWNER hereby agree to grant the FINANCIER (The Head agreement permits the grants to be made to the Developer’s nominee) Building and plots of land granted to the Developer by the Owners by virtue of the Head agreements titled FINANCE DEVELOPMENT ARGEEMENT between the OWNERS and the DEVELOPER.

DEVELOPER’S GENERAL CONVENANT
The Developer shall

i. Prepare and present to the financier accurate estimates of amount expended so far on the project and bill of quantities prepared by a qualified professional subject to proper scrutiny by the financier.

ii. Give a warranty that it is in compliance with all known laws relating to building in Lagos State and has obtained all permits and any law or edict within Lagos State.

iii. Expend all money released by the financier for the project faithfully on the project and...

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