Afrihood

Offer for 1 Bedroom Apartment at Mainland Towers, Yaba


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Dear Sir/Ma,

OFFER FOR SALE: 1 UNIT OF ONE (1) BEDROOM LUXURY RESIDENTIAL APARTMENT APPURTENANCES AT MAINLAND TOWERS, TOBI LAWAL ROAD, YABA, LAGOS STATE ON OFF-PLAN BASIS

Pursuant to your discussion with Mr. Olufemi Shield, we are pleased to offer you the above development on the following terms and conditions, subject to a formal contract.

Property Description

The property as used throughout this document refers to a contemplated is a Premium unit of one (1) bedroom luxurious Residential apartment that offers unparalleled amenities and convenience at the prestigious Mainland Tower, Tobi Lawal Road, Yaba, Lagos State.

Title

The Developer derives its Title by Virtue of a Deed of Assignment executed in its favour by ADAMAKIN INVESTMENT WORKS LIMITED (Attorney to the Trustees of the Estate of Madam Efunroye Tinubu) The Land Owner.

Whereas;

1. The subject parcel of land was owned by Late Madam Efunroye Tinubu vide Judgment of the High Court of Lagos State delivered by the  Honourable Chief Justice of Lagos State, Justice Osborne Willoughby, on the 23rd day of December, 1912 in the matter between Fafunmi v. Osun Apena & Ors.; Suit No. 124/12;

2. The said Judgment was duly registered as Number 45, Page 45 and Volume 2212, dated 13th September, 2012  and kept at the Registry of Deed at Lagos State Land Registry, Lagos, Nigeria;

3. Further to the above, Trustees were appointed to administer the Estate of the late Madam Efunroye Tinubu vide an Enrolment  Order dated 29th day of April, 2002 granted by Lagos High Court, Ikeja in the Estate of Madam Efunroye Tinubu v. Probate Registrar in suit number ID/929M/2000, and registered as No. 41 on Page 41 in Volume 2065 of the Register of Deed at the Land Registry, Lagos, Nigeria.

4. The Trustees of the Estate of Madam Efunroye Tinubu, vide a Power of Attorney dated 27th day of August, 2012, appointed ADAMAKIN as their true and lawful Attorney to deal with the demised Estate of Madam Efunroye Tinubu on their behalf.

CONDITIONS OF OFFER & CONDITIONS OF PAYMENT

Pioneer Offer Price:

The Pioneer Offer Price for this property is as described in the schedule of payment.

Payment Mode:

Cheques, Bank drafts or Direct transfers should be made payable to either of our Accounts below:

   
NGN

Bank: Stanbic IBTC Bank

Account Name: Afrihood Development Company Limited

Account Number: 0044442234
USD

Bank: Fidelity Bank PLC

Account Name: Afrihood Development Company Limited

Account Number: 5091218971

NB:Receipts will be Issued for every payment received.

NB: Possession of the property will be granted only upon the payment of the full and final Offer Price.

Subject to the Developer’s discretion, In the event that the purchaser defaults on the payment plan, the Developer reserves the right to revoke the offer and refund the purchase price to the purchaser. However, such revocation will only occur if the default persists for more than three (3) months beyond the due date. Additionally, it is important to note that the Developer retains the right to re-offer the property to other buyers in the event of such default.

Refunds shall be accessible only after a re-sale has been made.

Indemnities:                         

The Developer grants to the Purchaser a Three (3) Months Warranty immediate from the time of handing over possession to REPAIR damaged fixtures and fittings within the said period provided that such damage was as a result of the quality of the product and not due to negligence on the Purchaser’s part.

The Developer shall also be responsible for any structural fault, burden or liability that may arise upon the Property within  the 2 (Two) years following the completion of the development. Such liability shall thereafter rest upon the Occupants/Assigns of the Property.

In the event that the Developer fails to fulfill its construction obligations under this Contract, the Purchaser may have the right to terminate  the Agreement and request a refund of the purchase price paid. However, this right will only apply if the default is not due to a Force Majeure event or any action or inaction by the Purchaser that contributed to such default.

Delivery Date:

Title Documents of the property shall only be delivered to the Purchaser 3 months after the completion of construction.

Possession of the property shall only be delivered to the Purchaser upon completion of construction and absolute fulfilment of the terms of payment.

There shall be a walk through by the Developer and the Purchaser (or their representatives) at the point of handing over.

A Deed of Assignment for the described property shall be executed in favour of the Purchaser.

Property Completion:

September 2025

USE OF PROPERTY:               Strictly Residential.

NB

 

  • Strict adherence to the payment terms and conditions are a fundamental basis of the purchase.
  • The Developer shall be granted a right of first refusal as Agents/Managers for the Purchaser, where they intend to sell or let out the purchased property.
  • This Offer expires after 10 working days from the Date on the Offer letter.
  • Further note that as confirmation of your acceptance of this offer and the conditions above stated, we request that you endorse the Memorandum of Acceptance. We also request you endorse EVERY PAGE of this Offer Letter and thereafter forward us a duplicate copy with proof of payments

Thank you for choosing us. Be assured of our commitment to excellent delivery.

Yours faithfully,

Oreoluwa Falade

Legal Manager

Afrihood Development Company Limited

 

MEMORANDUM OF ACCEPTANCE

 

SIGNED and DATED by

The within named “PURCHASER”

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SCHEDULE OF PAYMENT

     
Payment Plan Initial Deposit  Monthly Payments  SUM TOTAL

Outright Payment

N 37,000,000 (Thirty-Seven Million Naira Only)

 Nil N 37,000,000 (Thirty-Seven Million Naira Only)
6 Months Plan N 5,000,000 (Five Million Naira Only)  N 6,844,000 (Six Million Eight Hundred and Forty-four Million Naira Only) for 5 months  

N 39,220,000

(Thirty-Nine Million, Two Hundred and Twenty Thousand Naira Only)
12 Months Plan N 5,000,000 (Five Million Naira Only)  N 3,312,727 (Three Million Three Hundred and Twelve Thousand, Seven Hundred and Twenty-Seven Naira Only) for 11 months

N 41,439,997

(Forty-One Million, Four Hundred and Thirty-Nine Thousand, Nine Hundred and Ninety-Seven Naira Only)
18 Months Plan N 5,000,000 (Five Million Naira Only) N 2,274,118 (Two Million Two Hundred and Seventy-Four Thousand, One Hundred and Eighteen Naira Only) for 17 months

N 43,660,006

(Forty-three Million, Six Hundred and Sixty Thousand and Six Naira Only)
24 Months Plan N 5,000,000 (Five Million Naira Only) N 1,777,391 (One Million Seven Hundred and Seventy-Seven Thousand, Three Hundred and Ninety-One Naira Only) for 23 Months N 45,879,993 (Forty-Five Million, Eight Hundred and Seventy-Nine Thousand, Nine Hundred and Ninety-Three Naira Only).

 

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Signature Certificate
Document name: Offer for 1 Bedroom Apartment at Mainland Towers, Yaba
lock iconUnique Document ID: f47f1b770357ce3a229d1be600119a2b36c4be3e
Timestamp Audit
July 6, 2023 1:47 pm WATOffer for 1 Bedroom Apartment at Mainland Towers, Yaba Uploaded by Olufemi Shield - [email protected] IP 129.205.124.249
July 6, 2023 8:03 pm WATOlufemi Shield - [email protected] added by Olufemi Shield - [email protected] as a CC'd Recipient Ip: 129.205.124.241
July 7, 2023 9:50 am WATOlufemi Shield - [email protected] added by Olufemi Shield - [email protected] as a CC'd Recipient Ip: 197.211.61.111
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