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Mortgage Assignment Agreement

Mortgage Assignment Agreement Template for Nigeria

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Key Requirements PROMPT example:

Mortgage Assignment Agreement

"I need a Mortgage Assignment Agreement to transfer a commercial property mortgage from First Bank Nigeria to Access Bank, with the assignment to be completed by March 15, 2025, and including special provisions for existing tenant rights."

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Document background
A Mortgage Assignment Agreement is a crucial document used in Nigerian banking and real estate transactions when transferring mortgage rights from one lender to another. This document becomes necessary during bank mergers, loan portfolio sales, refinancing arrangements, or when mortgage rights are being transferred as part of larger financial transactions. The agreement must comply with Nigerian property law, particularly the Land Use Act 1978, banking regulations, and stamp duty requirements. It includes specific details about the original mortgage, property description, outstanding obligations, and the terms of transfer. The document ensures continuity of security interests while protecting the rights of all parties involved, including the mortgagor whose consent may be required under Nigerian law.
Suggested Sections

1. Parties: Identification of Assignor (current mortgagee), Assignee (new mortgagee), and acknowledgment by Mortgagor

2. Background: Context of the original mortgage, reason for assignment, and current status

3. Definitions: Definitions of key terms including Property, Mortgage, Assignment Date, and Secured Obligations

4. Assignment: Core provisions detailing the transfer of mortgage rights and secured obligations

5. Consideration: Details of payment or other consideration for the assignment

6. Completion: Timing and mechanics of the assignment completion

7. Representations and Warranties: Statements of fact and assurances from the Assignor regarding the mortgage

8. Covenants: Ongoing obligations of the parties

9. Further Assurance: Obligation to execute further documents and take additional steps if needed

10. Notices: Process for formal communications between parties

11. Governing Law and Jurisdiction: Specification of Nigerian law and jurisdiction

12. Execution: Signature blocks and execution requirements

Optional Sections

1. Consent Requirements: Used when third-party consents are needed for the assignment

2. Security Preservation: Include when specific actions are needed to maintain security validity

3. Tax Provisions: Added when specific tax implications need to be addressed

4. Assignment of Related Rights: Used when additional rights (like insurance) are being assigned

5. Registration Requirements: Include when specific registration at land registry is required

6. Power of Attorney: Added when Assignee needs power to act in Assignor's name

Suggested Schedules

1. Property Description: Detailed description of the mortgaged property including title particulars

2. Original Mortgage: Details and copy of the original mortgage agreement

3. Outstanding Amount: Statement of the current mortgage balance and payment terms

4. Required Consents: Copies of any required third-party consents

5. Transfer Documents: Forms and notices required for registration and transfer

6. Existing Security: Details of any existing security arrangements affecting the mortgage

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Banking

Financial Services

Real Estate

Mortgage Lending

Property Development

Legal Services

Construction

Housing Finance

Relevant Teams

Legal

Mortgage Operations

Real Estate

Compliance

Risk Management

Corporate Affairs

Finance

Property Services

Banking Operations

Documentation

Relevant Roles

Legal Counsel

Mortgage Officer

Property Lawyer

Banking Executive

Real Estate Manager

Compliance Officer

Risk Manager

Corporate Lawyer

Financial Controller

Property Rights Officer

Title Registration Officer

Banking Operations Manager

Industries
Land Use Act 1978: Fundamental law governing land ownership and rights in Nigeria, including requirements for mortgage creation and transfer
Conveyancing Act 1881: Though from colonial era, still relevant in Nigeria for property transfers and mortgage assignments
Central Bank of Nigeria Act 2007: Governs banking operations and financial transactions including mortgage financing
Stamp Duties Act (as amended): Requires proper stamping of mortgage assignments and specifies applicable duties
Registration of Titles Act: Governs the registration of property titles and interests, including mortgage assignments
Nigerian Contract Law: General principles of contract law applying to the assignment agreement
Mortgage Institutions Act: Regulates mortgage institutions and their operations in Nigeria
Consumer Protection Framework 2016: Protects consumers in financial transactions including mortgage assignments
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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