Explanatory

TRIPARTITE DEVELOPMENT AGREEMENT

BETWEEN

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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 MATHIS (3) MR LUKMON AKANBI SAULA of MAGBON COMMUNITY, MAGBON ANCIENT VILLAGE, ETI- OSA LOCAL GOVERNMEMT AREA OF LAGOS STATE (Hereinafter referred to as the “THE OWNER” on behalf of themselves and members of MAGBON COMMUNITY, ETI – OSA LOCAL GOVERNMENT ARWA OF LAGOS STATE and where the context so admits include their successors – in – title, assigns, and personal representatives of the one part

AND

ALPHA CHRISTI ESTATES LIMITED a private liability company incorporated under the Laws of the Federal Republic of Nigeria and having its head office at ADEBOWALE HOUSE 190, IKORODU ROAD LAGOS (hereinafter referred to as “THE DEVELOPER”) which expression shall where the context so admits include its successors in the title and assigns.

AND

MR .A.A. …………………………………………………………………………………………………………
(Hereinafter referred to as “THE FINANCIER”)

WHEREAS

1. The owners possess a statutory right of occupancy in respect of a 2.244 hectares of land situated and known as Block 18 Magbon Village within Magbon Ikota Resettlement in Eti- Osa Local Government Area of Lagos State under a Certificate of Occupancy dated 3rd day of March 2004 registered as No. 69 at page 69 in volume 2004c at the Land Registry, Alausa, Ikeja, Lagos.

2. The developer is in the business of building.