The Building Loan Contract is a specialized financing instrument used in Nigeria when a borrower requires funding for construction projects, whether commercial, residential, or industrial. This document is essential for structuring construction financing in compliance with Nigerian banking and property laws, including the Central Bank of Nigeria Act, Banks and Other Financial Institutions Act (BOFIA), and the Land Use Act. The contract typically includes detailed provisions for loan disbursement linked to construction progress, security arrangements, technical requirements, and regulatory compliance measures. It's particularly important in the Nigerian context where construction financing requires careful structuring to address local property rights, building regulations, and banking requirements. The Building Loan Contract serves as a crucial tool for managing risk in construction financing while ensuring all parties' interests are protected under Nigerian law.
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1. Parties: Identification of the Lender and Borrower with full legal names and addresses
2. Background: Context of the loan agreement, purpose of the construction project, and brief property description
3. Definitions: Definitions of key terms used throughout the agreement
4. Loan Amount and Purpose: Specification of the loan amount, interest rate, and confirmed purpose of the building loan
5. Disbursement Terms: Conditions and schedule for loan disbursement, including construction milestone requirements
6. Interest and Repayment: Details of interest calculation, repayment schedule, and payment methods
7. Security and Collateral: Description of security arrangements, including property mortgage and additional collateral
8. Construction Requirements: Specific construction obligations, timelines, and quality standards
9. Borrower's Representations and Warranties: Borrower's confirmations regarding legal capacity, property ownership, and project validity
10. Conditions Precedent: Prerequisites that must be satisfied before loan disbursement
11. Covenants: Ongoing obligations of the borrower during the loan term
12. Events of Default: Circumstances constituting default and consequences
13. Remedies: Lender's rights and remedies in case of default
14. General Provisions: Standard contract clauses including notices, amendments, and governing law
1. Insurance Requirements: Detailed insurance obligations - include when project size or complexity demands specific insurance coverage
2. Environmental Compliance: Environmental requirements and warranties - include for projects with potential environmental impact
3. Construction Contractor Provisions: Specific requirements for contractors - include when lender requires control over contractor selection/management
4. Cost Overrun Provisions: Handling of construction cost overruns - include for larger construction projects
5. Property Management: Post-construction property management requirements - include for commercial building loans
6. Guarantor Provisions: Terms relating to guarantors - include when personal or corporate guarantees are required
1. Schedule 1 - Property Details: Detailed description of the property and construction site
2. Schedule 2 - Construction Plans and Specifications: Approved building plans and technical specifications
3. Schedule 3 - Disbursement Schedule: Detailed breakdown of loan disbursement stages and corresponding construction milestones
4. Schedule 4 - Repayment Schedule: Detailed loan repayment schedule with dates and amounts
5. Schedule 5 - Required Permits and Approvals: List of required regulatory permits and approvals
6. Appendix A - Construction Timeline: Detailed project timeline with key milestones and completion dates
7. Appendix B - Form of Contractor Agreement: Template or requirements for construction contractor agreements
8. Appendix C - Required Insurance Certificates: Specifications for required insurance coverage and certificates
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Real Estate Development
Construction
Commercial Property
Residential Property
Industrial Development
Infrastructure Development
Urban Development
Relevant Teams
Legal
Finance
Risk Management
Compliance
Credit
Real Estate
Construction Management
Project Management
Property Development
Facilities Management
Contract Administration
Relevant Roles
Legal Counsel
Finance Manager
Construction Manager
Property Developer
Bank Manager
Risk Officer
Compliance Officer
Project Manager
Real Estate Manager
Credit Analyst
Construction Loan Officer
Property Valuation Officer
Contract Administrator
Development Director
Facilities Manager
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