LANDMARK WATERVIEW APARTMENTS

PURCHASER OFFER TERMS

1.Development Landmark Waterview Apartments under development located at Plots 3 & 4 Water Corporation Road Oniru Victoria Island Lagos, Nigeria (the Building
2.User Residential purposes only. Any commercial user (e.g., short lets) or other user of the Apartment shall be with the prior written consent of Landmark and subject to such rules and regulations as shall be communicated by the Building Management.
3.Completion Date Estimated commissioning/delivery date of the Apartment is the 31st of December 2024. Purchaser shall be notified of any extension to the Estimated Completion Date which shall in any event not be extended beyond the 31st of December 2025.
4.Handover Condition Apartment is to be handed over in Vanilla Shell (White Box) state with basic finishing i.e., finished walls, electrical panels, and outlets, finished floors, HVAC system as well as running water and connected sewage. All works not expressly required to be performed by Landmark herein shall be undertaken by the Purchaser
5.Payment Plan i. 30% upon signing this Offer Letter
ii. 30% upon 50% completion of the Building Superstructure
iii. 30% upon completion of the Building Envelope
iv. 10% upon Handover
6.Payment Terms ll charges under this transaction shall be denominated in United States Dollars, however payments may be made in Nigerian Naira as stated on the invoice issued at the relevant time. All Naira denominated invoices shall be paid within 5 working days of the date of the invoice failing which Landmark reserves the right to issue another Naira denominated invoice with the stated value adjusted. Where any payment is not made as and when due then it shall be subject to a penalty fee of 2.5% flat per month which shall be in addition to the prevailing Stanbic IBTC Bank Plc temporary overdraft interest rate charged on the sums outstanding until Landmark receives the sums due in cleared fund together with the accrued interest thereon. BB Landmark Realty Limited (RC No - 711943) Plots 3 & 4 Water Corporation Road Oniru Estate Victoria Island Lagos, Nigeria Tel: 01 631447 www.landmarkafrica.com The Purchaser shall make payment for the first milestone being 30% of the Final Purchase Price within 7 days of the date of this Offer Letter failing which the Apartment shall be offered to third parties and shall no longer be available to the Purchaser. Where the Purchaser fails to make payment of the subsequent milestone payments within 90 days of the initial demand for such payment then Landmark shall have the right to terminate this Agreement with notice to the Purchaser and offer the Apartment to a third party and upon receipt of full payment therefrom shall refund the Purchaser such prior payments made less 30% of the Final Purchase Price. Where the Purchaser wishes to discontinue the purchase of the Apartment, the Purchaser shall notify the Vendor of the intention to terminate in writing and where applicable the Vendor shall refund the Purchaser such prior payments made less 30% of the Final Purchase Price.
7.Service Charge Deposit: N30,000.00 per sqm to cover outgoings, operational costs and overheads relating to the maintenance of the building excluding diesel and main grid electricity which shall be metred separately. The Service Charge Deposit shall be payable on or before handover and yearly in advance thereafter. It is also a recovery charge such that any overage or deficit shall be for the account of the Purchaser. The Service Charge Deposit shall in addition be subject to escalation at the higher of 10% per annum or the average Monthly Consumer Price Index of the preceding last twelve (12) months as determined by the National Bureau of Statistics or any other reputable authority. Delay or failure in making payment as and when due may result in the suspension of services to the Apartment and interest at 1% per month together with the prevailing Stanbic IBTC temporary overdraft interest rate shall apply on the unpaid sum until received in full together with the accrued interest thereon.
8. Car Parking For Purchasers of 2-beds-4beds:
One car parking space shall be made available to the Purchaser. Additional car parking may however be purchased at N3,000,000.00 (Three Million Naira) per slot, subject to availability.
For Purchasers of Studios and 1-beds:
Car parking may be purchased at N3,000,000.00 (Three Million Naira) per slot, subject to availability.

There are also 100 visitor parking spaces for general use on a first come, first served basis.
9.Sinking Fund Deposit An initial sum of N500,000.00 (Five Hundred Thousand Naira) shall be paid as a one-off charge towards the cyclical maintenance, repair and replacement of equipment and infrastructure serving the Building.

The Purchaser shall thereafter on a yearly basis make a Sinking Fund Deposit towards the same purpose. The sum payable at the start of Year 2 shall be N120,000.00 (One Hundred and Twenty Thousand Naira) and this sum shall be subject to escalation in subsequent years at the higher of 10% per annum or the average Monthly Consumer Price Index of the preceding last twelve (12) months as determined by the National Bureau of Statistics or any other reputable authority.
10.Assignment or Transfer of Rights The Purchaser shall not lease, assign, transfer or otherwise part with its interest whether in whole or part in the Apartment without first;

a) making payment of the Final Purchase Price or any outstanding balance of the Final Purchase Price as a one-time payment; and

b) obtaining Landmark’s written consent, such consent not to be unreasonably withheld.
11.Legal Fee This shall be 2.5% of the Final Purchase Price and payable upon execution of the Offer Letter. The legal documentation shall include this Offer Letter, the Agreement to Lease and the Deed of Sublease and the Purchaser shall be responsible for the costs of stamping, transferring title and perfecting the Deed of Sublease.
12.Agency Fee This shall be 2.5% of the Final Purchase Price and payable upon execution of the Offer Letter
13.Taxes All payments herein shall be paid in full without deduction or set-off whether or not for withholding tax, VAT or any other taxes
14.Homeowners Association The Purchaser shall be required to become a member of the Homeowners Association to be set up for the Building. The Purchaser shall bear the pro rata costs for setting up and running the Homeowners Association.
15.Occupiers Handbook The Purchaser shall observe all such rules and regulations as shall be communicated from time to time in the Occupier’s Handbook for the proper functioning of the Building including the maintenance of standards and ambience and ensuring orderliness and general security, among others. The Purchaser shall further ensure all such persons that occupy the Apartment at his/her behest observe the same obligation.
16.Confidentiality The Offer Letter and the terms proposed are to remain confidential to the parties, their respective agents and advisors until the final lease documentation is executed. Thereafter, the terms and conditions of the transaction are not to be released to any third party without the consent of both parties
17.Governing Law and Dispute Resolution Any dispute, difference or claim arising out of or in connection with this Head of Terms shall be determined by the arbitration of a single arbitrator appointed jointly by the Parties and failing agreement, by the Chairman of the Nigerian Branch of the Chartered Institute of Arbitrators. The arbitration shall be governed in accordance with the Arbitration and Conciliation Act, Cap A18, Laws of the Federation of Nigeria. The arbitration shall take place in Lagos, and arbitration proceedings shall be conducted in English Language.

 

 

 

 

 

Your execution of this offer letter constitutes your acceptance to be bound by the terms and conditions contained herein and represents your willingness to fulfill all the continuing obligations arising therefrom.

Signed by the below named Purchaser on the Sunday, 25th day of February, 2024 14:02 GMT

 

 


 

 

BB Landmark Realty Limited

(RC No - 711943)

Plots 3 & 4 Water Corporation Road

Oniru Estate Victoria Island

Lagos, Nigeria

Tel: 01 631447

www.landmarkafrica.com