Conditional Vehicle Sale Agreement
(With Right of Repurchase Extinguished Upon Default)
THIS AGREEMENT is made this {{$day}} day of {{$month}}, {{$year}}
BETWEEN
OXYGEN ECOMMERCE SOLUTIONS LIMITED, a company incorporated under the laws of the Federal Republic of Nigeria with its registered office at 2B, Olugbesan Close, Allen Avenue, Ikeja, Lagos (hereinafter referred to as the "Buyer" or "Lender", which expression shall include its successors and assigns);
AND
{{$customer_name}}, of {{$address}}, (hereinafter referred to as the "Seller" or "Borrower", which expression shall include his/her heirs, successors, and permitted assigns).
WHEREAS:
1. The Seller is the legal and beneficial owner of the motor vehicle described in Schedule A (the "Vehicle").
2. The Seller has requested financial assistance from the Buyer, and the Buyer has agreed to purchase the Vehicle on the terms set out below.
3. The parties intend that the Seller shall have the conditional right to repurchase the Vehicle on or before the due date for repayment of the corresponding financial facility, failing which such right shall be automatically and irrevocably extinguished.
1. Sale of Vehicle
1.1 The Seller hereby sells, transfers, and delivers to the Buyer all legal and beneficial title in the Vehicle described in Schedule A for the sum of ₦{{$purchase_amount}} (the "Purchase Price"), which sum or a part of has been received by the Seller.
1.2 Possession and ownership of the Vehicle shall pass to the Buyer upon execution of this Agreement and payment of the Purchase Price.
2. Right of Repurchase
2.1 The Seller shall have the conditional right to repurchase the Vehicle from the Buyer on or before the {{$maturity_day}} day of {{$maturity_month}}, {{$maturity_year}} (the “Redemption Date”), upon payment of all the loan repayment.
2.2 The right of repurchase shall only be exercisable if the Seller pays the full loan repayment before the Redemption Date.
3. Extinguishment of Repurchase Right
3.1 If the Seller fails to redeem the Vehicle on or before the Redemption Date, the Seller's right of repurchase shall automatically lapse, and the Buyer shall retain absolute, unencumbered title and possession of the Vehicle.
3.2 The Seller expressly waives any right to challenge the Buyer's ownership or seek restitution of the Vehicle after the Redemption Date had lapsed.
4. Warranties by the Seller
The Seller warrants that:
5. Post-Sale Usage and Custody
5.1 The Buyer shall be entitled to take full possession of the Vehicle and may use, dispose of, or transfer it at its discretion if the Redemption Price is not paid on or before the Redemption Date.
5.2 If the Buyer permits the Seller to continue using the Vehicle during the redemption period, such permission is solely at the Buyer's discretion and does not confer ownership or possession rights on the Seller.
6. Governing Law and Dispute Resolution
6.1 This Agreement shall be governed by the laws of the Federal Republic of Nigeria.
6.2 Any disputes arising out of or in connection with this Agreement shall be referred to arbitration in accordance with the Arbitration and Mediation Act 2023, sitting in Lagos, with a sole arbitrator appointed jointly by the parties.
7. Entire Agreement
This Agreement contains the entire understanding of the parties and supersedes all prior agreements, whether written or oral, relating to the sale and conditional repurchase of the Vehicle.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first above written.
SIGNED by the within-named BUYER (OXYGEN ECOMMERCE SOLUTIONS LIMITED)
Name: Joshua Ogundare
Signature:
Date: {{$agreement_date}}
SIGNED by the within-named SELLER
Name: {{$customer_name}}
Signature:
Date: {{$agreement_date}}
Schedule A – Vehicle Description