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    Hire Purchase Agrement

    Uploaded by

    Dami Lare
    This document is a hire purchase agreement between Mrs. Akingbola Funmilayo and Mr. Wasiu Oloeye for a tricycle. Mr. Oloeye agrees to pay N320,000 for the tricycle in weekly installments of N15,000 until it is paid off. Ownership remains with Mrs. Funmilayo until full payment. If Mr. Oloeye defaults on a payment, Mrs. Funmilayo can seize the tricycle and keep prior payments, and if any terms are breached, she can reverse the agreement and he forfeits interest. The agreement is signed by both parties and a witness.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Hire Purchase Agrement

    Uploaded by

    Dami Lare
    59 views3 pages
    This document is a hire purchase agreement between Mrs. Akingbola Funmilayo and Mr. Wasiu Oloeye for a tricycle. Mr. Oloeye agrees to pay N320,000 for the tricycle in weekly installments of N15,000 until it is paid off. Ownership remains with Mrs. Funmilayo until full payment. If Mr. Oloeye defaults on a payment, Mrs. Funmilayo can seize the tricycle and keep prior payments, and if any terms are breached, she can reverse the agreement and he forfeits interest. The agreement is signed by both parties and a witness.

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    This document is a hire purchase agreement between Mrs. Akingbola Funmilayo and Mr. Wasiu Oloeye for a tricycle. Mr. Oloeye agrees to pay N320,000 for the tricycle in weekly installments of N15,000 until it is paid off. Ownership remains with Mrs. Funmilayo until full payment. If Mr. Oloeye defaults on a payment, Mrs. Funmilayo can seize the tricycle and keep prior payments, and if any terms are breached, she can reverse the agreement and he forfeits interest. The agreement is signed by both parties and a witness.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    59 views3 pages

    Hire Purchase Agrement

    Uploaded by

    Dami Lare
    This document is a hire purchase agreement between Mrs. Akingbola Funmilayo and Mr. Wasiu Oloeye for a tricycle. Mr. Oloeye agrees to pay N320,000 for the tricycle in weekly installments of N15,000 until it is paid off. Ownership remains with Mrs. Funmilayo until full payment. If Mr. Oloeye defaults on a payment, Mrs. Funmilayo can seize the tricycle and keep prior payments, and if any terms are breached, she can reverse the agreement and he forfeits interest. The agreement is signed by both parties and a witness.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    HIRE PURCHASE AGREMENT

    BETWEEN

    MRS. AKINGBOLA FUNMILAYO


    (OWNER)
    08063892223

    AND

    MR. WASIU OLOEYE


    (HIRER)
    09026994689

    IN RESPECT OF TRICYCLE
    (MARUWA)
    THIS HIRE PURCHASE AGREEMENT was made on ……………… January, 2023.
    Between Mrs. Akingbola Eniola of No. 16, Adekunle Deen Street, Sari-Iganmu,
    Orile, Lagos State, 08063892223. Hereinafter called “THE OWNER” of the one part.

    AND

    Mr. Wasiu Oloeye of Ojo afeje Christian, Sari Iganmu, Lagos State. Hereinafter called the
    “THE HIRER” of the “THE OTHER PART”.

    WHEREAS:
    The owner of the TRICYCLE(maruwa) and the hirer have approached for an agreement of the
    TRICYCLE(maruwa) on a Hire Purchase Agreement Basis of which the terms and condition of
    the agreement will be stated.

    The bearer has agreed to pay the sum of N320,000 (Three Hundred and Twenty Thousand
    Naira only) being the purchase sum of the TRICYCLE(maruwa).

    IT IS HEREBY AGREED AS FOLLOWS

    A. That the hirer shall pay the sum of N15,000 every one week, Monday being the commencement
    date of operation and thereafter take custody of the TRICYCLE(maruwa) upon completion of the
    total sum agreed.
    B. That the Hirer has agreed to pay up the sum of N320,000 (Three Hundred and Twenty
    Thousand Naira only) being the purchase sum of the TRICYCLE(maruwa) as final payment within
    the stipulated period.
    C. That upon default by the purchaser to pay at the end given time, and thereafter a grace-period
    of one week is given, the owner shall have the right to seize and confiscate the said “TRICYCLE”
    from the Hirer and the Hirer shall forfeit to the owner all sums of money previously paid to the
    owner.
    D. That the owner shall continue to retain ownership on the said TRICYCLE(maruwa) until the Hire
    Purchase sum is fully liquidated.
    E. That upon the breach of the covenants, the owner shall have the right to reverse his interest
    and the Hirer shall forfeit all his interest.
    In witness thereof, the parties here unto set their respective hands seals in the first above written.

    SIGNED, SEALED AND DELIVERED

    By the within named OWNER

    Mrs. Akingbola Funmilayo

    In the presence
    Name: ………………………………………………….................................................................
    Address: …………………………………………………………………………………………………………….
    Phone Number: ………………………………………………………………………………………………….
    Occupation: ……………………………………………………………………………………………………….
    Signature: ………………………………………………………………………………………………………....

    SIGNED, SEALED AND DELIVERED

    By the within named HIRER

    Mr. Wasiu Oloeye

    In the presence
    Name: ………………………………………………….................................................................
    Address: …………………………………………………………………………………………………………….
    Phone Number: ………………………………………………………………………………………………….
    Occupation: ……………………………………………………………………………………………………….
    Signature: ………………………………………………………………………………………………………....

    SIGNED, SEALED AND DELIVERED

    By the within named WITNESS/GUARANTOR

    Mrs. Morufat Abdulgani

    In the presence
    Name: ………………………………………………….................................................................
    Address: …………………………………………………………………………………………………………….
    Phone Number: ………………………………………………………………………………………………….
    Occupation: ……………………………………………………………………………………………………….
    Signature: ………………………………………………………………………………………………………....

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