LAND PURCHASE AGREEMENT

THIS AGREEMENT is made this ……… Day of ……………………………… ……….. BETWEEN HEAVENS GATE ESTATES LIMITED (Hereinafter referred to as the “DEVELOPER/SELLER”) on the one part AND……………………………………………….. (Hereinafter referred to as the “PURCHASER”) which expression includes
his/her heirs and personal representatives of the other part:-

WHEREAS:

1.1 The Developer/Seller represents to the Purchaser that he is the beneficial owner of the piece or parcel of land situated at…………………………………………… The Purchaser has expressed interest in purchasing from the Developer/Seller and the Developer/Seller has agreed to sell and convey the property to the
Purchaser according to the terms and conditions hereinafter stated.

1.2 Both the Developer/Seller and Purchaser would be Bonafide owners of the plot (s) of land (with the area of each plot measuring between (…………………. Acres) until the Purchaser has fully paid for the land. Purchaser becomes the ONLY owner if there is outright purchase with full payment received.

2.0 NOW THEREFORE THIS AGREEMENT WITNESSES AS FOLLOWS:-

2.1 In consideration of an amount of GHS…………………………………. For …………………. Plots (hereinafter referred to as “Selling Price including indenture and normal site plan”) payable hereinafter stated, the Developer/Seller as the beneficial owner of the property shall convey his interest in the property absolutely
to the Purchaser for unexpired term of Seventy Five (75) years. Where the Purchaser requires a barcode site plan, the Purchaser shall pay for the full cost of generating same and the Developer/Seller shall process same for the Purchaser.

2.2 THE SELLING PRICE SHALL BE PAID AS FOLLOWS:

(a) Full payment of……………………………………….for ………………………… Plots OR (b) An initial deposit of ………………………………..for ………………………… plot(s)
And a monthly instalment of ………………………..for …………………………. Months.

3.0 PAYMENT

3.1 This agreement shall be deemed to be complete on the date of the full payment of the selling price and the execution of the Deed of Sublease.

3.2 All payments under this agreement shall be paid into an account to be provided by the Developer/Seller, in Ghana Cedis or any designated currency to and in the name of the Developer/Seller - Heavens Gates Estates Limited.

3.3 Cash payment should ONLY be made to authorise persons at the office. All cheque payments are to be made into the account number 1031010089378601 Agricultural Development Bank, Tema Main Branch, 1400002550883 Cal Bank, Tema Main Branch. Heavens Gate Estates Limited would not take responsibility
for any cash payment made to any individual, except to duly designated officers of the company.

3.4 The Purchaser is responsible for the cost of Land Title Registration which may be facilitated by the Seller upon agreement by both parties.

4.0 INDENTURE AND RIGHT OF WORKING ON THE LAND

4.1 The Developer/Seller shall grant to the Purchaser the full right to any form of activity on the land/property after the initial threshold amount as may be determined by the Developer/Seller is paid by the Purchaser. This shall attract a clearance certificate and profiling/setting-out fee of One Thousand Cedis
(GHS 1,000.00) before the commencement of any form of development during instalment payment or upon full completion of payment. The Developer/Seller reserves the right to review this amount without prior notice to the Purchaser. Upon the payment of the initial deposit, the Purchaser shall receive an unsigned
site plan generated by the Developer/Seller indicating the plot allocated to Purchaser.

4.2 The Developer/Seller will start processing the indenture (Deed of Sublease) and site plan after the Purchaser has made 80% of the purchase price but the document would be issued out to the Purchaser after the full payment has been made for the land/property.

4.3 The Developer/Seller shall allocate a plot number based on the size of plot requested and after first instalment or deposit has been made up to or beyond the threshold amount by the Purchaser. However, plot number allocated may change if Purchaser changes building plan. Developer/Seller may effect further
changes after informing Purchaser. Where the plot allocated to Purchaser had already been allocated to another customer, the Developer/Seller shall inform the Purchaser prior to changes to be effected for reallocation.

4.4 In the case where Purchaser wishes to change location geographically, same shall bear the difference in amount at the prevailing rate at the time of change and other costs associated with the changes. Developer/Seller shall refund difference in case relocated site costs lesser than the former.

4.5 Developer/Seller shall ensure that there is availability of electricity and water in the community. However, Purchaser shall be surcharged for the cost of provision of such, and other services.

4.6 A Purchaser who seeks to transfer ownership of the Sub-lease will have to complete a transfer form as well as submit copies of valid national IDs among others as shall be required by the Developer/Seller. This shall attract an administrative fee as may be determined by the Seller in addition to the cost of the new
document to be issued.

4.7 Where the Purchaser intends to sell the land/property to another person, the Purchaser shall give the first offer to the Developer/Seller before the consideration of a third party upon agreed terms and conditions.

4.8 The Developer/Seller shall deliver an executed DEED OF SUBLEASE to the Sublessee after receiving full payment for the property within three (3) months. In the case of OUTRIGHT FULL PAYMENT, Developer/Seller shall deliver all documents herein to Purchaser within two (2) months.

4.9 For any payment due which is not received on the due date, we shall charge a fee of 15% of the amount due to cover our administrative costs unless we have a prior notice agreement or notice with you before the due date to defer the payment that was due. In the absence of a deferred payment agreement, any
such amount outstanding shall attract an interest rate of 10% per month until you pay it off. The administrative fee, in addition to the interest charged on the outstanding amount, shall be payable with the outstanding amount before the next payment due date.

4.10 Amount paid for the land (purchase price) is fully refunded should there be any litigation on the land. All monies being refunded will be paid without interest.

5.0 WARRANTIES AND REPRESENTATIONS

The Developer/Seller warrants and represents that:
i. The description of the property as contained in the site plan is true.
ii. He is solely, legally, and beneficially entitled to and has good marketable title to the property.
iii. The interest/title in the property being offered to the Purchaser is valid and subsisting against all persons.

6.0 TERMINATION

6.1 Both parties shall have the option to rescind this agreement by giving a month’s notice upon occurrence of any event of defaults or fundamental breach. The Developer/Seller reserves the right to terminate the contract if the Purchaser defaults payment of instalment for three (3) consecutive months without prior
notice to the Developer/Seller either in writing or verbal communication.

6.2 Upon termination on the default of the Purchaser for non-payment of the instalment for three (3) consecutive months, the Developer/Seller shall be entitled to repossess the property and refund to the Purchaser all sums paid less 30% of the amount paid which shall represent administrative and other incidental expenses incurred by the Developer/Seller in furtherance of this agreement.

6.3 In the event that the Purchaser decides to terminate the contract at will, the company shall refund all payments made less 30% which shall represent administrative and other incidental expenses. Such refund shall be made after we have been able to sell the property to a subsequent buyer and the new buyer has
paid for the property.
6.4 In the unlikely event that a delay occurs due to unforeseen circumstances or conditions that are beyond the control of the Developer/Seller, and where the Purchaser is unwilling to wait for the issue to be resolved, the Developer/Seller shall propose a transfer to another site on mutually agreed terms depending
on the site. If parties are unable to settle on a preferred site, the Purchaser could terminate the contract and all monies refunded to him/her without any charges/interest.

6.5 Where the defaulting or terminating Purchaser has undertaken some development on the land, the property shall be valued and approved by a valuation officer. The approved amount shall be refunded to the Purchaser less 30%, should the company or a third party be interested in the property.

7.0 POSSESSION OF THE PROPERTY

The Purchaser is enjoined to take possession of the land IMMEDIATELY after allocation. The Purchaser is expected to pay regular visits (at least once a month) and to maintain the plot by either planting edges, mounting of corner pillars, construct a dwarf or full fence wall within a year after allocation and or weeding
it regularly. The Developer/Seller shall not take responsibility should the Purchaser lose the plot or part of it to encroachers if the Purchaser fails to do the above.

8.0 DEVELOPMENT OF THE PROPERTY

8.1 The Purchaser is enjoined to develop the land after allocation. Plots that are left undeveloped for a maximum of three (3) years shall be repossessed or sold out and either monies paid by the Purchaser be refunded to him/her without interest or be relocated to another site.

8.2 The Developer/Seller shall charge an annual ground rent of Two Hundred Cedis (GHS 200.00) per plot. The Developer/Seller reserves the right to review this amount with or without prior notice to the Purchaser when the need arises.

8.3 The Purchaser shall pay an amount of Fifty Ghana Cedis (GHS50.00) monthly, subject to review as may be determined by the Developer/Seller for the provision of security over the property.

8.4 Apart from Commercial zones, no commercial activities/buildings such as shops, schools etc. are to be constructed in a Residential Zone.

8.5 In all cases, all architectural designs must be submitted to the Developer/Seller for inspection and approval and permit obtained for same before construction starts.

8.6 Purchasers are required to construct at least a dwarf wall to secure their boundaries within a year after purchase.

Please note: Heavens Gate Estate shall not be liable for encroachment if this directive is not adhered to.

8.7 All measurements are given as a guide only. No liability will be accepted for any errors arising thereof. In witnesses whereof the parties have hereunto set their hands the day and first above written.

Heavens Gate Estates Ltd (DEVELOPER/SELLER) (PURCHASER)

SALES PERSON:   ……………………………………………………………..                                                                                                            NAME: …………………………………………………
SIGN:                       ……………………………………………………………..                                                                                                             SIGN:   …………………………………………………

WITNESS WITNESS

NAME:                     ……………………………………………………………..                                                                                                             NAME: ...…………………………………………….. 
NAME:                     ……………………………………………………………..                                                                                                             NAME: ...……………………………………………..