THEKINGSASSOCIATES

HIRE PURCHASE AGREEMENT

BETWEEN

MRS. JIMOH RUKAYAT OMOWUNMI

(OWNER)

AND

MR. ABUBAKAR TUNDE AFOLABI

(HIRER)

DATED THIS 2 ND DAY OF JUNE 2024

Prepared by:

Oluwadamilola M. Adeyomi Esq.

The Kings Associates
No. 17, Adelafe Sango Road,
Ilorin, Kwara State.
thekingsassociatesbriefs@gmail. com

THEKINGSASSOCIATES – HIREPURCHASEAGREEMENT
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 THIS AGREEMENT dated this 2nd day of June, 2024

BETWEEN

MRS. JIMOH RUKAYAT OMOWUNMI of Federal Secretariat Fate Road, Ilorin Kwara
State (Hereinafter referred to as the “Owner” which expression shall where the
context so admits includes his Heirs, Assigns, Privies, Successors-in-title, Personal
representatives and any person deriving legal or possessory title from him) of the
one part

AND

MR. ABUDAKAR TUNDE AFOLABI of Osin Seni Community Off Asa Dam Road Kwara
State (Hereinafter referred to as the “Hirer” which expression shall where the
context so admits includes his Heirs, Assigns, Privies, Successors-in-title, Personal
representatives and any person deriving legal or possessory title from him) of the
other part.

This Agreement recites as follows:

1. The Owner is the legal owner and exercises legal and possessory rights over
one TVS Tricycle more particularly described in the schedule hereto.
2. The Hirer is a professional Trcycle rider popularly known as okada rider who
practice his trade in Ilorin Kwara State.
3. The Hirer has approached the Owner to let the said Tricycle to him on hire
for the payment of the sum of N 1,600,000.00 (One Million Six Hundred
Thousand Naira Only) in the manner has agreed in this agreement.

4. The Owner has agreed to let the Tricycle on hire to the Hirer and that he shall
have and enjoy quiet possession of the said Tricycle.
5. The Owner has further assured the hirer that he shall have the right to sell
the said Tricycle at the time the property is to pass and that the said Tricycle
is free from any charge or encumbrances in favor of any third party at the
time when the property is to pass.

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 6. The Hirer has inspected the said Tricycle and is satisfied about the same and
considers it fit for the purposes of using it as a commercial Tricycle to ferry
passengers.
7. The Hirer as agreed to provide two Guarantors to guarantee his promises and
obligations under this agreement and to take up liability in case he fails to
perform his obligations under this agreement.

IT IS HEREBY AGREED AS FOLLOWS:

1. The Owner will let and the hirer will take on hire the said Tricycle more
particularly described in the Schedule hereto.
2. The Owner has delivered the said Tricycle to the hirer and has allowed the
hirer to use the said Tricycle in the usual manner which shall include the usage
of the Tricycle for commercial purposes by ferrying passengers for a fee.

3. In consideration of the delivery of the said Tricycle to the Hirer, the hirer will
punctually pay to the Owner’s bank account with account details Jimoh
Rukayat Omowunmi, 7038804787 Opay, the sum of N 20,000.00 (Twenty
Thousand Naira Only) every Sunday per week, the first payment to be made
on the 11th day of June 2023 until the total sum of N 1,600,000.00 (One Million
Six Hundred Thousand Naira Only) which is the agreed sum for the
Motorcycle is completely paid by the Hirer.

4. During the continuance of hiring, the hirer shall:

i. Not sell, assign, pledge, mortgage, underlet, lend or part with the
possession of the said vehicle and not allow the said vehicle to be used by
anybody else or kept or detained or run for the use of any other person.
ii. Not take the tricycle out of Kwara State, unless he has obtained
permission in writing from the owner and if the owner grants permission
subject to certain terms and conditions, the hirer shall abide by all the
terms and conditions imposed in respect of such permission. iii. To
continue to associate with the tricycle park located at Akorede Area,
Kilanko Offa-Garage which is the park where his guarantor Muyideen
Kareem is a treasurer.

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 iv. Pay all license, duties, fees, registration and other charges taxes, payable
in respect of the said Motorcycle and keep the said Tricycle
in a good repair condition and said Tricycle in a good repair condition and
working order and will permit the owner and persons authorized by him
to have access to the said Tricycle for the purpose of inspecting the
condition thereof. In case the hirer fails or neglects to cause the said
Tricycle to be repaired or kept in a proper state of repair, the owner shall
be entitled but shall not be bound to do so, to seize or cause the said
Tricycle to be seized and to get the same repaired and to keep the said
tricycle in his custody till the hirer pays the bills for repair of the said
tricycle.
v. Make good to the owner all damages to the said tricycle (fair wear and
tear excepted) and pay the owner the full value of the said tricycle in the
event of its total loss or if It was stolen or completely damaged as a result
of an accident or event.
vi. Indemnify the owner against claims by third parties arising by accident
caused by the said tricycle until the said vehicle is purchased by the hirer
in terms of this agreement.
vii. Not to use or permit or suffer the said tricycle to be used in contravention
of any law for the time being in force.

5. If the hirer shall duly observe and performs all conditions herein contained
and on his part to be observed and performed and shall pay to the owner the
sum specified in clause 3 hereof , together with all other sums if any payable
by him to the owner under the provisions of this Agreement, then the hiring
shall come to an end and the tricycle shall become the property of the hirer
and the owner will assign and make over all his rights and interest in the same
to the hirer but the hirer shall have the option of purchasing the said tricycle
at any time during the period of the hiring by paying in on lump sum the
balance of all the hire hereinbefore mentioned and other expenses incurred
by the owner. Until all such payment as aforesaid have been made, the said
tricycle shall remain the property of the owner.

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 6. If the hirer shall make default in payment of any weekly sum payable
hereunder for a period of one week after the payment has become due or
shall fail to observe or perform any of the terms and conditions of this
agreement, the owner may terminate the hiring without notice and retake
the physical possession of the said tricycle himself or through his agents or
servants and the hirer shall not object to the retaking of the said possession
by the owner or his agents or servants. Upon default of payment and upon
the taking of possession of the said Tricycle the owner is under no obligation
to pay the sum already paid to him by the hirer in respect of the hire.

7. No neglect, delay or indulgence on the part of the owner in enforcing any

terms or conditions of this agreement shall prejudice the rights of the owner
hereunder.
8. This agreement is personal to the hirer and the rights of the hirer shall not be
assignable or chargeable by him in favour of third parties.

9. In the event of the hiring been determined according to clause 6, the

determination shall not prejudice any claim the owner may have against the
hirer for arrears of hire payments or for damages for breach of this
agreement or has right to enforce such claim by action or otherwise.
10. The Guarantors form executed by the guarantors to the hirer and made
pursuant to this agreement shall operate as if same constitutes a part of this
agreement and shall have the same force of law like this agreement.

11. The parties hereby admit that this agreement has been fully explained to
them and they have understood the meaning of all the clauses of this
agreement and they have signed this agreement with full understanding of
the obligations herein.

THE SCHEDULE
OVER ALL THAT BLUE TVS……………..TRI CYCLE WITH
REGISTRATION NUMBER………………….., ENGINE NUMBER
………………………AND CHASSIS NUMBER ………………………….

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 IN WITNESS WHEREOF the parties have hereunto set their hands and seal the day
and year first above written.

SIGNED, SEAL AND DELIVERED BY THE WITHIN NAMED “OWNER”

…………………………….……….
MRS. JIMOH RUKAYAT OMOWUNMI SIGNED, SEAL AND DELIVERED BY THE
WITHIN NAMED “HIRER”

……………………………….
MR. ABUBAKAR TUNDE AFOLABI

IN THE PRESENCE OF THE HIRER’S GUARANTORS:

1. NAME:………………………………………….
ADDRESS:………………………………………
OCCUPATION:…………………………………..
SIGNATURE:……………………………………..

2. NAME:……………………………………………
ADDRESS:…………………………………........
OCCUPATION:…………………………………..
SIGNATURE:……………………………………

Prepared by:

Oluwadamilola M. Adeyomi Esq.

The Kings Associates
No. 17, Adelafe Sango Road, Ilorin,
Kwara State.
thekingsassociatesbriefs@gmail. com

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