By accepting the terms & conditions for the loan and by drawing from the loan. We covenant to settle the mortgage as so when due. In the case they may be holding for my benefit that I fail to repay the loan as agreed, and the loan becomes delinquent, the bank shall have the right to report the delinquent loan to the CBN through the Credit Risk Management System (CRMS) or by any other means, and request the CBN to exercise its regulatory power to direct all banks and other financial institutions under its regulatory purview to set-off my indebtedness from any money standing to my credit in any bank account and from any other financial assets.
I covenant and warrant that the CBN shall have capacity to set-off my indebtedness under this loan contract from all such monies and funds standing to my credit/benefit in every and all sorts of such records or from any kind of monetary assets owned by me personally plus in the custody of every such bank. Devamını oku