Fillable Lease Agreement With Option To Purchase Real Estate printable pdf download

Lease Agreement with Option to Purchase Real Estate

This LEASE AGREEMENT WITH OPTION TO PURCHASE REAL ESTATE (hereinafter referred to as the Lease/Option) is made this

___________________ day of__________________, 20_____ ,by and between the following parties:___________________________

______________________________________________________________________________________________________________

located at_______________________________________________________________ (hereinafter referred to as the Tenant/Buyer); and

______________________________________________________________________________________________________________

located at_______________________________________________________________ (hereinafter referred to as the Landlord/Seller).

In consideration of the mutual promises and covenants hereinafter stipulated, the parties hereby agree as follows

(1)

DESCRIPTION: The Landlord/Seller agrees to lease, and, the Tenant/Buyer agrees to rent the real property and improvements,

hereinafter called property; located at:____________________________________________________ as more fully described as follows:

______________________________________________________________________________________________________________

(2)

TERM: The term of this Lease/Option shall be for a period of ____ months commencing on _______ ,20____ ,and ending on

___________ The term will be automatically extended for _____ periods of_______ months, unless the Tenant/Buyer gives notice to the

Landlord/Seller of its intent to terminate this Lease/Option, by mailing a written notice to the last provided address of the Landlord/Seller.

Liability for payment will not extend beyond notice to terminate this agreement. Possession shall be given to Tenant/Buyer on _________

(3)

RENT: Tenant/Buyer agrees to pay to the Landlord/Seller, the sum of $ _____ per month, with the first payment beginning

_______________ as rent for the property, for the term of this Lease/Option, and during any extensions thereof. All rental payments shall

be due and payable in advance on the 10th day of each and every month. An amount equal to $________________ for each month in which

rent was paid, shall be credited to the Tenant/Buyer and applied to the purchase price of the property in the event that the Tenant/Buyer

exercises its option hereunder; otherwise, this credit shall be non-refundable and considered forfeited if the option is not exercised.

(4)

OPTION TO PURCHASE: The Tenant/Buyer, as part of the consideration herein, is hereby granted the exclusive right, option

and privilege of purchasing property at any time during the term of this Lease/Option agreement or any extension thereof. The

Tenant/Buyer shall notify the Landlord/Seller in writing of the exercise of this option at least ten (10) days prior to the expiration of the

initial term of this Lease/Option or the expiration of any extension thereof, by mail to the last-provided address of Landlord/Seller.

(5)

COVENANTS OF TENANT/BUYER: Commencing with and during the term of this agreement, including extensions, the

Tenant/Buyer hereby covenants and agrees as follows:

(A)

That the Tenant/Buyer will pay all utility charges and bills, including, but not limited to, water, sewer, gas, oil, and

electric, which may be assessed or charged against the property;

(B)

That the Tenant/Buyer will not use the property for any unlawful purpose; and that the Tenant/Buyer will conform to

and obey all laws, ordinances, rules, regulations, requirements and orders of all Federal, Stale, and Local governmental authorities,

agencies, departments, bureaus, boards or officials, respecting the use of the property; and

(C)

That the Tenant/Buyer will surrender and deliver up the property, at the end of the term or any extensions thereof,

should the option herein not be exercised, in as good order and condition as the same now exists, reasonable use and natural wear and tear

excepted.

(6)

COVENANTS OF LANDLORD/SELLER: The Landlord/Seller hereby covenants and agrees as follows:

(A)

That the Landlord/Seller shall pay for and maintain fire and extended coverage insurance on said property in the

minimum amount of $___________________. The Tenant/Buyer shall be named as an additional insured or loss-payee on the insurance

policy and copy of which shall be provided to Tenant/Buyer.

(B)

That the Tenant/Buyer shall peaceably and quietly hold, occupy, use and enjoy the property, without any let, hindrance

or molestation by Landlord/Seller or any person associated therewith.

(7)

BREACH BY TENANT/BUYER: If the Tenant/Buyer shall fail to keep and perform any of the covenants, agreements, or

provisions of this Lease/Option, or If the Tenant/Buyer shall abandon the property; it shall be lawful for the Landlord/Seller to enter into

said property and again have, repossess, and enjoy the same as if this Lease/Option had not been made, and thereupon this Lease/Option

and everything herein contained on the part of the Landlord/Seller to be done and performed shall cease, determine and be utterly void,

except as set forth in paragraph (8), below. The commencement of a proceeding or suit in forcible entry and detainer or in ejectment, or

otherwise after any default by the Tenant/Buyer, shall be equivalent in every respect to actual entry by the Landlord/Seller.

(8)

COSTS OF IMPROVEMENTS: In the event the Tenant/Buyer exercises the option to purchase set forth in paragraph (4),

above, and through no fault of the Tenant/Buyer, the Landlord/Seller fails to convey said property to Tenant/Buyer In accordance with the

terms of this Lease/Option, the Tenant/Buyer, in addition to any other rights which Tenant/Buyer may have in law or equity for the

enforcement of Tenant/Buyer's option to purchase, shall be entitled to reimbursement for the cost of all repairs, maintenance and

improvements.

(9)

FURTHER ENCUMBRANCES: The Landlord/Seller hereby warrants that the total of the leases, options, mortgages, liens, and

any other encumbrances against the property, whether of public record or not, are as follows:

(A)

A first mortgage in favor of ____________________________________ in the approximate amount of $__________.

(B)

Current taxes for____

in the amount of $_________________ due on________________.

(C)

The Landlord/Seller agrees not to lease to another third party, nor to assign, sell, option, transfer, pledge or otherwise to

convey any or all rights or interests had by Landlord/Seller in the property or in this Lease/Option agreement, nor to further encumber the

property nor allow the same to occur. All third parties are hereby put on notice that any leases, assignments by the Landlord/Seller, liens,

options, mortgages or any other conveyances or transfers occurring subsequent to the date of this Lease/Option are hereby declared by the

Landlord/Seller to be null and void and of no force and effect. The Landlord/Seller further agrees to keep all mortgages, liens, taxes or

other encumbrances on the property, current and in good standing. Tenant/Buyer shall have the right to make payments on same in the

event that Landlord/Seller becomes non-current or other-wise defaults thereon and said payments will be deducted from any equity due

seller or recovered from future rent due seller.

(10)

RIGHT OF ASSIGNMENT: The Tenant/Buyer shall have the unqualified right to sublet the property, and/or to assign, sell,

transfer, pledge or otherwise convey any or all rights or interests which the Tenant/Buyer may have in the property or in this Lease/Option

Agreement. Any such assignment will release original Tenant/Buyer from liability and substitute assignee in his/her or its place.

(11)

MAINTENANCE AND REPAIRS: The Tenant/Buyer accepts the property “as is" on the date of execution of this Lease/Option

except for items listed in paragraph (13). The Tenant/Buyer shall henceforth be responsible for all maintenance and repair upon said

property, both interior and exterior. The Tenant/Buyer shall have the right to make such repairs, maintenance, and improvements as

Tenant/Buyer shall deem necessary proper or desirable. The Tenant/Buyer shall be solely liable for payment for said improvements and

Lease Agreement With Option To Purchase Real Estate

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