Fillable Lease Agreement With Option To Purchase Real Estate (Page 2 of 2) in pdf

shall hold the Landlord/Seller nameless there from, except that any electric, plumbing, heating or cooling system that is out of order or any

repairs exceeding $__________at the commencement of this lease or within 30 days thereafter will be repaired by the landlord/Seller at

his/her expense. If the landlord/Seller can not or will not make the repairs necessary the Tenant/Buyer will have the option of either voiding

this agreement by written notice to the landlord/Seller or making such repairs and, a) receiving a reimbursement from the next monthly

payment or payments due the Landlord/Seller or, b) receiving a credit against the purchase price plus interest at 10% per annum from date

of payment.

(12) BINDING AGREEMENTS: The parties hereto agree that this Lease/Option comprises the entire agreement of the parties and that no

other representation or agreements have been made or relied upon, and that this Lease/Option agreement shall inure to the benefit of arid

shall be binding upon the parties, their heirs, executors, administrators, personal representatives, successors or assigns.

(13) SPECIAL PROVISIONS:

(A)

The landlord/Seller will complete the following by __________________ or this Lease/Option will become null and

void and all monies disbursed by Tenant/Buyer will be immediately refunded by Landlord/Seller or, at Tenant/Buyers option, these items

will be completed by Tenant/Buyer and the cost of same will be recovered as provided for in paragraph (11) in which case this lease will

continue in force.

Other provisions _______________________________________________________________________________________________

_____________________________________________________________________________________________________________

(B)

A TITLE SEARCH will be ordered immediately by the Tenant/Buyer: This cost will be borne by the Tenant/Buyer

unless it is discovered that Landlord/Seller has unmarketable title in which case the Landlord/Seller will reimburse Tenant/Buyer the cost of

the search. If the title is unmarketable the Tenant/Buyer will then have the option to void this agreement or proceed as agreed herewith.

(C)

A WOOD DESTROYING ORGANISM REPORT will be ordered by the Tenant/Buyer within ______days after

execution of this agreement. If live wood destroying organisms or rotten wood or damage exceeding $_____________________is found

Landlord/Seller agrees to repair and have treated at his/her expense. If Landlord/Seller cannot or will not pay for the repairs and treatment,

Tenant/Buyer may elect to do so or void this agreement and receive a rebate for cost incurred.

OPTION TO PURCHASE TERMS

(14) PRICE AND TERMS: The Tenant/Buyer agrees to pay for said property the sum of $___________________________________ less

any sums for which the Tenant/Buyer is entitled to claim reimbursement or offset in accordance with this agreement; the net sum to be paid

in cash, certified check, or cashiers check at closing.

(15) INCLUDED IN THE PURCHASE: The property shall also include all land, together with all improvements thereon, all appurtenant

rights, privileges, easements, buildings, fixtures, heating, electrical, plumbing and air conditioning fixtures and facilities, window shades,

venetian blinds, awnings, curtain rods, screens, storm windows and doors, affixed mirrors, wall to wall carpeting, stair carpeting, built in

kitchen appliances, bath-room fixtures, radio and television aerials, landscaping and shrubbery, water softeners, garage door openers and

operating devices, and all utility or storage buildings or sheds, range and refrigerator. The property shall also include the following items:

________________________________________________________________________________________________________________

____________________________________________________________________________________________________________

(16) TITLE: The Landlord/Seller shall convey marketable title to the property with the above described inclusions, by good and sufficient

General Warranty Deed in fee simple absolute, on or before closing; said title to be free, clear, and unencumbered except existing

mortgages restrictions and easements of record shown in paragraph (9). Title to be conveyed to the Tenant/Buyer and/or assigns.

(17) CLOSING: The deed shall be delivered and the purchase money shall be paid at the lending institution's, or other office, of

Tenant/Buyer's choice, no later than sixty (60) days after notification to the Landlord/Seller of the Tenant/Buyer's exercise of the option.

(18) COSTS AND PRORATIONS: There shall be prorated between the landlord/Seller and the Tenant/Buyer, as of date of closing, the

following items: (a) All real estate taxes and assessments; (b) Interest on encumbrances assumed or taken over by Tenant/Buyer with the

Tenant/Buyer having responsibility for such items as follows:

Landlord/Seller will pay:

Tenant/Buyer will pay:

___________________________________________________

_____________________________________________

___________________________________________________

_____________________________________________

___________________________________________________

_____________________________________________

(19) INSURANCE: While this option shall remain executory and up until the time of closing, the Landlord/Seller shall maintain fire and

extended coverage upon the property, and immediately convert the owner occupied (if applicable) policy to a non owner occupied policy.

In the event of loss or destruction in whole or in part of said property, the Tenant/Buyer shall have the option to proceed with the closing

and accept the insurance proceeds for said damage, or to declare this Lease/Option null and void, releasing both parties from any

obligations hereunder, except for the return of reimbursable expenses previously paid by Tenant/Buyer which amounts shall become

immediately due and payable from the insurance proceeds. Upon closing, the Tenant/Buyer shall be responsible for fire and extended

coverage from that date forward.

(20) In the event this agreement is placed in the hands of an attorney for enforcement the prevailing party shall be entitled to recover court

costs and attorney fees.

IN WITNESS WHEREOF: the parties hereto, have set their hands to this Lease/Option Agreement on this ___________ day of

_________________________, 20______

WITNESS:

______________________________________________________

_____________________________________________________

Landlord/Seller

Tenant/Buyer

_______________________________________________________

_____________________________________________________

Landlord/Seller

Tenant/Buyer

Lease Agreement With Option To Purchase Real Estate Page 2

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