Buyout Agreement Template printable pdf download

BUYOUT AGREEMENT

WHEREAS, _________________________________________ as landlord/seller

(hereinafter “OWNER”) and _____________________________________________ as

tenant/buyer (hereinafter “INVESTOR”) have entered into a certain Lease/Purchase

Agreement dated _____________, 20_______, a copy of which is attached hereto and

incorporated by reference as Exhibit “A” (hereinafter “AGREEMENT”), for the lease and sale

of certain real property located at _________________________________

______________________________ (hereinafter “PROPERTY”) and

WHEREAS, INVESTOR has subleased the Property to ____________________

____________________________________ (hereinafter “BUYER”) under a certain Lease

Agreement dated _____________, 20______, a copy of which is attached hereto and

incorporated by reference as Exhibit “B” (hereinafter “LEASE”), and

WHEREAS, INVESTOR, has offered BUYER a written option dated _________,

20_____ to purchase the Property from INVESTOR for the sum of $________________, a

copy which is annexed hereto as Exhibit “C” and incorporated by reference (hereinafter

“OPTION”), and

WHEREAS, BUYER has given written notice of his/their option to purchase to

INVESTOR and has made diligent application for an institutional loan, and

NOW, THEREFORE, the parties agrees as follows:

TERMINATION OF AGREEMENT

The AGREEMENT between Investor and Owner will hereby be terminated, and both

parties shall be fully released from liability under said agreement.

ASSIGNMENT OF LEASE AND OPTION

INVESTOR’s rights and obligations under the aforementioned LEASE and OPTION

agreements between INVESTOR and BUYER are hereby assigned to OWNER. OWNER

and BUYER agree to release, defend and indemnify INVESTOR from any and all liability or

obligation arising under the LEASE and OPTION agreements.

CLOSING WITH BUYER

OWNER agrees to close escrow directly with, and transfer title to BUYER in

accordance with the terms of the OPTION agreement. OWNER agrees to make all necessary

efforts and take all reasonable efforts to cooperate with BUYER and/or his lender, mortgage

Buyout Agreement Template