Lease Agreement With Option To Purchase Real Estate Template (Page 2 of 3) in pdf

(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 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

pay

for

said

property

the

sum

$___________________________________ 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:

___________________________________________________

_____________________________________________

___________________________________________________

_____________________________________________

Lease Agreement With Option To Purchase Real Estate Template Page 2

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