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

Lease Agreement With Option To Purchase Real Estate Template Page 3

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(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 Template Page 3