Residential Lease With Option To Purchase Form
ADVERTISEMENT
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4North Shore – Barrington Association of REALTORS®
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RESIDENTIAL LEASE WITH OPTION TO PURCHASE
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WHEN COMPLETED AND SIGNED BY BOTH PARTIES, THIS IS A LEGALLY BINDING
CONTRACT.
IF THIS CONTRACT IS NOT FULLY
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UNDERSTOOD, THE SERVICES OF A
COMPETENT
PROFESSIONAL SHOULD BE SOUGHT.
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THIS AGREEMENT made and entered into this _____ day ________. 20 ___ by and between
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____________________________________________________________ hereinafter called Lessor and
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______________________________________ and/or assigns, herein called Lessee:
The Lessor,
for and in
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consideration of the
sum of ________ dollars in hand paid by the Lessee, receipt of which is hereby acknowledged, herby
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leases
to
Lessee, his/her heirs
or
assignees,
the
premises situated in
the City of
________, County ___________, State
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________, legally described as___________________________
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______________________________________________________________________________________ (If the legal
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description is not included at the time of execution, ft may be attached to
and
incorporated herein afterward)
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Street Address: ____________________ and consisting of
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Upon the following TERMS and CONDITIONS:
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1.
PERSONAL, PROPERTY:
Said lease shall include the
following personal property:
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2, TERM; The term hereof shall commence on (mo. /day)
_________, 20 ____, and continue for a period of ________
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months thereafter.
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LESSEE'S RIGHT TO CANCEL: Lessee may, at Lessee's sole discretion, terminate
this
agreement
at anytime
within
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90 days from the date initialed below. If
Lessee exercises this
right
to cancel, Lessee shall
not be liable for any unpaid
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rents, whether accrued or not yet accrued.
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3.
RENT; Rent shall be $
_________________ per month,
payable in advance, upon the sixth day of each
calendar
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month to Lessor or
his/her authorized agent at the following address _____________________________________
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_____________________________________________________ or at such other places as may be designated by
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Lessor from time to time. In the event rent Is not paid within ten (10) days after due
date. Lessee agrees
to
pay a late
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charge of $_______________ plus interest
at
__________________%
per annum on the
delinquent amount.
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4. UTILITIES: Lessee shall be responsible for the
payment of
all utilities and
services
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5.
USE;
The
premises shall be used as
a
residence and for no other purpose without prior written consent of
Lessor.
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6. HOUSE RULES: In the event that the
premises are In
a
building
containing
more
than one unit, Lessee agrees to
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abide by any and all house
rules,
whether promulgated
before
or after the
execution
hereof, including, but not limited to,
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rules with
respect
to
noise, odors, disposal of refuse, pets, parking, and use of common areas,
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7.
ASSIGNMENT
AND SUBLETTING:
Lessee may assign this agreement
or sublet the premises without prior written
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consent of the Lessor.
Lessee
may market and show
premises at lessee's discretion.
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8. MAINTENANCE, REPAIRS, OR ALTERATIONS: Lessee shall maintain the premises in a clean and sanitary manner
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including all equipment, appliances, furniture and furnishings therein, and shall surrender the same at termination thereof,
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in
as
good
condition as received, normal wear and tear accepted. Lessee shall be responsible
for
damages caused
by
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his/her negligence
and that of his/her family,
or
invitees or guests. Lessee shall maintain any surrounding grounds,
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Including
lawns and shrubbery, and Keep the same clear
of
rubbish and
weeds, if
such grounds are part of the premises
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and
are exclusively for use of the
Lessee.
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9. INSURANCE: Lessor shall be responsible for Insuring the property arid maintaining premiums and policies. Lessee
is
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not
required to carry Insurance on the property and, therefore, will not be liable
for
damages caused by
fire, flood, then,
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vandalism, or
other
acts of God.
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10.
ENTRY AND INSPECTION; Lessee shall permit Lessor or Lessor's agents to enter the premises
at
reasonable
times
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and
upon reasonable notice for the purpose of inspecting the premises
or
for making necessary repairs,
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11. POSSESSION: If Lessor is unable to
deliver possession of the premises
at the commencement hereof, Lessor shall
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not be liable for any
damage caused thereby
nor shall this
agreement be void
or voidable, but
Lessee
shall not be
liable
LESSEE'S INITIALS
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DATE ___
LESSOR'S INITIALS
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DATE _____ Page
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