Residential Lease With Option To Purchase Form Page 2
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for any
rent until possession is delivered. Lessee may terminate this agreement If possession is not delivered within __
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days of the commencement of the term hereof.
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12.
DEPOSIT
FUNDS:
Any
returnable
deposits
shall be refunded within fifteen (15) days from the date
possession is
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delivered to Lessor or his/her authorized
agent,
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13.
ATTORNEY FEES: The prevailing party shall be entitled to all costs incurred in connection with any legal action
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brought
by
either party to enforce the terms hereof or relating to the demised premises, including reasonable attorneys'
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fees.
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14.
NOTICES: Any notice which either party may or is required to
give
may be given
by
mailing
the
same,
postage
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prepaid, to
Lessee or
to
Lessor at the addresses shown below or at such other places as may be designated
by the
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parties
from
time
to
time.
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15.
HEIRS,
ASSIGNS,
PARTNERS, and SUCCESSORS: This lease and option
shall include and inure to and bind the
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heirs,
executors, administrators, successors, and assigns of the respective parties hereto.
Lessee's partner shall have the
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unequivocal right to review and approve or reject this agreement without penalty or consequence within (ten)
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business
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days of acceptance.
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16. TIME: Time is of the
essence of this agreement. This offer shall terminate
if not accepted before (mo. /day)
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____________________, 20
_______.
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17. HOLDING OVER: Any holding over after expiration of the term of this (ease, with the consent of
the
Lessor,
shall be
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construed as a month-to-month tenancy in accordance with the terms hereof, as applicable.
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18. DEFAULT: If
Lessee
shall fait to pay rent
when due
or perform any term hereof
after
not
less
than ten (10) days
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written notice
of
such
default given In
the
manner
required by
law,
the Lessor at his/her option may terminate all rights of
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the
Lessee hereunder, unless the Lessee, within said time, shall cure such default.
If
Lessee abandons or vacates
the
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property
while in default of payment of rent, Lessor may consider any property left on premises to be abandoned and may
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dispose of the
same In any
manner allowed by law.
In the
event the Lessor reasonably believes
that such abandoned
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property
has
no
value,
it may
be discarded.
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19. OPTION: Lessee shall have the option to purchase the leased premises described herein upon
the following TERMS
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and CONDITIONS:
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a. The total
purchase
price
shall be $ ____________________________________________
dollars)
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b. The
purchase price shall be paid as follows: _____________________________________
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__________________________________________________________________________________
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___________________________________________________________________________
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20. ENCUMBRANCES; Lessee shall take title
to the
property under
to
the
terms of this
agreement
subject to, 1) Real
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Estate
Taxes not yet due and 2) Covenants, conditions, restrictions, reservations, rights, rights of way and easements
of
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record, if any, which do not materially affect the value or intended use of the property.
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21.
EXAMINATION
OF
TITLE; Sixty (60) days from the date of exercise of this option are allowed the Lessee
to
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examine
the title to the
property
and to report, in
writing, any valid objections thereto.
Any
exceptions
to the
title
which
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would be
disclosed by examination of the records shall be deemed to have been accepted unless reported in writing
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within said sixty (60) days. If Lessee objects to any exceptions to the title, Lessor shall use all due diligence to remove
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such exceptions at his/her
own
expense within thirty
(30)
days thereafter. But ff such exceptions cannot be removed
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within the
thirty (30)
days allowed,
all
rights and obligations hereunder may, at the election of the Lessee, terminate
and
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end unless he/she elects to
purchase the property subject to such exceptions.
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22. EVIDENCE OF TITLE; Lessor shall provide evidence of Title in the form of a policy of title insurance at
Lessor's
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expense
upon lessee's execution of option to purchase,
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23.
BILL OF SALE: The personal property identified in paragraph one (1) shall be conveyed by
bill of
sale.
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24.
CLOSING: Closing shall be within five (5) days from exercise of the option
to
purchase unless otherwise extended
by
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other
terms of this agreement. Buyer and Seller shall pay each of their respective closing costs up to current appraised
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value
at
time
of
exercising option to purchase associated with completing this transaction,
LESSEE'S INITIALS
___
DATE ___
LESSOR'S INITIALS
____
DATE _____ Page
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