Residential Lease With Option To Purchase Form Page 3
ADVERTISEMENT
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4119
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25. PRORATIONS: Tax and
insurance escrow account, if
any, to be transferred intact to Lessee with
no proratlons.
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Interest
and other expense of the property to be prorated as of the date of closing. Unpaid real estate taxes,
security
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deposits,
advance rentals, or considerations involving future lease credits shall be credited to the Lessee.
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26. OPTION TO
PURCHASE: Lessee's option to purchase may be exercised by mailing or delivering written
notice to the
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Lessor prior to the expiration of this option. Notice, if mailed, shall be
by
certified mail; postage prepaid,
to the Lessor
at
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the
address set forth below, and shall be deemed
to
have been given upon the day shown on the postmark
on the
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envelope
in
which
such
notice
is
mailed.
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In
the event
the
option is exercised __________percent
of the
rent paid hereunder, as
well
as any
security deposit and/or
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option consideration paid, prior to the exercise
of
the option shall be credited
to
the purchase price.
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27. RIGHT TO SELL: Lessor warrants to Lessee that Lessor is the legal owner of the leased premises and has the legal
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right to sell leased premises under the terms and conditions of this agreement,
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28. ZONING: Unless the property
is
properly zoned for residential________________ use
and there are no deed
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restrictions against such use
at
the time of closing, the Lessee shall have the right to terminate
this contract and receive a
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full refund of any and all deposits made by Lessee hereunder.
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29. OBLIGATIONS: Lessee is not obligated to exercise the option to purchase defined
by
the
Agreement arid Lessor is
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not obligated to
convey fee title to Lessee at any time other than if Lessee elects (within
the
bounds
and according to the
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terms
set by
this
Agreement) to exercise Lessee's option to purchase.
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30. LANGUAGE; where
the context requires, the terms Lessor and Lessee shall include and are
in the masculine as well
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as
the feminine and singular as well as plural. Headings in this contract are for convenience only and
shall not affect the
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interpretation
of
it.
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31. NO
PARTNERSHIP: The parties do not,
as a
result of entering
into
this Agreement,
in
any way
or for any purpose
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become
partners of each other in the conduct of the other's business, or otherwise, or joint ventures or as members
of a
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Joint
enterprise with Lessee.
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32. FAX TRANSMISSION AND COUNTERPARTS: Facsimile (fax) transmission
of a
signed copy of
this Agreement, any
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addenda and counteroffers, etc., and the retransmission of any signed fax shall be the same as delivery of
an original.
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This
Agreement and any addenda and counteroffers may be executed in counterparts.
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33. FORUM AND JURISDICTION: This Agreement shall be governed in accordance by the statutes and laws of the state.
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The
state shall have jurisdiction over any action, whether at law or equity, commenced by the parties to this Agreement.
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34. ACKNOWLEDGEMENTS: Lessor hereby warrants and acknowledges publicly
and
specifically to Lessee
that:
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a, I have received good and valuable consideration in signing this Agreement, and I acknowledge both the
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receipt and the sufficiency of the consideration.
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b.
I am
satisfied with this Agreement and have agreed to it because it is
in my
best Interest
to do so.
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c.
I
am
signing this Agreement being fully informed and with sufficient understanding
of
all terms
and
conditions
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contained therein. I am not confused about any aspect of this Agreement,
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d,
I
understand I may be offering to lease and/or sell the Property for less than it could be leased or sold for at
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market value but have chosen the price and terms specified because circumstances dictate that this Agreement is
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in my
best interest, I am satisfied with the price and terms negotiated.
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e. I understand that by signing this Agreement, I have agreed to lease and/or sell the Property
to
Lessee
and am
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not
bound by the terms and conditions described herein.
I
further understand that I cannot change
my mind,
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cancel the contract
at some later date without consequence, nor continue
to
market the Property
to any other.
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f,
I
understand the final sale
may be
contingent upon Lessee's Inspection and approval
of certain
items,
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g.
I
understand and agree that Lessee may assign this Agreement to another party.
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h.
I
understand Lessee may
resell,
release,
or take
similar measures and may
realize
a profit in doing so. I agree
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that Lessee is entitled
to
any profit
that
may ultimately
result
from
the subsequent resale,
release, assignment,
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etc.
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i.
I
acknowledge that Lessee has advised me to seek independent legal or other professional counsel, at
my
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sole discretion, to review this Agreement,
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j.
I understand that Lessee has negotiated on
his
own behalf
and likewise, I have negotiated on mine. I
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acknowledge this Agreement has
been negotiated fairly.
LESSEE'S INITIALS
___
DATE ___
LESSOR'S INITIALS
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DATE _____ Page
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