Residential Lease Agreement With Option To Purchase Page 7
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11(3)
Pursue any other remedy now or hereafter available to Landlord under the
laws or judicial decision of the State of Xxxxxx.
X. PERSONAL PROPERTY ON DEFAULT OR LEASE TERMINATION. If
Landlord’s right of reentry is exercised following lease default as set forth above, or after
termination of this Lease under the provisions herein set forth, all personal property left in the
unit shall be considered to have been abandoned, and shall be stored by the Landlord for 18 days.
If within that time period, Tenant does not claim said property, Landlord may dispose of all such
personal property in any manner Landlord shall deem proper, and Landlord is hereby relieved of
all liability for doing so.
X.
OPTION TO PURCHASE BUILDING AND PREMISES. Landlord agrees to
offer Tenant the Option to Purchase (hereinafter “Option”) the entire Premises under the
following terms and conditions:
X.01. Option Price. It is agreed that Tenant shall make a non-refundable payment of
xxxxxxx dollars ($xxxx) for the right and Option to Purchase this Property. This
Option Price shall be paid upon the execution of this Lease and prior to
occupancy.
X.02 Purchase Price of Property. OPTION 1- The Purchase Price for the Property, if
said Option is exercised by the Tenant, shall be Xxxxxxx dollars ($Xxxxxx).
OPTION 2- The Option Price shall be determined by appraisal from an arms
length licensed appraiser within sixty (60) days of the Option Date. Cost of the
Appraisal to be paid by Tenant.
X.03. Option Date. OPTION 1- Tenant may only exercise said Option at the end of the
term of this Lease and must inform Landlord in writing of his or her intent to
exercise this Option within ninety (90) days of the end of the term of this Lease.
OPTION 2- This Option may be exercised at any time prior to its expiration at
midnight Xxxxxxxxxxxx (date), YEAR. Upon expiration of the Option, Landlord
shall be released from all obligations hereunder and all of Tenant’s rights
hereunder, legal or equitable, shall cease.
X.0x. OPTIONAL- Credit for Rent and Option Price. If the terms of this Purchase
Option are satisfied, Landlord agrees to give Tenant a full credit towards the
Purchase Price of the Property, in the amount of the Option Price, xx% of rental
payments, and the Security Deposit.
X.0x. Option Exclusivity. This Option to purchase is exclusive and non-assignable.
Any attempt to assign, delegate, transfer, or convey this Option to Purchase is
void without the express written consent of the Landlord.
Residential Lease Agreement with Option to Purchase
Page - 7
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