Residential Lease Agreement With Option To Purchase Page 8
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11X.0x. Payment of Option Price. Upon the Tenant’s exercise of this Option to Purchase,
the Landlord has the option to carry the mortgage on the property, based on a 10%
down payment, 30 year term, fixed monthly payments, and the Wall Street Prime
interest rate, plus 2 percent, as of Closing, or Landlord may require Tenant to
obtain his or her own financing from whatever source Tenant desires. This issue
shall be resolved in writing between the parties within thirty (30) days of Tenant’s
notice to Landlord to exercise the Option.
X.0x. Encumbrances. Tenant shall take title to the property subject to 1) Real Estate
Taxes not yet due and 2) Covenants, conditions, restrictions, reservations, rights,
rights of way, and easements of record, if any.
X.0x. Evidence of Title. Landlord shall provide evidence of Title in the form of a
policy of title insurance at Landlord’s expense at least sixty (60) days before
closing.
X.0x. Examination of Title. Tenant shall have fifteen (15) days from the date of receipt
of the title report to examine the title to the property and to report, in writing, any
valid objections thereto. Any exceptions to the title which would be disclosed by
examination to the title, Landlord shall use all due diligence to remove such
exceptions at his/her own expense within thirty (30) days thereafter. But if such
exceptions cannot be removed within the thirty (30) days allowed, all rights and
obligations hereunder may, at the election of the Tenant, terminate and unless
he/she elects to purchase the property subject to such exceptions.
X.0x. Closing. Closing for said Purchase under this Option shall take place within
ninety (90) days of Tenant notifying Landlord of said intent to exercise such
Option, unless otherwise extended by other term of this Lease.
X.0x. Prorations. Taxes, insurance and other expenses of the Premises shall be prorated
as of the date of closing. Unpaid real estate taxes, security deposits (if allowed
under the terms of the Lease as set forth above), or considerations involving
future lease credits shall be credited to the Tenant at Closing.
X.xx. Exercise of Option. The Option shall be exercised by mailing or delivering
written notice to the Landlord prior to the expiration of this Option. Notice, if
mailed, shall be by certified mail, postage prepaid, to the Landlord at the address
set forth below, and shall be deemed to have been given upon the day shown on
the postmark of the envelope in which such notice is mailed. OPTIONAL- In the
event the Option is exercised, $Xxxxxxxxx per month or Xxxxx percent of the
rent paid hereunder, as well as any security deposit paid, prior to the exercise of
Residential Lease Agreement with Option to Purchase
Page - 8
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