Residential Lease Agreement With Option To Purchase Page 9
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11the Option, shall be credited upon the purchase price, unless limited by the late
penalty set forth below.
X.xx. Penalty for Late Payments of Rent. Landlord and Tenant agree that for each late
payment of rent during the term of the Lease as set forth above, said late rent
payment will be deducted from the Credit set forth in section X.10 above.
Additionally, if more than two (2) late payments of rent occur during the term of
this Lease, then the Security Deposit of $Xxxxxxx shall also be deducted from the
Credit. OPTIONAL- It is agreed by Landlord and Tenant that if Tenant is late
with two (2) or more rental payments, this Option to Purchase shall terminate and
Landlord shall be released from all obligations related to the Option to Purchase
and all of Tenant’s rights related thereto, whether legal or equitable, shall cease.
X.xx. Right to Sell. Landlord warrants to Tenant that Landlord is the legal owner of the
leased Premises and has the legal right to sell leased Premises under the terms and
conditions of this agreement. However, any purchaser of the Premises shall be
bound by this same Lease Agreement.
X.xx. Closing Costs. The parties agree to apportion closing costs based on standard
residential sales and purchase agreements in the State of Xxxxxxx.
X.xx. Commissions. There will be no real estate commissions paid as a result of this
transaction.
X. WAIVER OF COMPLIANCE; CONSENTS
(A)
Any failure of any party to comply with any obligation, covenant, agreement, or
condition herein may be waived by the party entitled to the performance of such
obligation, covenant, or agreement or who has the benefit of such condition, but
such waiver or failure to insist upon strict compliance with such obligation,
covenant, agreement, or condition will not operate as a waiver of, or estoppel with
respect to, any subsequent or other failure.
(B)
Whenever this Lease requires or permits consent by or on behalf of any party
hereto, such consent will be given in a manner consistent with the requirements
for a waiver of compliance as set forth above.
X.
VALIDITY/SEVERABILITY.
If any provision of this agreement or the
application thereof, for any reason and to any extent, is held to be invalid or unenforceable, such
invalidity or unenforceability shall not affect the validity or enforceability of any other provision
in this agreement.
X. TAXES. Landlord shall be solely responsible for all taxes related to the Premises.
Residential Lease Agreement with Option to Purchase
Page - 9
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