Texas Residential Lease With Option To Purchase Form Page 3
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65. NOTICE REQUIRED TO EXERCISE OPTION. To exercise the Option to
Purchase, the Buyer/ Tenant must deliver to the Seller/Landlord written notice of
Buyer/Tenant’s intent to purchase. In addition, the written notice must specify a
valid closing date. The closing date must occur before the original expiration date
of the Lease Agreement, or the date of the expiration of the Option to Purchase
Agreement designated in paragraph 1, whichever occurs later.
6. OPTION CONSIDERATION. As consideration for this Option to Purchase
Agreement, the Buyer/ Tenant shall pay the Seller/Landlord a non-refundable fee
of _____________________ Dollars ($________________), receipt of which is
hereby acknowledged by the Seller/Landlord. This amount shall be credited to
the purchase price at closing if the Buyer/Tenant timely exercises the option to
purchase, provided that the Buyer/Tenant: (a) is not in default of the Lease
Agreement, and (b) closes the conveyance of the Property. The Seller/Landlord
shall not refund the fee if the Buyer/Tenant defaults in the Lease Agreement, fails
to close the conveyance, or otherwise does not exercise the option to purchase.
7. PURCHASE PRICE. The total purchase price for the Property is
_____________________ Dollars ($________________), Provided that the
Buyer/Tenant timely executes the option to purchase, is not in default of the
Lease Agreement, and closes the conveyance of the Property, the
Seller/Landlord shall credit towards the purchase price at closing the sum of
_____________________ Dollars ($________________), from each monthly
lease payment that the Buyer/Tenant timely made. However, the Buyer/Tenant
shall receive no credit at closing for any monthly lease payment that the Seller/
Landlord received after the due date specified in the Lease Agreement.
8. EXCLUSIVITY OF OPTION. This Option to Purchase Agreement is exclusive
and non-assignable and exists solely for the benefit of the named parties above.
Should Buyer/Tenant attempt to assign, convey, delegate, or transfer this option
to purchase without the Seller/Landlord’s express written permission, any such
attempt shall be deemed null and void.
9. CLOSING AND SETTLEMENT. Seller/Landlord shall determine the title
company at which settlement shall occur and shall inform Buyer/Tenant of this
location in writing. Buyer/Tenant agrees that closing costs in their entirety,
including any points, fees, and other charges required by the third-party lender,
shall be the sole responsibility of Buyer/Tenant. The only expense related to
closing costs apportioned to Seller/Landlord shall be the pro-rated share of the
ad valorem taxes due at the time of closing, for which Seller/Landlord is solely
responsible.
10. FINANCING AVAILABILITY. SELLER/LANDLORD MAKES NO
REPRESENTATIONS OR WARRANTIES AS TO THE AVAILABILITY OF
FINANCING REGARDING THIS OPTION TO PURCHASE. BUYER/TENANT IS
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