Option Agreement For The Purchase Of Real Estate (Page 2 of 4) in pdf

4. Option Term. The term of this Agreement, and the term during which Owner grants this

Option to Purchaser, is for the period of approximately xxxxxxx (xx) months, expiring on Xxxxxx xxx,

200X. OPTIONAL- However, Purchaser is restricted from exercising this Option within three (3) months

of the date of this Agreement.

5. Purchase Price. If Purchaser exercises this Option, the price Purchaser shall pay for the

Property shall be Xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Dollars ($xxxxxxxxx) (hereinafter “Purchase

Price”).

6. Closing. Closing for said Purchase under this Option shall take place within sixty (60) days of

Purchaser giving written notice to Owner, notifying Owner of said intent to exercise said Option

(hereinafter “Closing”). However, at no time shall Closing take place later than xxxxxxx xx, 200X.

Therefore, Purchaser shall notify owner of its intent to exercise this Option no later than xxxxxxx xx,

200X.

7. Payment of Purchase Price. Upon Purchaser’s exercise of this Option, the Purchaser shall

pay for the entire Purchase Price, in cash or its equivalent, at Closing.

8. Title. Upon the terms and conditions agreed to and set forth herein, at the Closing, Owner

shall convey to Purchaser, by standard warranty deed, with good and indefeasible marketable title in fee

simple to the Property free and clear of any and all liens, encumbrances, conditions, easements,

restrictions and other conditions, except for the Permitted Exceptions.

9. Closing Costs. The parties agree to apportion Closing costs based on standard real estate

sales and purchase agreements in the State of ______, including standard apportionment for costs such as

property tax, etc.

10. Title Policy. If Purchaser so desires, at Closing, Owner shall deliver to Purchaser a standard

coverage form of Owner Policy of Title Insurance in the full amount of the Purchase Price, insuring

Purchaser's indefeasible fee simple title to the Property subject only to the Permitted Exceptions and taxes

for the year of Closing and subsequent assessments for prior years due to change in land usage or

ownership.

11. OPTIONAL- . Liens Against Property. Owner and Purchaser hereby agree that there shall

be no liens placed upon the Property, by either Owner or Purchaser, during the term of this Agreement

and the Property transferred to Purchaser upon the exercise of this Option shall be delivered free of all

liens and/or encumbrances of any kind. Additionally, Purchaser shall indemnify and hold harmless the

Owner against and from any and all liens, mechanics or otherwise that may be place upon this Property

related either directly or indirectly to Purchaser’s actions, or its agents or assigns.

12. OPTIONAL-. Liability for Purchaser’s Potential Improvements. Owner shall not be

liable for any damage, either to person or property, sustained due to the operations or actions of Purchaser

in its improvement of the property in any tangible or intangible manner. The parties agree that Purchaser

shall have no duty or obligation of any kind to improve, upkeep or repair the Property. However,

Purchaser shall not negatively impact the value of the Property, below the Purchase Price, due to the

happening of any act of Purchaser, its agents, servants or employees, or shall be liable to Owner for said

damage.

Option Agreement

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Option Agreement For The Purchase Of Real Estate Page 2