Lease Purchase Agreement printable pdf download

LEASE PURCHASE AGREEMENT

This Lease Purchase Agreement, dated _____________________________ is made by and between

_______________________________________________________________________________ (herein “Landlord/Seller”)

and ________________________________________________________________________ (herein “Tenant/Buyer” and/or “Buyer”) for

good consideration it is agreed between the parties as follows:

1. PREMISES: In consideration of the keeping and performance of the covenants and agreements by the Tenant/Buyer hereinafter set

forth, the Landlord/Seller does hereby lease unto the Tenant/Buyer, and Landlord/Seller has given to the Tenant/Buyer the exclusive

option to purchase the premises, (herein “Premises” and/or “Property”) situated in the

County of ______________________, with a street address of:

______________________________________________________________________________________________________

2. TERM: The said premises, as described above, will hereby be leased to the Tenant/Buyer for a term of ________ year(s) and this term

shall commence on or before _________________________ (herein “term commencement”). At any time prior to the term commencement

or during the term of this agreement, Tenant/Buyer may exercise his option to purchase the property under the terms and conditions

outlined in paragraph 23 herein (“Option To Purchase”) or may assign and/or cancel its interest in the property to another party for a fee.

During the term of this agreement, Tenant/Buyer may cancel this agreement with 30 days written notice. A Memorandum of

Agreement/Option may be recorded against Property to post notice to the public of the existence of this Agreement and to protect

Tenant/Buyer’s interest in the property.

3. RENT: Upon commencement of term, Tenant/Buyer agrees shall pay a monthly rent payment in the amount of $_________________,

to be paid on or before the first day of the month for which rent is due. The portion of the rent payment used to pay for any mortgage

payment(s), taxes, insurance, HOA dues and any other required bills for the property shall be paid directly by Tenant/Buyer and then the

rest shall be paid to Landlord/Seller. In the event there is a shortfall, Landlord/Seller agrees to pay all payments associated with the

property on-time using the rent payments submitted by Tenant/Buyer and the shortfall shall be paid by Landlord/Seller. In such case, if

Landlord/Seller does not pay all payments associated with property (while Tenant/Buyer is paying rent on time), Tenant/Buyer shall be

reimbursed said rent payments by Landlord/Seller.

4. RENT INCREASE: Rent shall not increase except in the case that property taxes or hazard insurance premiums increase. In such

cases, rent shall increase to an amount equal to increased property taxes or hazard insurance, upon Landlord/Seller submitting written

proof that these costs have actually risen. Proof shall be and commence with notification from Seller documents including taxing or insuring

bodies. Insurance shall be provided by Landlord/Seller through a reputable carrier at a price competitive with the prevailing market rates.

5: ELECTRONIC RENT PAYMENT: Landlord/Seller agrees that Tenant/Buyer, at Tenant/Buyer’s option, may use an Escrow Agency to

make payment of rent directly to the lender(s) holding the mortgage(s) against the property. Payments may be processed electronically

directly to the lenders(s). If required by lender, Landlord/Seller agrees to sign any documents necessary to allow for direct and/or electronic

payment to lender(s). Tenant/Buyer agrees to deposit, or cause to be deposited, into the account of Lender(s) the amounts owed to

lender(s) no later than the payment due date established in the lender(s) loan documents for the premises. If under the terms of this

Agreement, additional amounts are owed to the Landlord/Seller, a check shall be issued directly to Landlord/Seller by Tenant/Buyer or his

Escrow Agency.

6. LANDLORD/SELLERS RIGHT OF TERMINATION AND RE-ENTRY UPON DEFAULT: In the event of any breach of the payment of

rent or other allowed charge, or if Tenant/Buyer shall be in arrears in the payments of any installment of rent, or any portion thereof, or in

material default of any covenants and agreements herein contained to be performed by the Tenant/Buyer, which default shall be

uncorrected for a period of thirty (30) days after the Landlord/Seller has given written Notice thereof, Landlord/Seller may, at his option,

without liability for trespass or damages, in any manner as allowed by law; declare the term of this lease ended; repossess and reenter the

said premises as of the Landlord/Seller’s former estate; peaceably expel and remove the Tenant/Buyer, those claiming under him, or any

person or persons occupying the same and their effects; all without prejudice to any other remedies available to the Landlord/Seller for

arrears of rent.

7. TENANT/BUYERS USE AND COMPLIANCE WITH LAW: Tenant/Buyer agrees that the property will be used as a private dwelling

only. Tenant/Buyer shall comply with all building, zoning and health codes and other applicable laws for the use of said premises.

Tenant/Buyer shall not conduct on premises any activity deemed to be extra hazardous, or a nuisance, or requiring an increase in fire

insurance premiums.

________

Landlord/Seller(s)

Tenant/Buyer

Lease Purchase Agreement

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