Repair Addendum To Purchase Option printable pdf download

Repair Addendum to Purchase Option

Addendum to purchase option agreement dated ______________20____________.

Optioner___________________________________

Optionee __________________________________

Property Address _________________________________________________________

1. REPAIRS. In consideration of Optionor granting Optionee the option to purchase real property as

described above under a certain Option Agreement dated __________ 20_____, the terms of which

are incorporated herein by reference, the Optionee agrees to perform the following repairs or work on

the property as described in the annexed exhibit "A."

2. TIMELINE FOR COMPLETION. All work shall be completed in a good and workmanlike

manner on or before __________, 20________, or as described in the annexed exhibit.

3. COMPLIANCE WITH LAWS. Optionee agrees to obtain all necessary permits required by law

for said work and comply with all local, city, state and federal laws, codes and ordinances. Upon

completion of work, Optionee shall execute waivers of mechanics' and materialmans' liens.

4. OPTIONEE INDEPENDENT CONTRACTOR. Optionor shall have the right to periodically

inspect and approve (or disapprove) of the quality of work performed, but shall have no right to

supervise the work of Optionee or the times or days which Optionee performs work. Any work

performed on the premises whether by Optionee or other parties shall be as an independent contractor

or agent of the Optionee and not an employee or agent of Optionor. Optionee further warrants that he

will be accountable for any mishaps and/or accidents resulting from such work, and will defend,

indemnify and hold the Optionor and his agents free from claims of any other person or entity. All

improvements to the property shall remain attached and a part of the property if Optionee does not

exercise his option to purchase.

5. ACCESS TO PREMISES. Optionee shall be entitled, at reasonable hours, to have access to the

premises to perform the work, but this shall constitute a limited license and not an occupancy

agreement. In the event that Optionee attempts to occupy or move into the premises, the Option shall

be forfeited and Optionee shall be considered an illegal occupant and evicted accordingly.

6. CONSIDERATION. The performance of work as described herein shall constitute non-refundable

option consideration in the amount $_____________. Optionee shall not be paid in cash or other

manner, whether or not the Option is exercised. Optionee agrees and understands that this

consideration may be considered income under federal, state or city income tax and that Optionor may

Repair Addendum To Purchase Option