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Lease with Option to Purchase
_____________________, referred to as OWNER, and ____________________, referred to as TENANT, agree:
TENANT leases from OWNER the following described property:
beginning on ________________ and ending on _________________, for a total rental of $______ (__________ & ____/100 dollars) to be paid as follows $_______ (________________& ____/100 dollars) per _______________, in advance, and without demand, and, if taxes are imposed on the rental these sums shall be paid as additional rental.
TENANT has deposited with OWNER the sum of $ _______ (___________ & ___/100 dollars) as a security deposit. OWNER shall dispose of the security deposit In conformity with the laws of _______________.
TENANT shall follow published rules and regulations concerning parking, noise, and use of facilities.
TENANT may not sub-let the premises without the prior written approval of the OWNER.
OWNER shall have the right to enter the rented premises for the purpose of inspection and repairs.
TENANT shall maintain the sidewalks and other out door areas in conformity with all applicable rules and regulations. TENANT shall perform regular maintenance and cleaning of heating/cooling appliances, at TENANT’s expense. All repairs of appliances and the structure shall be the responsibility of the tenant, except that repairs costing in excess of $ _, and not occasioned by the negligence of the TENANT or its family and visitors shall be the responsibility of the OWNER.
The premises shall be solely occupied as a _________________________________. TENANT shall make no alterations to any buildings or structures on the lease premises without the prior written consent of the OWNER. At the termination of the lease, the structures and alterations shall become the sole property of the OWNER.
In the final 45 days of the lease, the OWNER shall be entitled to show the premises to rental applicants.
At the conclusion of the lease, the TENANT shall quit the premises and deliver them to the OWNER in as good condition as they were at the commencement of the lease, ordinary wear and tear excepted.
This lease shall be subordinate to any mortgages upon the real property, and tenant agrees to execute such estoppel letters, subordination agreements and other materials required by the OWNER.
In the event that the leased premises are condemned by lawful authority, or, destroyed by reasons other than the negligence of the tenant, the lease shall terminate at the time of condemnation or destruction. Any prepaid rent shall be refunded.
In the event that the property is partially destroyed or partially condemned for reasons other than the negligence of the TENANT, the rental shall, at the option of the OWNER, cease, or shall proportionally abate. Should there be any unearned prepaid rent, it shall be refunded. Upon restoration of the premises, the full rent shall apply thereafter.
Guarantor, if any
Lease with Option to Purchase
This review list is provided to inform you about this document in question and assist you in its preparation. This is a simple lease with the added value of an option to purchase. A more complicated lease would often be used in a more standard lease circumstance. This form is more appropriate when the real objective is to encourage the tenant to purchase the property in question. In this circumstance, the tenant/buyer is usually better off financially and less of a risk if he or she remains just a tenant. Therefore, the Landlord/owner generally has less to be concerned about on this part. Nevertheless, a strong lease is still advisable for the landlord.
1. Make multiple copies. Give one to each signatory. Keep one with the transaction file.
2. A guarantor line is provided should that be appropriate in the Landlord’s mind and acceptable to the tenant.
Lease With Option To Purchase
February 9, 2014 Real Estate, Landlord-Tenant 10 Comments
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