Thursday, 08 April 2010 06:53

Lease With Option to Purchase

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_____________________, referred to as OWNER, and ___________________, referred to as TENANT, agree:

TENANT leases from OWNER the following described property:

SEE EXHIBIT 1

beginning on [Date] and ending on [Date], for a total rental of $ (dollars) to be paid as follows $ (dollars) per monthly, 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 $ (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 sublet 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 (----) 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 estate 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.

No pets shall be permitted on the premises without the prior written approval of the OWNER. OWNER may condition such permission on payment of an additional pet deposit.

The TENANT shall have the option, THIRTY days prior to the expiration of the lease to renew for a period of 12 months, at a total rental of $ _____ (dollars) payable at the rate of $ _____(dollars) per month.

LANDLORD grants to TENANT the exclusive right to an option to purchase the property herein for a gross sales price of $ (dollars) beginning with the term of this lease and expiring on _______________, 20 __, or, if the lease is earlier terminated, at that time. Until the written exercise of the option, the relationship between the parties shall be solely that of landlord and tenant.

This contract represents the entire agreement between the parties, and the same may only be changed in writing. In the event that the OWNER takes legal action to enforce the agreement, the TENANT shall pay all costs of enforcement including reasonable solicitor fees.

Dated:

____________________________

OWNER

____________________________

TENANT

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