Residential Lease Agreement Template With Option to Purchase

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R
L
A
ESIDENTIAL
EASE
GREEMENT WITH
O
P
PTION TO
URCHASE
THIS RESIDENTIAL LEASE AGREEMENT (hereinafter “Lease” and/or “Agreement”)
is made and entered into this ___ day of Xxxxxx, 200X, by and between Xxxxxxxxx, a Xxxx
(State) Limited Liability Company/Limited Partnership, located at xxxxxxxxxxxx (hereinafter
referred to as "Landlord"), and Xxxxxxxxx, located at xxxxxxxxxxxxxxxxx (hereinafter referred
to as "Tenant").
W I T N E S S E T H:
WHEREAS, Landlord, is the owner of certain rental property located at
Xxxxxxxxxx(address including unit number, if any), Xxxxxx(city), Xxxxxx(county),
Xxxxxxx(state) (hereinafter “Premises”);
WHEREAS, Tenant desires to lease the Premises from Landlord;
NOW, THEREFORE, in consideration of the rents, covenants, and agreements
hereinafter contained to be paid, kept and performed by said Tenant, Landlord does hereby lease
to Tenant the Premises on the terms and conditions contained herein as follows:
A G R E E M E N T:
1. TERM. The term of this Lease shall be for a term of Xxxxxxxxx (duration of lease)
commencing on Xxxxxxxx (date and time) and ending on Xxxxxxxxx (date).
X.
RENT. The total rent for the term hereof is the sum of Xxxxxxxx dollars
($Xxxxx), payable in equal monthly installments of Xxxxxxxxx dollars ($Xxxx),
on the Xx day of each month, to the address of Landlord, or at such other address
as Landlord may, from time to time, require. OPTION 1- The First month’s Rent
Payment shall be due and payable upon the execution of this Lease and prior to
occupancy. OPTION 2- The First and Last month’s Rent Payment shall be paid
upon the execution of this Lease and prior to occupancy. The payment for the
Option to Purchase the Property, as set forth in Section XX below, in the amount
of xxxxxxxxx dollars ($xxxxx) shall also be due and payable upon the execution
of this Lease and prior to occupancy. Rent must be actually received by Landlord,
or designated agent, in order to be considered in compliance with the terms of this
Lease.
X. SECURITY DEPOSIT. Tenant shall place a security deposit with Landlord in the
amount of Xxxxxxxxx dollars ($Xxxxx) upon entering into this Lease, to be used to secure
Tenant’s faithful performance of the terms of this Lease, and for the cost of replacing or
Residential Lease Agreement with Purchase Option- Page 1
R
L
A
ESIDENTIAL
EASE
GREEMENT WITH
O
P
PTION TO
URCHASE
THIS RESIDENTIAL LEASE AGREEMENT (hereinafter “Lease” and/or “Agreement”)
is made and entered into this ___ day of Xxxxxx, 200X, by and between Xxxxxxxxx, a Xxxx
(State) Limited Liability Company/Limited Partnership, located at xxxxxxxxxxxx (hereinafter
referred to as "Landlord"), and Xxxxxxxxx, located at xxxxxxxxxxxxxxxxx (hereinafter referred
to as "Tenant").
W I T N E S S E T H:
WHEREAS, Landlord, is the owner of certain rental property located at
Xxxxxxxxxx(address including unit number, if any), Xxxxxx(city), Xxxxxx(county),
Xxxxxxx(state) (hereinafter “Premises”);
WHEREAS, Tenant desires to lease the Premises from Landlord;
NOW, THEREFORE, in consideration of the rents, covenants, and agreements
hereinafter contained to be paid, kept and performed by said Tenant, Landlord does hereby lease
to Tenant the Premises on the terms and conditions contained herein as follows:
A G R E E M E N T:
1. TERM. The term of this Lease shall be for a term of Xxxxxxxxx (duration of lease)
commencing on Xxxxxxxx (date and time) and ending on Xxxxxxxxx (date).
X.
RENT. The total rent for the term hereof is the sum of Xxxxxxxx dollars
($Xxxxx), payable in equal monthly installments of Xxxxxxxxx dollars ($Xxxx),
on the Xx day of each month, to the address of Landlord, or at such other address
as Landlord may, from time to time, require. OPTION 1- The First month’s Rent
Payment shall be due and payable upon the execution of this Lease and prior to
occupancy. OPTION 2- The First and Last month’s Rent Payment shall be paid
upon the execution of this Lease and prior to occupancy. The payment for the
Option to Purchase the Property, as set forth in Section XX below, in the amount
of xxxxxxxxx dollars ($xxxxx) shall also be due and payable upon the execution
of this Lease and prior to occupancy. Rent must be actually received by Landlord,
or designated agent, in order to be considered in compliance with the terms of this
Lease.
X. SECURITY DEPOSIT. Tenant shall place a security deposit with Landlord in the
amount of Xxxxxxxxx dollars ($Xxxxx) upon entering into this Lease, to be used to secure
Tenant’s faithful performance of the terms of this Lease, and for the cost of replacing or
Residential Lease Agreement with Purchase Option- Page 1
repairing damage, if any, to the house, outbuildings, grounds, furnishings, or personal effects of
Landlord resulting from the intentional or negligent acts of the Tenant, or for the cleaning of the
premises, any unusual wear and tear to the premises or common areas, and any rent or other
amounts owed pursuant to the Lease agreement. Tenant may not use said deposit for rent owed
during the term of the Lease. Landlord agrees to return said security deposit to Tenant, or
unused portion thereof, within 21 days of the Tenant’s vacating the leased premises subject to the
terms and conditions set forth herein. If less than the full balance of the security deposit is
returned, Landlord shall furnish Tenant a written statement with such return of deposit monies
indicating any amounts deducted from the security deposit.
If Tenant fails to furnish a
forwarding address to Landlord, then Landlord shall send said statement and any security deposit
refund to the leased premises.
X.
LATE CHARGE/BAD CHECKS: A late charge of X% of the current rent
installment shall be incurred if rent is not paid when due. If rent is not paid when due and
Landlord issues a “Notice to Pay Rent,” Tenant must tender cash or cashier’s check only. If
Tenant tenders a check, which is dishonored by a banking institution, then Tenant shall only
tender cash or cashier’s check for all future payments. This shall continue until such time as
written consent is obtained from Landlord. In addition, Tenant shall pay the sum of xxxx dollars
($Xxx) for each check that is returned to Landlord because the check has been dishonored.
X. USE OF PROPERTY. Tenant shall use the Premises for its primary residence and
shall not use or permit the Premises to be used for any other purpose without the prior written
consent of the Landlord. Tenant shall not cause or permit the Premises to be used in any illegal
or unlawful way nor to any which may constitute waste or a nuisance or which will increase the
insurance premium thereon.
X. UTILITIES. Tenant does hereby agree to pay any and all utilities and/or services
used upon said Premises, including but not limited to heat, water, home owners associations dues
(if any), and electrical power, and to pay the same before delinquency. OPTIONAL- The
following exception to be paid by the Landlord: Xxxxxxxxxxx.
X. OCCUPANTS. OPTIONAL- The Premises shall not be occupied by any person
other than those designated above as Tenant with the exception of the following named persons:
Xxxxxxxxxxxxxxxxxxxxxxxxx.
No part of the Premises shall be used at any time during the
term of this Agreement by Tenant or named occupants at any time during the term of this Lease
for the purpose of carrying on any business, profession, or trade of any kind, or for any purpose
other than as a residential dwelling. Tenant shall not allow any other person, other than transient
relatives and friends who are guests of the Tenant, to use or occupy the Premises without first
obtaining Landlord’s written consent to such use. OPTIONAL- If Landlord, with written
consent, allows for additional persons to occupy the premises, the rent shall be increased by $100
for each such person. Any person staying 14 days cumulative or longer, without the Landlord’s
written consent, shall be considered as occupying the premises in violation of this agreement.
Residential Lease Agreement with Purchase Option- Page 2
X. PETS. No dog, cat, bird, fish or other domestic pet or animal may be kept on or
about the Premises without the written consent of the Landlord. No non-domestic pet or animal
may be kept on or about the Premises. OPTIONAL- If written consent is granted by the
Landlord, it shall state the number and type of animals Tenant may keep, and Tenant shall pay to
Landlord a pet deposit of Xxxxxx dollars ($Xxxxx), of which Xxxxxxx dollars ($Xxxxxx) shall
be nonrefundable, and shall be used upon the termination or expiration of this Lease for the
purposes of cleaning the carpets of the building.
X. SUBLETTING AND ASSIGNMENT. Tenant shall not transfer, assign, or sublet
this Lease or grant any license to use the Premises, or any part thereof, without first obtaining
written permission from the Landlord.
A consent by Landlord to one such assignment,
subletting, or license shall not be deemed to be a consent to any subsequent assignment,
subletting, or license. Any such assignment, subletting, pledge, or license without the prior
written permission of the Landlord shall be absolutely null and void and shall, at Landlord’s
option, terminate this Agreement.
X. CONDITION OF PREMISES. Tenant stipulates, represents, and warrants that
Tenant has inspected the Premises, and that at the time of this Lease said Premises have been
cleaned and all items, fixtures, appliances, and appurtenances are in good order, repair, and in
safe, clean, and tenantable condition. Tenant promises to keep the Premises in a neat and
sanitary condition and to immediately reimburse Landlord for any sums necessary to repair any
item, fixture, or appurtenance that needed service due to Tenant’s, or Tenant’s invitees, misuse
or negligence. Tenant shall be responsible for the cleaning or repair to any plumbing fixture
where a stoppage has occurred. Tenant shall also be responsible for the cost of repair or
replacement of the garbage disposal where the cause has been a result of bones, grease, pits, or
any other item, which normally causes blockages of the mechanism. Tenant shall be responsible
for the cost of repairs to heating and air-conditioning apparatus, electric and gas fixtures and
plumbing work whenever such damage shall have resulted from misuse, waste, or neglect of
Tenant, it being understood that Landlord is to have same in good order and repair when giving
possession.
X. INSURANCE. Landlord does hereby agree to at all times during the term of this
lease maintain in force an insurance policy or policies for the building. However, should Tenant
desire to insure personal property within the leased Premises or a personal vehicle, Tenant is
fully responsible for the procurement and payment of such insurance. It is acknowledged that
Landlord does not maintain insurance to cover Tenant’s personal property, damage or loss to
personal property caused by fire, theft, rain, water overflow/leakage, acts of God, and/or any
other causes. It is acknowledged that Tenant’s failure to maintain said personal property
insurance policy shall be a complete waiver of Tenant’s right to seek damages against Landlord
for the above-stated losses.
X. EXEMPTION OF LANDLORD FROM LIABILITY. Landlord shall not be liable
for any damage or injury to the person, goods, wares, merchandise, or other property of Tenant,
Residential Lease Agreement with Purchase Option- Page 3
Tenants, invitees, or any other person in or about the Premises, whether such damage or injury is
caused by or results from: (a) fire, steam, electricity, water, gas, or rain; (b) the breakage,
leakage, obstruction or other defects of pipes, sprinklers, wires, appliances, plumbing, air
conditioning or lighting fixtures or any other cause; (c) conditions arising in or about the
Premises or upon other portions of the building, or from other sources or places; or (d) any act or
omission of any other tenant of Landlord’s. Landlord shall not be liable for any such damage or
injury even though the cause of or the means of repairing such damage or injury are not
accessible to Tenant. The provisions of this section shall not, however, exempt Landlord from
liability for Landlord’s gross negligence or willful misconduct.
X. INDEMNIFICATION. Landlord shall not be liable for any damage or injury of or
to the Tenant, Tenant’s family, guests, invitees, agents or employees or to any person entering
the Premises or the building of which the Premises are a part or to goods or equipment, or in the
structure or equipment of the structure of which the Premises are a part, and Tenant hereby
agrees to indemnify, defend, and hold Landlord harmless from any and all claims or assertions of
every kind and nature.
X. HAZARDOUS ITEMS. Tenant shall not keep or have in or on the leased Premises,
outbuildings or grounds any article or thing of a dangerous, flammable, or explosive character
that might be deemed “hazardous” or “extra hazardous” by any responsible insurance company.
X. ALTERATIONS. Tenant will make no alterations in, or additions to, the Premises
(including but not limited to installing aerials and other reception equipment, lighting fixtures,
locks, paint, or wallpaper) without first obtaining Landlord’s written consent and all the
erections, additions and improvements, whether temporary or permanent in character (unless
otherwise provided by written agreement between Landlord and Tenant) made in or upon the
Premises by Tenant, shall be Landlord’s property and shall remain on the Premises at the
termination of said term, by lapse of time or otherwise, without compensation to Tenant or
obligation to Landlord. Trade or leased equipment and fixtures not covered by this Lease may
be removed at Lessee's option, but in the event of removal, Lessee will pay all costs of removal
and all costs of restoring the Premises.
X. RIGHT OF ENTRY. Landlord may enter and inspect the Premises, at reasonable
times and with reasonable advance notice of at least 24 hours except in situations of compelling
emergency, for any reasonable and lawful purpose, including but not limited to determining if
the Tenant is performing the covenants and agreements of this Lease, making repairs, additions,
or alterations as may be deemed appropriate by Landlord for the preservation and maintenance of
the Premises or the building. If the work to be performed requires the cooperation of Tenant to
perform certain tasks, then those tasks shall be performed upon serving 24 hours written notice
by Landlord (e.g. removing food items from cupboards so the unit may be sprayed for pests). If
the work to be performed requires that Tenant temporarily vacate the unit, then Tenant shall
vacate for this temporary period upon being served 7 days notice by the Landlord. Tenant agrees
Residential Lease Agreement with Option to Purchase
Page - 4
that in such event that Tenant will be compensated solely by a corresponding reduction in rent
for the days that Tenant was temporarily displaced.
X. MAINTENANCE AND REPAIR. Landlord shall keep all portions of the Premises
in good order, condition and repair. Where a repair is the responsibility of the Landlord, Tenant
must notify Landlord in writing stating what item needs servicing or repair. Tenant must give
Landlord a reasonable opportunity to service or repair said item. Tenant acknowledges that rent
will not be withheld unless a written notice has been served on Landlord giving Landlord a
reasonable time to fix said item. Under no circumstances may Tenant withhold rent unless said
item constitutes a substantial breach of the warranty of habitability. If any part of the Premises
or the building is damaged by any act or omission of the Tenant, Tenant shall pay Landlord the
cost of repairing or replacing such damaged property, whether or not Landlord would otherwise
be obligated to pay the cost of maintaining or repairing such property.
X. DAMAGES TO PREMISES. In the event the Premises are destroyed or rendered
wholly untenantable by fire, storm, earthquake, or other casualty not caused by the negligence of
Tenant, this Lease shall terminate from such time except for the purpose of enforcing rights that
may have then accrued hereunder. In such case, the rent provided for herein shall be accounted
for by and between Landlord and Tenant up until the time of such destruction and Tenant shall
pay rent up to said date and Landlord shall refuse rent collected beyond such date. Should only a
portion of the Premises thereby be rendered untenantable, Landlord shall have the option of
either repairing such portion or terminating this Lease. In the event Landlord exercises the right
to repair such portion, the rent shall abate in the proportion that the damaged portion bears to the
whole Premises, and the damaged portion shall be restored by Landlord as speedily as
practicable, after which the full rent shall recommence and this Lease continue according to its
terms.
X. QUIET ENJOYMENT. Upon payment of all the sums referred to herein as being
payable by Tenant, and Tenant’s performance of all Tenant’s agreements contained herein and
Tenant’s observance of all rules and regulations, shall and may peacefully and quietly have,
hold, and enjoy said Premises for the term hereof. Tenant covenants that neither he/she nor
his/her guests and invitees shall commit or permit a nuisance in or upon the premises, shall not
disturb, annoy, endanger, or inconvenience other tenants of the building, neighbors, the Landlord
or his agents, or workmen, nor violate any law, nor commit or permit waste in or about the
premises and shall not maliciously or by reason of gross negligence damage the Premises,
outbuildings, or grounds, or engage in conduct so as to interfere substantially with the comfort
and safety of residents of adjacent buildings.
X. TENANT HOLDOVER ON TERMINATION OF LEASE. If Tenant remains in
possession of the Premises after the expiration of this Lease, upon the express written approval
of the Landlord, a new month-to-month tenancy shall be created between Landlord and Tenant,
which shall be subject to all of the terms and conditions hereof except that rent shall then be due
Residential Lease Agreement with Option to Purchase
Page - 5

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