"Lease to Purchase Option Agreement Form"

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LEASE TO PURCHASE OPTION AGREEMENT
This agreement dated the _______ day of ________________, _________, is by and
between ___________________________________________________________
(herein after referred to as “Seller/Landlord”) and
___________________________________________________________ (herein after
referred to as “Buyer/Tenant).
For good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, Seller/Landlord hereby grants to Buyer/Tenant an exclusive option to
purchase the real property described as follows:
______________________________________________________________________
______________________________________________________________________
(herein after referred to as the “Property”) strictly according to the terms and conditions
contained herein (herein after referred to as the “Option to Purchase Agreement”), which
real property is the subject of that certain Residential Lease Agreement by and between
Seller/Landlord and Buyer/Tenant, of even date herewith (herein after the “Lease
Agreement”).
1.
TERM OF OPTION. This option to purchase shall commence on the _______ day
of ________________, _________ and shall expire at 12 o'clock midnight on the
_______ day of ________________, _________.
2.
EXCLUSIVITY OF OPTION. This option to purchase is exclusive and non-
assignable. Any attempted assignment, delegation, transfer or conveyance of this
option to purchase without the Seller/Landlord’s express written permission is void.
3.
NOTICE REQUIRED TO EXERCISE OPTION. Buyer/Tenant may only
exercise this option to purchase by delivering written notice of intent to purchase to
Seller/Landlord. Such notice must specify a closing date to occur prior to the original
Termination Date set forth in the Lease Agreement or the option expiration date set
forth in paragraph 1 herein above, whichever is later in time.
4.
OPTION CONSIDERATION. Buyer/Tenant shall remit option consideration in
the sum of $____________ to Seller/Landlord upon execution of this Option to
Purchase Agreement, which amount is non-refundable. In the event Buyer/Tenant
timely exercises this option, is not in default of the Lease Agreement and actually
closes the conveyance of the Property, the option consideration shall be credited to
the purchase price at closing. If Buyer/Tenant fail to exercise this option, defaults in
the Lease Agreement or fails to close the conveyance, the option fee shall not be
refunded.
5.
PURCHASE PRICE. The total purchase price for the Property pursuant to this
Option to Purchase Agreement is $________________. If Buyer/Tenant timely
exercises this option, is not in default of the Lease Agreement and actually closes the
conveyance of the Property, the Buyer/Tenant shall be credited, at closing, the sum of
LEASE TO PURCHASE OPTION AGREEMENT
This agreement dated the _______ day of ________________, _________, is by and
between ___________________________________________________________
(herein after referred to as “Seller/Landlord”) and
___________________________________________________________ (herein after
referred to as “Buyer/Tenant).
For good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, Seller/Landlord hereby grants to Buyer/Tenant an exclusive option to
purchase the real property described as follows:
______________________________________________________________________
______________________________________________________________________
(herein after referred to as the “Property”) strictly according to the terms and conditions
contained herein (herein after referred to as the “Option to Purchase Agreement”), which
real property is the subject of that certain Residential Lease Agreement by and between
Seller/Landlord and Buyer/Tenant, of even date herewith (herein after the “Lease
Agreement”).
1.
TERM OF OPTION. This option to purchase shall commence on the _______ day
of ________________, _________ and shall expire at 12 o'clock midnight on the
_______ day of ________________, _________.
2.
EXCLUSIVITY OF OPTION. This option to purchase is exclusive and non-
assignable. Any attempted assignment, delegation, transfer or conveyance of this
option to purchase without the Seller/Landlord’s express written permission is void.
3.
NOTICE REQUIRED TO EXERCISE OPTION. Buyer/Tenant may only
exercise this option to purchase by delivering written notice of intent to purchase to
Seller/Landlord. Such notice must specify a closing date to occur prior to the original
Termination Date set forth in the Lease Agreement or the option expiration date set
forth in paragraph 1 herein above, whichever is later in time.
4.
OPTION CONSIDERATION. Buyer/Tenant shall remit option consideration in
the sum of $____________ to Seller/Landlord upon execution of this Option to
Purchase Agreement, which amount is non-refundable. In the event Buyer/Tenant
timely exercises this option, is not in default of the Lease Agreement and actually
closes the conveyance of the Property, the option consideration shall be credited to
the purchase price at closing. If Buyer/Tenant fail to exercise this option, defaults in
the Lease Agreement or fails to close the conveyance, the option fee shall not be
refunded.
5.
PURCHASE PRICE. The total purchase price for the Property pursuant to this
Option to Purchase Agreement is $________________. If Buyer/Tenant timely
exercises this option, is not in default of the Lease Agreement and actually closes the
conveyance of the Property, the Buyer/Tenant shall be credited, at closing, the sum of
$_______ from each monthly lease payment if every monthly lease payment was
timely remitted to Seller/Landlord pursuant to the Lease Agreement. No credit shall
be given at closing if any monthly lease payment was received by the Seller/Landlord
after the due date established in the Lease Agreement.
6.
CLOSING AND SETTLEMENT. Closing and settlement shall be at a title
company designated by the Seller/Landlord. All closing costs and any points, fees
and/or charges imposed by the Buyer/Tenant’s lender shall be the sole responsibility
of the Buyer/Lender. Seller/Landlord shall only be responsible for its pro-rated share
of the ad valorem taxes due as of the date of closing. IT IS THE BUYER/TENANT’S
SOLE RESPONSIBILITY TO ARRANGE FINANCING FOR THE
TRANSACTIONS. SELLER/LANDLORD HAS MADE NO REPRESENTATIONS
TO BUYER/TENANT REGARDING THE AVAILABILITY OF FINANCING OF
BUYER/TENANT’S ABILITY TO QUALIFY FOR FINANCING.
7.
REMEDIES UPON DEFAULT. (a) In the event of any such default by
Buyer/Tenant of this Option to Purchase Agreement or the Lease Agreement, then in
addition to any other remedies available to Seller/Landlord at law or in equity,
Seller/Landlord shall have the option to terminate this Option to Purchase Agreement
and all rights hereunder by giving written notice of termination. Tenant/Buyer is not
entitled to any refund of rent or option consideration whatsoever. (b) All of the terms
and conditions of the Lease Agreement must be complied with in order for this option
to be enforceable. In the event this Option to Purchase Agreement conflicts with any
part of the corresponding Lease Agreement, the terms and conditions of this Option to
Purchase Agreement shall be superior and prevail.
8.
COMMISSIONS. There will be no real estate commissions paid as a result of this
transaction.
9.
MODIFICATION. Any modification of any portion of this Option to Purchase
Agreement must be made in writing signed by both parties.
10. REFERENCES IN WORDING. Plural references made to the parties involved in
this Option to Purchase Agreement may also be singular, and single references may
be plural. These references may also apply to Landlord/Seller and Buyer/Tenant
heirs, executors, administrators, successors as the case may be.
11. TIME OF PERFORMANCE. Time is of the essence in this Option to Purchase
Agreement.
12. ENTIRE AGREEMENT. As written, this Option to Purchase Agreement
constitutes the final, entire agreement between the Buyer/Tenant and
Seller/Landlord. They have made no further promises of any kind to one another, nor
have they reached any other understandings, either written or oral.
13. FINANCING DISCLAIMER. The parties to this Option to Purchase Agreement
acknowledge that speculation of availability of financing or assumption of existing
loans towards the purchase of this property is impossible to predict. Therefore the
parties agree that these items shall not be a condition of performance of this Option to
Purchase Agreement, and the parties agree they have not relied upon any
representation or warranties by either parties.
14. ACKNOWLEDGMENT. The undersigned Buyer/Tenant hereby acknowledge that
they have read this Option to Purchase Agreement, understand it, agree to it and have
been given an executed copy. This Option to Purchase Agreement is not to be
recorded in the property records unless express permission is granted by the
Seller/Landlord. Buyer/Tenant were advised, and had opportunity to, seek advice of
legal, tax, technical expertise professionals of their own selection and any other
counsel of their choosing concerning this contract prior to signing.
15. CHOICE OF LAW AND VENUE. This Option to Purchase Agreement shall be
construed according to the laws of the State of __________________ and is executed
in __________________ County, __________________. All parties agree that the
venue for any dispute regarding this Option to Purchase Agreement shall be
__________________ County, __________________.
As to Seller/Landlord this ______ day of ________________________, 20_____.
SELLER/LANDLORD:
Sign: ___________________________________ Print:
__________________________________ Date: ______________
As to Buyer/Tenant, this ______ day of ________________________, 20_____.
BUYER/TENANT:
Sign: ___________________________________ Print:
__________________________________ Date: ______________
BUYER/TENANT:
Sign: ___________________________________ Print:
__________________________________ Date: ______________
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