Fill and Sign the Condominium Lease Agreement with Option to Purchase and Rent Payments to Apply to Purchase Price Rent to Own Condo Rental North Form

Condominium Lease Agreement with Option to Purchase and Rent Payments to Apply to Purchase Price Agreement made on the __________________ (date) , between ___________________ (Name of Lessor) of ___________________________________________________________ ___________________ (street address, city, county, state, zip code) , referred to herein as Lessor , and ______________________ (Name of Lessee) , of __________________________ ________________________________________________________ (street address, city, county, state, zip code) , referred to herein as Lessee . For and in consideration of the mutual covenants contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 1. Grant of Lease: Lessor does hereby lease unto Lessee and Lessee does hereby rent from Lessor the property (hereinafter called Premises ) hereinafter described: The condominium unit designated as Apartment ________ (number) in the building commonly known as ________ (number) at ___________________________________ ________________________________________ (street address, city, county, state, zip code) , which unit is so designated in a certain ________________________ ( title of condominium declaration) which establishes a plan for condominium ownership of the building and the land on which it stands (said building and land being hereafter jointly and severally referred to as Property ), which Declaration is dated _________________ (date) , and was recorded in the (specify recording office) _______________________ ______________ of _____________ ( county) , in Book ________ (number) , Page _______ (number) , on _________________ (date) . The land upon which the building stands is bounded and described as follows: (Legal description of land) ______________________________________________________________________ ______________________________________________________________________ ______________________________________________________________________ A. An undivided _____ % interest, in common with the other unit owners, in the common elements of the Property, as the same are described in the Declaration: 1. Together with and subject to an easement, as long as the building shall stand, for the maintenance of any and all encroachments by or upon the unit, upon or by any other unit or units or common elements, now existing as a result of construction of the building, or which may later come into existence as a result of settling of the building or in any other way save deliberate act of the owner or owners of the encroaching unit or units. 2. Together with and subject to an easement in common with the other unit owners, to use all pipes, ducts, conduits, wires, cables, utility lines and the like, and other common elements, located in any of the other units or elsewhere on the property, which serve the unit here contracted to be sold. 3. Together with an exclusive easement for the use of the terrace to which the unit here contracted to be sold has exclusive access. 4. Together with Seller's undivided interest, if any, in streets. The provisions of the Bylaws of the Condominium Association, a true copy of which is annexed to the Declaration and the North Carolina Condominium Act shall constitute covenants running with the land and shall be binding on Lessee. 2. Terms of Lease: This Lease shall commence on _________________ (date) and extend until _________________ (date) , unless extended or terminated pursuant to the terms hereof. In the event Lessee has made timely payments (by the due date) during the initial ________ (number) month term of this Lease, this Lease may be renewed by Lessee for an additional _________ (number) month term upon _________ (number) days notice to Lessor. Renewal of this Lease shall extend the Option to purchase set forth below for a like term. 3. Rental Payments: Lessee agrees to pay unto Lessor as the rent the sum of $__________ per month for the first month of this Lease and for each month thereafter during the term of this Lease, said sum being due on or before the _____ day of each month. Each monthly rental payment shall be prepaid at the beginning of each month. 4. Lessee’s Covenants: It is agreed and understood by Lessee the following: A. That the Premises shall be used only as a private dwelling and for no other purposes whatsoever. B. That all the usual electric, gas and water fees shall be paid be Lessee. C. That Lessee shall maintain the premises in good condition during the continuance of this Agreement and shall neither cause nor allow any abuse of the facilities therein, and upon the termination or expiration thereof shall redeliver the property in as good condition as at the commencement of the term or as may be put in during the term, reasonable wear and tear from use and obsolescence accepted, in the event the option to purchase is not exercised. D. That Lessee is and shall be responsible and liable for making repairs and or replacements that may be required for injury or damage to the Premises, equipment or facilities, or kitchen appliances therein. E. That Lessee shall not make or cause to be made any changes, alterations, additions or attach any objects of permanence to portions of the building or do anything that might cause injury or damage to the Premises without the written consent of Lessor. F. That all personal property placed in or upon the Premises, or in any storage rooms, shall be at the risk of the Lessee, or the parties owning same, and Lessor shall in no event be liable for the loss or damage of any such property. G. That Lessor retains a landlord’s lien on all personal property placed upon the premises to secure the payment of rent and any damages to the Premises. H. That Lessee must give Lessor ______ (number) days advance written notice of his intention to vacate the Premises prior to the first day of the month at which the Lease will be terminated. Lessee understands that a termination may only be effective on the first day of a month. Lessee may not terminate on any day other than the first day of the month. Thus, partial monthly rental payments are not allowed and rent shall not be prorated. 5. Rights and Privileges of Lessor: Lessor shall have the following rights in addition to all other rights given by the law of the State of North Carolina: A. The right to enter the premises at all reasonable times for the purpose of inspecting the same and/or showing the same to prospective tenants or purchasers. B. Lessor shall not be responsible for repairs to the Premises which shall be the responsibility of Lessee. C. It is agreed and understood that Lessor shall not be liable to any person for any damages of any nature which may occur at any time on account of any defect in the Premises, the building in which the Premises are situated or the improvements therein, whether said defect exists at the time of execution of this Lease or arises subsequent hereto and whether such defect was known or unknown at the time of such injury or damage, or for damages from fire, wind, rain or any other cause whatsoever, all claims for such injuries and damages being specifically waived by Lessee. D. Lessor shall not be responsible or liable for any accident or damage to automobiles, persons, or any other equipment or persons utilizing parking facilities upon the Premises. E. Real estate taxes and insurance on the Premises shall be paid by Lessor. 6. Insurance and Destruction of Premises: Hazard and fire insurance shall be acquired and maintained by Lessor, the proceeds of which shall be payable to Lessor. In the event the Premises shall be destroyed or rendered totally untenantable by fire, windstorm, or other cause beyond the control of Lessor, then this Agreement shall cease and terminate as of the date of such destruction, and the rental shall then be accounted for between Lessor and Lessee up to the time of such damage or destruction of said Premises is the same as being prorated as of that date. In the event the Premises are damaged by fire, windstorm or other cause beyond the control of Lessor so as to render the same partially untenantable, but repairable within a reasonable time, then this Lease shall remain in force and effect and the Lessor shall, within a reasonable time, restore said Premises to substantially the condition the same were in prior to said damage, and there shall be an abatement in rent in proportion to the relationship the damaged portion of the Premises bears to the whole of said Premises. 7. Termination of Lease: This Lease may be terminated by Lessor if Lessee fails to comply with any of the terms, conditions, or covenants contained in this Agreement, including the payment of rent and amounts due by Lessee for damages or injuries to the Premises, upon giving _______ (number) hours written notice, Upon such termination, Lessor may re-enter and retake possession of the Premises, but no such termination of this Lease or recovering possession shall deprive Lessor of any other action or remedy for possession, for rent, or for damages. Notice of termination shall be delivered to Lessee at the address of the Premises, by United States Mail, postage prepaid. In the event that Lessor employees an attorney to collect any rents or other charges due hereunder by Lessee or to enforce any of Lessee's covenants herein or to protect the interest of the Lessor hereunder, Lessee agrees to pay a reasonable attorney's fee and all expenses and costs incurred thereby. The failure of either party to this Agreement to insist upon the performance of any of the terms and conditions of this Agreement. 8. Option to Purchase: Lessor grants to Lessee the option to purchase the Premises on Or before the end of the ________________ (date) . The purchase price shall be $__________ due at closing. Closing shall take place within sixty (60) days of the exercise of this Option by Lessee. In order To exercise this Option, Lessee must give Lessor sixty (60) days written notice of his intent to exercise the Option. Lessor shall convey the Premises by (e.g., warranty deed) ___________________ free and clear of all liens and encumbrances, except those that Lessee may have created or suffered and excepting any taxes, assessments, or charges that may have become a lien against the Premises since the date of this Agreement. The deed shall be accompanied by a certificate of title showing good and marketable title. On the delivery of the above-described (e.g. deed and certificate of title) ______________________________ this Agreement shall become void. All rent which Lessee has paid Lessor will be applied toward the purchase price at closing. 9. Severability The invalidity of any portion of this Agreement will not and shall not be deemed to affect the validity of any other provision. If any provision of this Agreement is held to be invalid, the parties agree that the remaining provisions shall be deemed to be in full force and effect as if they had been executed by both parties subsequent to the expungement of the invalid provision. 10. No Waiver The failure of either party to this Agreement to insist upon the performance of any of the terms and conditions of this Agreement, or the waiver of any breach of any of the terms and conditions of this Agreement, shall not be construed as subsequently waiving any such terms and conditions, but the same shall continue and remain in full force and effect as if no such forbearance or waiver had occurred. 11. Governing Law This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of _______________. 12. Notices Any notice provided for or concerning this Agreement to Lessor shall be in writing and shall be deemed sufficiently given when sent by certified or registered mail if sent to the respective address of each party as set forth at the beginning of this Agreement. 13. Entire Agreement This Agreement shall constitute the entire agreement between the parties and any prior understanding or representation of any kind preceding the date of this Agreement shall not be binding upon either party except to the extent incorporated in this Agreement. 14. Modification of Agreement Any modification of this Agreement or additional obligation assumed by either party in connection with this Agreement shall be binding only if placed in writing and signed by each party or an authorized representative of each party. 15. Assignment of Rights The rights of each party under this Agreement are personal to that party and may not be assigned or transferred to any other person, firm, corporation, or other entity without the prior, express, and written consent of the other party. WITNESS our signatures as of the day and date first above stated. ________________________ _________________________ (P rinted name) (P rinted name) ________________________ _________________________ (Signature of Lessor) (Signature of Lessee) State of North Carolina County of _______________ I, ___________________ ( name of officer) , a Notary Public, do hereby certify that _____________________ (Name of Lessor) and __________________ (Name of Lessee) , personally appeared before me this day and acknowledged the due execution of the foregoing instrument. Witness my hand and official seal this ___________________ (date of execution) . ______________________________ (Name of officer) ________________________ (Title of officer) My commission expires on __________________ (date) . ( Seal)