Lease of Condominium Unit

Lease of Condominium Unit

Lease Agreement made on the , between of , referred to herein as Lessor, and , , 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. Premises Leased

Lessor hereby leases to Lessee Unit No. , hereinafter called the Unit, in (the Condominium), a condominium at , pursuant to a Declaration of Restrictions (the Declaration), dated , and recorded on , in Book of the official Land Records, at (specify book and page) , in the office of the (e.g., County Recorder) of the , . The Unit is also designated in floor plans of the building, attached to the Declaration as (specify exhibit) . Lessor also leases to Lessee items of personal property described in Exhibit A attached hereto and made a part hereof, now located in the Unit. No other personal property will be furnished by Lessor.

2. Rights Appurtenant to Unit

Except as otherwise provided in this Agreement, Lessee shall be deemed owner of the Unit for all purposes provided in the Declaration, Bylaws, and Rules and Regulations of the Condominium, and shall have all the rights, privileges, and duties appurtenant to such Ownership including, but not limited to, membership and the right to vote in the Association of Unit Owners.

3. Occupancy

The Unit is leased for occupancy as a private dwelling, to Lessee, and heirs and assigns, and their families, and is not to be used for any other purposes or occupied by any other person, other than transient relatives and friends, without first obtaining Lessor's written consent to such use.

4. Term of Lease and Holding Over

The term of the Lease shall commence on and shall end on , unless sooner terminated by a breach of the terms and conditions of this Lease by Lessee, or by an abandonment of the Premises by Lessee. Lessee shall surrender the Premises to Lessor immediately on the termination of the Lease term. The failure of Lessee to surrender the Leased Premises on the date provided in this Agreement for the termination of the Lease term, and the subsequent holding over by Lessee, with or without the consent of Lessor, shall result in a creation of a tenancy from month-to-month at a monthly rental of $, payable on the day of each month during the month to month tenancy. This provision does not give Lessee any right to hold over at the expiration of the term. All other terms and conditions of this Lease shall remain in full force during any month-to-month Lease under this Section.

5. Rent and Assessments

A. During the term of this Lease, Lessee shall be liable for both rent and assessments, such assessments to be determined by the Governing Board of the Condominium, called the Governing Board, as set forth in the Declaration and Bylaws of the Condominium.

B. Rent for the Unit is $ per month, due and payable in advance to Lessor on the day of each month. $, representing the amount due for the first month or part of month of occupancy, is payable by check to the order of Lessor on execution of this Lease. Increases in the amount of rent due under this Lease will be made only at five-year intervals as Lessor may determine. Any such adjustment will be made in accordance with (e.g., a nationally recognized price index) . No decrease that would establish the rent at an amount less than the amount specified above shall be made.

C. Assessments will be made against the Unit on the basis of the undivided interest in the common areas of the Condominium allocated to the Unit, as set forth in the Declaration. The interest of the Unit, expressed as a percentage of the overall annual budget of common expenses for each year, is %. Assessments will be made by the governing board quarterly, on . % of the amount of each assessment will be payable by Lessee in advance to the Governing Board on the day of each month. $, representing assessment against the Unit for the first month or part of month of occupancy, is payable by Lessee by check to the order of on execution of this Lease.

6. Lessee’s Covenants

A. Payment of Rent. Lessee agrees to pay the rent to Lessor at the address set forth above without any deduction and without notice or demand.

B. Assessments; Common Expenses. Lessee agrees to pay promptly when due, all assessments, whether for common expenses or otherwise, as may be levied against the Unit pursuant to the Declaration, Bylaws, and Rules and Regulations of the Condominium, or pursuant to law.

C. Liens. Lessee shall not, individually or as a member of the Association of Owners of the Condominium, fail to do any act which results in the Premises or any part of the Premises becoming subject to a lien or encumbrance other than such mortgage liens as are authorized in this Agreement, and Lessee agrees to indemnify Lessor from and against any and all liability, loss, cost, and expense, including reasonable attorney's fees, Lessor may sustain or incur by reason of any such lien or encumbrance.

D. Fire insurance. Lessee agrees, at the proportionate share of the expense as a member of the Association of Owners, and at all times during the term of this Lease, to keep the property insured against fire as follows:

E. Liability insurance. Lessee agrees, at the proportionate share of the expense as a member of the Association of Owners, and at all times during the term of this Lease, to maintain comprehensive liability insurance as follows:

F. Repair and maintenance. Lessee agrees at Lessee's own expense to maintain the Unit in good repair, and at the proportionate share of the expense as a member of the Association of Owners, to maintain the common areas in good repair.

G. Lawful Use of Premises. Lessee agrees on Lessee's own behalf to keep the Unit, and as a member of the Association of Owners to keep all common areas in a strictly decent, safe, and sanitary condition, to observe all municipal, state, and federal laws, ordinances, Rules, and Regulations, and to abide by the Declaration, Bylaws, and Rules and Regulations of the Condominium, and any Agreements or decisions made pursuant to the same by the Association.

H. Inspection of Premises. Lessee agrees to permit Lessor to enter the Unit or any of the common areas for inspection purposes at all reasonable times. Lessee further agrees at Lessee's own expense with respect to the Unit, and at the proportionate share of the expense with respect to the common areas, to repair and remedy all defects within days after having received notice of the defects from Lessor.

I. Indemnification. Lessee agrees at Lessee's own expense with respect to the Leased Unit, and at the proportionate share of the expense with respect to the common areas, to indemnify Lessor from and against any and all claims, demands, costs (including reasonable attorney's fees), or judgments arising out of or in anyway connected with the use or occupancy of the Unit or of any of the common areas, or any furniture, fixtures, equipment, machinery, or other property located in or comprising the Unit or the common areas.

J. Improvements. No construction the purpose or effect of which is to erect any improvement on the Premises or to alter the design or structure of any building or improvement on the Premises may be undertaken without the prior written approval of Lessor, and a majority of members of the Association of Owners, and Lessee will not individually or as a member of the Association undertake any such construction without such approval.

K. Costs and Expenses of Lessor. Lessee agrees to indemnify Lessor against all costs and expenses, including reasonable attorney's fees, incurred or expended by Lessor in enforcing any provision of this Agreement.

7. Mutual Covenants

A. Eminent Domain; Condemnation in Fee Simple. If the Unit or any part of the Unit or any common area is taken or condemned in fee simple for public or quasi-public use, this Lease shall terminate as to the property taken as of the date of taking. That portion of any award representing the value of the land or improvements shall be payable to Lessor.

B. Casualty Losses. If at any time during the term of this Lease the building in which the Unit is located is destroyed or substantially damaged by any casualty not required to be insured against, then Lessee may surrender this Lease and shall then be relieved of any further obligation.

C. Assignment. Lessee shall not assign or sublease the Leased Premises without the prior written consent of Lessor, which consent shall not be withheld if the proposed assignee or sublessee shall expressly assume and agree to be bound by all terms and conditions of the Lease, and provided further that a copy of any such assignment or sublease shall be delivered to Lessor within days after its execution. Lessor's consent to the assignment or sublease shall not relieve Lessee from its obligations under this Lease in case the assignee or sublessee defaults in performance.

D. Lessor's Rights on Default. This Lease is subject to Lessee's performance of the covenants and conditions set forth in Section 6. If Lessee defaults in performance of any such covenants or conditions, and such breach continues for more than days after Lessee receives written notice, or if Lessee files or has filed against Lessee any proceeding of any kind whatsoever under any provision of the Federal Bankruptcy Act, or becomes bankrupt or insolvent, or makes any assignment for the benefit of creditors, or suffers this Lease or any interest in it to be taken on writ of execution, or abandons the Premises, then Lessor, at its option, may: (1) pursue any legal remedy to recover for the breach, and continue this Lease in force; or (2) declare the Lease forfeited, reenter the Premises, and remove from it all persons claiming under Lessee and all property of Lessee.

8. 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.

9. 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.

10. Governing Law

This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of .

11. Notices

Any notice provided for or concerning this Agreement 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.

12. Attorney’s Fees

In the event that any lawsuit is filed in relation to this Agreement, the unsuccessful party in the action shall pay to the successful party, in addition to all the sums that either party may be called on to pay, a reasonable sum for the successful party's attorney fees.

13. Mandatory Arbitration

Any dispute under this Agreement shall be required to be resolved by binding arbitration of the parties hereto. If the parties cannot agree on an arbitrator, each party shall select one arbitrator and both arbitrators shall then select a third. The third arbitrator so selected shall arbitrate said dispute. The arbitration shall be governed by the rules of the American Arbitration Association then in force and effect.

14. 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.

15. 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.

16. 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.

17. Counterparts

This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which together shall constitute but one and the same instrument.

18. In this Agreement, any reference to a party includes that party's heirs, executors, administrators, successors and assigns, singular includes plural and masculine includes feminine.

WITNESS our signatures as of the day and date first above stated.

Acknowledgment form may vary by state

State of

County of

Personally appeared before me, the undersigned authority in and for the said County and State, on this , within my jurisdiction, the within-named , who acknowledged that he executed the above and foregoing instrument.

__________________________

NOTARY PUBLIC

My Commission Expires:

State of

County of

Personally appeared before me, the undersigned authority in and for the said County and State, on this , within my jurisdiction, the within-named , who acknowledged that he executed the above and foregoing instrument.

__________________________

NOTARY PUBLIC

My Commission Expires: