Fill and Sign the Lease Option Purchase Form

Lease of Unfurnished House with Option to Purchase Lease agreement made the ____________________________ (date) between _______________________________________ (Name of Landlord), of ________________ ______________________________________________________________________________ (street address, city, county, state, zip code) , hereinafter called Landlord, and ________________________________________ (Name of Tenant), of ___________________ ______________________________________________________________________________ (street address, city, county, state, zip code) , hereinafter called Tenant. 1. Grant of Lease Landlord leases to Tenant and Tenant leases from Landlord the personal residence located at _____________________________________________________________________ _________________________________________ (street address, city, county, state, zip code), and being more particularly described in Exhibit A attached hereto and made a part hereof, said residence as described therein being hereafter referred to as the Premises. 2. Terms of Lease This Lease shall commence on ___________________________________ (date) and extend until the residence has been purchased by Tenant, but in no case shall continue beyond __________________________________ (date) without written execution of a lease extension. 3. Rental Payments Tenant agrees to pay to Landlord as the rent the sum of $_____________ per month for the first month of this Lease and for each subsequent month during the term of this Lease, except as provided in Paragraph 8 below. Payment shall be due on the ____day of each month. A security deposit in the amount of $______________will be paid to Landlord on execution this Lease which amount will be used either to offset any damage to the Premises upon Tenant's vacating the Premises (usual wear and tear not to be considered damage) or to be applied in full to the purchase price of the Premises should Tenant exercise its Option to Purchase as set forth in Section Eight below. 4. Tenant’s Convents Tenant agrees that: A. The Premises shall be used by Tenant as a residence and for no other purpose whatsoever. B. All the usual electric, gas, and water fees shall be paid by Tenant. C. Tenant shall maintain the Premises in good condition during the continuance of this agreement and shall neither cause nor allow any abuse of the facilities, and upon the termination or expiration of this agreement Tenant shall redeliver the property in as good condition as at the commencement of the term (reasonable wear and tear from use and obsolescence excepted), if the option to purchase is not exercised. D. Tenant is and shall be responsible and liable for making repairs and or replacements that may be required to prevent injury or damage to the Premises, except that Landlord shall be responsible for capital improvements to the Premises. E. Tenant shall not make or cause to be made any changes, alterations or 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 consent of Landlord. F. All personal property placed in or upon the Premises, or in any storage rooms, shall be at risk of Tenant, or of the party owning such personal property, and Landlord shall in no event be liable for the loss or damage of any such property. G. Tenant must give Landlord _______ (number) days advance written notice of his/her intention to vacate the Premises prior to the first day of the month in which the Lease will be terminated. Tenant understands that a termination may only be effective on the first day of a month. Tenant 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. Landlord may waive the restrictions in this Paragraph. 5. Rights and Privileges of Landlord Landlord shall have the following rights in addition to all other rights given by the laws of the State of ___________________: A. The right to enter the Premises at all reasonable times for the purpose of inspecting the same or showing the same to prospective tenants or purchasers upon a minimum of _____ (number)-hours notice to Tenant. B. Landlord shall not be responsible for repairs to the Premises, which shall be the responsibility of Tenant, but shall be responsible for capital repairs and improvements. C. Landlord , his/her agents and employees 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 improvements in the Premises or building, if such defect was unknown at the time of such injury or damage. D. The failure of Landlord to insist upon the strict performance of the terms, covenants, and agreements in this Lease shall not be construed as a waiver or relinquishment of Landlord's right subsequently to enforce any such term, covenant, or condition, but the same shall continue in full force and effect. E. Real estate taxes and insurance on the Premises shall be paid by Landlord. 6. Insurance and Destruction of Premises Landlord shall purchase and maintain hazard and fire insurance, the proceeds of which shall be payable to Landlord. If the Premises shall be destroyed or rendered totally uninhabitable by fire, windstorm, or other cause beyond the control of Landlord, then this agreement shall cease and terminate as of the date of such destruction, and the rental shall then be accounted for and prorated between Landlord and Tenant up to the time of such damage or destruction of the Premises. If the Premises are damaged by fire, windstorm or other cause beyond the control of Landlord so as to render the same partially uninhabitable, but repairable within a reasonable time, then this Lease shall remain in force and effect and Landlord shall, within a reasonable time, restore the Premises to substantially the condition the Premises were in prior to the 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 the Premises. 7. Tenant’s Default and Landlord’s Remedies A. Landlord may give ______ (number) days' written notice to Tenant to correct any of the following defaults: 1. Failure to pay rent or added rent on time. 2. Improper conduct by Tenant or other occupant of the Premises. 3. Failure to fully perform any other term in this Lease. B. If Tenant fails to correct the defaults in Paragraph A within _______ (number) days, Landlord may cancel the Lease by giving Tenant a written _______ (number)-day notice stating the date the term will end. On that date the term and Tenant's rights in this Lease shall automatically end and Tenant must leave the Premises and return the keys to Landlord . Tenant shall continue to be responsible for rent, expenses, damages, and losses. 8. Option to Purchase Tenant shall have an option to purchase the Premises for a purchase price of $_____________, payable in cash at closing. This option to purchase shall be exercised by Tenant by giving _______ (number) days notice in writing to Landlord. Landlord may waive the writing requirement. Closing of the conveyance between Landlord and Tenant shall take place within _______ (number) days of such notice to purchase. All expenses of the sale, including survey, applicable recording fees, and any other costs generally incurred by a purchaser, shall be paid by Tenant. Taxes shall be prorated. Tenant has deposited earnest money toward the purchase of the Premises with Landlord in the amount of $______________ each month, which amount represents a portion of the monthly rent paid to Landlord and which will be applied toward the purchase price at closing. Tenant shall exercise due diligence to obtain financing to purchase the home. If Tenant in good faith is unable to obtain financing then the earnest money shall be returned. If this Lease is terminated by Landlord for reasons other than failure of Tenant to exercise due diligence to obtain financing, then the earnest money shall be returned to Tenant. Tenant agrees to purchase the Premises by _______________________________ (date). Should Tenant be unable to close by this date, due to no fault of Tenant, Landlord agrees to extend the option to purchase for an additional ________ (number) months. During this extended period, an additional $_______________ per month (until closing takes place) shall be added to the purchase price of the Premises. The amount shall be prorated if closing occurs at any time during a month. 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. 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. 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. 16. 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. WITNESS our signatures as of the day and date first above stated. _____________________________ ___________________________ Landlord Tenant Attach Exhibit A (Legal Description) Acknowledgments