Fill and Sign the Lease or Rental Agreement of Mobile or Manufactured Home with Option to Purchase and Own Lease or Rent to Own Form

Lease of Mobile (Manufactured) Home with Option to Purchase Agreement made on the _________________________________ (date) , between _______________________________ (Name of Lessee) of _______________________ ________________________________________________________________________ _________ (street address, city, county, state, zip code) , referred to herein as Lessee , and _____________________________________ (Name of Lessor) , of _________________ ________________________________________________________________________ __________ (street address, city, county, state, zip code) , referred to herein as Lessor . 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. Description of Mobile Manufactured Home and Lot. Lessor hereby leases to Lessee and Lessee hereby leases from Lessor the following described mobile manufactured home (hereinafter called “ Home ”): bearing Serial Number ______________________ and being more particularly described as (put specific description of Home here) __________________________________________ _______________________________________________________________________. 2. Term of Agreement The period of this Lease is ______ (number) months beginning on ___________________________ (date) and ending on ___________________________ (date) . 3. Rental Lessee agrees to pay as rental for the use of the Home the sum of $____________ (Dollars) per month, the first payment to made on _____________________________ (date) , and each subsequent payment to be made in advance on _____________________ __________ (date) . 4. Use of Home Lessee will not use the Premises in any manner which may vitiate the insurance or increase the rate of insurance on the Home . 5. Assignment and Subletting Lessee shall not sublet the Home , or any part thereof, or assign this lease agreement without Lessor’s prior written consent. 6. Deposit Lessee agrees to deposit the sum of $________________ (Dollars) with Lessor , the receipt of which is hereby acknowledged, as assurance that the Home will be returned in the same clean condition as it is delivered to Lessee, the deposit to be refunded if the condition of the Home , upon its return, is acceptable to Lessor . 7. Indemnification Lessee agrees to indemnify Lessor for any and all claims resulting from, or incidental to, the operation of the Home during the term of this Lease. Lessee assumes all risks and liabilities from the use and operation of the Home . 8. Warranties Lessor is not the manufacturer of the Home and makes no warranty against patent or latent defects in material or workmanship of the Home. 9. Reports Lessee shall furnish Lessor , within______ (number) hours after its occurrence, a complete report concerning any accident, collision, and/or damages to or involved with the Home . 10. Repairs Lessee shall be solely responsible for all repairs and replacements necessary or desirable. 11. Insurance and Indemnification A. Lessee will acquire, pay for, and maintain insurance for the Home, including public liability and property damage insurance, issued by a responsible company or companies, protecting the interests of both Lessee and Lessor against liability for damage, personal injury or death to the extent of not less than $________________ (Dollars) per accident and not less than $________________ (Dollars) per person; and the sum of $________________ (Dollars) per accident against liability for damage to property. Lessee agrees that the policy will include Lessor as a "named insured" and shall not be cancelled until after ______ (number) days notice to Lessor of Lessee’s intention to cancel. B. Should any claim be made or any action be commenced against Lessor arising from any of the causes covered by the insurance referred to in Sub-Paragraph A above , Lessor will promptly notify Lessee and Lessee will conduct the defense of any such claim or action at Lessee's expense, including all costs and attorneys' fees. 12. Return of Home Lessee agrees to return the Home to Lessor at _____________________________ ___________________________________________________ (street address, city and state) on or before _____________ (time) , on the final date of this Lease. 13. Area of Use Lessee agrees not to remove the Home from the continental United States or the State of _________________________________ (Name of State) . 14. Assignment This Lease is personal to Lessee and may not be assigned by Lessee . 15. Default and Remedies A. If any default shall be made by Lessee in the payment when due, of any rent or other sum due under this Agreement, or in the performance of any other provision of this Agreement, or if the Lessee shall otherwise, in any manner whatever, become unable to pay the rent specified here or to perform any of the provisions to be kept or performed by Lessee, then Lessor shall have the option, without notice to Lessee or demand for performance, to require Lessee to redeliver the Home to Lessor at a location designated by Lessor at Lessee's expense. B. Upon any such default, and with or without terminating or forfeiting this Lease Agreement and without in any way affecting any other right or remedy of Lessor or any duties or obligations of Lessee under this Agreement, Lessor may lease the Home as the agent and for the account of Lessee upon such terms and conditions as Lessor may deem advisable, in which event the rents received on any such Lease shall be applied first to the expenses of leasing and collecting, including any necessary renovation or repairs, then toward payment of all sums due or to become due to Lessor under this Agreement, and if a sufficient sum shall not thus be realized to pay such rent and other charges, Lessee shall pay to Lessor monthly any deficiency. C. Upon any such default, Lessor may terminate this Lease Agreement, in which event Lessee shall pay to Lessor the amount of rent that would have been paid to Lessor had there been no such default. D. The foregoing remedies for default shall not be exclusive but shall be cumulative and in addition to all other remedies. 16. Other than the Option to Purchase set forth in Paragraph 18 below, this is a Lease only, and the Lessee has acquired no right, title or interest in the Home, except the right to use the same pursuant to the provisions of this Lease Agreement. 17. The term of this Lease Agreement shall be extended for an additional term of _________ (number) months pursuant to the terms of this Lease Agreement, including this paragraph for renewal, unless either Lessor or Lessee, at least ________ (number) days before the end of the term of this Lease Agreement, gives written notice to the other of intention to terminate this Lease Agreement on expiration of the term provided for in this Agreement. 18. Option to Purchase Lessor hereby grants to Lessee the option to purchase the Home in its then-current condition at any time during this Agreement for the sum of $______________ (Dollars) less _______ (number) % of rent that has been paid pursuant to this Lease Agreement or any renewal thereof. If Lessee desires to exercise the option to purchase , Lessee shall do so by giving Lessor written notice of that intent no less than ______ (number) days prior to the date for the next scheduled lease payment under this Agreement. Lessor and Lessee agree that Lessor will be selling Home in its “as is” condition on the date of any such sale and makes no warranty as to the condition of the Home and waives any implied warranty of fitness for a particular purpose or merchantability. 19. Mandatory Arbitration Notwithstanding the foregoing, and anything herein to the contrary notwithstanding, 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. 20. This Lease Agreement represents the entire agreement between the parties and no provision may be waived or modified, except by an instrument in writing signed by both of the parties. WITNESS our signatures the day and year first written above. _______________________________ ____________________________ LESSOR LESSEE