Fill and Sign the Lease Purchase Agreementdoc Form

OPTION AGREEMENT TO PURCHASE PROPERTY This Option Agreement (the “Agreement”) is dated _____. It is between _____, whose address is ______ (referred to as “Seller”), and _____, whose address is _____, (referred to as “Buyer”). 1. In consideration of _____ (the “Option Payment”), the receipt of which is acknowledged, Seller grants to Buyer an option to purchase the property located in _____ County, _____, described in Exhibit “A” (the “Property”) to the Purchase Agreement attached to this Option Agreement as Exhibit “B,” subject to the terms and conditions set forth in this Opti on Agreement (the “Option”). 2. The term of the Option (the “Option Term”) shall commence on the date of the Opti on Agreement and shall terminate on _____, subject to extensions described below. Buyer may extend the Option Term to _____ by paying the sum of _____ to Seller within the initial Option Term. That sum shall be added to and made a part of the Option Payment. 3. Buyer may exercise the Option by giving written notice of its intent to exercise the Option to Seller no later than the expiration of the Option Term, as it may be extended, and by concurrently paying to the Escrow Agent to be selected by Buyer, the Earnest Money as provided in the Purchase Agreement. 4. If Buyer exercises the Option within the Option Term, as it may be extended, the Opt ion Payment, as well as the Earnest Money, shall be applied against the Purchase Price at the Closing, and Seller shall sell and Buyer shall purchase the Property in accordance with the provisions of the Purchase Agreement. It shall not be necessary for Buyer and Seller to exec ute the Purchase Agreement, which is incorporated into this Option Agreement by reference. The date of the Purchase Agreement shall be the date of Buyer’s notice of exercise of the Option. All defined terms in the Purchase Agreement are incorporated into this Option Agreement by reference, regardless of whether or not Buyer exercises the Option. 5. If Buyer does not exercise the Option within the Exercise Term, as it may be exte nded, this Option Agreement and the Option shall terminate and neither party shall have any further rights or obligations under the Option Agreement, except that Seller shall be entitled to retain the Option Payment as consideration for the grant of the Option.6. This Option Agreement along with the attached Exhibit “A,” and the Purchase Agreement, supersedes all prior discussions and agreements, oral and/or written, between Sel ler and Buyer with respect to the Property and all other matters contained in this Agreem ent, and constitutes the sole and entire agreement between Seller and Buyer with respect to the Property. This Option Agreement may not be modified or amended unless the amendment is set forth in writing and signed by both Seller and Buyer.7. All Notices must be in writing and be given or delivered as provided in the Purchase Agreement. Seller and Buyer have executed the Option Agreement as of the date set forth above.Seller Buyer (Acknowledgments) Exhibit “A”: Description of Property Exhibit “B”: Purchase Agreement