Fill and Sign the Lease Purchase Vs Lease Option a Potential Solution for Form

- 1 - RESIDENTIAL LEASE AGREEMENT AND OPTION TO PURCHASE This R esid en ti a l L ease A gre em en t a n d O ptio n to P urc h ase is e n te re d in to b y a n d b etw een _________ _________ ___________ ___________________, h ere in afte r r e fe rre d t o a s " L esso r" , a n d __ _______ _________ ___________ ___________________, h ere in afte r r e fe rre d t o a s " L esse e".F or th e valu ab le co nsid era tio ns desc rib ed belo w , th e su ffic ie n cy of w hic h are here b y ack now le d ged , L esso r a n d L esse e d o h ere b y c o ven an t, c o ntr a ct a n d a g re e a s f o llo w s:1 . GRANT O F L EA SE : L esso r d oes h ere b y le ase u nto L esse e a n d L esse e d oes h ere b y r e n t fr o m L esso r th e p ers o nal r e sid en ce lo cate d a t _ ___________________________________, __ _______________ __, _ ________.2 . TER M S O F L EA SE : T his le ase s h all c o m men ce o n th e _ ___ d ay o f _ ________, 2 0__, an d e x te n d u ntil th e _ ___ d ay o f _ ________, 2 0__, u nle ss e x te n ded o r te rm in ate d p urs u an t to t h e t e rm s h ere o f. I n t h e e v en t L esse e h as m ad e t im ely p ay m en ts ( b y t h e d ue d ate ) d urin g th e in itia l _ ___ m onth te rm o f th is le ase th is le ase m ay b e re n ew ed b y L esse e fo r an ad ditio nal _ ___ m onth te rm u pon _ ___ d ay s n otic e to L esso r o f L esse e's in te n t to d o s a m e an d a cc ep ta n ce o f s a m e b y L esso r. R en ew al o f t h is l e ase s h all e x te n d t h e o ptio n t o p urc h ase fo r a l ik e t e rm .3. REN TA L P A YM EN TS: Lesse e ag re es to pay unto L esso r as th e re n t th e su m of $_ ________ p er m onth f o r t h e f ir s t m onth o f t h is l e ase a n d f o r e ach m onth t h ere afte r d urin g th e te rm o f th is le ase , s a id s u m b ein g d ue o n o r b efo re th e _ __________________ d ay o f ea ch m onth . E ach m onth ly r e n ta l p ay m en t s h all b e p re p aid a t t h e b eg in nin g o f e ach m onth . 4 . LESSE ES C O VEN ANTS: I t i s a g re ed a n d u n ders to od b y L esse e t h e f o llo w in g:(a ) th at th e le ase d p re m is e s s h all b e u se d o nly a s a p riv ate d w ellin g a n d fo r n o o th er pu rp ose s w hats o ev er.(b ) th at a ll t h e u su al e le ctr ic , g as a n d w ate r f e es s h all b e p aid b e L esse e.(c ) th at L esse e s h all m ain ta in th e p re m is e s in g ood c o nditio n d urin g th e c o ntin uan ce o f th is a g re em en t a n d s h all n eith er c au se n or a llo w a n y a b use o f th e f a cilitie s th ere in , an d u pon th e te rm in atio n o r ex pir a tio n th ere o f sh all re d eliv er th e p ro perty in a s go od c o nditio n a s a t th e c o m men cem en t o f th e te rm o r a s m ay b e p ut in d urin g th e te rm , r e aso nab le w ear a n d te ar f ro m u se a n d o bso le sc en ce a ccep te d , in th e e v en t th e op tio n t o p urc h ase i s n ot e x erc is e d . ( d ) th at L esse e is an d sh all be re sp onsib le an d lia b le fo r m ak in g re p air s an d or re p la cem en ts th at m ay b e re q uir e d fo r in ju ry o r d am ag e to th e le ase d p re m is e s, eq uip m en t o r f a ciliti e s, o r k itc h en a p plia n ces t h ere in . - 2 - (e ) th at L esse e s h all n o t m ak e o r c au se t o b e m ad e a n y c h an ges, a lte ra tio ns, a d ditio ns o r atta ch a n y o bje cts o f p erm an en ce to p ortio ns o f th e b uild in g o r d o a n yth in g th at mi g ht c au se in ju ry o r d am ag e to th e le ase d p re m is e s w ith out th e w ritte n c o nse n t o f Le sso r. ( f) th at a ll p ers o nal p ro perty p la ced in o r u pon th e le ase d p re m is e s, o r in a n y s to ra g e ro om s, s h all b e a t t h e r is k o f t h e L esse e, o r t h e p artie s o w nin g s a m e, a n d L esso r s h all in n o e v en t b e l ia b le f o r t h e l o ss o r d am ag e o f a n y s u ch p ro perty .(g ) th at L esso r r e ta in s a l a n dlo rd s l ie n o n a ll p ers o nal p ro perty p la ced u pon t h e p re m is e s to s e cu re t h e p ay m en t o f r e n t a n d a n y d am ag es t o t h e l e ase s p re m is e s.(h ) th at L esse e m ust giv e L esso r _____ (_ __) day s ad van ce w ritte n notic e of his in te n tio n t o v acate t h e p re m is e s p rio r t o t h e f ir s t d ay o f t h e m onth a t w hic h t h e l e ase will b e te rm in ate d . L esse e u nders ta n ds th at a te rm in atio n m ay o nly b e e ffe ctiv e o n the fir s t d ay o f a m onth . L esse e m ay n ot te rm in ate o n a n y d ay o th er th an th e fir s t da y o f th e m onth . T hus, p artia l m onth ly re n ta l p ay m en ts a re n ot a llo w ed a n d re n t sh all n ot b e p ro ra te d .5. RIG HTS A ND P R IV IL EG ES O F L ESSO R: L esso r s h all h av e th e fo llo w in g rig hts in additio n t o a ll o th er r ig hts g iv en b y t h e l a w o f t h e S ta te o f _ _________:(a ) The rig ht to e n te r th e le ase d p re m is e s a t a ll re aso nab le tim es fo r th e p urp ose o f in sp ectin g t h e s a m e a n d/o r s h ow in g t h e s a m e t o p ro sp ectiv e t e n an ts o r p urc h ase rs .(b ) Lesso r sh all not be re sp onsib le fo r re p air s to th e pre m is e s w hic h sh all be th e re sp onsib ility o f L esse e. ( c ) It is a g re ed a n d u nd ers to od th at L esso r, it's a g en ts a n d e m plo yees s h all n ot b e lia b le to an y p ers o n fo r an y d am ag es o f an y n atu re w hic h m ay o ccu r at an y tim e o n acco unt o f an y d efe ct in th e le ase d p re m is e s, th e b uild in g in w hic h th e le ase d pre m is e s a re s itu ate d o r th e im pro vem en ts th ere in , w heth er s a id d efe ct e x is ts a t th e tim e o f e x ecu tio n o f th is le ase o r a ris e s s u bse q u en t h ere to a n d w heth er s u ch d efe ct wa s k now n o r u nkn ow n a t th e tim e o f s u ch in ju ry o r d am ag e, o r f o r d am ag es f ro m fir e , w in d, ra in o r an y o th er cau se w hats o ev er, all cla im s fo r su ch in ju rie s an d dam ag es b ein g s p ec if ic ally w aiv ed b y L esse e.(d ) Lesso r s h all n ot b e r e sp onsib le o r lia b le f o r a n y a ccid en t o r d am ag e to a u to m obile s, pe rs o ns, o r an y o th er eq uip m en t o r p ers o ns u tiliz in g p ark in g fa cilitie s u pon th e le ase d p re m is e s. T he fa ilu re o f L esso r to in sis t u pon th e s tr ic t p erfo rm an ce o f th e te rm s, co ven an ts , an d ag re em en ts h ere to sh all n ot b e co nstr u ed as a w aiv er o r re lin quis h m en t o f L esso r's rig ht th ere afte r to e n fo rc e a n y su ch te rm , c o ven an t, o r co nditio n b ut t h e s a m e s h all c o ntin ue i n f u ll f o rc e a n d e ffe ct.( e ) Real e sta te t a x es a n d i n su ra n ce o n t h e l e ase d p re m is e s s h all b e p aid b y L esso r. - 3 - 6. IN SU RANCE A ND D EST R UCTIO N O F P R EM IS E S: H azard a n d f ir e in su ra n ce s h all be a cq uir e d a n d m ain ta in ed b y L esso r, t h e p ro ceed s o f w hic h s h all b e p ay ab le t o L esso r. I n th e e v en t th e le ase d p re m is e s sh all b e d estr o yed o r re n dere d to ta lly u nte n an ta b le b y fir e , wi n dsto rm , o r o th er c au se b ey ond th e c o ntr o l o f L esso r, th en th is a g re em en t s h all c ease a n d term in ate as o f th e d ate o f su ch d estr u ctio n, an d th e re n ta l sh all th en b e acco unte d fo r be tw een L esso r a n d L esse e u p to th e tim e o f s u ch d am ag e o r d estr u ctio n o f s a id p re m is e s is th e s a m e a s b ein g p ro ra te d a s o f th at d ate . I n th e e v en t th e le ase d p re m is e s a re d am ag ed b y fir e , w in dsto rm o r o th er cau se b ey ond th e co ntr o l o f L esso r so as to re n der th e sa m e pa rtia lly u nte n an ta b le , b ut r e p air a b le w ith in a r e aso nab le t im e, t h en t h is l e ase s h all r e m ain i n forc e a n d e ffe ct a n d th e L esso r sh all, w ith in a re aso nab le tim e, re sto re sa id p re m is e s to substa n tia lly th e c o n ditio n th e sa m e w ere in p rio r to sa id d am ag e, a n d th ere sh all b e a n ab ate m en t in re n t in pro portio n to th e re la ti o nsh ip th e dam ag ed portio n of th e le ase d pre m is e s b ears t o t h e w hole o f s a id p re m is e s. 7 . TER M IN ATIO N O F L EA SE : T his le ase m ay b e te rm in ate d b y e ith er p arty u pon _ ____ (_ __ ) d ay s a d van ce n otic e t o t h e o th er p arty w it h out f u rth er o blig atio n p urs u an t t o t h e t e rm s th ere o f. I f L esse e f a ils to c o m ply w ith a n y o f th e te rm s, c o nditio ns, o r c o ven an ts c o nta in ed in t h is a g re em en t, i n clu din g t h e p ay m en t o f r e n t a n d a m ounts d ue b y L esse e f o r d am ag es o r in ju rie s to th e le ase d p re m is e s, th en u pon g iv in g _ ____ (_ __) h ours w ritte n n otic e, L esso r ma y te rm in ate th is le ase a n d re -e n te r a n d re ta k e p osse ssio n o f th e le ase d p re m is e s, b ut n o su ch te rm in atio n o f th is le ase o r re co verin g p osse ssio n sh all d ep riv e L esso r o f a n y o th er ac tio n o r re m ed y fo r p osse ssio n, fo r re n t, o r fo r d am ag es. N otic e o f te rm in atio n s h all b e de liv ere d to L esse e a t th e a d dre ss o f th e le ase d p re m is e s, b y U nite d S ta te s M ail, p osta g e pre p aid . I n t h e e v en t t h at L esso r e m plo yees a n a tto rn ey t o c o lle ct a n y r e n ts o r o th er c h arg es du e h ere u nder b y L esse e o r to e n fo rc e a n y o f L esse e's c o ven an ts h ere in o r to p ro te ct th e in te re st o f th e L ess o r h ere u nder, L esse e a g re e s to p ay a re aso nab le a tto rn ey 's fe e a n d a ll ex pen se s a n d c o sts i n cu rre d t h ere b y.8. OPT IO N T O P U R CH ASE : Lesse e is h ere b y g iv en an o ptio n to p urc h ase th e le ase d pre m is e s a t a n y tim e a fte r _ __________________ u p to th e d ate o f te rm in atio n o f th is le ase fo r a p urc h ase p ric e o f $ ______ p ay ab le i n c ash a t c lo sin g. T his o ptio n t o p urc h ase s h all b e ex erc is e d b y L esse e b y g iv in g (_ ___) d ay s n otic e in w ritin g to L esso r. W ith in _ _____ (_ ___ ) d ay s a fte r L esse e h as e x erc is e d t h is o pti o n a s h ere in a b ove p ro vid ed , t h e L esso r s h all de liv er t o L esse e a C ertif ic ate o f T itle o r a b str a ct c o verin g t h e l e ase d p re m is e s, a ccep ta b le t o Lesse e. Said C erti f ic ate o r a b str a ct sh all re fle ct th at m ark et w ill fe e sim ple title to th e su bje ct p ro perty is v este d in L esso r a n d s h all b e s u bje ct o nly to ta x es fo r th e c u rre n t y ear, ea se m en t, rig hts -o f-w ay o f re co rd , a n d m in era l re se rv atio ns. C lo sin g o f th e c o nvey an ce betw een L esso r a n d L esse e s h all ta k e p la ce w ith in _ _____ ( _ ___) d ay s o f L esso r's d eliv ery to L esse e o f a n a cce p ta b le C ertif ic ate o f T itle o r a b str a ct a s p ro vid ed h ere in . A ll e x pen se s of t h e s a le i n clu din g s u rv ey , a tto rn ey 's f e es, r e co rd in g f e e a n d a n y o th er c o st s h all b e p aid b y Buyer. T ax es s h all b e p ro ra te d . L esse e h as d ep osite d e arn est m oney t o w ard t h e p urc h ase o f th e h om e w ith L esso r in th e am ount o f $ ___________________ w hic h w ill b e ap plie d to w ard t h e p urc h ase p ric e a t c lo sin g. L esse e s h all e x erc is e d ue d ilig en ce t o o bta in f in an cin g to p urc h ase th e h om e. If L esse e in g ood f a ith is u nab le to o bta in f in an cin g th en th e e arn est mo ney s h all b e re tu rn ed . In th e e v en t th e le ase is te rm in ate d b y L esso r fo r re aso ns o th er th an f a ilu re o f L esse e to e x erc is e d ue d ilig en ce to o bta in f in an cin g th en th e e arn est m oney - 4 - sh all b e re tu rn ed to L esse e . O th erw is e th e e arn est m oney s h all b e re ta in ed b y L esso r a s Op tio n m oney w hic h i s n on -re fu ndab le .9 . ASSIG NM EN T O R T R ANSF E R : L esse e s h all n ot h av e th e rig ht o r p ow er to tr a n sfe r, as sig n o r s u ble ase th is le ase o r a n y p ro vis io n th ere o f w ith out th e e x pre ss w ritte n c o nse n t o f Le sso r.1 0 . HEIR S A ND A SSIG NS: It is a g re ed a n d u nders to od th at a ll c o ven an ts o f th is le ase s h all su cceed to a n d b e b in din g u pon th e re sp ectiv e h eir s , e x ecu to rs , a d m in is tr a to rs , s u ccesso rs an d a ssig ns o f th e p artie s h ere to , b ut n oth in g c o nta in ed h ere in s h all b e c o nstr u ed s o a s to allo w t h e L esse e t o t r a n sfe r o r a ssig n t h is l e ase i n v io la tio n o f a n y t e rm h ere o f.1 1 . EN TIR E A G REE M EN T: This ag re em en t co nta in s th e en tir e ag re em en t b etw een th e pa rtie s h ere to a n d n eith er p arty is b ound b y a n y r e p re se n ta tio ns o r a g re em en ts o f a n y k in d ex cep t a s c o nta in ed h ere in . W IT N ESS T H E S IG NATU RE(S ) t h is t h e _ ___ d ay o f _ ________, 2 0_ _. L E SSO R L E SSE E(S )