Real Estate Lease Agreement

CONTRACT FOR THE LEASE AND MANDATORY PURCHASE OF REAL ESTATE

This CONTRACT FOR THE LEASE AND MANDATORY PURCHASE OF REAL ESTATE (hereinafter the "Agreement") entered into this the day of , 20 by and between (hereinafter "Seller") and , jointly and severally, (hereinafter individually and collectively "Purchaser").

NOW, THEREFORE, FOR AND IN CONSIDERATION of mutual covenants and agreements contained herein, and other good and valuable considerations the receipt and sufficiency of all of which is hereby acknowledged the parties hereto do hereby covenant, contract and agree as follows, to-wit:

SECTION 1. LEASE OF REAL PROPERTY.

1.1 LEASE. Seller hereby demises and leases to Purchaser and Purchaser hereby takes and rents from Seller that certain real property located in County, , being more particularly described on Exhibit "A" attached hereto and incorporated herein by reference, together with any improvements now situated thereon, and all easements, rights, licenses and appurtenances used in connection therewith or belonging thereto (hereinafter the "Property").

1.2 TERM. The initial term of the Lease shall begin on the and shall terminate on the .

1.3 RENT. During the term of the Lease, Purchaser shall pay unto Seller the sum of ($) per month as rent for the Property. The monthly rental shall be due on the day of the month and if not paid by the day, there shall be a late charge of $ due for such month.

1.4 USE OF PREMISES. The Property and improvements thereon are hereby leased for residential and related use. Purchaser agrees not to use or permit the use of the Property for illegal purposes.

1.5 UTILITIES. Purchaser agrees to maintain, repair, and pay for all water, fuel, gas, oil, heat, electricity, power, materials and services which may be furnished to it or used by it in or about the Property.

1.6 TAXES. Seller shall pay all real property taxes levied on the Property during the term of this Lease.

1.7 ALTERATIONS, TRADE FIXTURES, FINANCING. Purchaser shall have the right to make such alterations and improvements to the Property as it deems necessary or desirable upon giving written notice of same to Seller.

1.8 ASSIGNMENT AND SUBLEASING. Purchaser shall not have the right to assign this Lease nor sublet the Property in whole or in part without first procuring the written consent of the Seller.

1.9 NUISANCES. Purchaser shall promptly comply with all ordinances and shall not engage in any act which shall constitute a nuisance.

1.10 ENTRY AND INSPECTION. Purchaser shall permit Seller and his agents to enter the Property at all reasonable times for inspection, maintenance, and repairs.

1.11 LEAD-BASED PAINT DISCLOSURE (Rental): Housing built before 1978 may contain lead-based paint. Landlord states as follows: [Landlord check one]

The leased premises was constructed in 1978 or later.

The leased premises was constructed prior to 1978. Landlord has conformed with all federal requirements regarding lead-based paint disclosure.

SECTION 2. MANDATORY PURCHASE OF REAL ESTATE

2.1 AGREEMENT TO PURCHASE REAL PROPERTY. Seller agrees to sell and Purchaser agrees to purchase on the terms and conditions set forth herein that certain real property located in County, , being more particularly described on Exhibit "A" attached hereto. The Closing Date of the purchase shall be on or before . Time is of the essence.

2.2 EARNEST MONEY. Purchaser has delivered earnest money in the amount of ($) to secure and guarantee Purchaser’s duties and obligations hereunder.

2.3 PURCHASE PRICE. Purchaser agrees to pay Seller and Seller agrees to accept as total consideration the total sum of ($), plus interest at the rate of percent (%) per annum.

Purchaser shall deliver a promissory note with equal monthly installments of ($) per month beginning .

2.4 CLOSING COSTS. All closing costs associated with the purchase of the Property by Purchaser, with the exception of any title insurance desired by Purchaser, shall be paid one-half by Purchaser and one-half by Seller.

2.5 TITLE. Seller agrees to provide Purchaser at closing a Certificate of Title and a Warranty Deed.

2.6 TAXES. Taxes for the current year shall be prorated at closing between Seller and Purchaser.

SECTION 3. DEFAULT.

If either party defaults in compliance with any term, covenant, representation or warranty herein contained, the non-defaulting party shall give the defaulting party ten (10) days written notice to cure the default.

SECTION 4. WAIVER OF SUBROGATION.

Seller and Purchaser covenant and agree that all policies of insurance carried by either of them upon the Property shall include both the Seller and Purchaser as insureds and shall include a waiver of subrogation.

SECTION 5. CONDEMNATION.

If, during the term of this Agreement, the Property shall be taken or condemned, either in whole or part, by competent authorities for public or quasi-public use, Seller shall have the option to terminate this Agreement as of the date of taking.

SECTION 6. REMOVAL OF TIMBER OR MINERALS.

Purchaser agrees and covenants that no timber or minerals shall be cut, mined or otherwise removed from the Property without the prior written consent of Seller.

SECTION 7. RELATIONSHIP OF PARTIES.

The relationship of the parties hereto is strictly that of Seller and Purchaser and shall not be construed as a joint venture or partnership.

SECTION 8. AGREEMENT BINDING ON ASSIGNS.

All covenants, conditions and agreements contained in this Agreement shall extend to and be binding on the respective heirs, successors and assigns of the respective parties hereto.

SECTION 9. ATTORNEY'S FEES.

In the event of breach or default, the defaulting or breaching party shall pay all attorney fees, court costs and other expenses occasioned by such default or breach.

SECTION 10. NOTICES.

Until further written notice, all rent checks and all notices from Purchaser to Seller shall be sent to:

Until further written notice, all notices from Seller to Purchaser shall be sent to Purchaser at the following address:

All notices to be given under this Agreement shall be in writing and shall be served personally or sent by certified or registered mail.

SECTION 11. ENTIRE AGREEMENT.

This Agreement contains all of the agreements and conditions made between the parties hereto and may not be modified except in writing signed by all parties.

SECTION 12. PARTIAL INVALIDITY.

If any provision of this Agreement is invalid or illegal, the remainder shall not be affected thereby.

SECTION 13. GOVERNING LAW.

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

SECTION 14. LEAD-BASED PAINT DISCLOSURE (SALE):

Seller states as follows: [Seller check one]

The premises was constructed in 1978 or later.

The premises was constructed prior to 1978. Seller has conformed with all federal requirements regarding lead-based paint disclosure.

SECTION 15. OPPORTUNITY TO CONDUCT EVALUATION

Purchaser: check the applicable provision, and sign on the line below:

Seller has permitted the purchaser a 10-day period to conduct a risk assessment or inspection.

Seller and purchaser have agreed in this contract that a -day period will be allowed instead of the usual 10-day period.

Purchaser hereby waives the opportunity to conduct the risk assessment or inspection.

WITNESS THE SIGNATURES of the parties hereto on this the day of , 20.

STATE OF COUNTY OF

Personally appeared before me, the undersigned authority in and for said county and state, on this day of , 20, within my jurisdiction, the within named , who acknowledged that he is President of , a corporation.

GIVEN under my hand and official seal of office on this the day of , 20.

SEPARATE INSTRUCTION PAGE REGARDING LEAD-BASED PAINT DISCLOSURE

THIS PAGE IS NOT PART OF THE CONTRACT! It is provided to aid the landlord/seller in complying with federal lead-based paint disclosure law, for dwellings built prior to 1978.

IMPORTANT!!!

NOTES CONCERNING LEAD-PAINT DISCLOSURE REQUIREMENTS

Introduction: If the dwelling unit was constructed PRIOR TO 1978, federal law REQUIRES a Lead-Based Paint Disclosure Form to be attached to the lease/contract for sale, completed and signed by the lessor/seller and lessee/purchaser.

Background: To protect families from exposure to lead from paint, dust, and soil, Congress passed the Residential Lead-Based Paint Hazard Reduction Act of 1992.

Requirements: Before the lease/purchase contract is signed and agreed to, landlord/seller must fully comply with lead-paint disclosure law.

Purchase the Disclosure Forms: If you need to purchase Lead-Based Paint Disclosure Forms, you can do so using USLF.

The Free EPA Pamphlet: The landlord/seller must give the tenant/purchaser the EPA-approved pamphlet entitled "Protect Your Family From Lead In Your Home."