Fill and Sign the Option to Lease Residential Property Form

Option to Lease Residential Property Agreement made on the _______________ (date), between ___________________ (Name of Tenant) of ___________________________________________________________ (street address, city, state, zip code) , referred to herein as Tenant, and _________________ (Name of Landlord) , a corporation organized and existing under the laws of the state of ______________, with its principal office located at ___________________________________ ____________________________________________ (street address, city, state, zip code), referred to herein as Landlord. For and in consideration of the payment by Tenant to Landlord of the amount of $__________, the mutual covenants contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Landlord grants Tenant an Option to Lease the premises described in the Lease Agreement attached hereto as Exhibit A and made a part hereof. The parties further agree as follows: 1. Term of Option This option and all rights and privileges hereunder shall expire on _________________ (date) . 2. Notice of Exercise of Option This option is to be exercised by the Tenant by written notice delivered personally or forwarded by registered or certified mail, return receipt requested, within the time limitation in Paragraph 1 to the Landlord at the address set forth above. 3. Application of Option Payment In the event that the Tenant does not exercise his option as herein provided, all sums paid on account thereon shall be retained by the Landlord as consideration for this option free of all claims of the Tenant, and neither party shall have any further rights or claims against the other 4. Effect of Exercise of Option In the event that the Tenant does exercise his option as herein provided, the sum paid on account of the option shall be applied to the first month’s rent and the terms, covenants, and conditions in the Lease Agreement, attached hereto and made a part hereof, shall become the contract of the parties. WITNESS our signatures as of the day and date first above stated. _________________________ (Name of Landlord) ________________________ By:_________________________ (Printed Name of Tenant) _______________________ _________________________ (Printed Name & Office in Corporation) (Signature of Tenant) _______________________ (Signature of Officer)