Fill and Sign the Option to Purchase Addendum to Residential Lease Lease or Rent to Own Arkansas Form

OPTION TO PURCHASE ADDENDUM TO RESIDENTIAL LEASE AGREEMENT This Option to Purchase Addendum to Residential Lease Agreement is entered into by and between ________________________________________________ , hereinafter referred to as "Lessor", and ________________________________________________ , hereinafter referred to as "Lessee". For the valuable considerations described below, the sufficiency of which are hereby acknowledged, Lessor and Lessee do hereby covenant, contract and agree as follows: 1. GRANT OF LEASE: Lessor does hereby lease unto Lessee and Lessee does hereby rent from Lessor the personal residence located at ____________________________________ , ___________________ , _________ , as described in the Residential Lease Agreement signed on ___________________ , and attached hereto. 2. OPTION TO PURCHASE: Lessee is hereby given an option to purchase the leased premises at any time after ___________________ up to the date of termination of this lease for a purchase price of $ ______ payable in cash at closing. This option to purchase shall be exercised by Lessee by giving ( ____ ) days notice in writing to Lessor. Within ______ ( ____ ) days after Lessee has exercised this option as herein above provided, a contract of sale shall be executed by Lessor and Lessee, and the sale will be pursued to closing per the terms of said contract. During the duration of the Option, Lessor may not offer the premises for sale to any person except Lessee. 3. ASSIGNMENT OR TRANSFER: Lessee shall not have the right or power to transfer, assign or sublease this option or any provision thereof without the express written consent of Lessor. 4. HEIRS AND ASSIGNS: It is agreed and understood that all covenants of this option shall succeed to and be binding upon the respective heirs, executors, administrators, successors and assigns of the parties hereto, but nothing contained herein shall be construed so as to allow the Lessee to transfer or assign this lease in violation of any term hereof. 5. ENTIRE AGREEMENT: This agreement contains the entire agreement between the parties hereto and neither party is bound by any representations or agreements of any kind except as contained herein. * * * WITNESS THE SIGNATURE(S) this the ____ day of _________ , 20 __ . ____________________________________________ ____________________________________________ LESSOR LESSEE ____________________________________________ ____________________________________________ LESSOR LESSEE - 1 -