Residential Lease Agreement

Residential Property Rental Agreement

Agreement made on the (date), between

of

, referred to herein as Lessor, and

of

, referred to herein as Lessee.

Whereas, Lessor desires to lease that certain residential property located at , hereinafter referred to as the Property; and

Whereas, Lessee desires to lease the Property; and

Whereas, Lessor desires to lease the Property to Lessee pursuant to the terms of this Agreement;

Now, therefore, for and in consideration of the mutual covenants contained in this agreement, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows:

1. Lease

Lessor hereby leases Property to Lessee and Lessee hereby leases Property from Lessor. Lessee shall only use Property as his private residence.

2. Term of Lease

Property shall be leased to Lessee for a period of years from (date). Lessee shall have the option to renew the lease for additional periods of equal duration, on giving days' written notice to Lessor of his intent to exercise that option at least days prior to the expiration of the Lease. Any additional extensions of the initial Lease Agreement or any new Lease Agreement shall be at the option of Lessor.

3. Monthly Rental and Late Payment Charges

A. Lessee shall pay $ per month as the monthly rental for the term of the Lease with the first payment due on or before (date), and subsequent payments on the day of each succeeding month. This rental payment shall be subject to renegotiation by the parties at any time either of the parties exercises the option to renew the Lease under the provisions of any subsequent Lease Agreement. Payments shall be made to Lessor at the address set forth at the beginning of this Agreement.

B. Lessee agrees to pay a late payment charge of $ if rent is not received within five days after the due date to cover collection fees and/or additional administration fees. Lessee shall pay an amount of $ for each rent check returned for insufficient funds and thereafter pay rent by cash or cashier's check.

4. Security Deposit

A. Lessee agrees to deposit an amount of $ with the Lessor on signing this Rental Agreement, said amount to bear no interest. This deposit will be held by Lessor and may be used at any time to repair damages caused by Lessee to the Property. The deposit or balance thereof will be refunded to the Lessee when this Agreement expires and after inspection of the Property, but not later than thirty days after this Agreement expires. This provision is purely for the benefit of the Lessor and does not relieve the Lessee in any way from the obligation of any other payment or liabilities in terms thereof.

B. Lessee shall not under any circumstances be entitled in the final month of the tenancy to withhold payment of the rent or portion of the rent for the final month and to set off such payment against any deposit which the Lessee has paid.

5. Taxes and Utilities

A. Lessor shall be liable for the payment of all real property taxes assessed against the Property and shall pay the costs incurred for water and sewer services.

B. Lessee shall be liable for all personal property taxes and all remaining utility charges, including gas, electricity, sanitation, and telephone.

6. Repairs

A. Lessee shall make all repairs on the Property, except where repairs are necessitated by structural damage, after advising Lessor of the necessity for such repairs. Lessor shall reimburse prospective Lessee for the costs of all material required by the repairs made by Lessee, unless Lessee is the cause of the need for such repairs.

B. Lessor shall be responsible for making all structural repairs at his own expense.

7. Inspection by Lessee

A. Lessee has inspected the Property and confirms that they are suitable for the purposes for which they are let for the duration of this Agreement.

B. Lessee acknowledges that the Property are in a good state of repair and specifically acknowledges that at commencement of this Rental Agreement, all of the sanitary installations and equipment, electrical installations and equipment, keys, locks, doors, windows, wash basins and taps are in a good state of repair and working order.

C. Lessee shall give written notice to the Lessor within days after the commencement date, of any structural defects in the Property, or any defects in the abovementioned installations and equipment, and the absence of such notice shall constitute prima facie proof of the absence of any defects or missing articles and the good condition of the Property.

D. Lessee shall allow Lessor or his agent access to the Property at all reasonable times with prior arrangement with the Lessee, to inspect the Property or to carry out any work that may be required to be done or are deemed to be necessary in order to keep the Property fixtures and fittings in good order and conditions.

E. Lessee agrees to maintain the Property and to return same in a clean and neat condition at the expiration of this Rental Agreement.

F. Lessee shall not keep any pets or animals in or on the Property without the prior written consent of Lessor and Lessee shall be responsible for any damage to the Property caused by such pet or animal.

G. Lessee shall not do or allow to be done in any way anything which would increase the premiums of or vitiate the Policies of Insurance on the Property.

H. Lessee shall keep the grounds of the Property in a clean and tidy condition, free from all litter and rubbish, garden refuse and discarded appliances or motor parts and shall keep the hedges trimmed, lawns mowed and flowerbeds neat and tidy.

8.

Lessee and any other person associated with Lessee including but not limited to relatives, friends, visitors or employees shall have no claim for injury, damages or loss sustained directly or indirectly in or about the Property against the Lessor for any act or omission of the Lessor including but not limited to any agent, servant, cleaner, maintenance person, handyman, artisan or employee of the Lessor save from that arising due to active and actionable negligence or willful misconduct.

9. Alterations and Improvements

Lessee shall make no alterations to the buildings on the Property or construct any building or make other improvements on the Property without the prior, express, and written consent of Lessor. All alterations, changes, and improvements built, constructed, or placed on the Property by Lessee, with the exception of fixtures removable without damage to the Property and movable personal property, shall, unless otherwise provided by written agreement between Lessor and Lessee, be the property of Lessor and remain on the Property at the expiration or earlier termination of this Lease.

10. Subordination of Lease

This Lease and Lessee's leasehold interest under this Lease are and shall be subject, subordinate, and inferior to any liens or encumbrances now or later placed on the Property by Lessor, all advances made under any such liens or encumbrances, the interest payable on any such liens or encumbrances, and any and all renewals or extensions of such liens or encumbrances.

11. Holdover by Lessee

Should Lessee remain in possession of the Property with the consent of Lessor after the natural expiration of this Lease, a new tenancy from month-to-month shall be created between Lessor and Lessee which shall be subject to all the terms and conditions of this Lease Agreement but shall be terminable on days' written notice served by either Lessor or Lessee on the other party.

12. Surrender of Property

At the expiration of the Lease term, Lessee shall quit and surrender the Property in as good a state and condition as they were at the commencement of this Lease, reasonable use, and wear and damages by the elements excepted.

13. Default

If any default is made in the payment of rent, or any part of the rent, at the times specified in this Lease, or if any default is made in the performance of or compliance with any other term or condition of this Lease, the Lease, at the option of Lessor, shall terminate and be forfeited, and Lessor may reenter the premises and remove all persons from the Property. Termination and forfeiture of the Lease shall not result if, within (number) days of receipt of the notice, Lessee has corrected the default or breach or has taken action reasonably likely to effect such correction within a reasonable time.

14. Abandonment

If at any time during the term of this Lease Lessee abandons the Property or any part of the Property, Lessor may, at his option, enter the Property by any means without being liable for any prosecution for such entering, and without becoming liable to Lessee for damages or for any payment of any kind whatever, and may, at Lessor's discretion, as agent for Lessee, relet the Property, or any part of the Property, for the whole or any part of the then unexpired term, and may receive and collect all rent payable by virtue of such reletting, and, at Lessor's option, hold Lessee liable for any difference between the rent that would have been payable under this Lease during the balance of the unexpired term, if this Lease had continued in force, and the net rent for such period realized by Lessor by means of the reletting. If Lessor's right of reentry is exercised following abandonment of the Property by Lessee, then Lessor may consider any personal property belonging to Lessee and left on the Property to also have been abandoned, in which case Lessor may dispose of all such personal property in any manner Lessor shall deem proper and is relieved of all liability for doing so.

15. Severability

The invalidity of any portion of this Agreement will not and shall not be deemed to affect the validity of any other provision. If any provision of this Agreement is held to be invalid, the parties agree that the remaining provisions shall be deemed to be in full force and effect as if they had been executed by both parties subsequent to the expungement of the invalid provision.

16. No Waiver

The failure of either party to this Agreement to insist upon the performance of any of the terms and conditions of this Agreement, or the waiver of any breach of any of the terms and conditions of this Agreement, shall not be construed as subsequently waiving any such terms and conditions, but the same shall continue and remain in full force and effect as if no such forbearance or waiver had occurred.

17. Governing Law

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

18. Notices

Any notice provided for or concerning this Agreement shall be in writing and shall be deemed sufficiently given when sent by certified or registered mail if sent to the respective address of each party as set forth at the beginning of this Agreement.

19. Attorney's Fees

In the event that any lawsuit is filed in relation to this Agreement, the unsuccessful party in the action shall pay to the successful party, in addition to all the sums that either party may be called on to pay, a reasonable sum for the successful party's attorney fees.

20. Mandatory Arbitration

Any dispute under this Agreement shall be required to be resolved by binding arbitration of the parties hereto. If the parties cannot agree on an arbitrator, each party shall select one arbitrator and both arbitrators shall then select a third. The third arbitrator so selected shall arbitrate said dispute. The arbitration shall be governed by the rules of the American Arbitration Association then in force and effect.

21. Entire Agreement

This Agreement shall constitute the entire agreement between the parties and any prior understanding or representation of any kind preceding the date of this Agreement shall not be binding upon either party except to the extent incorporated in this Agreement.

22. Modification of Agreement

Any modification of this Agreement or additional obligation assumed by either party in connection with this Agreement shall be binding only if placed in writing and signed by each party or an authorized representative of each party.

23. Assignment of Rights

The rights of each party under this Agreement are personal to that party and may not be assigned or transferred to any other person, firm, corporation, or other entity without the prior, express, and written consent of the other party.

24.

In this Agreement, any reference to a party includes that party's heirs, executors, administrators, successors and assigns, singular includes plural and masculine includes feminine.

WITNESS our signatures as of the day and date first above stated.