Fill and Sign the Residential Lease Agreement This Tv Realty Llc Form

- 1 - RESIDENTIAL LEASE AGREEMENT AND OPTION TO PURCHASE This Residential Lease Agreement and Option to Purchase 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 ____________________________________, ___________________, _________. 2. TERMS OF LEASE: This lease shall commence on the ____ day of _________, 20__, and extend until the ____ day of _________, 20__, unless extended or terminated pursuant to the terms hereof. In the event Lessee has made timely payments (by the due date) during the initial ____ month term of this lease this lease may be renewed by Lessee for an additional ____ month term upon ____ days notice to Lessor of Lessee's intent to do same and acceptance of same by Lessor. Renewal of this lease shall extend the option to purchase for a like term. 3. RENTAL PAYMENTS: Lessee agrees to pay unto Lessor as the rent the sum of $_________ per month for the first month of this lease and for each month thereafter during the term of this lease, said sum being due on or before the ___________________ day of each month. Each monthly rental payment shall be prepaid at the beginning of each month. 4. LESSEES COVENANTS: It is agreed and understood by Lessee the following: (a) that the leased premises shall be used only as a private dwelling and for no other purposes whatsoever. (b) that all the usual electric, gas and water fees shall be paid be Lessee. (c) that Lessee shall maintain the premises in good condition during the continuance of this agreement and shall neither cause nor allow any abuse of the facilities therein, and upon the termination or expiration thereof shall redeliver the property in as good condition as at the commencement of the term or as may be put in during the term, reasonable wear and tear from use and obsolescence accepted, in the event the option to purchase is not exercised.
5. Assignment: lessee may not assign, assign in part, or delegate any of its rights or obligations hereunder; and lessor reserves the right to reject any such assignment or transfer without refunding any or portion of rent, and to deny a claim for compensation (which sum in the case of a sublease may be withheld) or deny any new lease or other lease to which lessor is party as a result of such assignment or transfer. 6. Rent to be paid on or before the day of each month and in arrears thereof (or such other day as designated by lessor and with good cause shown): lessor promises that rent may be paid on or before the day of the month following termination of this lease of the leased premises. 7. Rental payment; in event of failure to pay: lessee shall notify lessor of any failure to pay rent to lessor and shall give lessor written and signed notification thereof. (a) if notice is received thirty days or less from the due date for rent in the case of a month term, lessor may waive its right of sublease and may terminate the lease. (b) lessor shall be responsible for all rental and interest and all penalties, charges, and expenses. (added by ORD. 71-00, file no. 000358, app. 4/28/2000) (derivation: former administrative code sec- ton ; added by ord. 3-90, app. 1/5/90; amended by ORD. 311-92, app. 10/9/92; ord. 99-05, file no. 041588, app. 5/26/2005; ORD. 291-10, file no. 101099, app. 12/18/2010) sec. 502. Payment. 1. Tenant. Notwithstanding any term or condition of this lease to the contrary, the tenant hereby agrees that the premises are leased for the term, or portion thereof, specified in the lease or as the case may be, if less, then for the term or portion thereof specified as the term or portion thereof by lessee, upon payment to lessee of the sum of either (a) rent in the monthly installment payment, as herein provided or (b) the sum of the monthly rental and interest charged, collected, or accrued during the calendar month in which the lessee makes the payment. In the case of an option to purchase, the sum of rent shall be payable in accordance with the.