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RESIDENTIAL LEASE WITH OPTION TO PURCHASE
THIS AGREEMENT MADE and entered into on this _____ day of __________________,
_____ by and between _______________________________________________________,
hereinafter called Lessor, and ____________________________________, hereinafter called
Lessee, hereby leases to Lessee, his/her heirs or assignees, the premises situated in the city of
_______________, County of ____________, State of _______, legally described as
____________________________________________________, with the street address of
____________________________________________________________________
____________________________________________________________________
upon the following terms and conditions:
1. Option to Purchase: In consideration of the Lessee meeting all obligations as stated herein
under this lease, the Lessor hereby grants the Lessee an option to purchase under the following
terms and conditions:
a. The option price is ______________________________________________________. The
terms of purchase will be: _______________________________________________.
b. Lessee understands that time is of the essence in this agreement. The option will expire
without notice and be of no further effect if not exercised on or before ______________, ______.
c. Lessee has paid the sum of $_____________ as a non-refundable option consideration which
will be applied toward the purchase price of the property if, and only if, Lessee exercises this
option to purchase. In the event Lessee fails to exercise the option or defaults under any terms of
the lease, the option will be void and all monies will be retained by Lessor as liquidated damages
and not as a penalty. The option consideration will be refundable only if 1) a pre-closing home
inspection by a certified home inspector reveals structural damage in excess of four (4) % of the
option price of the property (provided, however, that lesser damage will be the responsibility of
Lessor to correct prior to closing); (2) Lessor fails to produce a satisfactory termite letter prior to
closing; or (3) Lessor fails or is unable to meet any of the obligations set forth in the lease option
agreement.
d. __________ % of the rent paid pursuant to this lease agreement will be applied as additional
option consideration to reduce the option price if and only if the Lessee exercises this option to
purchase, provided, however, that no payments made after the 15
th
of any month for which rent is
due, or for which payment tendered is returned NSF, shall be credited towards a reduction in the
Residential Lease with Option to Purchase
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