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Lease Purchase Agreement 2


Lease Purchase Agreement 2
LEASE TO PURCHASE OPTION AGREEMENT
This agreement dated the _______ day of ________________, _________, is by and
between ___________________________________________________________
(herein after referred to as “Seller/Landlord”) and
___________________________________________________________ (herein after
referred to as “Buyer/Tenant).
For good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, Seller/Landlord hereby grants to Buyer/Tenant an exclusive option to
purchase the real property described as follows:
______________________________________________________________________
______________________________________________________________________
(herein after referred to as the “Property”) strictly according to the terms and conditions
contained herein (herein after referred to as the “Option to Purchase Agreement”), which
real property is the subject of that certain Residential Lease Agreement by and between
Seller/Landlord and Buyer/Tenant, of even date herewith (herein after the “Lease
Agreement”).
1. TERM OF OPTION. This option to purchase shall commence on the _______ day
of ________________, _________ and shall expire at 12 o'clock midnight on the
_______ day of ________________, _________.
2. EXCLUSIVITY OF OPTION. This option to purchase is exclusive and non-
assignable. Any attempted assignment, delegation, transfer or conveyance of this
option to purchase without the Seller/Landlord’s express written permission is void.
3. NOTICE REQUIRED TO EXERCISE OPTION. Buyer/Tenant may only
exercise this option to purchase by delivering written notice of intent to purchase to
Seller/Landlord. Such notice must specify a closing date to occur prior to the original
Termination Date set forth in the Lease Agreement or the option expiration date set
forth in paragraph 1 herein above, whichever is later in time.
4.
OPTION CONSIDERATION. Buyer/Tenant shall remit option consideration in
the sum of $____________ to Seller/Landlord upon execution of this Option to
Purchase Agreement, which amount is non-refundable. In the event Buyer/Tenant
timely exercises this option, is not in default of the Lease Agreement and actually
closes the conveyance of the Property, the option consideration shall be credited to
the purchase price at closing. If Buyer/Tenant fail to exercise this option, defaults in
the Lease Agreement or fails to close the conveyance, the option fee shall not be
refunded.
5.
PURCHASE PRICE. The total purchase price for the Property pursuant to this
Option to Purchase Agreement is $________________. If Buyer/Tenant timely
exercises this option, is not in default of the Lease Agreement and actually closes the
conveyance of the Property, the Buyer/Tenant shall be credited, at closing, the sum of
Lease Purchase Agreement 2
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