Residential Lease With Option To Purchase

RESIDENTIAL LEASE WITH OPTION TO PURCHASE THIS AGREEMENT MADE and entered into on this _____ day of ______________ ____, ___ by and between _____________________________________________________ __,__ hereinafter called Lessor, and ____________________________________, her einafter calledLessee, hereby leases to Lessee, his/her heirs or assignees, the premise s situated in the city of_______________, County of ____________, State of _______, legally descr ibed as ____________________________________________________, with the street ad dress of____________________________________________________________________ ____________________________________________________________________ upon the following terms and conditions: 1. Option to Purchase: In consideration of the Lessee meeting all obligations as stated her einunder this lease, the Lessor hereby grants the Lessee an option to purch ase under the followingterms and conditions: a. The option price is ________________________________________________ ______. Theterms 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 ______________, has paid the sum of $_____________ as a non-refundable option considera tion whicheec. Less exercises thiseewill be applied toward the purchase price of the property if, and only i f, Lessoption to purchase. In the event Lessee fails to exercise the option o r defaults under any terms ofthe lease, the option will be void and all monies will be retained by Le ssor as liquidated damagesand not as a penalty. The option consideration will be refundable onl y if 1) a pre-closing homeinspection by a certified home inspector reveals structural damage in ex cess of four (4) % of theoption price of the property (provided, however, that lesser damage wil l be the responsibility ofLessor to correct prior to closing); (2) Lessor fails to produce a sa tisfactory termite letter prior toclosing; or (3) Lessor fails or is unable to meet any of the obligatio ns set forth in the lease optionagreement. d. __________ % of the rent paid pursuant to this lease agreement will b e applied as additionaloption consideration to reduce the option price if and only if the Lesse e exercises this option to th purchase, provided, however, that no payments made after the 15 of any month for which rent isdue, or for which payment tendered is returned NSF, shall be credited to wards a reduction in the<<<<<<<<<********>>>>>>>>>>>>> 2option price. e. The option shall be exercised by mailing or delivering written notic e to the Lessor prior to theexpiration of this agreement. Notice, if mailed, shall be by certified mail, postage prepaid, to theLessor at the address set forth below, and shall be deemed to have been given upon the dayshown on the postmark of the envelope in which such notice is mailed. f. This purchase option is not contingent upon Lessees ability to o btain financing from a lender. 2. Personal Property: Said lease shall include the following personal property: ____________________________________________________________________ 3. Term____ and continue for a period of__: The term hereof shall commence on ________ , ______________. 4. Rent: Rent shall be $______ per month, payable in advance, upon the first da y of eachcalendar month to Lessor or his or her authorized agent at the following address:____________________________________________________________________ In the event the rental payment is not received within five (5) days after the due date, Lesseeagrees to pay a late charge of $__________ plus interest at ______% per annum on the th delinquent amount. If payment is not received by the 15 of any month for which rent is due, thepayment will be subject to an additional late fee of $______ and will no t be applied as anadditional consideration towards the option price of the property. An y check tendered inpayment of rent that is returned NSF will be subject to a service charge of $_______ and will notbe applied as an additional consideration towards the option price of th e property. 5. Utilities: Lessee shall be responsible for the payment of all utilities and servi ces.6. Use: The premises shall be used as a residence and for no other purpose wit hout prior writtenconsent of Lessor. 7. Maintenance, Repairs or Alterations: Lessee shall maintain the premises in a clean andsanitary manner including all equipment, appliances, furniture and furni shings therein, and shallsurrender the same at termination thereof, in as good condition as recei ved, normal wear and tearexcepted. Lessee shall be responsible for damages caused by his/her neg ligence and that of his/herfamily, or invitees or guests. Lessee shall maintain any surrounding gr ounds, including lawns andshrubbery, and keep the same clear of rubbish and weeds, if such grounds are part of the premisesand are exclusively for use of the Lessee. Lessee shall make no alter ations to the buildings orimprovements on the Premises or construct any building or make any other improvements on thePremises without the prior written consent of Lessor. Any and all altera tions, changes, and/orimprovements built, constructed or placed on the Premises by Lessee shal l, unless otherwiseprovided by written agreement between Lessor and Lessee, are and will be come the property ofLessor and remain on the Premises at the expiration or earlier terminati on of this Agreement. <<<<<<<<<********>>>>>>>>>>>>> 38. Entry and Inspection: Lessee shall permit Lessor or Lessors agents to enter the premises atreasonable times and upon reasonable notice for the purpose of inspecting the premises or formaking necessary repairs.9. Possession: If Lessor is unable to deliver possession of the premises at the commencementhereof, Lessor shall not be liable for any damage caused thereby nor shall this agreement be voidor voidable, but Lessee shall not be liable for any rent until possession is delivered. Lessee mayterminate this agreement if possession is not delivered within ____ days of the commencement ofthe term hereof.10. Security/Damage Deposit: The security deposit of $_______ shall secure the performanceof the Lessees obligations hereunder. Lessor may apply all or portions of said deposit onaccount of Lessees obligations hereunder. Upon exercise of the option, Lessor shall credit saiddeposit towa