Lease to Purchase Option Agreement - Free Download | Page 2
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Lease to Purchase Option Agreement Page 2
$_______ from each monthly lease payment if every monthly lease payment was
timely remitted to Seller/Landlord pursuant to the Lease Agreement. No credit shall
be given at closing if any monthly lease payment was received by the Seller/Landlord
after the due date established in the Lease Agreement.
6. CLOSING AND SETTLEMENT. Closing and settlement shall be at a title
company designated by the Seller/Landlord. All closing costs and any points, fees
and/or charges imposed by the Buyer/Tenant’s lender shall be the sole responsibility
of the Buyer/Lender. Seller/Landlord shall only be responsible for its pro-rated share
of the ad valorem taxes due as of the date of closing. IT IS THE BUYER/TENANT’S
SOLE RESPONSIBILITY TO ARRANGE FINANCING FOR THE
TRANSACTIONS. SELLER/LANDLORD HAS MADE NO REPRESENTATIONS
TO BUYER/TENANT REGARDING THE AVAILABILITY OF FINANCING OF
BUYER/TENANT’S ABILITY TO QUALIFY FOR FINANCING.
7. REMEDIES UPON DEFAULT. (a) In the event of any such default by
Buyer/Tenant of this Option to Purchase Agreement or the Lease Agreement, then in
addition to any other remedies available to Seller/Landlord at law or in equity,
Seller/Landlord shall have the option to terminate this Option to Purchase Agreement
and all rights hereunder by giving written notice of termination. Tenant/Buyer is not
entitled to any refund of rent or option consideration whatsoever. (b) All of the terms
and conditions of the Lease Agreement must be complied with in order for this option
to be enforceable. In the event this Option to Purchase Agreement conflicts with any
part of the corresponding Lease Agreement, the terms and conditions of this Option to
Purchase Agreement shall be superior and prevail.
8. COMMISSIONS. There will be no real estate commissions paid as a result of this
transaction.
9. MODIFICATION. Any modification of any portion of this Option to Purchase
Agreement must be made in writing signed by both parties.
10.
REFERENCES IN WORDING. Plural references made to the parties involved in
this Option to Purchase Agreement may also be singular, and single references may
be plural. These references may also apply to Landlord/Seller and Buyer/Tenant
heirs, executors, administrators, successors as the case may be.
11.
TIME OF PERFORMANCE. Time is of the essence in this Option to Purchase
Agreement.
12. ENTIRE AGREEMENT. As written, this Option to Purchase Agreement
constitutes the final, entire agreement between the Buyer/Tenant and
Seller/Landlord. They have made no further promises of any kind to one another, nor
have they reached any other understandings, either written or oral.
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Lease to Purchase Option Agreement