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Example of a Residential Lease With Option to Purchase Page 2
Lease Purchase Agreement 3
LEASE AGREEMENT
WITH
OPTION
TO
PURCHASE
This Lease Agreement ("Lease") is entered
by
and between Colorado
Rural
Housing
Development Corporation
("Landlord") and ----:--::-------:::---:----::--=-
____
--:-:----:
___
_
("Tenant(s)") on , 2007 (Date). Landlord and Tenant may collectively be
referred to as the "Parties". This Lease creates joint and several liability in the case
of
multiple
Tenants. The Parties agree as follows:
PREMISES: Landlord hereby leases the
___
(nwnber
of
bedrooms) bedroom premises
located at: (complete
address
of
Premises) to Tenant.
LEASE TERM: The lease will start on
_____
.1..'
:.:20~0:.::::8
(begin date) and will end on
______
--.1..:'
2::.:0~0;.::.9
(end date) (Lease Term).
LEASE PAYMENTS: Tenant agrees to pay to Landlord as rent for the Premises the amount
of
$ .00 ("Rent") each month in advance on the first day
of
each month at: 1016 West
Avenue, Box
#1, Alamosa,
CO
81101 (address for rent payment)
or
at any other address
designated by Landlord.
If
the term
of
this lease does not start on the first day
of
the month or
end on the last day
of
a month, the rent will be prorated accordingly.
LATE CHARGES:
If
any amount under this lease is more than i days late, Tenant agrees to
pay a late fee
of
$60.00.
INSUFFICIENT FUNDS: Tenant agrees to pay the charge
of
$25.00 for each check given by
Tenant to Landlord that is returned to Landlord for lack
of
sufficient funds.
SECURITY DEPOSIT: At the signing
of
this Lease, Tenant shall deposit with Landlord, in
trust, a security deposit
of
$500.00 as security for the performance by Tenant
of
the terms under
this Lease and for any damages caused by Tenant, Tenant's family, agents and visitors to the
Premises during the term
of
this Lease. Landlord may use part or all
of
the security deposit to
repair any damage to the Premises caused by Tenant, Tenant's family, agents and visitors to the
Premises. However, Landlord is not just limited to the security deposit amount and Tenant
remains liable for any balance. Tenant shall not apply or deduct any portion
of
any security
deposit from the last or any month's rent. Tenant shall not use or apply any such security deposit
at any time in lieu
of
payment
of
rent.
If
Tenant breaches any terms or conditions
of
this Lease,
Tenant shall forfeit any deposit, as permitted by law.
OPTION
TO
PURCHASE: Landlord grants Tenant the exclusive right to an option to purchase
("Option") the Premises herein for a gross sales price
of
$ beginning with the
term
of
this lease and expiring
on
date
,2008
(date
oflease
expiration)
OR
ON
DATE
OF
SALE, or,
if
the lease is earlier terminated, at that time. Tenant shall notify Landlord
in writing, prior to the termination date
of
the option,
of
Ten ant's intent to exercise the option
to
purchase. When exercising the option, Tenant shall also deposit with Landlord the
swn
of
$500.00 as a deposit towards the purchase price
of
the premises. Upon exercise
of
this option by
Tenant, a closing shall take place within
-2!Ldays.
Before the closing date, Tenant shall make
all reasonable efforts to obtain financing to purchase the Premises. In the event Tenant's
reasonable efforts were unable to procure financing, the deposit shall
be
returned. All expenses
Initials
Landlord
___
_
enant
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