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Minnesota Lease to Purchase Option Agreement

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This Lease to Purchase Option Agreement is used where a lease of real property offers the lessee an option of purchasing the premises at a specified time, for a pre-determined price. The agreement requires the lessee to provide the lessor with option consideration, similar to a down payment, which secures the property for purchase at a later date. The lessor is prohibited from listing the property for sale during the contract period. If the lessee wishes to exercise the option, he or she must notify the lessor, and a portion of the monthly lease payment is applied to the purchase price. This agreement is useful for property owners located in Minnesota to sell property to buyers with bad credit or who cannot obtain home financing.

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                             This Lease to Purchase Option Agreement is used where a lease of real property offers the
                             lessee an option of purchasing the premises at a specified time, for a pre-determined price.
                             The agreement requires the lessee to provide the lessor with option consideration, similar
                             to a down payment, which secures the property for purchase at a later date. The lessor is
                             prohibited from listing the property for sale during the contract period. If the lessee wishes
                             to exercise the option, he or she must notify the lessor, and a portion of the monthly lease
                             payment is applied to the purchase price. This agreement is useful for property owners
                             located in Minnesota to sell property to buyers with bad credit or who cannot obtain home
                             financing.
             ®




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                      LEASE TO PURCHASE OPTION AGREEMENT


This Lease to Purchase Option Agreement (“Lease”) is made on ____ [Month] ____ [Date],
20____ by and between ________________________________ [Instruction: Insert the name
of Lessor]( hereinafter termed as the “Lessor”) and ________________________________
[Instruction: Insert the name of Lessee]( hereinafter termed as the “Lessee”). Lessor and
Lessee may individually be referred to as the “Party” and collectively be referred to as the
“Parties”.


WHEREAS, Lessor is the sole owner of certain real property being, lying and situated at
[Instructions: Insert address of Premises]
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
(hereinafter termed as the “Premises”) agreed 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”.


2. Lease Term. Lessee understands that time is of the essence in this Lease. The Lease will
   start on ____ [Month] ____ [Date], 20____ and will end on ____ [Month] ____ [Date],
   20____.


3. Notice Required Exercising Option. To exercise the Option to Purchase, the Lessee must
   deliver to the Lessor written notice of Lessee’s intent to purchase. In addition, the written
   notice must specify a valid closing date. The closing date must occur before the original
   expiration date of the Lease Agreement, or the date of the expiration of the Lease designated
   in Paragraph 2, whichever occurs later.




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4. Option Consideration. As consideration for this Lease, the Lessee shall pay the Lessor a
   non-refundable fee of ________ ($___) [Instruction: Insert the consideration amount E.g.,
   Fifty dollars only ($50)], receipt of which is hereby acknowledged by the Lessor. This
   amount shall be credited to the purchase price at closing if the Lessee timely exercises the
   Option to Purchase.


5. Purchase Price. The total purchase price for the Premises is _______ ($______)
   [Instruction: Insert the consideration amount E.g., Fifty thousand dollars only
   ($50,000)]. Provided that the Lessee timely executes the Option to Purchase, is not in default
   of the Lease, and closes the conveyance of the Premises, Lessor shall credit towards the
   purchase price at closing the sum of _____ ($______) [Instruction: Insert the closing
   amount E.g., Fifty dollars only ($50)] from each monthly lease payment that the Lessee
   timely made. However, Lessee shall receive no credit at closing for any monthly lease
   payment that the Lessor received after the due date specified in the Lease.


6. Remedies upon Default. If Lessee defaults under this Lease, then in addition to any other
   remedies available to Lessee at law or in equity, Lessor may terminate this Option to
   Purchase by giving written notice of the termination. If terminated, the Lessee shall lose
   entitlement to any refund of rent or option consideration. For this Lease to be enforceable and
   effective, the Lessor must comply with all terms and conditions of the Lease.


7. Lease Payment. Lessee agrees to pay to Lessor as rent for Premises the amount of ________
   ($___) [Instruction: Insert the amount of rent E.g., One Thousand dollars only
   ($1,000.00)] (‘Rent’) each month in advance on the first day of each month to the Lessor or
   any other address designated by Lessor.


8. Late Charges/Insufficient Fund. If any amount under this Lease is more than _______ (__)
   days late [Instruction: Insert number of days E.g., fifteen (15) days], Lessor agrees to pay
   a late fee of ________ ($___) [◊ Instruction: Insert the late fee amount E.g., Fifty dollars
   only ($50)]. Also the Lessee agrees to pay charges of ________ ($___) [◊ Instruction:




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   Insert the late fee amount E.g., Fifty dollars only ($50)] for each check given by Lessee to
   Lessor that is returned back to Lessor for lack of sufficient fund.


9. Quiet Enjoyment. Lessee shall be entitled to quiet enjoyment of the Premises, and Lessor
   will not interfere with that right, as long as Lessee pays the rent in a timely manner and
   performs all other obligations under this Lease. Any assignment or sublease without Lessor’s
   written prior consent shall, at Lessor’s option, terminate this Lease.


10. Maintenance, Repairs or Alterations: Lessee shall maintain the premises in a clean and
   sanitary manner including all equipment, appliances, furniture and furnishings therein, in as
   good condition as received. Lessee shall maintain any surrounding grounds, including lawns
   and shrubbery, and keep the same clear of rubbish and weeds, if such grounds are part of the
   premises and are exclusively for use of the Lessee. Lessee shall make no alterations to the
   buildings or improvements on the Premises or construct any building or make any other
   improvements on the Premises without the prior written consent of Lessor. Any and all
   alterations, changes, and/or improvements built, constructed or placed on the Premises by
   Lessee shall, unless otherwise provided by written agreement between Lessor and Lessee, are
   and will become the Premises of Lessor and remain on the Premises at the expiration or
   earlier termination of this Lease.


11. Entry and Inspection: Lessee shall permit Lessor or Lessor’s agents to enter the Premises at
   reasonable times and upon reasonable notice for the purpose of inspecting the Premises or for
   making necessary repairs.


12. Security/Damage Deposit: The security deposit of ________ ($___) [◊ Instruction: Insert
   the security deposit E.g., Fifty dollars only ($50)] shall secure the performance of the
   Lessee’s obligations hereunder. Lessor may apply all or portions of said deposit on account
   of Lessee’s obligations hereunder. Upon exercise of the option, Lessor shall credit said
   deposit towards the purchase price of the Premises.




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13. Binding Effect. The conditions contained in the Lease shall apply to and to bind the parties
   and the heirs, legal representatives, successors and permitted assigns of the parties.


14. Governing Law and Venue. This Lease shall be governed, construed and interpreted by,
   through and under the Laws of the State of Minnesota. The parties further agree that the
   venue    for   any and      all   disputes   related   to   this   Lease   shall   be   Minnesota,
   ____________________________________ [Instruction: Insert the County].


15. Attorney Fees: The prevailing Party shall be entitled to all costs incurred in connection with
   any legal action brought by either Party to enforce the terms hereof or relating to the
   Premises, including reasonable attorneys’ fees.


16. Entire Agreement; Modification. This document sets forth the entire Lease and
   understanding between the parties relating to the subject matter herein and supersedes all
   prior discussions between the Parties. No modification of or amendment to this Lease, nor
   any waiver of any rights under this Lease, will be effective unless in writing signed by the
   party to be charged.


17. Acknowledgments. The Parties are executing this Lease voluntarily and without any duress
   or undue influence. The Parties have carefully read this Lease and have asked any questions
   needed to understand its terms, consequences, and binding effect and fully understand them
   and have been given an executed copy. The Parties have sought the advice of an attorney of
   their respective choice if so desired prior to signing this Lease.




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IN WITNESS WHEREOF, the parties hereto have executed this agreement the day and year
first above written.


   ___________________________________
   [Instruction: Insert the signature of Lessor]


   _________________________________________
   _________________________________________
   _________________________________________
   [Instruction: Insert the name and address of Lessor]




   ___________________________________
   [Instruction: Insert the signature of Lessee]


   _________________________________________
   _________________________________________
   _________________________________________
   [Instruction: Insert the name and address of Lessee]




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