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Pennsylvania 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 Pennsylvania to sell property to buyers with bad credit or who cannot obtain home financing.

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									Lease to Purchase Option
                                                               Agreement
ocstoc Legal Agreements




                          This Lease to Purchase Option Agreement is intended to be used where a provision is
                          included offering the Lessee an option of purchasing the Premises at a specified time, for a
                          pre-determined price.




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                          © Copyright 2011 Docstoc Inc. registered document proprietary, copy not                              1

                                                                                              Attorney Drafted
                      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”). The Lessor and
the Lessee may individually be referred to as the “Party” and collectively be referred to as the
“Parties”.

WHEREAS, the 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.

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




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6. Remedies upon Default. If the Lessee defaults under this Lease, then in addition to any
   other remedies available to the Lessee at law or in equity, the 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 the Lessor as rent for the Premises the amount of
   ________ ($___) [Instruction: Insert the amount of rent, e.g., One Thousand dollars
   ($1,000.00)] (‘Rent’) each month in advance on the first day of each month to the Lessor or
   any other address designated by the 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], the Lessee agrees to
   pay a late fee of ________ ($___) [◊ Instruction: Insert the late fee amount, e.g., Fifty
   dollars ($50)]. Also the Lessee agrees to pay charges of ________ ($___) [◊ Instruction:
   Insert the late fee amount, e.g., Fifty dollars ($50)] for each check given by the Lessee to
   the Lessor that is returned back to the Lessor for lack of sufficient funds.

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

10. Maintenance, Repairs or Alterations: The 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. The 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. The 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 the
    Lessor. Any and all alterations, changes and/or improvements built, constructed or placed on
    the Premises by the Lessee shall, unless otherwise provided by written agreement between
    the Lessor and the Lessee, be and will become the Premises of the Lessor and remain on the
    Premises at the expiration or earlier termination of this Lease.

11. Entry and Inspection: The Lessee shall permit the Lessor or the 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 ($50)] shall secure the performance of the Lessee’s
    obligations hereunder. The Lessor may apply all or portions of said deposit on account of the
    Lessee’s obligations hereunder. Upon exercise of the option, the Lessor shall credit said
    deposit towards the purchase price of the Premises.

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



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

15. Attorney’s 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 attorney’s 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.

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]




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   _________________________________________

   _________________________________________

   _________________________________________

   [Instruction: Insert the name and address of Lessee]




© Copyright 2011 Docstoc Inc. registered document proprietary, copy not   5
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