This Temporary Residential Lease is used when an owner of property located in Kentucky sells the property and leases it back from the buyer, sometimes known as a leaseback. The purpose of the leaseback is to free up the purchaser's capital/equity while allowing the previous owner to use the property. This arrangement provides income to the buyer, which may be enough to cover the buyer's mortgage payments. Temporary Residential Lease Agreements are for short-term leases up to 90 days. The purchaser becomes the landlord and the seller becomes the tenant in this transaction. This document contains the material terms of the agreement including the property description, rental amount and the term of the lease. It can be customized to fit the specific needs of the contracting parties.
Docstoc Legal Agreements This Temporary Residential Lease is used when an owner of property located in Kentucky sells the property and leases it back from the buyer, sometimes known as a leaseback. The purpose of the leaseback is to free up the purchaser's capital/equity while allowing the previous owner to use the property. This arrangement provides income to the buyer, which may be enough to cover the buyer's mortgage payments. Temporary Residential Lease Agreements are for short-term leases up to 90 days. The purchaser becomes the landlord and the seller becomes the tenant in this transaction. This document contains the material terms of the agreement including the property description, rental amount and the term of the lease. It can be customized to fit the specific needs of the contracting parties. ® DISCLAIMERS: ALL INFORMATION AND FORMS ARE PROVIDED “AS IS” WITHOUT ANY WARRANTY OF ANY KIND, EXPRESS, IMPLIED, OR OTHERWISE, INCLUDING AS TO THEIR LEGAL EFFECT AND COMPLETENESS. 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This document is not approved, endorsed by, or affiliated with any State, or governmental or licensing entity. Entire document copyright © Docstoc®, Inc., 2010 - 2013. All Rights Reserved NOTICE: For use only when Seller occupies the property for no more than 90 days after the closing. TEMPORARY RESIDENTIAL LEASE (OCCUPIED BY SELLER) STATE OF Kentucky COUNTY OF __________________________ This Temporary Residential Lease (Occupied by Seller) (hereinafter termed as the “Lease”) is made on ____ [Month] ____ [Date], 20____ by and between _____________________________ [Instruction: Insert the name of purchaser] having place of residence at _____________________________ [Instruction: Insert the address of purchaser] (hereinafter termed as “Landlord”) and ________________________________ [Instruction: Insert the name of seller] having place of residence at _____________________________ [Instruction: Insert the address of seller] (hereinafter termed as “Tenant”). Landlord and Tenant may individually be referred to as the “Party” and collectively be referred to as the “Parties”. WHEREAS, Landlord hereby leases to Tenant the Property described in the contract between Landlord as “Purchaser” and Tenant as “Seller” dated ____ [Month] ____ [Date], 20____ attached hereto as Exhibit A and made a part hereof, all of which is hereinafter referred to as the “Property”; WHEREAS, Tenant is desirous of leasing the premises from Landlord. NOW THEREFORE, the Parties agreed upon the following terms and conditions: 1. Term: The term of this Lease shall commence on the date the sale covered by the contract is closed and terminates ____ [Month] ____ [Date], 20____ unless terminated earlier by reason of other provisions. 2. Rental: In consideration for leasing of the Property, Tenant shall pay to Landlord as rental ________ ($___) [Instruction: Insert the rent by researching local rental market, e.g., one hundred dollars ($100)] per day with the full amount of rental for the term of the Lease to be paid at the time of funding of the sale. Tenant will not be entitled to a refund of rental if this Lease terminates early due to Tenant’s default or voluntary surrender of the Property. 3. Security Deposit: Tenant shall pay to Landlord at the time of funding of the sale as a deposit of Landlord ________ ($___) [Instruction: Insert the security deposit, e.g., fifty dollars ($50)] to secure performance of this Lease by Tenant. Landlord may use the deposit to satisfy Tenant's obligations under this Lease. Landlord shall refund any unused portion of the deposit to Tenant with an itemized list of all deductions from the deposit within Twenty (20) days as per [STATUTE], after Tenant: a. surrenders possession of the Property; and b. provides Landlord written notice of Tenant’s forwarding address. © Copyright 2011 Docstoc Inc. registered document proprietary, copy not 2 4. Utilities: Tenant shall pay all utility connections, deposits and charges except ___________________________________________________________________________ ___________________________________________________________________________ [Instruction: Insert the utility charges payable by Landlord], which Landlord shall pay. 5. Use of Property: Tenant may use the Property only for single-family dwelling purposes. Tenant may not assign this Lease or sublet any part of the Property. 6. Pets: Tenant shall not keep any pets on the Property except ___________________________________________________________________________ [Instruction: Insert the type of pet which can be kept by Tenant]. 7. Property Conditions: Tenant accepts the Property in its present condition and state of repair at the commencement of the Lease. Upon termination, Tenant shall surrender the Property to Landlord in the condition required under the contract at the time of closing, except normal wear and tear and any casualty loss. 8. Property Alteration: Tenant may not alter the Property or install improvements or fixtures without the prior written consent of Landlord. Any improvements or fixtures placed on the Property during the Lease become the property of Landlord. 9. Inspections: Landlord may enter at reasonable times to inspect, replace, repair or complete the improvements. 10. Special Provisions: (Optional) ___________________________________________________________________________ ______________________________________________________________________ [Comment: Choose this clause if the parties want to add any special provisions regarding this Lease] 11. Laws: Tenant shall comply with all applicable laws, restrictions, ordinances, rules and regulations with respect to the Property. 12. Repairs and Maintenance: Tenant shall incur all expenses of repairing and maintaining the Property, including, but not limited to, the yard, trees and shrubs, unless otherwise required by state law. Tenant shall promptly repair at Tenant's expense any damage to the Property caused directly or indirectly by any act or omission of the Tenant or any person other than Landlord, Landlord's agents or invitees. 13. Indemnity: Tenant indemnifies Landlord from the claims of all third parties for injury or damage to the person or property of such third party arising from the use or occupancy of the Property by Tenant. This indemnification includes attorney's fees, costs and expenses incurred by Landlord. © Copyright 2011 Docstoc Inc. registered document proprietary, copy not 3 14. Insurance: Each party shall maintain such insurance on the contents and Property as each party may deem appropriate during the term of this Lease. Possession of the Property by Seller as Tenant may change insurance policy coverage. 15. Default: If Tenant fails to perform or observe any provision of this Lease and fails, within ____________ hours [◊ Instruction: Insert number of hours required by Tenant to fulfill obligation of Landlord, e.g., twenty four (24)] after notice by Landlord, to commence and diligently pursue to remedy such failure, Tenant will be in default. 16. Termination: This Lease terminates upon expiration of the term specified in Paragraph 1 or upon Tenant's default under this Lease. 17. Holding Over: Tenant shall surrender possession of the Property upon termination of this Lease. Any possession by Tenant after termination creates a tenancy at sufferance and will not operate to renew or extend this Lease. Tenant shall pay per day during the period of any possession after termination as damages, in addition to any other remedies to which Landlord is entitled. 18. Attorney’s Fees: The prevailing party in any legal proceeding brought under or with respect to the transaction described in this Lease is entitled to recover from the non-prevailing party all costs of such proceeding and reasonable attorney's fees. 19. Smoke Detectors. State law may require Landlord to install smoke detectors in certain locations within the Property at Landlord’s expense. Tenant expressly waives Landlord’s duties, if any, to inspect and repair smoke detectors. 20. Security Devices. State law may impose on Landlord certain duties related to security devices at Landlord’s expense. In some states, such obligations do not apply to leases with a term of 90 days or less. Tenant expressly waives Landlord’s duties, if any, related to security devices. 21. Notices and Approvals: Except as otherwise provided herein, all notices and approvals hereunder shall be in writing and, except as each party may change its address pursuant hereto, addressed to the Parties as follows: To Landlord: Name ______________________________ Address ______________________________ ______________________________ To Tenant: Name ______________________________ Address ______________________________ © Copyright 2011 Docstoc Inc. registered document proprietary, copy not 4 ______________________________ 22. GOVERNING LAW: This agreement shall be construed and governed according to the laws of State of Kentucky. EXECUTED the ____ [Month] ____ [Date], 20____. ______________________________ __________________________________ [Instruction: Insert the signature of Landlord] [Instruction: Insert the signature of Tenant] ________________________________ __________________________________ [Instruction: Insert the address of Landlord [Instruction: Insert the address of Tenant] © Copyright 2011 Docstoc Inc. registered document proprietary, copy not 5 Exhibit A Kindly refer to the Recital Clause © Copyright 2011 Docstoc Inc. registered document proprietary, copy not 6
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