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Kentucky Temporary Residential Lease - Occupied by Seller

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Kentucky Temporary Residential Lease - Occupied by Seller Powered By Docstoc
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                             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.
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  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. su
				
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Description: 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.
This document is also part of a package Essential Kentucky Legal Documents 144 Documents Included