Lease of Unfurnished Residence with Option to Purchase
Lease Agreement made on the (date), between (Name of Landlord) of (street address,
city, state, zip code), referred to herein as Landlord, and (Name of Tenant), of (street
address, city, state, zip code), referred to herein as Tenant.
For and in consideration of the mutual covenants contained in this Agreement, and
other good and valuable consideration, the parties agree as follows:
1. Grant of Lease. Landlord hereby leases to Tenant and Tenant hereby leases
from Landlord the Residence (the Residence) located at (street address, city, state, zip
code), and being more particularly described in Exhibit A attached hereto and made a
part hereof.
2. Terms of Lease. This Lease shall commence on (date) and extend until the
Residence has been purchased by Tenant, but in no case shall continue beyond (date),
without written execution of a Lease Extension.
3. Rental Payments.
A. Tenant agrees to pay to Landlord as the rent the sum of $_____________
per month for the first month of this Lease and for each subsequent month during
the term of this Lease. Payment shall be due on the ____ day of each month.
Beginning with the rental payment due on (date), Tenant shall pay monthly rent
in the amount of $____________ if purchase of the Residence has not taken
place by then.
B. A security deposit in the amount of $____________will be paid to
Landlord which amount will be used either to offset any damage to the
Residence upon Tenant's vacating the Residence (usual wear and tear not to be
considered damage) or to be applied in full to the purchase price of the
Residence should Tenant exercise its Option to Purchase as set forth in Section
10 below.
4. Utilities. Tenant shall be responsible for the payment of all utilities and services.
5. Use: The Residence shall be used as a residence and for no other purpose
without prior written consent of Landlord.
6. Rights and Privileges of Landlord. Landlord shall have the following rights in
addition to all other rights given by the laws of the state of (name of state).
A. The right to enter the Residence at all reasonable times for the purpose of
inspecting the same or showing the same to prospective tenants or purchasers
upon a minimum of (number)-hours notice to Tenant.
B. Landlord, his agents and employees shall not be liable to any person for
any damages of any nature which may occur at any time on account of any
defect in the Residence, if such defect was unknown at the time of such injury or
damage.
C. Real estate taxes and insurance on the Residence shall be paid by
Landlord.
7. Maintenance, Repairs or Alterations. Tenant shall maintain the Residence in a
clean and sanitary manner including all equipment, appliances, furniture and furnishings
therein, and shall surrender the same at termination thereof, in as good condition as
received, normal wear and tear excepted. Tenant shall be responsible for damages
caused by his negligence and that of his family, or invitees or guests. Tenant 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 Residence and are
exclusively for use of the Tenant. Tenant shall make no alterations to Residence or
make any other improvements on the Residence without the prior written consent of
Landlord. Any and all alterations, changes, and/or improvements built, constructed or
placed on the Residence by Tenant shall, unless otherwise provided by written
agreement between Landlord and Tenant, are and will become the property of Landlord
and remain on the Residence at the expiration or earlier termination of this Agreement.
8. Insurance and Destruction of Residence. Landlord shall purchase and
maintain hazard and fire insurance, the proceeds of which shall be payable to Landlord.
If the Residence shall be destroyed or rendered totally uninhabitable by fire, windstorm,
or other cause beyond the control of Landlord, then this Agreement shall cease and
terminate as of the date of such destruction, and the rental shall then be accounted for
and prorated between Landlord and Tenant up to the time of such damage or
destruction of the Residence. If the Residence is damaged by fire, windstorm or other
cause beyond the control of Landlord so as to render the same partially uninhabitable,
but repairable within a reasonable time, then this Lease shall remain in force and effect
and Landlord shall, within a reasonable time, restore the Residence to substantially the
condition the Residence were in prior to the damage, and there shall be an abatement
in rent in proportion to the relationship the damaged portion of the Residence bears to
the whole of the Residence.
9. Default of Tenant and Remedies of Landlord.
A. Landlord may give (number) days' written notice to Tenant to correct any
of the following defaults:
(i) Failure to pay rent or added rent on time.
(ii). Improper conduct by Tenant or other occupant of the Residence.
(iii) Failure to fully perform any other term in this Lease.
B. If Tenant fails to correct the defaults in Subparagraph A within (number)
days, Landlord may cancel the Lease by giving Tenant a written (number)-day
notice stating the date the term will end. On that date the term and Tena