RESIDENTIAL LEASE

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                RESIDENTIAL LEASE WITH OPTION TO PURCHASE PROPERTY

THIS AGREEMENT IS entered into between _Carol A. Arena_ hereinafter referred to as
“Owner”) and ____________________________________ (Hereinafter referred to as “Tenant”).
For good consideration it is agreed between the parties as follows:

1. Location: Owner hereby leases and lets to Tenant the premises described as follows:
206 Paradise Marsh; Brunswick, GA 31525 .

2. Term: This lease shall be for a term of __24__ month(s), commencing on

________________________, 201_, terminating on _ ____________________, 201_.

3. Financial Consideration, Responsibilities and Authorizations:
       a) Rent is payable monthly at a rate of one thousand two hundred and fifty dollars
       ($1250.00) per month, during the term of this Agreement on the 1st day of each month, with
       a 7 day grace period. If not a complete calendar month, rent shall be pro-rated at the rate of
       one thirtieth of the monthly rent per day, and shall be due prior to occupancy. Rent is
       payable to

       __Carol Arena_______________, delivered to the following address: ________________

       __16 Country Lane; Hampton Bays, NY 11946_________________________________.

       b) A Late Fee of 10% shall be applied to any payments received after the 7 day grace period
       has expired, as well as a $50 fee for any bounced checks that may occur.

       c) Tenant shall pay a refundable Security Deposit equal to a sum of $1250.00. The Security
       Deposit shall be due upon the signing of this agreement. Security Deposit shall be fully
       refundable providing that the Property is returned to the Owner in its present condition or
       better, reasonable wear and tear, fire casualty and acts of God excepted.

       d) Owner authorizes & requires Tenant to place any and all Utilities in Tenant’s name, and
       Tenant is responsible for direct payment of any and all Utilities Tenant chooses to contract
       for (including electric, water, phone, cable, wireless, landscaping, etc.). Tenant agrees to be
       responsible for any and all associated security deposits, late fees, and/or penalties that may
       arise from any action or lack of action regarding Utilities.

       e) Owner is responsible for the timely payment all Property Taxes, Mortgage Payments,
       Home Owner Insurance, or any other legally mandated fee associated with Ownership of the
       property.

       f) Tenant shall be responsible for procuring and maintaining any insurance desired by tenant
       including coverage for the possessions of the tenant in the property. The landlord is not
       responsible for any furniture or any belongings of tenant, household members, servants,
       guests, agents, or invitees and anyone in tenants control or employ; therefore renter's
       insurance must be obtained by tenant.

       g) In the event that the Owner falls substantially behind in payment of legally obligated fees,
       such as Property taxes, Tenant is authorized to make payments directly to the legal entity
       such fees may be payable to, and deduct those amounts from rental payments.

       h) Tenant is responsible for maintaining the grounds and landscaping during the Term, and
       in the event of deterioration or damage due to neglect, Tenant shall reimburse to Owner any
       reasonable fees incurred in returning landscaping to its original condition.



Owner Initial & Date_______________________ Tenant Initial & Date________________________
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4. It is further agreed that:
          a) During the Lease period, the Owner is responsible for Major Maintenance issues such as
          Heating and Cooling, Breaks in the Plumbing, and Major Structural Damage. Tenant is
          responsible for minor maintenance such as stopped up toilet, sinks, broken windows,
          damaged walls or doors, lighting issues/bulbs, and appliance repair or replacement.
          Tenant is responsible for timely notification to Owner of any problems that may arise.

        b) Tenant shall not make any material or structural alterations to the leased premises without
        Owner’s prior written consent.

        c) Tenant shall comply with all building, zoning and health codes and other applicable laws
        for the use of said premises. Tenant shall comply with all Laws, Rules, Covenants & By Laws
        of the community, county and state in which the property is located. Tenant shall be
        responsible for any fees or fines that result from Tenant or Tenant’s Guests violation.

        d) Tenant shall not conduct on premises any activity deemed extra hazardous, or a
        nuisance. Tenant shall comply with all Laws, Rules, Covenants & By Laws of the
        community, county and state in which the property is located. Tenant shall be responsible
        for any fees or fines that result from Tenant or Tenant’s Guests violation.

        e) Tenant will indemnify and hold Owner and Owner’s property--including the leased
        premises--free and harmless from any liability for injury to or death of any person, including
        Tenant, or for damage to property arising from Tenant’s using and occupying the premises,
        or from the act or omission of any person or persons, including Tenant, in or about the
        premises with Tenant’s express or implied consent. Tenant is solely responsible for
        purchasing Renter’s Insurance to protect Tenant property from any and all damages that
        may arise from any and all situations, including acts of God.

5. Pets: No pets are allowed without Owner’s written and specific consent.
Exceptions: ___________________________________________________________________

_____________________________________________________________________________

_____________________________________________________________________________

6. Early Termination: Tenant may give 60 days written notice of early termination. Tenant
acknowledges that early termination of this Agreement shall include termination of the Option to
Purchase and Extend Clause, and that any earned Credits or Non-Refundable Payments that may
have been available to be applied towards the purchase of the property shall be lost forever.
Immediately upon receipt of notice of early termination, Owner shall immediately have right to
inspect property in order to determine condition, need for repairs to be scheduled; to schedule and
take photography for remarketing purposes ; and will have access to the property for the purpose of
showing to prospective new tenant / purchasers.

7. Binding of Heirs & Assigns: All lease provisions extend to & bind, or inure to the benefit of, the
parties to this lease & to every heir, executor, representative, successor, and assigns of both parties.
Outside of death, Tenant may not assign this contract to a 3rd party without the express written
permission of the Owner. Owner is not obligated to grant permission to the assignment of the
contract by Tenant to 3rd party under any circumstances, and such act would be entirely voluntary on
the part of the Owner.

8. Rights and Remedies Cumulative: The rights and remedies under this lease are cumulative,
and either party's using any one right or remedy will not preclude or waive that party's right to use
any other. These rights and remedies are in addition to any other rights the parties may have by law,
statute, ordinance, or otherwise.

Owner Initial & Date_______________________ Tenant Initial & Date________________________
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9. Georgia Law To Apply: This agreement is to be construed under Georgia law, and all obligations
of the parties created under this lease are performable in Glynn County, GA.

10. Legal Construction: If any one or more of the lease provisions are for any reason held invalid,
illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability will not affect
any other provision of this lease, which will construed as if it had never included the invalid, illegal, or
unenforceable provision.

11. Amendment: No amendment, modification, or alteration of this lease is binding unless in writing,
dated subsequent to the date of this lease, and duly executed by the parties.

12. No Refinance During Term: The Owner, as Legal Owner of the Property, agrees that no new
loans, mortgages or refinancing of the property shall be undertaken subsequent to the execution of
this agreement, and during the life of this agreement, except as fulfillment of Option to Purchase
between parties. However, Contract of current owner may be assignable.

13. Option to Purchase & Extend Clause: Tenant has the Option to Purchase the property
according to the terms set forth below in this section. This Option to Purchase & Extend Clause is
activated, enforceable and legally binding as a part of this Agreement upon receipt by Owner, from
Tenant, of the full amount of the non-refundable Option Price sum specified in section (a) below.

        a) Tenant agrees to pay Owner a non-refundable Option Price sum of
         four thousand dollars ($4,000.00) in return for this Option to Purchase the Property
        for the amount of $ 209,000.00 . The $4000 shall be paid in two installments due as follows:
                 i) $3,000 shall be delivered to the Owner within 5 days of the signing of this contract.
                 ii) The remaining $1,000 shall be paid within 120 days of signing this agreement.
                 iii) Failure to make the second payment within 15 days of the due date shall render
                 the purchase option null and void, and Tenant shall forever lose all rights to any
                 earned credits or previously tendered Option Price Sums. Tenant will remain
                 obligated to fulfill the entire term of the Rental Agreement unless 60 days written
                 notice of early termination is given.

        b) Tenant may exercise this Option to Purchase at any time during the Term of the Lease.

        c) Tenant has permission to market property for sale at higher price, understanding that this
        Option to Purchase shall be exercised at or prior to time of sale to any 3rd Party, and that
        payment obligations to Owner shall be fulfilled prior to title passing on.

        d) As part of this Option to Purchase & Extend Clause, Owner agrees to issue the Tenant the
        following Credits towards the Purchase of the Property:

           i.    An amount equal to the cumulative sum of $1,000.00 (or 80%) of each full monthly
                 Rental Payment during the Term already tendered at the time Tenant elects to
                 exercise the Option to Purchase.
          ii.    Any of the non-refundable Option Price sums already tendered at the time Tenant
                 elects to exercise the Option to Purchase, which are referenced in 13a) of this
                 Agreement, and consist of two separate $ 4,000.00 payments.
          iii.   The full amount of any Security Deposit paid by Tenant as part of the residential
                 Lease Agreement, which in this case is $ 1250.00.

        e) Tenant agrees and understands that it is their sole responsibility to procure full financing
        for the purchase of the property within the Term of this Agreement, and that the percentage
        of the Credit which can be applied towards the down payment is at the sole discretion of any
        Lender the Tenant may choose to use. In the event the Tenant’s chosen Lender will not
        apply the full Credit to the down payment, the difference between the Credited amount

Owner Initial & Date_______________________ Tenant Initial & Date________________________
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      earned, and the down payment amount allowed by Lender, will be deducted from the final
      sales price of the property.

      f) The Option to Purchase must be fully executed, and the sale of the property concluded, by
      the end of the Term of this agreement, or the Lease and Option to Purchase terminate and
      all Credits earned by the Tenant are forever lost to Tenant. Following are exceptions to this
      rule:

         i.    In the event that Tenant can not procure complete financing for the full purchase via
               a 3rd Party Lending Institution within the Term of this lease, the Tenant may purchase
               a 1 year extension (365 days) to the Term for the non-refundable Option to Purchase
               Extension sum of $ 1500.00. This sum shall be treated the same as the original non-
               refundable Option to Purchase sum, and shall also be applied to the eventual
               purchase.
        ii.    During the term of this 3rd year Extension, the percentage amount of rent monies that
               shall accrue towards the purchase price shall drop to an amount equal to the
               cumulative sum of $ 500.00 (or 40 %) of each full monthly Rental Payment
               tendered. All previously earned credits shall not be negatively impacted and shall
               remain the same, and shall remain as credits in full towards the purchase price. This
               shall include previously tendered non-refundable Option to Purchase sums and
               security deposit. In the event the Option to Purchase is still not exercised at the end
               of the 1st extension Term, the Tenant is still entitled to return of the security deposit
               conditional to the original conditions of the lease agreement.
        iii.   In the event that Tenant can still not procure complete financing for the full purchase
               via a 3rd Party Lending Institution within the 3rd year extension term of this lease, the
               Tenant may purchase another 1 year extension (365 days) to the Term for another
               non-refundable Option to Purchase Extension sum of $ 1500.00. This sum shall be
               treated the same as the original non-refundable Option to Purchase sum, and shall
               also be applied to the eventual purchase.
        iv.    During the term of this 4th year Extension, the percentage amount of rent monies that
               shall accrue towards the purchase price shall drop to an amount equal to the
               cumulative sum of $ 375.00 (or 30 %) of each full monthly Rental Payment
               tendered. All previously earned credits shall not be negatively impacted and shall
               remain the same, and shall remain as credits in full towards the purchase price. This
               shall include previously tendered non-refundable Option to Purchase sums and
               security deposit. In the event the Option to Purchase is still not exercised at the end
               of this 4th year extension term, the Tenant is still entitled to return of the security
               deposit conditional to the original conditions of the lease agreement, but the Lease
               and Option to Purchase terminate, and all Credits earned by the Tenant are forever
               lost to Tenant.
        v.     In the event that Tenant can still not procure complete financing for the full purchase
               via a 3rd Party Lending Institution within the 4th year extension term of this lease, the
               Tenant may purchase another 1 year extension (365 days) to the Term for another
               non-refundable Option to Purchase Extension sum of $ 1500.00. This sum shall be
               treated the same as the original non-refundable Option to Purchase sum, and shall
               also be applied to the eventual purchase.
        vi.    During the term of this 5th year Extension, the percentage amount of rent monies that
               shall accrue towards the purchase price shall drop to an amount equal to the
               cumulative sum of $ 250.00 (or 20 %) of each full monthly Rental Payment
               tendered. All previously earned credits shall not be negatively impacted and shall
               remain the same, and shall remain as credits in full towards the purchase price. This
               shall include previously tendered non-refundable Option to Purchase sums and
               security deposit. In the event the Option to Purchase is still not exercised at the end
               of this 5th year extension term, the Tenant is still entitled to return of the security
               deposit conditional to the original conditions of the lease agreement, but the Lease



Owner Initial & Date_______________________ Tenant Initial & Date________________________
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                 and Option to Purchase terminate, and all Credits earned by the Tenant are forever
                 lost to Tenant.

        g) The sale of the property shall include all furnishings or attachments to the property that
        are in existence as part of the original lease agreement. It is the responsibility of the Tenant
        to have notified the Owner 60 days prior to exercising Option to Purchase of any “Major
        Maintenance issues such as Heating and Cooling, Breaks in the Plumbing, and Major
        Structural Damage” as specified in Section 4 (a) of this agreement, and if the Owner is
        legally obligated to repair or replace any specified defect according to the terms of this lease
        agreement, then Owner shall be obligated to repair or replace such items or issues at their
        own cost within 30 days before or after the sale of the property.

        h) In the event the property is destroyed by an act of God, Fire, Hurricane etc prior to
        Purchase Option being exercised, the Tenant is released from the contract, and all "Non-
        Refundable" deposits SHALL BE 50% REFUNDED, along with Security Deposit.

14. Emergency Escalation Clause: Due to uncertainties in the current economic climate
surrounding the value of the U.S. Dollar at the time of the signing of this Agreement, this clause is
included to protect against abnormal economic & inflationary events that could negatively impact the
Owner’s financial interests in the property. Therefore, the base rent / mortgage payment and option to
purchase sales price shall be adjusted predicated on a "Trigger Event", that being a scenario in which the
U.S. Consumer Price Index ("CPI") escalates 500% or more within any calendar year. In the event this
unforeseen "Trigger Event" occurs, then the Owner retains the right to readjust any and all payments /
prices as needed to be directly reflective of the increases in the CPI.

15. Legal Communication:

a) All legal communications to Tenant shall be made by mail as follows:

__206 Paradise Marsh; Brunswick, GA 31525 ____, or by email to ______________________.

b) All legal communications to Owner shall be made by mail as follows:

__16 Country Lane; Hampton Bays, NY 11946____, or by email to ___N/A________________.

c) Changes to legal communication method shall be made with 30 days prior notice.


IN WITNESS OF THIS AGREEMENT, the Owner and Tenant execute this agreement.

OWNER(S):                                                TENANT(S) :

___________________________ [printed name]               ___________________________ [printed name]

By _______________                    __   [signature]   By _______________                 __   [signature]

_____________ [date]                                     _____________ [date]

___________________________ [printed name]               ___________________________ [printed name]

By _______________                    __   [signature]   By _______________                 __   [signature]

_____________ [date]                                     _____________ [date]

Owner Phone at time of the signing:                      Tenant Phone at time of the signing:
631-728-8333 (home)                                      __________________________(phone 1)
516-578-1792 (cell)                                      __________________________(phone 2)

Owner Initial & Date_______________________ Tenant Initial & Date________________________

				
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