Option To Purchase Real Estate Agreement

Option To Purchase Real Estate Agreement THIS AGREEMENT made this ______ day of _______________, 2002, by and between: Epstein Enterprises LLC 752 Mohican Lane Mendota Heights, MN 55120 612-701-5575 Fax 1-413-702-0373 E-Mail bicycldave@aol.com (Hereinafter referred to as "Optionor/Seller") Name _______________________ Address_____________________ City ____________ State_____ Zip__________ Phone _____________________ (Hereinafter referred to as "Optionee/Buyer") WITNESSETH THAT under the mutual promises and covenants hereinafter set forth, the parties hereto agree as follows: 1. CONSIDERATION: In consideration for the granting of this Option, the payment of a non-refundable Option Consideration of _____________________________________________($________) concurrent with the inception of this Option Agreement, (the "Option Consideration"), and other good and valuable consideration in hand paid to Optionor/Seller, the receipt and sufficiency whereof are hereby acknowledged by Optionor/Seller, Optionor/Seller hereby grants and conveys unto Optionee/Buyer an exclusive Option to purchase property herein described. Payments shall be delivered and made payable to: Epstein Enterprises LLC 2. PROPERTY: That certain real property with such improvements as are located thereon, commonly known as: Address_________________ City ____________ State_____ Zip__________ TERM: The term of this Option shall be for a period of 24 months commencing on ____________________________________ and ending on______________________________ 3. PURCHASE PRICE AND METHOD OF PAYMENT: The purchase price of the Property shall be: 4. _______________________________________($__________), less (the "Option Consideration") ($________) and an additional credit of ($______) per month credited each month in which Optionee/Buyer pays the monthly rent per the terms of the Lease Agreement between the Optionee/Buyer and the Optionor/Seller dated The _____ day of __________, 20___. Optionee/Buyer will receive the monthly credit every month the lease payment is received by 5:00pm the 1st day of the month that the Lease Payment is due, per the terms of the referenced Lease Agreement. Optionee/Buyer may pay cash or refinance the property and exercise their option to buy at any time during the term of this “Option To Purchase Real Estate”. Optionee/Buyer shall pay any and all loan and sale closing costs including but not limited to discount points, document preparation, credit reports, appraisal, funding fees, and any other fees that might be associated with refinancing. Any unsatisfied liens or judgments of Optionee/Buyer must be cleared prior to or upon purchase of the Property. 5. DEFAULT: In the event of a default, or the expiration of this Agreement without exercising by Optionee/Buyer, then all Monthly Option Credits will be forfeited and forever be the property of Optionor/Seller, with no other consideration of any kind whatsoever due to Optionee/Buyer. 6. CROSS DEFAULT: This “Option To Purchase Real Estate” is joined in conjunction with a Lease Agreement between the Optionee/Buyer and the Optionor/Seller dated the _____ day of ___________, 20___. If Optionee/Buyer is in default of any part of the above referenced Lease Agreement, then this “Option To Purchase Real Estate” Agreement shall also be considered in default and, at the option of Optionor/Seller, this Agreement may be voided and all Monthly Option Credits will be forfeited and forever be the property of Optionor/Seller. 1 7. PURCHASE AND SALE AGREEMENT: In the event of the exercise of Option, the sale of the Property from Optionor/Seller to Optionee/Buyer shall be evidenced by a sufficient deed and closed as per a standard Real Estate Purchase and Sale Agreement provided by Optionor/Seller at the time the Optionee/Buyer exercises their Option. 8. DEED/MARKETABLE TITLE: Upon performance by Buyer, Seller shall deliver a Warranty Deed or other acceptable instrument joined in by spouse, if any, conveying marketable title, subject to: existing mortgage 9. NOTICES: All notices and payments required or permitted to be given to Optionee/Buyer or Optionor/Seller hereunder shall be given in writing and be delivered, if to Optionee/Buyer, at the Property address, and if to Optionor/Seller, at the address as contained in Paragraph 1 above. 10. SELLER'S DELINQUENCY: Should Optionor/Seller be delinquent on any payment due under any note and mortgage or should Optionor/Seller cause a notice of foreclosure to be filed, then Optionee/Buyer may at Buyer's discretion cure the default, and Optionee/Buyer shall receive full credit towards the purchase price for every dollar expended, should Optionee/Buyer exercise this Option. Should Optionee/Buyer allow Option to expire all sums expended by Optionee/Buyer, under this provision, shall be refunded to Optionee/Buyer. 11. INSURANCE: During the term of this “Option To Purchase Real Estate” Agreement, Optionor/Seller shall insure Property against physical damage, casualty etc., for an amount to be determined by Optionor/Seller's insurance carrier as the replacement value of the Property. 12. TRANSFERABILITY: This Option is not transferable to any other party and can be exercised only by the individual(s) who have signed this Agreement, acting in unison. This Option shall run with the Property and shall be binding upon any subsequent purchaser of the Property. 13. ALTERATIONS: Optionee/Buyer shall not make, or allow to be made, any alterations, installations, repairs or redecoration of any kind to the Property without prior written permission of Optionor/Seller, provided, however, that notwithstanding such consent, all alterations including, without limitation, any items affixed to the Property, shall become the property of Optionor/Seller upon the termination of this Agreement. 14. REPAIRS: Optionee/Buyer is responsible for the upkeep and repairs to the Property. If any single repair would exceed $1,000.00, it shall be reported to Optionor/Seller in writing. Optionor/Seller will provide Optionee/Buyer with a one year Home Warranty Plan. Optionee/Buyer will be responsible for the Home Warranty Plan after the first year. If Optionee/Buyer wishes not to continue the Home Warranty Plan after it expires, then Optionee/Buyer will be responsible for repairs of such items as would have been covered under the Home Warranty plan, at their own expense. 15. TIME: Time is of the essence of this “Option To Purchase Real Estate” Agreement. 16. SEVERABILITY: In the event that any part of this “Option To Purchase Real Estate” Agreement is construed as unenforceable, the remaining parts of this “Option To Purchase Real Estate” Agreement shall remain in full force and effect as though the unenforceable part or parts were not written into this “Option To Purchase Real Estate” Agreement. 17. GENDER: All references to Optionor/Seller or Optionee/Buyer herein shall be construed to include the plural as well as the singular, and the masculine shall include the feminine and neuter where the context of this Agreement may require. 18. ENTIRE AGREEMENT: This Agreement and any attached addendum constitutes the sole and entire Agreement between the parties and no representation, promise, or inducement not included in this “Option To Purchase Real Estate” Agreement, oral or written, shall be binding upon any party hereto. 2 19. ADDITIONAL TERMS, CONDITIONS or ADDENDA: This Property is being Sold “AS IS”, “WERE IS”, no warranties expressed or implied. This agreement is subject to the successful acquisition and redemption of the property from the finance company, county sheriff, or any other entity that needs to be dealt with for the redemption of the named property. ______________________________________________________________________________________________ ______________________________________________________________________________________________ X ______________________________________ (Buyer’s Signature) (Date) X _____________________________________ (Seller’s Signature) (Date) _______________________________________ (Buyer’s Printed Name) David Epstein (Seller’s Printed Name) X ______________________________________ (Buyer’s Signature) (Date) X _____________________________________ (Seller’s Signature) (Date) _______________________________________ (Buyer’s Printed Name) _______________________________________ (Seller’s Printed Name) THIS IS A LEGALLY BINDING CONTRACT BETWEEN BUYERS AND SELLERS. 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