Lease Purchase Agreement
This Agreement, entered on _________, 20___ by and between ______ ______________, herein referred to as Lessor, and ___________________, herein referred to as Lessee. Lessor leases to Lessee the premises situated at____________________________________________________________ . 1. Lease: Lessee agrees to pay, without demand, to Lessor as lease/purchase for the premise the sum of $ ______ per month on the first day of each calendar month being mailed to ______________________ ______________ or by any other means agreed upon. Lessee is also paying a _________ deposit to be forfeited if option is not exercised. This lease is effective for _________ months from date of occupancy ending ____________, 20___. Each month that the lease payment is paid on time, the Lessee shall receive a $________ credit to the purchase price. The purchase price will be adjusted at the closing to reflect the credits for the lease payments and will be applied first to any payment due from Lessee at closing. The lease payment is late five days after it is due. Additionally at closing the property taxes and lease payments will be prorated. If at any time during the term of this agreement Lessor fails to make any loan payment or payment of taxes, insurance or assessment, Lessee may make the payments due and shall receive credit of 150% of all funds paid against the next lease payment(s) due under this agreement. In the event the option is exercised, Lessor agrees to convey good and marketable title and deliver a warranty deed, free of encumbrances. Taxes, insurance, and any assessments are the responsibility of the Lessor until the date of closing. In the event the seller cannot deliver good and sufficient title as called for under this agreement the Lessee shall be entitled to a refund of deposit and all credits in excess of the lease payments paid to Lessor under this agreement, and shall not waive any further remedies available to him. 2. Occupants: The said premise shall be occupied by __ adult(s),___ children. 3. Pets: __________________________________________________ 4.Repairs or Alterations: Lessee shall be responsible for damages caused by their negligence and that of his family or invitees and guests. Lessee shall not paint, paper, or otherwise redecorate or make alterations to the premises without the prior written consent of Lessor. All alterations, additions, or improvements made to the premises with consent of Lessor
shall become the property of Lessor and shall remain upon and be surrendered with premises. 5. Upkeep of Premises: Lessee shall keep and maintain the premises in a clean and sanitary condition at all times, and upon the termination of the tenancy shall surrender the premises to Lessor in as good condition as when received, ordinary wear, tear, and damage by the elements excepted. 6.Assignment and Subletting: Lessee shall not assign this Agreement or sublet any portion of the premises without prior written consent of Lessor. 7.Utilities: Lessee shall be responsible for the payment of all utilities and service except condominium association fees, which are water and ground maintenance, which shall be paid by Lessor. 8.Default: If Lessee shall fail to pay lease when due or perform any term hereof, after not less than three days written notice of such default given in the manner required by law, Lessor at their option may terminate all rights of Lessee hereunder, unless Lessee, within said time, shall cure such default. If Lessee abandons or vacates the property, while in default of the payment or lease, Lessor may consider any property left on the premises to be abandoned and may dispose of the same in any manner allowed by law. 9. Right of Entry: Lessor reserves the right to enter said premises at all reasonable hours for the purpose of inspection, and whenever necessary to make repairs and alterations to the premises. Lessee hereby grants permission to Lessor to show said premises to prospective purchasers, mortgages, tenants, workmen, or contractors at reasonable hours of the day. 10.Attorney’s Fees: The prevailing party in an action brought for the recovery of lease or other monies due or to become due under this lease or by reason of a breach of any covenant herein contained, or for the recovery of the possession of said premises, or to compel the performance of anything agreed to be done herein, or to recover for damages to said property, or to enjoin any act contrary to the provision hereof shall be awarded all of the costs in connection therewith, including, but not by way of limitation, reasonable attorney’s fees. 11.Purchase and Sale: The undersigned buyer (“Buyer) agrees to buy and the undersigned seller (“Seller”) agrees to sell all that tract or parcel of land, with such improvements as are located thereon, described as follows: ________________________________. Purchase price will be $_________with $_______ going towards closing costs, prepaids, etc. All cash at closing: At closing Buyer shall pay the purchase price to Seller in cash, or its equivalent. Buyer’s obligation to close shall not be conditioned upon Buyer’s ability to obtain financing. This sale is to take place on or before ____________________, 20___.
12. Late Fees: Lease payments received after the ____ of the month will incur an additional $_______ late fee per day for each day the rent is unpaid. In witness whereof, the parties hereto have executed this Agreement in duplicate the day and year first above written. Signed in the presence of: _______________________ Witness _______________________ Lessee _______________________ Lessee _______________________ Lessor Dated this ______ day of __________________.
_________________________ Notary My commission expires ___________, 20____.