Residential Lease Agreement with Option to Purchase by ReadyBuiltForms

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									                                        LEASE AGREEMENT WITH OPTION TO PURCHASE
         THIS LEAS E AGREEMENT is made at ____________ County, Ohio, by and between ____________________________, whose address is
_________________________________________ (hereinafter collectively referred to as the "Lessor"), and ___________________________, whose
address will be _________________________________________________ (hereinafter the "Lessee").

          WITNES S ETH, THAT:

          WHEREAS , the Parties have entered into a Real Estate Purchase Agreement dated ___________________ (“Purchase Agreement”) attached hereto
as Exhibit A, whereby Lessee agreed to purchase from Lessor the Premises herein described;

         WHEREAS , pursuant to ____________________of the Agreement, closing under the Purchase Agreement is conditioned upon approval from
Lessor’s mortgage holder which has not yet been received;

          WHEREAS , Lessee wishes to take possession of the Premises herein described pending the closing of the sale of the Premises; and,

          WHEREAS , upon and subject to the terms, conditions and restrictions hereinafter set forth, Lessor desires to lease to Lessee, and Lessee desires to
lease from Lessor, the Premises herein described.

         NOW, THEREFORE, in consideration of the terms, conditions and restrictions provided herein, and in further consideration of the performance of
such terms, conditions and restrictions, Lessor and Lessee agree as follows:

          1.      DES CRIPTION OF LEAS ED PREMIS ES : Lessor does hereby lease to Lessee and Lessee does hereby lease from Lessor the following
real property whose address is__________________________________, (hereinafter the "Premises"), all in accordance with the terms and conditions
contained herein.

          2.        PURPOS E/US E OF PREMIS ES : Lessee shall use the Premises solely for residential purposes. Lessee shall not use the Premises or
any part thereof for any purpose inconsistent herewith unless Lessee obtains Lessor's prior written approval. Furthermore, Lessee shall use and occupy the
Premises in a careful, safe and proper manner.

          3.        DELIVERY OF POS S ES S ION: Lessor shall deliver possession of the Premises to Lessee on ________________.

          4.        TERM: This Lease Agreement shall automatically renew on a month-to-month basis until such time as approval of the Purchase
Agreement is either granted or denied by Lessor’s mortgage holder. Neither party shall have the right to terminate this Lease Agreement unless or until
Lessor’s mortgage holder denies its approval of the Purchase Agreement. In the event that Lessor’s mortgage holder denies ap proval of the Purchase
Agreement, Lessee may within thirty (30) days of written notice of the denial either submit a counteroffer to the mortgage holder or notify Lessor of Lessee’s
intent to terminate this Lease Agreement. In the event that Lessor’s mortgage holder again denies approval of the Purchase A greement, either party may
terminate this Lease Agreement with Thirty (30) days written notice to the other party. In the event that Lessor’s mortgage holder grants approval of the
Purchase Agreement, the sale of the Premises shall proceed to closing in accordance with the Purchase Agreement.

          5.        RENT: Lessee shall pay to Lessor rent for the Term payable as follows: _______________________________ ($________) per month
(“Rent”) beginning on ________________, and payable on the _______ day of each month thereafter.

          6.        OPTION TO PURCHAS E: At any time during the Term of this Lease, Lessee shall be permitted to purchase the Premises pursuant to
the terms and conditions of the Purchase Agreement.

         7.         AS S IGNMENT OR S UB-LETTING: Lessee shall not assign this Lease Agreement, nor sublet the Premises or any part thereof, nor
permit any transfer of the Premises by law or otherwise without Lessor's prior written approval.

          8.        UTILITIES AND OTHER CHARGES : Lessee shall pay all charges and bills for utilities which may be charged against Lessee during
the term of this Lease. Lessee shall promptly arrange for the transfer of all such utilities to Lessee's name commencing on the date Lessee takes possession of
the Premises. Lessee agrees to hold Lessor harmless from any claims or demands arising out of or relating to Lessee's failure to pay for utility services
provided to Lessee as required under the terms of this paragraph.

           9.        INS URANCE/DES TRUCTION OF THE PREMIS ES . At Lessor's cost and expense, Lessor shall obtain and maintain in full force and
effect at all times during the continuance of this Lease Agreement: (a) comprehensive liability insurance for bodily injury or death to any person or persons,
and property damage insurance, in an amount at least equal to the Purchase Price; and (b) fire and extended coverage insurance in an amount at least equal to
the Purchase Price. Lessor shall assume the risk of loss to the Premises from fire or other casualty until Closing, and shall insure the same for the fair market
value of the buildings and improvements located thereon. If all or any part of the Premises is damaged or destroyed by fire or other casualty prior to the
closing of this transaction, Lessee, in Lessee’s sole discretion, may either (i) elect to continue this Agreement and the Purchase Agreement and all of the terms
and provisions herein contained in full force and effect. Whereupon, Lessor shall, restore the affected portions of the Premises to a condition which shall be at
least as good in all reasonable respects as the condition which it was in immediately prior to the occurrence of such damage or destruction; or (ii) elect to
terminate this Lease Agreement and the Purchase Agreement and all of the terms and provisions contained herein. Whereupon, all of the rights and duties of
both Lessor and Lessee under this Lease Agreement and the Purchase Agreement shall cease. Lessee shall make an election hereunder within thirty (30) days
after Lessee has been provided written notice of the total amount of all insurance proceeds available to Lessor as a result thereof. If necessary, the Closing
Date may be delayed until Lessee makes such an election.

          10.       LES S OR’S ACCES S : Lessor shall have the right, upon at least 48 hours notice to Lessee, to enter upon and inspect the Premises at all
reasonable times during the continuance of this Lease Agreement.
          11.      REAL ES TATE TAXES , AS S ES S MENTS AND CHARGES : Lessor shall make payment for all real estate taxes and assessments and
other governmental charges against the Premises which shall be prorated at Closing in accordance with the Purchase Agreement.

         12.        MAINTENANCE OF THE PREMIS ES : Lessee agrees to perform minor maintenance on the Premises during the term of this Lease
Agreement. In the event of any major repairs/replacement (repairs/replacement in excess of $250.00) the parties agree to submit such repairs/replacement,
where applicable to the home warranty company. In the event that the home warranty does not provide coverage, the parties shall agree in writing between
themselves as to the monetary responsibility to make such repairs/replacement. In the event that the parties cannot agree between themselves, Lessee shall
be responsible for such major repairs/replacement in the event that the purchase agreement is approved as provided in Paragraph 4 above, and Lessor shall be
responsible for such repairs/replacement in the event that the purchase agreement is not approved as provided in Paragraph 4 above.

            13.       S EVERABILITY: In the event that any provision of this Lease Agreement is declared to be illegal or invalid, only such provision shall be
affected. This Lease Agreement shall then be construed and enforced as if such provision had not bee
								
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