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Option to Grantor to Repurchase

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This Option to Grantor to Repurchase clause is used in agreements, whereby the Grantor may exercise his or her option to repurchase certain real property for certain consideration. The option granted to the Grantor is to be exercised within a certain time frame. This document proves to a person or party that has already granted real property the right to repurchase that same property under specified circumstances. Use this document if one wants to repurchase property that one has granted away.

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									This Option to Grantor to Repurchase clause is used in agreements, whereby the
Grantor may exercise his or her option to repurchase certain real property for certain
consideration. The option granted to the Grantor is to be exercised within a certain time
frame. This document proves to a person or party that has already granted real
property the right to repurchase that same property under specified circumstances. Use
this document if one wants to repurchase property that one has granted away.
                   OPTION TO GRANTOR TO REPURCHASE

    1. Pursuant to the terms of this agreement (the “Agreement”), the grantor of the real
       property (the “Grantor”) shall have the right and option to purchase the real property
       located at _____________________ [Instruction: Insert property address.] and more
       particularly described as _____ [Instruction: Insert legal description of property,
       including section, block and lot.] (the “Real Property”) which is conveyed and
       transferred pursuant to that certain deed dated as of _______ [Instruction: Insert deed
       date.] and recorded in ______ [Instruction: Insert place of recording.] as _______
       [Instruction: Insert recording information.] for the consideration of _____________
       ($________) [Instruction: Insert amount of money property transferred for.] United
       States Dollars (the “Deed”). The Grantor shall have the right and option to purchase the
       Real Property within _____ (___) [Instruction: Insert amount of time in which
       Grantor shall have repurchase right.] months/years from the date of the Deed. In the
       event the Grantor chooses to exercise the option granted herein, the option to purchase
       the Real Property shall form a lien on the Real Property in first position and shall attach
       to the Real Property and run with the land the Real Property is situated on, and Grantee
       shall bear all costs and responsibilities, if any, with respect to ensuring this first position,
       including but not limited to notifying any lender of Grantee regarding this Agreement.
       [Comment: Parties should state whether this option is an exclusive option to
       purchase.]

    2. In the event the grantee of the Real Property as set forth on the Deed (the “Grantee”)
       [Comment: If Grantee is meant to be any person other than Grantee as set forth on
       the Deed, must state so in this document.] has legal proceedings commenced against
       him/her/it or Grantor is placed on notice that Grantee intends to file a petition for
       bankruptcy or intends to become insolvent, or Grantee does file a petition for bankruptcy
       or does become insolvent, the Grantor shall have the right to immediately exercise the
       option granted herein to purchase the Real Property.

    3. In the event the Grantor chooses to exercise the option granted herein to purchase the
       Real Property in the time frame set out herein, the Grantor shall deliver a written notice
       to the Grantee, by registered or certified mail, not less than _____ (___) [Instruction:
       Insert written number of days, followed by numerical representation of same.] days’
       prior to the Grantor intending to exercise the option to repurchase the Real Property, in
       the form annexed hereto as SCHEDULE “A” [Comment: Ensure SCHEDULE “A” is
       attached.] and shall deliver to _____ (the “Escrow Agent”) [Instruction: Insert name of
       person who will act as Escrow Agent.] the sum of __________ ($_______)
       [Instruction: Insert amount of money to be transferred.] United States Dollars. The
       parties hereby acknowledge and agree that Escrow Agent will act under a separate
       agreement to be entered into between the parties, such agreement which will set forth the
       parties rights, obligations and understandings with respect to matters regarding the
       Escrow Agent. Upon the Escrow Agent receiving such sum, Escrow Agent shall within
       ___ (__) [Instruction: Insert number of days.] days deliver a Deed to the Grantor, as
       well as any other documents required to effectuate a transfer, including but not limited to,

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         any required tax documents, evidencing the conveyance and transfer of the Real Property
         by the Grantee. Any costs of closing, including the fee of Escrow Agent, if any, shall be
         paid by ______. [Instruction: Insert which party shall pay closing fees.] Each party
         shall pay any tax or filing fee incurred by such respective party. Grantor shall pay any
         costs incurred in any title, lien search or other similar search conducted by Grantor.

    4. In the event Grantee fails to close the repurchase of the Premises pursuant to the terms
       and provisions of this Agreement Grantor shall be entitled to either sue for specific
       performance of this Agreement or terminate this Agreement and sue for money damages,
       at Grantor’s sole discretion.

    5. This Agreement shall be construed and governed in accordance with the laws of the State
       of _____. [Instruction: Insert governing state.]


    6. This Agreement shall apply to, inure to the benefit of and be binding upon and
       enforceable against the parties hereto and their respective heirs, assigns and successors.

    7. Neither party to this Agreement shall be permitted to assign this Agreement. [Comment:
       The parties can revise this sentence if either or both parties will be permitted to
       assign. Please note, if a lender has any security interest in the property, it is possible
       they will not permit this Agreement to be assigned. The lender should be notified
       prior to permitting any assignment.]

    8. This Agreement contains all of the terms, promises, covenants, conditions and
       representations made or entered into by or between Grantor and Grantee and supersedes
       all prior discussions and agreements whether written or oral between Grantor and Grantee
       with respect to the option to repurchase and all other matters contained herein and
       constitutes the sole and entire agreement between Grantor and Grantee with respect
       thereto. This Agreement may not be modified or amended unless such amendment is set
       forth in writing and executed by both Grantor and Grantee with the formalities hereof.

    9. This Agreement may be executed in several counterparts, each of which when so
       executed shall be deemed to be an original and such counterparts together shall constitute
       one and the same instrument and shall be effective as of the formal date hereof. This
       Agreement may be executed and transmitted via e-mail and/or facsimile transmission and
       in such event shall be effective and binding on the parties hereto and their successors and
       assigns as if originally executed.

    10. If any provision of this Agreement is found by a court of competent jurisdiction to be
        unenforceable, such provision shall not affect the other provisions, but such
        unenforceable provision shall be deemed modified or deleted to the extent necessary to
        render it enforceable, preserving to the fullest extent permissible the intent by the parties
        set forth therein.




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In Witness Whereof, the Parties hereto have caused this Agreement to be executed on this ____
day of ____, 20___. [Instruction: Insert Agreement date.]

__________________________
Grantor
__________________________
Grantee




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                                          SCHEDULE “A”




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