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Sample Partial Preview of Residential
Lease
RESIDENTIAL LEASE
WITH OPTION TO
PURCHASE
THIS RESIDENTIAL
LEASE AGREEMENT MADE and entered into on this _____ day of
___________, ______ by and between
_______________________________________________, hereinafter called
Lessor, and _____________________, hereinafter called Lessee,
hereby leases to Lessee, his/her heirs or assignees, the premises
situated in the city of _______________, County of ____________,
State of _______, legally described
as________________________________________________, with the street
address
of______________________________________________________________________________
upon the following terms and conditions:
1. Option to
Purchase:
In consideration
of the Lessee meeting all obligations as stated herein under this
lease, the Lessor hereby grants the Lessee an option to purchase
under the following terms and conditions:
a. The option
price is ______________________________________________________.
The terms of purchase will be:
_______________________________________________.
b. Lessee
understands that time is of the essence in this agreement. The
option will expire
without notice and
be of no further effect if not exercised on or before
______________, ______.
c. Lessee has paid
the sum of $_____________ as a non-refundable option consideration
which will be applied toward the purchase price of the property if,
and only if, Lessee exercises this option to purchase. In the event
Lessee fails to exercise the option or defaults under any terms of
the lease, the option will be void and all monies will be retained
by Lessor as liquidated damages and not as a penalty.
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Instantly
