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Rent to Own

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RENT TO OWN -

 

 
THIS RENT TO OWN AGREEMENT (hereinafter "Agreement") is entered into, this ___________ ____, _____ by and between:

 
The Lessor/Owner:

 
_________________ of _________________
_________________,
_________________
 
(Hereinafter "Landlord")

 
and the Lessees/Purchasers:

 
_________________ of _________________
_________________,
_________________
 
(Hereinafter "Tenants")
 
In regards to the Property:
 
_________________
_________________, _________________
_________________
 
(Hereinafter "")
 
The Landlord and Tenants do hereby agree to abide by the terms set out in this Agreement. The terms of this Agreement are as follows:
  1. THE
    This Agreement is subject to the Residential Lease Agreement between Landlord and Tenants, dated .
     
    In consideration of the rent payment to be paid by Tenants and of the other covenants and agreements herein contained, the Landlord rents to Tenants the .
     
    The Landlord hereby grants to Tenants an exclusive option to purchase the Premises; the Landlord and Tenants acknowledge that they will, to the best of their ability, comply with the necessary requirements set out pursuant to the applicable legislation of the State of (Hereinafter referred to as the "").
     
    Tenants shall use the only for residential purposes. Tenants shall not use or allow the use of the in any way that interferes with other tenants' use and enjoyment of the or neighboring property. Tenants shall not use the for any illegal or improper use. Additionally, Tenants shall comply with all Zoning Ordinances, Protective Covenants and Deed Restrictions.
     
    The Tenants agree while pets are permitted in the they are subject to the following: ___________________________________________________. The Tenants acknowledge that they are exclusively responsible for any and all damage caused to the by any pet residing in, or visiting the .
     

     
  2. PAYMENT SCHEDULE AND DETAILS
    The Tenants agree to pay _________________ ($_______ USD), . Payment shall be made in the form of , on or before: _________________ of each term during the entire length of this Agreement. Payments shall be made at: _________________, _________________ , _________________, or at such other place as the Landlord and Tenants agree upon.
     
  3. PURCHASE PRICE
    The total purchase price for the pursuant to this Option to Purchase Agreement is $_________________. If Tenants timely exercises this option, is not in default of the Lease Agreement and actually closes the conveyance of the Property, the Tenants shall be credited, at closing, the sum of $_____ from each lease payment if every lease payment was timely remitted to Landlord pursuant to the Lease Agreement. No credit shall be given at closing if any lease payment was received by the Landlord after the due date established in the Lease Agreement. There will be no real estate commissions paid as a result of this transaction.
     
  4. EXCLUSIVITY
    This option to purchase is exclusive and non-assignable. Any attempted assignment, delegation, transfer or conveyance of this option to purchase without the Landlord express written permission is void.
     
  5. NOTICE TO EXERCISE OPTION
    Tenants may only exercise this option to purchase by delivering written notice of intent to purchase to Landlord. Such notice must specify a closing date to occur prior to the original Termination Date set forth in the Lease Agreement or the option expiration date set forth in the Terms of this agreement, whichever is later in time. Such notice, if mailed, shall be deemed to be given forty-eight (48) hours after the date of the registration receipt.
     
    • Notice to Landlord:
        _________________
        _________________
        _________________
        
        _________________
       

    • Notice to Tenants:
        _________________
        _________________
        _________________
        
        _________________
       

  6. OPTION CONSIDERATION
    The Tenants shall remit option consideration in the sum of $ to Landlord upon execution of this Option to Purchase Agreement, which amount is non-refundable. In the event Tenants timely exercises this option, is not in default of the Lease Agreement and actually closes the conveyance of the Property, the option consideration shall be credited to the purchase price at closing. If Tenants fail to exercise this option, defaults in the Lease Agreement or fails to close the conveyance, the option fee shall not be refunded.
     
  7. FINANCING
    Financing shall not be a condition of performance of this Option to Purchase Agreement. It is the Tenants sole responsibility to arrange financing for the transactions. Landlord has made no representations to Tenants regarding the availability of financing of Tenants ability to qualify for financing.
     
  8. REMEDIES UPON DEFAULT
    In the event of any such default by Tenants of this Option to Purchase Agreement or the Lease Agreement, then in addition to any other remedies available to Landlord at law or in equity, Landlord shall have the option to terminate this Option to Purchase Agreement and all rights hereunder by giving written notice of termination. Tenants is not entitled to any refund of rent or option consideration whatsoever.
     
    All of the terms and conditions of the Lease Agreement must be complied with in order for this option to be enforceable. In the event this Option to Purchase Agreement conflicts with any part of the corresponding Lease Agreement, the terms and conditions of this Option to Purchase Agreement shall be superior and prevail.
     
  9. BINDING EFFECT
    The Option to Purchase Agreement shall be binding upon and for the benefit of the heirs, personal representatives, successors, and permitted assigns of the Landlord and Tenants, subject to the requirement specifically mentioned in the Option to Purchase Agreement. Whenever used, the singular number shall include the plural or singular and the use of any gender shall include all appropriate genders.
     
  10. INDEPENDENT LEGAL ADVICE
    Tenant/Buyer hereby acknowledges and confirms that he was advised by the Landlord/Seller to obtain independent legal or other professional advice and that by executing this Agreement, Tenant/Buyer hereby confirms that he has had the opportunity to seek independent legal or professional advice prior to executing this Agreement and has:
     
  11. LENGTH OF AGREEMENT
    This Agreement shall begin ___________ ____, _____. Unless terminated, this Agreement shall be automatically renewed . Either party may terminate this Agreement by giving written notice to the other at least _________________ days prior to the end of the calendar month.
     
  12. TENANT RESPONSIBILITIES
    The Tenants shall comply with all obligations imposed upon tenants by applicable provisions of building, housing, and health codes; maintain the in good condition during the entire length of this Agreement and shall neither cause nor allow any abuse of the facilities therein.
     
    The Tenants shall inform the Landlord of any condition that may cause damage to the . If the , or any part of the , is partially damaged by fire or other casualty not due to the negligence or willful act of the Tenants or an agent of the Tenants, the will be immediately repaired by the Landlord and there will be an abatement of rent corresponding with the time during which the was untreatable.
     
    Upon the termination or expiration of this Agreement the Tenants shall redeliver the property, amenities, furniture, appliances and any other applicable aspects of the , in as good condition as at the commencement of the Agreement or as may be put in during the Agreement. Reasonable wear and tear from use and obsolescence to the shall be accepted. Furthermore, the Landlord retains a Landlords Lien on all personal property placed upon the premises to secure the payment of rent and any damages to the .
     
  13. ALTERATIONS
    Tenants shall make no alterations, additions or improvements to the (including the application of paints, stains, nails or screws to the woodwork, walls, floors or furnishings) without first obtaining the express written consent of the Landlord.
     
  14. INSURANCE
    Tenant acknowledges that Landlordís insurance does not cover personal property damage caused by fire, theft, rain, war, acts of God, acts of others, and/or any other causes, nor shall Landlord be held liable for such losses. Tenant is hereby advised to obtain his own insurance policy to cover any personal losses.
     
  15. ENTRY FOR REPAIRS OR SHOW
    In addition to the rights provided by the laws applicable to the State of _________________, the Landlord shall have the right to enter the at all reasonable times for the purpose of inspecting the and/or showing the same to prospective tenants or purchasers, and to make such reasonable repairs and alterations as may be deemed necessary by the Landlord for the preservation of the or the building and to remove any alterations, additions, fixtures, and any other objects which may be affixed or erected in violation of the terms of this Agreement. The Landlord shall give reasonable notice of intent to enter except in the case of an emergency.
     
  16. QUIET ENJOYMENT
    The Tenants shall be entitled to quiet enjoyment of the for the term of this Agreement provided that the Tenants pays rent in a timely manner and performs all covenants and obligations under this Agreement.
     
  17. POSSESSION AND SURRENDER OF THE
    At the expiration of the Agreement Term, Tenants shall immediately surrender the to the Landlord in the same condition as at the start of the Agreement, reasonable wear and tear elements excepted. The Tenants shall return a complete set of keys to the Landlord and provide in writing, the Tenants forwarding address. If any Tenant remains on the after the expiration or termination of this Agreement without the Landlord written permission, the Landlord may recover possession of the in the manner provided for by law.
     
  18. ABANDONMENT
    Abandonment is defined as absence of the Tenants from the premises for a period of seven (7) or more consecutive days while rent or any owing monies remain unpaid - whereupon Tenants will be considered in breach of this Agreement. If Tenants abandons the during the term of this Agreement, the Landlord may enter the by any legal means, without being liable for such entering, and without becoming liable to the Tenants for damages caused upon entering. Landlord may consider any personal property belonging to the Tenants and left on the property to also have been abandoned, in which case the Landlord may dispose of all such personal property in any manner the Landlord deems proper without becoming liable to the Tenants for doing so.
     
    The Landlord may at its option terminate the Agreement and re-let the , and may receive and collect all rent payable by virtue of such re-letting. Had this Agreement continued in force, the Landlord may hold the Tenants liable for any difference between the rent that would have been payable under this Agreement during the balance of the unexpired term and the net rent for such period realized by the Landlord by means of the re-letting.
     
  19. LEGAL FEES
    If the Tenants is in breach of this Agreement, and the Landlord finds it necessary to enforce this Agreement, or collect rental or other damages, through an attorney or in a legal action, the Landlord shall be indemnified by the Tenants for any reasonable attorneys' fees and out-of-pocket costs which in any way relate to, or were precipitated by, the breach of this Agreement by the Tenants.
     
  20. WAIVER
    The Landlordís failure to enforce or insist on compliance with any provisions of this Agreement shall not be deemed a waiver nor a limitation of the Landlord's right to enforce or insist on compliance with the provisions of this Agreement.
     
  21. BINDING EFFECT
    Except as otherwise provided in this Agreement, all of the covenants, conditions, and provisions of this Agreement shall apply to and bind the parties and the heirs, personal representatives, successors, and assigns of the parties.
     
  22. HEADINGS
    Headings are inserted for the convenience of the parties only and are not to be considered when interpreting this Agreement.
     
  23. AMENDMENT OF AGREEMENT
    Any amendment or modification of this Agreement or additional obligation assumed by either party in connection with this Agreement will only be binding if evidenced in writing signed by both parties.
     
  24. ENTIRE AGREEMENT
    This Agreement constitutes the entire agreement between the parties and supercedes any prior written or oral covenants or representations relating thereto and not set forth herein shall be binding on either party hereto. This Agreement may not be amended, modified, extended, or supplemented except by written instrument executed by the Landlord and Tenants. The Landlord has made no representation or warranty to Tenants except as herein expressly set forth.
     
  25. SEVERABILITY
    Should any conflicts arise between any party of this Agreement and the applicable legislation of the State of _________________, the State Laws will prevail and such provisions of the Agreement will be amended or deleted as necessary in order to comply with the State Laws. Furthermore, any provisions that are required by State Laws may be subsequently incorporated into this Agreement.
     
    In the event any of the provisions of this Agreement are held to be invalid or unenforceable in whole or in part, those provisions to the extent enforceable and all other provisions will nevertheless continue to be valid and enforceable as though the invalid or unenforceable parts had not been included in this Agreement.
     
  26. GOVERNING LAW
    This Agreement shall be governed and construed in accordance with the laws of the State of _________________.
     
The parties hereby indicate by their signatures below that they have read and agree with the terms and conditions of this Agreement in its entirety.
 
Landlord:
 
Signature: ___________________
 
Print: ___________________
Tenant:
 
Signature: ___________________
 
Print: ___________________

 
Dated: ___________ ____, _____.





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