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LEASE
OPTION
Tenant(s)
Property
Landlord
Landlord's Address
1)
TERM: This lease shall begin on ________________________ and end on
_________________________.
2)
RENT: The rental amount is $
and is due in advance by the first (1st) day of
each month.
3)
RETURNED CHECKS: A $
returned check fee shall be
charged for each check rejected/dishonored by the financial
institution for any reason. Returned checks shall be considered
unpaid rent and shall be subject to a late fee, as well.
4)
LATE FEE:
If rent is not paid by the fifth (5th) of the month, there is a $
late fee. This fee
will be charged in addition to any other charges (such as a
returned check fee,
etc.).
NOTE: Landlord may deliver/serve notice to “pay rent or quit”
at the earliest date allowed by law.
5)
TERMINATION: In addition to reasons declared by law and/or stated
elsewhere in this agreement, the landlord may terminate this
agreement under the following circumstances:
a)
Any illegal activity at the property.
b)
Any harassment, threats or intimidation made towards Landlord, or in
the presence of Landlord.
c)
Any other extreme situation that a court could reasonably rule as
grounds for immediate termination.
6)
EVICTION: If the Tenant is in breach of this agreement, the
Landlord may start the eviction process at the earliest date allowed
by law.
7)
SERVICE-OF-NOTICE: Unless prohibited by statute, the following will
be considered adequate service-of-notice:
a)
Delivery Confirmation or equivalent via the United States Postal
Service.
b)
If delivery to property by mail is not possible or practical,
Landlord may attach notice in a secure manner to the entrance of the
property.
8)
OPTION-TO-PURCHASE: Tenant has the option to purchase property
during the term of the lease, subject to the following:
a)
Price: $
b)
If the Tenant purchases the property, the Security Deposit will be
created to the Tenant’s down payment.
c)
Property will be purchased in “AS IS” condition, without recourse.
d)
Tenant will pay all cost associated with the closing of this
transaction.
e)
This option will become null and void when this agreement had
expired or been terminated.
9)
OPTION CONSIDERATION: Tenant has inspected property and found it to
be in satisfactory condition. As consideration for the
option-to-purchase the property, Tenant will perform all maintenance
and repairs, unless prohibited by statute.
10)
INSURANCE: It is strongly recommended that Tenant carry “Renter’s
Insurance”, as Landlord’s insurance will not cover Tenant's
belongings/possessions.
11)
ALTERATIONS AND IMPROVEMENTS: Tenant shall make no alterations or
improvements without the written consent of the Landlord. This
includes (but is not limited to) paint and wallpaper. Any such
alterations or improvements shall become the property of the
Landlord unless otherwise agreed in writing.
12)
SECURITY DEPOSIT: Landlord acknowledges receipt of a $
security
deposit. Tenant can not use security deposit as last (or any)
month’s rent or any other charge/fee.
Tenant agrees and understands that the security deposit is
intended for damages and other charges discovered after the
termination of tenancy and that any expenses incurred by the Tenant
during the term of this agreement should be paid at the time of
occurrence. Security deposit will be returned to Tenant within 30
days (unless otherwise declared by statute) of Tenant vacating.
Landlord will include a detailed list of any deductions from the
security deposit.
13)
LANDLORD’S ACCESS: The Landlord has the right to access the
property (enter the residence) at reasonable hours for the purpose
of inspection or repair. The Landlord shall give 48 hours notice
(unless otherwise declared by statute), except in the event of an
emergency.
14)
ASSIGNMENT: Tenant may not assign or transfer this agreement or any
interest herein.
15)
SUBLETTING: Tenant may not sublet or re-rent the property or any
part thereof.
16)
FAILURE TO INSIST UPON STRICT PERFORMANCE: Landlord does not give
up rights. If Landlord fails to enforce any clauses in this
agreement, Landlord may enforce these clauses at a later time
without penalty.
17)
JOINTLY AND SEVERALLY: If there is more than one Tenant, the Tenants
are jointly and severally liable under the terms of this agreement.
18)
SEVERABILITY: In the event that any part of this agreement is found
by any court of competent jurisdiction to be invalid, the remainder
of this agreement shall remain in full force and effect.
Tenant
Date
Tenant
Date
Landlord
Date
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