the option to purchase period commences on __________________________ [month, day, year] and expires at 11:59 pm __________________________ [month, day, year]. this amount shall be credited to the purchase price at closing if the buyer/tenant timely exercises the option to purchase, provided that the buyer/tenant: (a) is not in default of the lease agreement, and (b) closes the conveyance of the property. provided that the buyer/tenant timely executes the option to purchase, is not in default of the lease agreement, and closes the conveyance of the property, the seller/landlord shall credit towards the purchase price at closing the sum of $__________________ from each monthly lease payment that the buyer/tenant timely made. this option to purchase agreement is exclusive and non-assignable and exists solely for the benefit of the named parties above.
if buyer/tenant defaults under this option to purchase agreement or the lease agreement, then in addition to any other remedies available to seller/landlord at law or in equity, seller/landlord may terminate this option to purchase by giving written notice of the termination. for this option to purchase agreement to be enforceable and effective, the buyer/tenant must comply with all terms and conditions of the lease agreement. in the event a conflict arises between the terms and conditions of the lease agreement and the option to purchase agreement, the option to purchase agreement shall control. no modification of or amendment to this option to purchase agreement, nor any waiver of any rights under this option to purchase agreement, will be effective unless in writing signed by the party to be charged.
an option agreement provides the tenant-option holder the right to purchase the property at an agreed price during the lease term or other specified term, also a lease option is an agreement that gives a renter a choice to purchase the rented property during or at the end of the rental period. it also precludes the description: this example of an agreement between a developer and a lease- purchaser is intended to illustrate how nsp grantees, subrecipients., .
what is a lease-option-to-buy? a lease-option is a contract in which a landlord and tenant agree that, at the end of a specified period, the renter can buy the property. the tenant pays an up-front option fee and an additional amount each month that goes toward the eventual down payment. rent-to-own contracts are especially appealing to prospective first-time home buyers who need more time to build up their credit scores or save on a down payment. lease purchase agreements are arguably the most legally binding of the various rent-to-own options. this lease agreement with option purchase (“agreement”) is entered into as of i. lease agreement: 1. lease. landlord hereby leases to tenant and tenant a rent-to-own lease agreement is a standard rental contract with an added option for the tenant to purchase the property. with the option-to-purchase route, the buyer pays the seller money for the exclusive right to purchase the property within a specified term (, .
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