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LEASEOPTIONCONTRACT*

ThisLEASEAGREEMENTWITHOPTIONTOPURCHASEREALESTATE(hereinafterreferredtoastheLease/Option)ismadeonthis
_________dayof____________________________,20_______,byandbetweenthefollowingparties:
_______________________________________________________
locatedat______________________________________________________(hereinafterreferredtoastheTenant/Buyer)and
_____________________________________________________________________located
at______________________________________________________(hereinafterreferredtoastheLandlord/Seller).

Inconsiderationofthemutualpromisesandcovenantsherein,thepartiesherebyagreeasfollows:

(1)DESCRIPTION:TheLandlord/Selleragreestolease,andtheTenant/Buyeragreestorenttherealpropertyandimprovements,
locatedat:_________________________________________________________________________________asmorefullydescribed
asfollows:_____________________________________________________
_________________________________________________________________________________
_________________________________________________________________________________
(hereinafterreferredtoasthe"Property".)

(2)TERM:ThetermofthisLease/Optionshallbeforaperiodof___________monthscommencingon_______________________,
20___________,andendingon__________________________________.Thetermwillbeautomaticallyextendedfor
__________________periodsof______________months,unlesstheTenant/BuyergivesnoticetotheLandlord/Sellerofitsintentto
terminatethisLease/Option,bymailingawrittennoticetothelastprovidedaddressoftheLandlord/Seller,oruntilsuchtimeas
Tenant/BuyerexercisesitsoptiontopurchasetheProperty.Liabilityforpaymentwillnotextendbeyondnoticetoterminatethis
agreement.

(3)POSSESSION:PossessionshallbedeliveredbykeysandphysicalpossessiongiventotheTenant/Buyeron
______________________.

(4)RENT:Tenant/BuyeragreestopaythelenderofLandlord/Sellerscurrentmortgageortrustdeed,thesumof$_________________
permonth,withthefirstpaymentbeginning_____________________________asrentfortheProperty,forthetermofthisLease/Option,
andduringanyextensionthereof.Allrentalpaymentsshallbedueandpayableinadvanceofthe10thdayofeachandeverymonth.An
amountequalto$__________________foreachmonthinwhichrentwaspaid,shallbecreditedtotheTenant/Buyerandappliedtothe
purchasepriceofthePropertyintheeventthattheTenant/Buyerexercisesitsoptionhereunder.

(5)OPTIONTOPURCHASE:TheTenant/Buyer,aspartoftheconsiderationherein,isherebygrantedbytheLandlord/Sellerthe
exclusiveright,option,andprivilegeofpurchasingthePropertyatanytimeduringthetermofthisLease/Optionoranyextensionthereof.

(6)LIQUIDATEDDAMAGES:ShouldTenant/Buyerdefaultonthisagreement,Landlord/Sellershallkeepallmoniespaidasliquidated
damages.

(7)COVENANTSOFTENANT/BUYER:Commencingwithenteringthetermofthisagreement,includingextensions,theTenant/Buyer
herebycovenantsandagreesasfollows:

(A)ThattheTenant/Buyerwillpayallutilitychargesandbills,including,butnotlimitedtowater,sewer,gas,oil,andelectric,whichmay
beassessedorchargedagainsttheProperty.

(B)ThattheTenant/BuyerwillnotusethePropertyforanyunlawfulpurposeandthattheTenant/Buyerwillconformtoandobeyalllaws,
ordinances,rules,regulations,requirementsandordersofallFederal,State,andLocalgovernmentalauthorities,agencies,departments,
bureaus,boardsorofficials,respectingtheuseofthePropertyand

(C)ThattheTenant/BuyerwillsurrenderanddeliveruptheProperty,attheendofthetermoranyextensionsthereof,shouldtheoption
hereinnotbeexercised,inasgoodorderandconditionasthesamenowexists,reasonableuseandnaturalwearandtearexcepted.

(8)COVENANTSOFTHELANDLORD/SELLER:TheLandlord/Sellerherebycovenantsandagreesasfollows:

(A)ThattheLandlord/SellershallpayforandmaintainfireandextendedcoverageinsuranceonthePropertyinminimumamountof
$__________________________.TheTenant/Buyershallbenamedasanadditionalinsuredorlosspayeeontheinsurancepolicyand
copyofwhichshallbeprovidedtoTenant/Buyer.

(B)ThattheTenant/BuyerisentitledtothequietenjoymentofthePropertywithoutanyinterferenceorinterruptionby
Landlord/Selleroritsrepresentatives.

(9)COSTSOFIMPROVEMENTS:IntheeventtheTenant/Buyerexercisestheoptiontopurchasesetforthinparagraph4,above,and
throughnofaultoftheTenant/Buyer,theLandlord/SellerfailstoconveysaidPropertytoTenant/Buyerinaccordancewiththetermsofthis
Lease/Option,theTenant/Buyer,inadditiontoanyotherrightswhichTenant/Buyermayhaveinlaworequityfortheenforcementof
Tenant/Buyersoptiontopurchase,shallbeentitledtoreimbursementforthecostofallrepairs,maintenance,andimprovements.

(10)FURTHERENCUMBRANCES:TheLandlord/Sellerherebywarrantsthetotaloftheleases,options,mortgages,liens,andanyother
encumbrancesagainsttheProperty,whetherofpublicrecordornot,areasfollows:

(A)Afirstmortgageinfavorof___________________________________intheapproximateamountof
$____________________________________.

(B)Currenttaxesfor_____________________________________________________intheamountof
$___________________________dueon___________________________________.

(C)Otherliens(specify):

TheLandlord/Sellershallnotleasetoanyotherthirdparty,nortoassign,sell,option,transfer,pledge,orotherwisetoconveyanyorall
rightsorinterestshadbyLandlord/SellerinthePropertyorinthisLease/Option,nortofurtherencumberthePropertynorallowthesame
tooccur.ViolationofthisparagraphshallbeconsideredamaterialbreachofthisLease/Option.TheLandlord/Sellerfurtheragreesto
keepallmortgages,liens,taxes,orotherencumbrancesontheProperty,currentandingoodstanding,Tenant/Buyershallhavetheright
tomakepaymentonsameintheeventthatLandlord/Sellerbecomesdelinquentorotherwisedefaultsonsuchpayments,and
Tenant/Buyermayatitsoptioneitherreduceitsmonthlyrentintheamountofthepayments,orsubtracttheamountofthepaymentsfrom
thebalancedueLandlord/SelleratclosingofthesaleoftheProperty.

(11)RIGHTOFASSIGNMENT:TheTenant/BuyermaysublettheProperty,and/orassign,sell,transfer,pledge,orotherwiseconveyany
orallrightsorinterestwhichtheTenant/BuyermayhaveinthePropertyorinthisLease/Option.Anysuchassignmentswillrelease
originalTenant/Buyerfromanyandallliabilityandsubstituteassigneeinhis/heroritsplace.

(12)MAINTENANCEANDREPAIRS:TheTenant/BuyeracceptsthePropertyasisonthedateofexecutionofthisLease/Optionexcept
foritemslistedinparagraph14.Asoftheeffectivedate,theTenant/Buyershallberesponsibleforallmaintenanceandrepairuponsaid
Property,bothinteriorandexterior.TheTenant/Buyershallhavetherighttomakesuchrepairs,maintenance,andimprovementsas
Tenant/Buyershalldeemnecessary,properordesirable.TheTenant/Buyershallpaythecostsofallsuchimprovements,exceptthatany
electric,plumbing,heatingorcoolingsystemthatisnotinworkableconditionattheinceptionofthisLease/Optionwillberepairedbythe
Landlord/Selleratitsexpensewithinsixty(60)daysnoticefromTenant/Buyer.IftheLandlord/Sellerrefusestomakesuchrepairs,
Tenant/BuyerwillhavetheoptionofeithervoidingthisagreementbywrittennoticetotheLandlord/Sellerormakingsuchrepairsand,(a)
receivingareimbursementfromthenextmonthlypaymentorpaymentsduetheLandlord/Selleror,(b)receivingacreditagainstthe
purchasepriceplusinterestat10%perannumfromdateofpayment.

(13)BINDINGAGREEMENTS:ThepartiesheretoagreethatthisLease/Optioncomprisestheentireagreementofthepartiesand
supersedesallpriorwrittenororalagreements,representations,warranties,negotiations,orunderstandings.ThisLease/Optionmaynot
beamendedexceptinawritingexecutedbyallthepartieshereto.Thepartiesfurtherrepresentandwarrantthattheyhavenotreliedon
anyrepresentations,warrantiesorstatementsasaninducementtoenteringthisLease/Optionotherthanwhatisexpresslywrittenherein.
ThisLease/Optionshallbebindingupontheparties,theirheirs,executors,administrators,personalrepresentatives,successors,or
assigns.

(14)SPECIALPROVISIONS:

(A)TheLandlord/Sellerwillcompletethefollowingby________________________orthisLease/Optionwillbecomenullandvoidandall
moniespaidbyTenant/BuyerwillbeimmediatelyrefundedbyLandlord/Selleror,atTenant/Buyer'soption,Tenant/Buyermayacceptthe
Lease/Optionandcompletedtheitemslistedbelow,andthecostofsamewillberecoveredasprovidedforinparagraph12:
___________________________________________________________________
_______________________________________________________________________________
_______________________________________________________________________________
_______________________________________________________________________________

(B)ATITLESEARCHwillbeorderedimmediatelybytheTenant/Buyer.ThiscostwillbebornebytheTenant/Buyerunlessitis
discoveredthatLandlord/SellerhasunmarketabletitleinwhichcasetheLandlord/SellerwillreimburseTenant/Buyertocostofthesearch.
IfthetitleisunmarketabletheTenant/Buyerwillthenhavetheoptiontovoidthisagreementorproceedasagreedherewith.

OPTIONPURCHASETERMS

(15)PRICEANDTERMS:TheTenant/BuyeragreestopayforsaidPropertythesumof
$________________________________________________________________________________lessanysumsforwhichthe
Tenant/BuyerisentitledtoclaimasreimbursementoroffsetinaccordancewiththisLease/Optionthenetsumtobepaidincash,certified
check,orcashier'scheckatclosing.

(16)INCLUDEDINTHISPURCHASE:ThePropertyshallalsoincludeallland,togetherwithallimprovementsthereon,allappurtenant
rights,privileges,easements,buildings,fixtures,heating,electrical,plumbing,airconditioningfixturesandfacilities,windowshades,
venetianblinds,awnings,curtainrods,screens,stormwindowsanddoors,affixedmirrors,walltowallcarpeting,staircarpeting,builtin
kitchenappliances,bathroomfixtures,radioandtelevisionaerials,landscapingandshrubbery,watersofteners,garagedooropenersand
operatingdevices,andallutilityorstoragebuildingsorsheds,rangeandrefrigerator.ThePropertyshallalsoincludethefollowingitems:
_________________________________
______________________________________________________________________________________
______________________________________________________________________________________

(17)TITLE:TheLandlord/SellershallconveymarketabletitletothePropertywiththeabovedescribedinclusions,byGeneralWarranty
Deedfree,clear,andunencumberedexceptexistingmortgages,restrictions,andeasementsofrecordshowninparagraph10.

(18)CLOSING:ThedeedshallbedeliveredandthepurchasemoneyshallbepaidatatimeandplaceofTenant/Buyer'schoice,nolater
than60daysafternotificationtotheLandlord/SelleroftheTenant/Buyersexerciseoftheoption.

(19)COSTSANDPRORATIONS:ThefollowingitemsshallbeproratedtheLandlord/SellerandtheTenant/Buyerasofdateofclosing:(a)
Allrealestatetaxesandassessments(b)InterestonencumbrancesassumedortakenoverbyTenant/Buyerwithbothpartieshaving
responsibilityforsuchitemsasfollows:

Landlord/Sellerwillpay:Tenant/Buyerwillpay:
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________
__________________________________________________________________________________

(20)INSURANCE:WhilethisLease/Optionisineffect,theLandlord/SellershallmaintainfireandextendedcoverageupontheProperty,
andimmediatelyconverttheowneroccupied(ifapplicable)policytoanonowneroccupiedpolicy.Intheeventoftheentireorpartialloss,
damageordestructionoftheProperty,theTenant/Buyermayatitsoption(a)proceedwiththeclosingandaccepttheinsuranceproceeds
forsaiddamage,or(b)declarethisLease/Optionnullandvoid,releasingbothpartiesfromanyobligationshereunder,exceptforthereturn
ofreimbursableexpensespreviouslypaidbyTenant/Buyerwhichamountsshallbecomeimmediatelydueandpayablefromtheinsurance
proceeds.Tenant/BuyershallberesponsibleforobtainingfireandextendedcoverageinsuranceonthePropertyeffectiveontheclosing
date.

(21)LEGAL:IntheeventthatanylegalproceedingisbroughttoenforceanyrightorobligationunderthisLease/Option,thepartieseach
agreetowaivetheirrighttoajurytrial.Inaddition,theprevailingpartyshallrecoveritsreasonablecourtcostsandattorneyfeesfromthe
nonprevailingparty.

INWITNESSWHEREOF,
thepartieshereto,havesettheirhandstothisLease/Optiononthis________________dayof_______________________________,
20_________

WITNESS:

___________________________________________
Landlord/Seller

___________________________________________
Landlord/Seller

___________________________________________
Tenant/Buyer

___________________________________________
Tenant/Buyer

*LeaseOptionAgreementCopyright2000USLandlord.Allrightsreserved.VisitUSLandlord.comfortenantformsandmore.

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