Sample Lease with Option To Purchase
RECEIVED FROM lessee, Winnie the Pooh, referred to
hereafter as Tenant, the sum of $xxxx.xx, evidenced by
Check No. xxx, as a deposit which, upon acceptance
of this Residential Lease With Option to Purchase, the
Agreement, shall belong to the lessor of the premises,
Donald Duck, hereafter referred to as Owner, and shall be
applied as follows:
- Rent for the period October 1, 1999 to October 31, 1999: $xxx.xx
- Security Deposit: $xxx.xx
- Nonrefundable Option Consideration: $xxxx.xx
If the Agreement is not accepted by Owner or his
agent within 15 days, the total deposit received shall be
refunded. Tenant agrees to lease from Owner the premises
located in Salt Lake City, Salt Lake County, Utah, described
as Parcel no. 00-00-000-000-0000, located at 1411 South
Utah Street, Suite 00, Salt Lake City, UT 84104-3468, upon
the following TERMS and CONDITIONS.
- 1 TERMS
- The term of the Agreement shall begin on October
1st, 1999 and continue for a period of 12 months thereafter.
- 2 RENT
- The Rent shall be $xxx.xx per month, payable
in advance upon the 5th day of each calendar month to Owner
or his agent, at his home address, 1411 South Utah Street,
Suite xx, Salt Lake City, UT 84104-3468. If the rent is not
paid within five (5) days after due date, Tenant agrees to
pay a late charge of $xx.xx. In the event of a returned
rent check, Tenant agrees to, within twenty-four (24) hours
of notice of insufficient funds, replace said check with
certified funds and pay a $xx.xx returned check fee. If
check is returned, Owner may require Tenant to make all
future payments with cash or cashier's check, and Owner will
provided receipt for all such payments.
- 3 UTILITIES
- Tenant shall be responsible for the
following utilities and services: Water, Gas, Sewer, and
Electricity. The Owner is responsible for the condo fee.
- 4 USE
- The premises shall be used as a residence by
the undersigned adult and his significant Other and
children, and for no other purpose without the prior
written consent of Owner. Occupancy by guests staying
over fifteen (15) days will be considered in violation of this
provision unless prior written consent is given by Owner.
As a resident of these premises, Tenant will be a member
of the Wasatch Commons Cohousing Community
and will have to follow its bylaws and procedures.
- 5 ORIENTATION MEETING
Within 2 weeks of
signing of this contract,
but prior to moving in, Tenant will attend an
orientation meeting by the Welcoming Committee
of Wasatch Commons Cohousing.
be explained to him what it means to be a member of a
Tenant should also attend three cohousing community functions:
one committee meeting, one all-community meeting,
and one social function (party or dinner etc.).
If there are children in the household newly joining us,
a visit to the parent's committee is recommended.
In the event that Tenant does not want to incur
the obligations associated with cohousing,
he or she shall give written
notice during this two-week period.
In this case, he will receive a refund of his
deposit minus $100 processing fee,
and this contract shall be null and void.
- 6 PETS
- Renter agrees to abide by the pet policy of
the Wasatch Commons Condominium Association.
- 7 ORDINANCES AND STATUTES
- Tenant shall comply with
all laws, health codes, and regulations of all municipal,
state and federal authorities. Tenant shall also comply
with the Bylaws of the Wasatch Commons Condominium
Association, and actively participate in the community.
Tenant is aware that Wasatch Commons is a cohousing
community, and that members are expected to put in a few
hours of work per week into the community.
- 8 ASSIGNMENT AND SUBLETTING
- Tenant shall not assign
the Agreement or sublet any portion of the premises without
prior written consent of Owner.
- 9 MAINTENANCE, REPAIRS OR ALTERATIONS
- Tenant accepts
the premises as being in good order and repair, unless
otherwise indicated in writing. Tenant shall, at his own
expense, maintain the premises in a clean and sanitary
manner, including all equipment, appliances, furniture and
furnishings therein, and shall surrender the same, at
termination, in as good condition as received, normal wear
and tear excepted. Tenant shall be responsible for all
repairs required for damages caused by his negligence and
that of his guests or other occupants. Tenant shall not
repaint, or otherwise redecorate or make alterations to the
premises without the prior written consent of Owner.
Tenant will not remove Owner's fixtures, furniture and/or
furnishings from the apartment, for any purpose. When
Tenant moves in, Owner shall furnish light bulbs of
prescribed wattage for apartments' sockets, thereafter,
light bulbs will be replaced at Tenant's expense. Tenant
will be responsible for landscaping in the immediate
vicinity of the building.
- 10 ENTRY AND INSPECTION
- Tenant shall permit Owner or
Owner's agents to enter the premises at reasonable times and
upon reasonable notice for the purpose of inspecting the
premises or showing the same to prospective tenants or
purchasers or for making necessary repairs. In case of
emergency no notice need be given.
- 11 INDEMNIFICATION
- If legal
action is taken by either party to enforce the Agreement, or
to enforce any rights arising out of the breach of the
Agreement, or to evict Tenant, guests, or other occupants,
the prevailing party shall be entitled to all costs incurred
in connection with such action, including reasonable
attorney's fees and collection costs, with or without suit.
- 12 PHYSICAL POSSESSION
- If Owner is unable to deliver
possession of the premises at the commencement hereof, Owner
shall not be liable for any damage caused thereby, nor shall
this agreement be void or voidable, but Tenant shall not be
liable for any rent until possession is delivered. Tenant
may terminate this agreement if possession is not delivered
within 15 days of the commencement of the term hereof.
- 13 DEFAULT BY OWNER
- Owner agrees to
- properly maintain water, heating, plumbing,
electrical service and heat pump;
- abide by applicable state and local laws regarding repair;
- make reasonable repairs, subject to Tenant's obligation
to pay for damages caused by Tenant, or other occupants.
- 14 DEFAULT BY TENANT
- Owner may, upon written
notice, terminate Tenants right to occupancy if any of the
following conditions occur:
- Tenant fails to pay rent or other lawful charges when due.
- Tenant fails to reimburse Owner for damages, repairs or plumbing service costs when due.
- Tenant, guests or other occupants violate this contract, Owner's rules and regulations, or applicable state and local laws.
- Tenant abandons the apartment.
- Tenant fails to participate in the activities
which the Wasatch Commons All Community Meeting decides to be
obligatory for all community members.
- Tenant, guests, or other occupants threaten or assault
or use abusive or offensive language against other
residents, or any agent, employee or representative of
- 15 SECURITY DEPOSIT
- The Security Deposit set forth
above shall secure the performance of Tenant's
obligations. Refund of Security Deposit is dependent upon
Tenant fulfilling ALL of the following conditions:
Tenant shall not have the right to apply the Security Deposit
in payment of last month's rent.
- Tenant has provided
written thirty (30) day notice to Owner prior to date of termination or expiration.
- Tenant has no other moneys due.
- Tenant has thoroughly cleaned the premises, appliances,
and fixtures. Owner will deduct from the Security Deposit
all reasonable charges to accomplish cleaning or repair from
damage over normal wear and tear.
- All individuals using or occupying the premises have
surrendered the premises to Owner, and all keys to the
premises, mailbox or storage rooms are turned in to Owner.
- Tenant supplies Owner with a forwarding address, in writing, in order to
send Decurity Deposit.
- 16 ATTORNEY'S FEES
- In any legal action brought by
either party to enforce the terms hereof or relating to the
demised premises, the prevailing party shall be entitled to
all costs incurred in connection with such action, including
a reasonable attorney's fee.
- 17 WAIVER
- No failure of Owner to enforce any part of
the Agreement shall be deemed as a waiver, nor shall any
acceptance of a partial payment of rent be deemed a waiver
of Owner's right to full amount.
- 18 NOTICES
- All notices shall be given in accordance
with state laws. Where requirements are not spelled out by
law, notice may be given by mailing the same, postage
prepaid, to Tenant at the premises or to Owner at the
address shown below or at such other places as may be
- 19 HEIRS, ASSIGNS, SUCCESSORS
- This lease is binding
upon and inures to the benefit of the heirs, assigns,
successors in interest to the parties.
- 20 TIME
- Time is of the essence for the Agreement.
- 21 OPTION TO PURCHASE
- Tenant, upon satisfactory
performance of this lease, shall have the option to purchase
the real property described herein for a PURCHASE PRICE OF
- 22 DISCLAIMER
- The parties acknowledge that
speculation of availability of financing, purchase costs,
and lender's prepayment penalties is impossible. Therefore,
the parties agree that these items shall not be conditions
of performance of this agreement and the parties agree they
have not relied upon any other representations or warranties
by brokers, sellers, or other parties.
- 23 FIXTURES
- All improvements, fixtures, attached
floor coverings, draperies including hardware, shades,
blinds, window and door screens, storm sash, combination
doors, awnings, outdoor plants potted or otherwise, trees,
and items permanently attached to the real property shall be
included, free of liens, unless specifically excluded.
- 24 PERSONAL PROPERTY
- The following personal property,
on the premises when inspected by Tenant, shall be included
in the purchase price and shall be transferred by a Bill of
Sale with Warranties at close of escrow: __________________
- 25 ENCUMBRANCES
- In addition to any encumbrances
referred to above, Tenant shall take title to the property
The amount of any bond or assessment which is a lien shall
be paid by the Owner.
- Real Estate Taxes and Assessments not yet due and
- Covenants, conditions, restrictions, reservations, rights,
rights of way and easements of recor.
- 26 SELLER DISCLOSURE
No later than 15 days after exercise of this option to
purchase, Owner shall provide to Tenant the following
documents which are collectively referred to
as the "Seller Disclosures";
- a Seller property condition disclosure, signed and dated by the Owner
- a commitment for the policy of title insurance
- a copy of any leases affecting the Property
not expiring prior to Closing
- written notice of any claims and/or conditions known to the
Owner relating to environmental problems
and building or zoning code violations.
- 27 EXAMINATION OF TITLE
- The Tenant has fifteen (15)
days from date of receipt of the seller disclosure to examine the
title of the property and to report in writing any valid
objections thereto. Any exceptions to the title which would
be disclosed by examination of the records shall be deemed
to have been accepted unless reported within said fifteen
(15) days. If Tenant objects to any exceptions to the title,
Owner shall use all due diligence to remove such exceptions
at his own expense within sixty (60) days
thereafter. But if such exceptions cannot be removed within
the sixty (60) days allowed, all rights and obligations
hereunder may at the election of Tenant, terminate and end,
unless Tenant elects to purchase the property subject to
- 28 CLOSING COSTS
- Escrow fees, if any, and other
closing costs shall be paid as follows:
- Owner agrees to pay for a standard coverage owner's
policy of title insurance insuring Tenant in the amount
of the Purchase Price.
- Owner and Tenant shall each pay one half (1/2)
of the fee charged by the escrow/closing office
for its services in the settlement/closing process.
Taxes and assessments for the current year shall be
prorated as of Settlement date.
- 29 CLOSE OF ESCROW
- Within 30 days from exercise of
the option, or upon removal of any exceptions to the title
by Owner, as provided above, whichever is later, both
parties shall deposit with an authorized escrow holder, to
be selected by Owner, all funds and instruments necessary
to complete the sale in accordance with the terms and
conditions hereof. The representations and warranties herein
shall not be terminated by conveyance of the property.
- 30 PRORATIONS
- Rents taxes, premiums on insurance
acceptable to Tenant, interest and other expenses of the
property to be prorated as of recordation of deed. Security
deposits, advance rentals or considerations involving future
lease credits shall be credited to Tenant.
- 31 EXPIRATION OF OPTION
- This option may be exercised
at any time after February 1st, 2000, and shall expire at
midnight, September 30, 2000, unless exercised prior thereto.
Upon expiration Owner shall be released from all obligations
hereunder and all of Tenants' rights hereunder, legal or
equitable, shall cease.
- 32 EXERCISE OF OPTION
- The option shall be exercised
by mailing or delivering written notice to Owner prior to
the expiration of this option and by an additional payment,
on account of the purchase price, in the amount of $xxx.xx
for account of Owner to the authorized escrow holder
referred to above, prior to the expiration of the option.
Notice, if mailed, shall be by certified mail, postage
prepaid, to Owner at the address set forth below, and shall
be deemed to have been given upon the day shown on the
postmark of the envelope in which such notice is mailed. In
the event the option is exercised, the $xxxx.xx
consideration paid for the option shall be credited upon the
- 33 OFFER AND TIME FOR ACCEPTANCE
Tenant offers to lease the Property together with an
option to purchase at the above conditions.
If Owner does not accept this offer by
September 15, 1999, 5 pm Mountain time,
this offer shall lapse.
Tenant's name (typed): Winnie the Pooh
- 34 ACCEPTANCE OF OFFER TO LEASE WITH OPTION TO BUY
Owner accepts the foregoing offer on the terms and
conditions specified above.
Owner's name (typed): Donald Duck
Address: 1411 South Utah Street, Suite 00
Salt Lake City, UT 84104-3468
- 35 DOCUMENT RECEIPT
The undersigned Tenant hereby acknowledges receipt of a copy
of this contract bearing all signatures
The undersigned Owner hereby acknowledges receipt of a copy
of this contract bearing all signatures