Alabama Lease to Own Option to Purchase Agreement
This preview is generated directly from the DOCX file linked on this document page.
ALABAMA RENT-TO-OWN AGREEMENT
I. THE PARTIES. This Alabama Rent-to-Own Agreement (“Agreement”) made this ________________, 20____ is between:
Landlord: _______________________ with a mailing address of _______________________, City of _______________________, State of _______________________ ("Landlord"), AND
Tenant(s): ______________________________________________ (“Tenant”).
Landlord and Tenant are each referred to herein as a “Party” and, collectively, as the "Parties."
NOW, THEREFORE, FOR AND IN CONSIDERATION of the mutual promises and agreements contained herein, the Tenant agrees to lease the Premises from the Landlord under the following terms and conditions:
II. LEASE TYPE. This Agreement shall be considered a: (check one)
- Fixed Lease. The Tenant shall be allowed to occupy the Premises starting on ________________, 20____ and end on ________________, 20____ (“Lease Term”). At the end of the Lease Term and no renewal is made, the Tenant: (check one)
- May continue to lease the Premises under the same terms of this Agreement under a month-to-month arrangement.
- Must vacate the Premises.
- Month-to-Month Lease. The Tenant shall be allowed to occupy the Premises on a month-to-month arrangement starting on ________________, 20____ and ending upon notice of ____ days from either Party to the other Party (“Lease Term”).
III. OCCUPANT(S). The Premises is to be occupied strictly as a residential dwelling with the following individual(s) in addition to the Tenant: (check one)
- ______________________________________________ (“Occupant(s)”)
- There are no Occupant(s).
IV. THE PROPERTY. The Landlord agrees to lease the described property below to the Tenant: (enter the property information)
Mailing Address: ________________, City of ________________, State of ________________.
Residence Type: Apartment House Condo Other: ________________
Bedroom(s): ____
Bathroom(s): ____
The aforementioned property shall be leased wholly by the Tenant (“Premises”).
V. PURPOSE. The Tenant and Occupant(s) may only use the Premises as: (check one)
- A residential dwelling only.
- A residential dwelling and: _______________________________________.
VI. FURNISHINGS. The Premises is: (check one)
- To be furnished with the following: _________________________________
________________________________________________________________.
- Not furnished.
VII. APPLIANCES. The Landlord shall: (check one)
- Provide the following appliances: __________________________________
________________________________________________________________.
- Not provide any appliances.
VIII. RENT. The Tenant shall pay the Landlord, in equal monthly installments, $________________ ("Rent"). The Rent shall be due on the ____ of every month (“Due Date”) and paid under the following instructions: _______________________________.
IX. NON-SUFFICIENT FUNDS (NSF CHECKS). If the Tenant pays the Rent with a check that is not honored due to insufficient funds (NSF): (check one)
- There shall be a fee of $____ per incident.
- There shall be no fee.
X. LATE FEE. If Rent is not paid on the Due Date: (check one)
- There shall be a penalty of $____ due as One (1) Time Payment Every Day Rent is Late. Rent is considered late when it has not been paid within ____ day(s) after the Due Date.
- There shall be No Late Fee if Rent is late.
XI. FIRST (1ST) MONTH'S RENT. The Tenant is required to pay the first (1st) month's rent: (check one)
- Upon the execution of this Agreement.
- Upon the first (1st) day of the Lease Term.
XII. PRE-PAYMENT. The Tenant shall: (check one)
- Pre-Pay Rent in the amount of $________________ for the term starting on ________________, 20____ and ending on ________________, 20____. The Pre-Payment of Rent shall be due upon the execution of this Agreement.
- Not be required to Pre-Pay Rent.
XIII. PRORATION PERIOD. The Tenant: (check one)
- Shall take possession of the Premises before the start of the Lease Term on ________________, 20____ and agrees to pay $________________ for the proration period. The proration rate is calculated by the monthly Rent on a daily basis which shall be paid by the Tenant upon the execution of this Agreement.
- Shall not be taking possession of the Premises before the Lease Term.
XIV. SECURITY DEPOSIT. As part of this Agreement: (check one)
- The Landlord requires a payment in the amount of $________________ (“Security Deposit”) for the faithful performance of the Tenant under the terms and conditions of this Agreement. Payment of the Security Deposit is required by the Tenant upon the execution of this Agreement. The Security Deposit shall be returned to the Tenant within ____ days after the end of the Lease Term less any itemized deductions. This Security Deposit shall not be credited towards any Rent unless the Landlord gives their written consent.
- The Landlord does not require a Security Deposit as part of this Agreement.
XV. MOVE-IN INSPECTION. Before, at the time of the Tenant accepting possession, or shortly thereafter, the Landlord and Tenant: (check one)
- Agree to inspect the Premises and write any present damages or needed repairs on a move-in checklist.
- Shall not inspect the Premises or complete a move-in checklist.
XVI. PARKING. The Landlord: (check one)
- Shall provide ____ parking space(s) to the Tenant for a fee of $_____ to be paid at the execution of this Agreement on a monthly basis in addition to the rent. The parking space(s) are described as: _________________________________________.
- Shall NOT provide parking.
XVII. SALE OF PROPERTY. If the Premises is sold, the Tenant is to be notified of the new Owner, and if there is a new Manager, their contact details for repairs and maintenance shall be forwarded. If the Premises is conveyed to another party, the new owner: (check one)
- Has the right to terminate this Agreement by providing ___ days’ notice to the Tenant.
- Does not have the right to terminate this Agreement.
XVIII. UTILITIES. The Landlord shall provide the following utilities and services to the Tenant: _______________________________________________________________
_____________________________________________________________________.
Any other utilities or services not mentioned will be the responsibility of the Tenant.
XIX. EARLY TERMINATION. The Tenant: (check one)
- Shall have the right to terminate this Agreement at any time by providing at least ___ days’ written notice to the Landlord along with an early termination fee of $___________ (US Dollars). During the notice period for termination the Tenant will remain responsible for the payment of rent.
- Shall not have the right to terminate this Agreement.
XX. SMOKING POLICY. Smoking on the Premises is: (check one)
- Permitted ONLY in the following areas: _____________________________.
- Prohibited on the Premises and Common Areas.
XXI. PETS. The Tenant: (check one)
- Shall have the right to have ___ pet(s) on the Premises consisting of __________________________________________________ [Types of Pets Allowed] that are not to weigh over ____ pounds. For the right to have pet(s) on the Premises the Landlord shall charge a fee of $___________ that is non-refundable refundable unless there are damages related to the pet. The Tenant is responsible for all damage that any pet causes, regardless of ownership of said pet and agrees to restore the Premises to its original condition at their expense.
- Shall not have the right to have pets on the Premises or in the common areas.
XXII. WATERBEDS. The Tenant: (check one)
- Shall have the right to use a waterbed on the Premises.
- Shall not have the right to use a waterbed on the Premises.
XXIII. NOTICES. Any notice to be sent by the Landlord or the Tenant to each other shall use the following addresses:
Landlord's / Agent's Address:
________________________________________________________________.
Tenant's Mailing Address: (check one)
- The Premises.
- Other. _______________________________________________________.
XXIV. AGENT/MANAGER. (check one)
- The Landlord does have a manager on the Premises that can be contacted for any maintenance or repair at:
Name: _______________________
Telephone (____) _____-______ E-Mail _____________________________
- The Landlord does not have a manager on the Premises although the Landlord can be contacted for any maintenance or repair at:
Telephone (____) _____-______ E-Mail _____________________________
XXV. POSSESSION. Tenant has examined the condition of the Premises and by taking possession acknowledges that they have accepted the Premises in good order and in its current condition except as herein otherwise stated. Failure of the Landlord to deliver possession of the Premises at the start of the Lease Term to the Tenant shall terminate this Agreement at the option of the Tenant. Furthermore, under such failure to deliver possession by the Landlord, and if the Tenant cancels this Agreement, the Security Deposit (if any) shall be returned to the Tenant along with any other pre-paid rent, fees, including if the Tenant paid a fee during the application process before the execution of this Agreement.
XXVI. ACCESS. Upon the beginning of the Proration Period or the start of the Lease Term, whichever is earlier, the Landlord agrees to give access to the Tenant in the form of keys, fobs, cards, or any type of keyless security entry as needed to enter the common areas and the Premises. Duplicate copies of the access provided may only be authorized under the consent of the Landlord and, if any replacements are needed, the Landlord may provide them for a fee. At the end of this Agreement all access provided to the Tenant shall be returned to the Landlord or a fee will be charged to the Tenant or the fee will be subtracted from the Security Deposit.
XXVII. SUBLETTING. The Tenant shall not be able to sublet the Premises without the written consent from the Landlord. The consent by the Landlord to one subtenant shall not be deemed to be consent to any subsequent subtenant.
XXVIII. ABANDONMENT. If the Tenant vacates or abandons the Premises for a time-period that is the minimum set by State law or seven (7) days, whichever is less, the Landlord shall have the right to terminate this Agreement immediately and remove all belongings including any personal property off of the Premises. If the Tenant vacates or abandons the Premises, the Landlord shall immediately have the right to terminate this Agreement.
XXIX. ASSIGNMENT. Tenant shall not assign this Lease without the prior written consent of the Landlord. The consent by the Landlord to one assignment shall not be deemed to be consent to any subsequent assignment.
XXX. RIGHT OF ENTRY. The Landlord shall have the right to enter the Premises during normal working hours by providing at least twenty-four (24) hours notice in order for inspection, make necessary repairs, alterations or improvements, to supply services as agreed or for any reasonable purpose. The Landlord may exhibit the Premises to prospective purchasers, mortgagees, or lessees upon reasonable notice.
XXXI. MAINTENANCE, REPAIRS, OR ALTERATIONS. The Tenant shall, at their own expense and at all times, maintain premises in a clean and sanitary manner, and shall surrender the same at termination hereof, in as good condition as received, normal wear and tear excepted. The Tenant may not make any alterations to the leased premises without the consent in writing of the Landlord. The Landlord shall be responsible for repairs to the interior and exterior of the building. If the Premises includes a washer, dryer, freezer, dehumidifier unit and/or air conditioning unit, the Landlord makes no warranty as to the repair or replacement of units if one or all shall fail to operate. The Landlord will place fresh batteries in all battery-operated smoke detectors when the Tenant moves into the premises. After the initial placement of the fresh batteries it is the responsibility of the Tenant to replace batteries when needed. A monthly "cursory" inspection may be required for all fire extinguishers to make sure they are fully charged.
XXXII. NOISE/WASTE. The Tenant agrees not to commit waste on the premises, maintain, or permit to be maintained, a nuisance thereon, or use, or permit the premises to be used, in an unlawful manner. The Tenant further agrees to abide by any and all local, county, and State noise ordinances.
XXXIII. GUESTS. There shall be no other persons living on the Premises other than the Tenant and any Occupant(s). Guests of the Tenant are allowed for periods not lasting for more than 48 hours unless otherwise approved by the Landlord in writing.
XXXIV. COMPLIANCE WITH LAW. The Tenant agrees that during the term of the Agreement, to promptly comply with any present and future laws, ordinances, orders, rules, regulations, and requirements of the Federal, State, County, City, and Municipal government or any of their departments, bureaus, boards, commissions and officials thereof with respect to the premises, or the use or occupancy thereof, whether said compliance shall be ordered or directed to or against the Tenant, the Landlord, or both.
XXXV. DEFAULT. If the Tenant fails to comply with any of the financial or material provisions of this Agreement, or of any present rules and regulations or any that may be hereafter prescribed by the Landlord, or materially fails to comply with any duties imposed on the Tenant by statute or State laws, within the time period after delivery of written notice by the Landlord specifying the non-compliance and indicating the intention of the Landlord to terminate the Agreement by reason thereof, the Landlord may terminate this Agreement. If the Tenant fails to pay rent when due and the default continues for the time-period specified in the written notice thereafter, the Landlord may, at their option, declare the entire balance (compiling all months applicable to this Agreement) of rent payable hereunder to be immediately due and payable and may exercise any and all rights and remedies available to the Landlord at law or in equity and may immediately terminate this Agreement.
The Tenant will be in default if: (a) Tenant does not pay rent or other amounts that are owed; (b) Tenant, their guests, or the Occupant(s) violate this Agreement, rules, or fire, safety, health, or criminal laws, regardless of whether arrest or conviction occurs; (c) Tenant abandons the Premises; (d) Tenant gives incorrect or false information in the rental application; (e) Tenant, or any Occupant(s) is arrested, convicted, or given deferred adjudication for a criminal offense involving actual or potential physical harm to a person, or involving possession, manufacture, or delivery of a controlled substance, marijuana, or drug paraphernalia under state statute; (f) any illegal drugs or paraphernalia are found in the Premises or on the person of the Tenant, guests, or Occupant(s) while on the Premises and/or; (g) as otherwise allowed by law.
XXXVI. MULTIPLE TENANT OR OCCUPANT(S). Each individual that is considered a Tenant is jointly and individually liable for all of this Agreement's obligations, including but not limited to rent monies. If any Tenant, guest, or Occupant(s) violates this Agreement, the Tenant is considered to have violated this Agreement. Landlord’s requests and notices to the Tenant or any of the Occupant(s) of legal age constitutes notice to the Tenant. Notices and requests from the Tenant or any one of the Occupant(s) (including repair requests and entry permissions) constitutes notice from the Tenant. In eviction suits, the Tenant is considered the agent of the Premise for the service of process.
XXXVII. DISPUTES. If a dispute arises during or after the term of this Agreement between the Landlord and Tenant, they shall agree to hold negotiations amongst themselves, in "good faith", before any litigation.
XXXVIII. SEVERABILITY. If any provision of this Agreement or the application thereof shall, for any reason and to any extent, be invalid or unenforceable, neither the remainder of this Agreement nor the application of the provision to other persons, entities or circumstances shall be affected thereby, but instead shall be enforced to the maximum extent permitted by law.
XXXIX. SURRENDER OF PREMISES. The Tenant has surrendered the Premises when (a) the move-out date has passed and no one is living in the Premise within the Landlord’s reasonable judgment; or (b) Access to the Premise have been turned in to Landlord – whichever comes first. Upon the expiration of the term hereof, the Tenant shall surrender the Premise in better or equal condition as it were at the commencement of this Agreement, reasonable use, wear and tear thereof, and damages by the elements excepted.
XL. RETALIATION. The Landlord is prohibited from making any type of retaliatory acts against the Tenant including but not limited to restricting access to the Premises, decreasing or cancelling services or utilities, failure to repair appliances or fixtures, or any other type of act that could be considered unjustified.
XLI. WAIVER. A Waiver by the Landlord for a breach of any covenant or duty by the Tenant, under this Agreement is not a waiver for a breach of any other covenant or duty by the Tenant, or of any subsequent breach of the same covenant or duty. No provision of this Agreement shall be considered waived unless such a waiver shall be expressed in writing as a formal amendment to this Agreement and executed by the Tenant and Landlord.
XLII. EQUAL HOUSING. If the Tenant possesses any mental or physical impairment, the Landlord shall provide reasonable modifications to the Premises unless the modifications would be too difficult or expensive for the Landlord to provide. Any impairment(s) of the Tenant are encouraged to be provided and presented to the Landlord in writing in order to seek the most appropriate route for providing the modifications to the Premises.
XLIII. HAZARDOUS MATERIALS. The Tenant agrees to not possess any type of personal property that could be considered a fire hazard such as a substance having flammable or explosive characteristics on the Premises. Items that are prohibited to be brought into the Premises, other than for everyday cooking or the need of an appliance, includes but is not limited to gas (compressed), gasoline, fuel, propane, kerosene, motor oil, fireworks, or any other related content in the form of a liquid, solid, or gas.
XLIV. INDEMNIFICATION. The Landlord shall not be liable for any damage or injury to the Tenant, or any other person, or to any property, occurring on the Premises, or any part thereof, or in common areas thereof, and the Tenant agrees to hold the Landlord harmless from any claims or damages unless caused solely by the Landlord's negligence. It is recommended that renter's insurance be purchased at the Tenant's expense.
XLV. COVENANTS. The covenants and conditions herein contained shall apply to and bind the heirs, legal representatives, and assigns of the parties hereto, and all covenants are to be construed as conditions of this Agreement.
XLVI. PREMISES DEEMED UNINHABITABLE. If the Premises is deemed uninhabitable due to damage beyond reasonable repair the Tenant will be able to terminate this Agreement by written notice to the Landlord. If said damage was due to the negligence of the Tenant, the Tenant shall be liable to the Landlord for all repairs and for the loss of income due to restoring the Premises back to a livable condition in addition to any other losses that can be proved by the Landlord.
XLVII. LEAD PAINT. (check one)
- The Premises was built prior to 1978 and there is an attachment titled the ‘Lead-Based Paint Disclosure’ that must be initialed and signed by the Landlord and Tenant.
- The Premises was not built prior to 1978.
XLVIII. GOVERNING LAW. This Agreement is to be governed under the laws located in the State of Alabama.
XLIX. ADDITIONAL TERMS AND CONDITIONS. ______________________________
______________________________________________________________________
______________________________________________________________________
L. ENTIRE AGREEMENT. This Agreement contains all the terms agreed to by the parties relating to its subject matter including any attachments or addendums. This Agreement replaces all previous discussions, understandings, and oral agreements. The Landlord and Tenant agree to the terms and conditions and shall be bound until the end of the Lease Term.
Landlord's Signature ___________________________ Date: _____________
Print Name: __________________
Tenant’s Signature ___________________________ Date: _____________
Print Name: __________________
Tenant’s Signature ___________________________ Date: _____________
Print Name: __________________
Agent’s Signature ___________________________ Date: _____________
Print Name: __________________
AMOUNT ($) DUE AT SIGNING
Security Deposit: $____________
First (1st) Month's Rent: $____________
Parking Fee: $____________
Pet Fee(s): $____________
Pre-Payment of Rent: $____________
Proration Amount: $____________
Total Amount: $____________
Disclosure of Information on Lead-Based Paint and/or Lead-Based Paint Hazards
Lead Warning Statement
Housing build before 1978 may contain lead-based paint. Lead from paint, paint chips, and dust can pose health hazards if not managed properly. Lead exposure is especially harmful to young children and pregnant women. Before renting pre-1978 housing, landlords must disclose the presence of known lead-based paint and /or lead-based paint hazards in the dwelling. Tenants must also receive a federally approved pamphlet on lead poisoning prevention.
Lessor’s Disclosure
Presence of lead-based paint and/or lead-based paint hazards (check one below):
- Known lead-based paint and/or lead-based paint hazards are present in the housing (explain): _______________________________________.
- Landlord has no knowledge of lead-based paint and/or lead-based paint hazards in the housing.
Records and reports available to the landlord (check one below)
- Landlord has provided the tenant with all available records and reports pertaining to lead-based paint and/or lead-based paint hazards in the housing (list documents below).
- Landlord has no reports or records pertaining to lead-based paint and/or lead-based paint hazards in the housing.
Tenant’s Acknowledgement
- Tenant has received copies of all information listed above.
- Tenant has received the pamphlet “Protect Your Family From Lead in Your Home”.
Broker’s Acknowledgement
- Broker has informed the tenant of the tenant’s obligations under 42 USC 4852(d) and is aware of his/her responsibility to ensure compliance.
Certification of Accuracy
The following parties have reviewed the information above and certify, to the best of their knowledge, that the information they have provided is true and accurate.
Landlord's Signature ___________________________ Date: _____________
Print Name: __________________
Tenant’s Signature ___________________________ Date: _____________
Print Name: __________________
Tenant’s Signature ___________________________ Date: _____________
Print Name: __________________
Agent’s Signature ___________________________ Date: _____________
Print Name: __________________
OPTION TO PURCHASE ADDENDUM
This Option to Purchase Addendum (“Addendum”) is made this ________________, 20____, and attached to this Agreement.
I. CONSIDERATION. For this Addendum and the Tenant’s option to exercise the purchase of the Premises, “Consideration” shall be known as: (check one)
- Monthly Rent. The Tenant’s monthly non-refundable Rent shall be considered Consideration under this Addendum and for all legal tense and purposes.
- Specified Amount. $________________ shall be considered Consideration and shall be attributable to the Purchase Price at Closing. The Consideration shall be subject to the same refundable rights as the Deposit described in this Addendum.
- Other. _______________________________________________________.
II. OPTION TO PURCHASE. The Landlord hereby grants the Tenant an option to purchase the Premises under the following terms: (check one)
- Fixed Price. $________________ (“Purchase Price’’) shall be determined as the Purchase Price for the Premises.
- First Right of Refusal. The Tenant shall have the right to step in the place of any buyer that provides a qualifying offer to purchase the Premises. The Tenant shall have a period of ten (10) days to accept and continue the terms of the buyer’s offer and, if accepted, shall be given ninety (90) days to close on the Premises.
- Negotiate in “Good Faith”. The Landlord and Tenant agree to negotiate “in good faith” to reach mutually agreeable terms to facilitate a sale of the Premises.
- Other. _______________________________________________________.
III. TERM OF OPTION. The Tenant shall have the option to purchase the Premises as described in Section II of this Addendum: (check one)
- Lease Term. The Tenant shall hold the rights under this Addendum until the end of the Lease Term.
- Fixed Term. The Tenant shall hold the rights under this Addendum starting on ________________, 20____, and ending on ________________, 20____.
- Perpetuity. The Tenant shall hold the rights under this Addendum in perpetuity without the option of being revoked by the Landlord.
- Other. _______________________________________________________.
IV. EXERCISING OPTION. The Tenant shall hold the right to exercise an option to purchase the Premises under Sections II & III of this Addendum by sending notice to the Landlord, via Certified Letter with return receipt, by sending to the Landlord’s address for notices listed in the Agreement.
When exercising the option to purchase, the Tenant shall be required to: (check one)
- Pay a Deposit. The Tenant shall be required to pay a deposit in the amount of $________________ (“Deposit”) that shall be credited towards the Purchase Price.
- NOT Pay a Deposit. The Tenant shall not have to pay a Deposit as part of exercising their option to purchase the Premises.
V. CONVERTING TO AGREEMENT. When the Tenant exercises the option to purchase the Premises, the Parties agree to: (check one)
- Execute a New Agreement. The Landlord and Tenant agree to execute a purchase agreement that matches the terms and conditions of this Addendum within 10 days of the Tenant exercising their right to purchase the Premises. Any refusal to sign a purchase agreement by the Landlord shall result in a breach of specific performance.
- NO New Agreement Required. The Landlord and Tenant shall be required to act within the terms of this Addendum.
VI. FINANCING. If the Tenant exercises the option to purchase the Premises, this Addendum shall: (check one)
- NOT be Subject to Financing. If the Tenant does not receive adequate financing to purchase the Premises by the Closing, the Deposit shall be non-refundable and paid to the Landlord.
- Subject to Financing. The Tenant’s ability to purchase the Premises is predicated on their ability to obtain financing within ____ business days (“Financing Period”) of exercising the option to purchase with: (check one)
- Third (3rd) Party Financing
- Seller Financing under the following terms:
Loan Amount: $____________________
Down Payment: $____________________
Interest Rate (per annum): ____%
Term: ____ Months Years
If the Tenant is not able to obtain financing within the Financing Period, the Deposit shall be refundable to the Tenant.
VII. INSPECTION PERIOD. After the Tenant exercises the option to purchase, they shall: (check one)
- Have an Inspection Period. they shall have a total of ____ business days (“Inspection Period”) to perform their own inspections, tests, and investigations to verify any information provided by the Landlord. The Tenant agrees to forward any and all reports from such inspections to the Landlord at no cost. After all inspections are complete, the Tenant shall have an additional ____ business days from the end of the Inspection Period to display any material defects on the Premises to the Landlord. If any there is no mutual agreement within ____ business days of the Tenant presenting the material defects, the Tenant shall be able to collect and be refunded the full amount of the Deposit.
- NOT Have an Inspection Period. The Tenant shall be able to perform inspections, tests, and investigations to verify any information provided by the Landlord prior to Closing. Although, the Tenant shall not be entitled to a refund of the Deposit if material defects are found on the Premises. The Tenant is agreeing to purchase the Premises on an “AS IS, WHERE IS” condition.
VIII. FIXTURES. The sale of the Premises includes the transfer of the Landlord’s right, title, and interest, if any, to all real estate, buildings, improvements, appurtenances, and: (check one)
- All Fixtures. All fixtures currently on the Premises shall be transferred to the Tenant at Closing.
- NOT All Fixtures. The Landlord shall retain ONLY the following fixtures after Closing: _________________________________________________________.
IX. PERSONAL PROPERTY. In addition to the sale of the Premises, at Closing the Tenant: (check one)
- Shall acquire the following personal property from the Landlord:
________________________________________________________________.
- Shall NOT acquire any personal property from the Landlord.
X. RENT ATTRIBUTABLE. The Rent paid by the Tenant: (check one)
- $________________ of each month shall be attributable and credited towards the Purchase Price at Closing.
- Shall NOT be attributable and credited towards the Purchase Price at Closing.
XI. CLOSING COSTS. The costs attributed to the Closing of the Property shall be the responsibility of: (check one)
- Tenant
- Landlord
- Both Parties
The fees and costs related to the Closing shall include but not be limited to a title search (including the abstract and any owner’s title policy), preparation of the deed, transfer taxes, recording fees, and any other costs by the title company that is in standard procedure with conducting the sale of a property. The Tenant and Landlord agree that before the recording can take place, funds provided shall be in one (1) of the following forms: cash, interbank electronic transfer, money order, certified check or cashier’s check drawn on a financial institution located in the State, or any above combination that permits the Landlord to convert the deposit to cash no later than the next business day.
XII. REAL ESTATE COMMISSION. It is agreed by the Landlord and Tenant that a: (check one)
- Commission is NOT Due. Whether or not a real estate agent helped to facilitate the terms of this Addendum, in the event of a Closing a real estate commission shall not be due to any licensed real estate agent.
- Commission is Due. It is known between the Landlord and Tenant that the following licensed real estate agent assisted in the facilitation of this Addendum: ______________________ of ______________________ agency (“Agent”). The Agent shall be owed a real estate commission of ____% of the Purchase Price. Such commission shall only be due and payable at the Closing and after the deed has been recorded.
XIII. CLOSING. The Tenant is required to complete the purchase of the Premises within ____ business days after the Tenant exercises the option to purchase the Premises or earlier at an office of a title company to be agreed upon by the Landlord and Tenant (“Closing”). Any extension of the Closing must be agreed upon, in writing, by the Landlord and Tenant. Real estate taxes, rents, dues, fees, and expenses relating to the Property for the year in which the sale is closed shall be prorated as of the Closing. Taxes due for prior years shall be paid by the Landlord.
Marketable Title. Landlord shall convey title to the property by warranty deed or equivalent.
XIV. EXCLUSIVITY OF OPTION. This Addendum is exclusive, non-transferrable and non-assignable. The powers contained in this Addendum shall exist exclusively for the Tenant and shall not be conveyed, transferred, or delegated to any such third (3rd) party. In the event of death of the Tenant, this Addendum shall be considered null and void with no rights for any heirs of the Tenant’s estate.
XV. ENTIRE AGREEMENT. This Addendum contains the final and entire agreement and understanding between the Parties and is the complete and exclusive statement of its terms. This Addendum supersedes all prior agreement and understandings, whether oral or written, in connection therewith.
XVI. EXECUTION.
Landlord’s Signature: ________________________________ Date: _____________
Print Name: ________________________________
Tenant’s Signature: ________________________________ Date: ______________
Print Name: ________________________________
Tenant’s Signature: ________________________________ Date: ______________
Print Name: ________________________________
Agent’s Signature: ________________________________ Date: _____________
Print Name: ________________________________
