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Purchase Option In House Lease
1. Time and Price. Tenant is granted the option to purchase the Premises at any time during the Term, provided Tenant is not in default under this Lease, at a price of ---------- dollars ($----------).
2. Exercise of Option. Tenant must exercise such option by written notice to landlord, which shall designate a closing date not earlier than [number] days, and not later than [number] days, after the date of such notice.
3. Execution of Contract of Sale. Upon Tenant's exercise of the purchase option, Landlord and Tenant shall promptly enter into a contract of sale for the Premises in accordance with the provisions of this Lease and containing the customary provisions regarding the sale of realty in [county].
4. Payment of Purchase Price. The purchase price shall be paid as follows:
(a) not less than ---------- dollars ($----------) by check subject to collection at the time of the exercise of the option and
(b) the balance by bank cashier's check or certified check at the closing.
5. Closing of Title.
a. Type of Deed. At the closing, Landlord will convey the Premises to Tenant by [type] deed, subject to [enumerated restrictions, e.g., easements, liens].
b. Closing Costs and Adjustments. At the closing, Landlord will pay the real estate transfer taxes and other taxes payable with respect to the conveyancing of the Premises. At the closing, real estate taxes, water and sewer charges, fuel and other utility charges, and any governmental charges or assessments payable with respect to the Premises will be apportioned.
6. Condition of the Premises. Tenant acknowledges that Tenant is familiar with the condition of the Premises and will accept the Premises "as is" at the time of the closing.