Agreement of Lease with Option to Purchase

This AGREEMENT made this _____ day of _______, 2______ between:

____________________________________________, residing at _____________________________________________________, herein referred to as the SELLER, and

___________________________________, residing at _________________________________, herein referred to as the PURCHASER,

          WITNESSETH:
    WHEREAS, the SELLER owns a certain property located at ___________________________________, described as follows:
____________________________________________, and

    WHEREAS, the PURCHASER desires to rent said property with option to purchase the same;
    WHEREFORE, it is mutually agreed:
1.    The SELLER hereby leases to the PURCHASER and the PURCHASER hereby rents from the seller for a term of ____________ years from this date at a yearly rental of ____
____________________________ (P ___________), payable in equal monthly installments of ______________________________ (P______________) in advance on the first day of each and every month during the period aforesaid, the said property with all its fixtures and accessories described in the Schedule hereto attached and made an integral part hereof;
2.    The SELLER warrants to the PURCHASER that he is the absolute owner of the said property, free from all liens and encumbrances;
3.    The PURCHASER shall during the period of the lease exercise due care and diligence in the use of said property and shall, at his cost and expense, keep the same in good and usable condition for which it has been leased;
4.    That until the SELLER regains possession of the property herein leased in accordance with the terms hereof, the PUCHASER, at his own cost and expense, shall pay all taxes and assessments levied and payable on said property,
5.    If the PURCHASER fails to pay the rental when same becomes due, then the SELLER, at his option and without prior notice or demand, may take or regain possession of the said property and for this purpose may enter the premises without liability to any suit, action, pr proceeding by the PURCHASER;  
6.    Upon the SELLER  regaining possession of said property pursuant to the above provision, this AGREEMENT  shall forthwith terminate, without prejudice to the right of SELLER to rentals in arrears, if any;
7.    That if the PURCHASER shall give written notice to SELLER  on or before the _______
day of ____________, 2________ of his desire to purchase the property leased herein, the SELLER upon receipt of the agreed price of ________________________
PESOS (P_______________), by appropriate deed SELL, TRANSFER, and CONVEY said property to PURCHASER together with all the fixtures and accessories thereof, free from all liens and encumbrances.

IN WITNESS WHEREOF, the Parties hereto have signed this AGREEMENT the day and year first above written.

__________________________                ________________________
        (Seller)                               (Purchaser)

WITNESSES:

______________________________        ______________________________
ACKNOWLEDGEMENT

 


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