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AZREB.com | Real Estate Forms
OPTION
TO PURCHASE
In consideration of the mutual promises and agreements contained
herein and in the Lease Agreement executed this same date, (hereinafter referred to as "Owner"), hereby grants (hereinafter
referred to as "Tenant"), an option to purchase the premises known as ,
upon the following terms and conditions:
1. Non-refundable Option Deposit. Tenant shall pay a
non-refundable option deposit of $
. If the option to purchase is exercised, this amount shall be
applied to the down payment. If, for any reason, the option to purchase is
not exercised, this deposit shall not be refundable.
2. Non-refundable Rent Option. Of the $ per
month rent paid by Tenant, $
of this amount shall be
credited to Tenant as part of the down payment if the option to purchase is
exercised. If the option to purchase is not exercised for any reason
whatsoever, this amount shall not be refundable.
3. Option Terms. So long as Tenant is not in default
on any of the terms and conditions of the Lease Agreement, Tenant shall have the
option to purchase the property on the following terms and conditions:
4. Encumbrances. In addition to any encumbrances
referred to above, Tenant shall take title to the property subject to all other
encumbrances of record.
5. Examination of Title. From the date of exercise of
this option, Tenant shall examine the state of the title of the property.
Any exceptions of title shall be reported to Owner within fifteen days.
Owner shall use all due diligence to remove such exceptions, at his own expense,
within sixty days thereafter. If such exceptions cannot be removed within
the sixty days allowed, all rights and obligations hereunder may, at the
election of Tenant, terminate, unless it elects to purchase the property subject
to such exceptions.
6. Close of Escrow. Within days
from exercise of the option, or upon removal of any exceptions of title by
Owner, 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.
7. Prorations. Rents, taxes, insurance, interest and
other expenses of the property shall be prorated to date of sale.
8. Exercise of Option. Tenant may exercise this option
after the month
of the Lease by sending written notice, via certified mail, to Owner.
9. Exercising of Option. This option may be exercised
at any time after and
shall expire at midnight, ,
by sending written notice of option to purchase to Owner, and within three days,
depositing the balance of the down payment with a title company designated by
Owner. Upon expiration, Owner shall be released from all obligations
hereunder, and all of Tenant's rights to purchase hereunder, legal or equitable,
shall cease.
10. Assignability. No assignment, sale, sublease or
other conveyance of this option may be made by Tenant without the express
written consent of Owner.
11. Lease Agreement. All of the terms and conditions of
the Lease Agreement executed this same date by these same parties shall be fully
incorporated into this Option to Purchase as if fully set forth herein.
12. Termination. AT THE OPTION OF OWNER, THIS OPTION TO
PURCHASE SHALL BE TERMINATED UPON THE BREACH OF ANY OF THE TERMS AND CONDITIONS
OF THE LEASE UNLESS SAID BREACH IS REMEDIED WITHIN THREE DAYS AFTER WRITTEN
NOTICE TO TENANT.
13. Condition of Premises and Representations. Tenant
accepts the premises in its present condition. Tenant shall at all times
and at Tenant's sole cost and expense keep the premises in a good and clean
condition. Tenant shall be responsible for and shall promptly repair any
damage to the premises caused by the intentional or negligent act of Tenant, any
member of Tenant's family or any guest, invitee or licensee of Tenant.
Upon failure by Tenant to comply with such requirements, Owner may make all
necessary repairs and submit a bill therefor to Tenant subject to the provisions
of ARS 33-1369.
A. Owner
shall, at al times, comply with the requirements of applicable building codes,
make all repairs necessary to keep the premises in a fit and habitable condition
and maintain in a good and safe working order all plumbing and electrical
facilities which Owner shall supply.
B. Tenant
agrees to request all repairs and services in writing or in personal contact to
Owner. Upon receipt of written or personal notice of repairs or
maintenance, Owner will schedule any repairs or maintenance at the earliest
convenience. Tenant will, in the case of malfunction of equipment or
utilities, or damage by fire, water or other cause, notify Owner, and Owner
shall act with due diligence in making repairs, and rent shall not abate during
such periods. If the premises are damaged or unfit for occupancy and if
Owner decides not to repair the building, Owner may terminate this Lease by
giving written notice to Tenant. If Lease is so terminated, rent will be
prorated and the balance refunded along with the deposits, less lawful
deductions.
OWNER
TENANT
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