LEASE PURCHASE AGREEMENT
This Lease Purchase Agreement (hereinafter referred to as the “Agreement”) is entered into by
and between _____________________________ (hereinafter referred to as the “Lessor”) and
__________________ & _________________ (hereinafter referred to as the “Lessees”):
FOR AND IN CONSIDERATION OF THE MUTUAL PROMISES SET FORTH HEREIN AND
OTHER GOOD AND VALUABLE CONSIDERATIONS, THE RECEIPT AND SUFFICIENCY
OF WHICH ARE HEREBY ACKNOWLEDGED, THE PARTIES HERETO AGREE AS
FOLLOWS:
1. Property.
The parties agree that the subject property being leased herein is located at
___________________.
2. Term.
The Lessor agrees to lease out the above-mentioned property to the Lessee for a period of
5 years from the date of signing hereof (hereinafter referred to as the “Effective Date”).
3. Consideration.
Parties herein agree that the Lessees shall make a payment of $10 per month as rent for
leasing the property.
4. Future Purchase.
The Lessor and the Lessee herein agree that the Lessor has the right and the Lessee
agrees to sell the property during the 5-year lease period.
The agreed purchase price for the property is $_______________.
5. Rights.
The Lessor herein agrees to the following rights to be assigned to the Lessee; –
i. To occupancy with the rights of the normal tenants.
ii. To make modifications to the house without needing any permission.
The modifications may include:
Renovations
General repair
Adding a fire suppression system
Modifications to the water supply line entering the property.
Lessor’s Initials: _________ Lessees’ Initials: _________ : __________
The right to run a business out of the home
The right to assign the lease
The right to sub-let.
6. Termination.
The Lessor reserves the right to only terminate this lease in the event the Lessee does not
make the necessary monthly payments.
7. Insurance.
The Lessor will be responsible for making sure there is fire insurance and all the taxes, etc.
are up to date and all the necessary payments are made on time.
8. Notices.
Unless otherwise provided herein, all notices and other communications which may be or
are required to be given or made by any party to the other in connection herewith shall be in
writing and shall be deemed to have been properly given and received on the date delivered
in person or deposited in the registered or certified mail.
9. Entire Agreement.
This Agreement constitutes the sole and entire agreement among the parties hereto, and no
modification of the Agreement shall be binding unless in writing and signed by all parties
hereto.
10. Governing Law.
This Agreement shall be construed and interpreted in accordance with the laws of the State
of Arizona.
11. Successors.
This Agreement shall bind and inure to the benefit of and be enforceable by the Lessor, the
Lessee, and their respective permitted successors and assigns (including personal
representatives, heirs, and legatees).
IN WITNESS THEREOF the parties have willingly agreed to be legally bound by the following
terms and conditions; –
Signed by the Lessor; –
Signature:
______________________________
Signed by the Lessees; –
Signature:
______________________________
Lessor’s Initials: _________ Lessees’ Initials: _________ : __________
Date:
__________________________________
Email Address:
_________________________
Date:
__________________________________
Email Address:
_________________________
Signature:
______________________________
Date:
__________________________________
Email Address:
_________________________
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