LEASE TO PURCHASE OPTION AGREEMENT
This Lease to Purchase Option Agreement (“Option to Purchase Agreement”) is made on
_______________between Manyar LLC (“the Landlord’) AND Community Wellness Partners of NC, PLLC (“the Tenant”) Hereinafter known as the “Parties” WHEREAS, Landlord is the fee owner of real property being, lying and situated in ___________ County______________North Carolina such real property having a street
address of __
WHEREAS, Landlord and Tenant have together executed a prior lease agreement, the subject of
which is aforementioned Property (the “Lease Agreement”)
NOW, THEREFORE, for and in consideration of the covenants and obligations contained herein
and other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, Landlord hereby grants Tenant an exclusive option to purchase the
aforementioned “Property’.
- OPTION TERM. The option to purchase period commences on ___ and
expires at 11.59 PM ____ - NOTICE REQUIRED TO EXERCISE OPTION. To exercise the Option to Purchase, the
Tenant must deliver Landlord written notice of Tenant’s intent to purchase. In addition,
the written notice must specify a valid closing date. The closing date must occur before
the original expiration date of the Lease Agreement. - OPTION CONSIDERATION. As Consideration for this Option to Purchase Agreement,
the Tenant shall pay the Landlord a non-refundable fee of _______________Dollars,
receipt of which is hereby acknowledged by the Landlord. This amount shall be credited
to the purchase price at closing if the Tenant timely exercises the option to purchase,
provided that the Tenant: (a) is not in default of the Lease Agreement, (b) closes the
conveyance of the Property. The Landlord shall not refund the fee if the Tenant defaults
in the Lease Agreement, fails to close conveyance, or otherwise does not exercise the
option to purchase. - PURCHASE PRICE. The total purchase price for the Property is
__________________Dollars. Provided that the Tenant timely executes the option to
purchase, is not in default of the Lease Agreement, and closes the conveyance of the
Property, the Landlord shall credit towards the purchase price at closing the sum of
_________________Dollars, from each monthly lease payment that the Tenant timely
made. However, the Tenant shall receive no credit at closing for any monthly lease
payment that Landlord received after the due date specified in the Lease Agreement. - EXCLUSIVITY OF OPTION. This Option to Purchase Agreement is exclusive and non-
assignable and exists solely for the benefit of the named Parties above. Should Tenant
attempt to assign, convey, delegate or transfer this option to purchase without the
Landlord’s written consent, any such attempt shall be deemed null and void.
- CLOSING AND SETTLEMENT. Landlord shall determine the title company at which
settlement shall occur and shall inform Tenant of this location in writing. Tenant agrees
that closing costs in their entirety, including any points, fees, and other charges required
by the third-party lender, shall be the sole responsibility of Tenant. The only expense
related to closing costs apportioned to Landlord shall be the pro-rated share of the ad
valorem taxes due at the time of closing, for which Seller/Landlord is solely responsible. - FINANCING AVAILABILITY. LANDLORD MAKES NO REPRESENTATIONS OR
WARRANTIES AS TO THE AVAILABILITY OF FINANCING REGARDING THIS
OPTION TO PURCHASE; TENANT IS SOLELY RESPONSIBLE FOR OBTAINING
FINANCING IN ORDER TO EXERCISE THIS OPTION. - FINANCING DISCLAIMER. The Parties acknowledge that it is impossible to predict the
availability of obtaining financing towards the purchase of this Property. Obtaining
financing shall not be held as a condition of performance of this Option to Purchase
Agreement. The parties further agree that this Option to Purchase Agreement is not
entered into in reliance upon any representation and warranty made by either party. - REMEDIES UPON DEFAULT. If Buyer/Tenant defaults under this Option to Purchase
Agreement or the Lease Agreement, then in addition to any other remedies available to
Seller/Landlord at law or in equity, Seller/Landlord may terminate this Option to
Purchase by giving written notice of the termination. If terminated, the Buyer/Tenant
shall lose entitlement to any refund of rent or option consideration. For this Option to
Purchase Agreement to be enforceable and effective, the Buyer/Tenant must comply with
all terms and conditions of the Lease Agreement. - COMMISSION. No real estate commissions or any other commissions shall be paid in
connection with this transaction. - RECORDING OF AGREEMENT. Buyer/Tenant shall not record this Option to Purchase
Agreement on the Public Records of any public office without the express and written
consent of Seller/Landlord. - ACKNOWLEDGMENTS. The parties are executing this Option to Purchase Agreement
voluntarily and without any duress or undue influence. The parties have carefully read this
Option to Purchase Agreement and have asked any questions needed to understand its terms,
consequences, and binding effect and fully understand them and have been given an executed
copy. The parties have sought the advice of an attorney of their respective choice if so
desired prior to signing this Option to Purchase Agreement. - TIMING. Time is of the essence in this Option to Purchase Agreement.
- GOVERNING LAW AND VENUE. This Option to Purchase Agreement shall be
governed, construed and interpreted by, through and under the Laws of the State of North
Carolina. The parties further agree that the venue for any and all disputes related to this
Option to Purchase shall be __ County, North Carolina. - OPTION TO PURCHASE CONTROLLING. In the event a conflict arises between the
terms and conditions of the Lease Agreement and the Option to Purchase Agreement, the
Option to Purchase Agreement shall control. - ENTIRE AGREEMENT; MODIFICATION. This document sets forth the entire
agreement and understanding between the Parties relating to the Subject Matter herein and
supersedes all prior discussions between the Parties. No modification of or amendment to this
Option to Purchase Agreement, nor any waiver of any rights under this Option to Purchase
Agreement, will be effective unless in writing signed by both parties.
LANLORD’S PRINT NAME ________
LANDLORD’S SIGNATURE______________________
TENANT’S PRINT NAME_______________
TENANT’S SIGNATURE______________________
WITNESS’ PRINT NAME____________________
WITNESS’ SIGNATURE_________________________
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