LEASE TO PURCHASE OPTION AGREEMENT

by | Jul 9, 2023 | Agreements

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’.

  1. OPTION TERM. The option to purchase period commences on _______________ and expires at 11.59 PM  ________________
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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.
  7. 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.
  8. 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.
  9.  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.

10. COMMISSION. No real estate commissions or any other commissions shall be paid in connection with this transaction.

11. 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.

12. 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.

13. TIMING. Time is of the essence in this Option to Purchase Agreement.

14. 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.

18. 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.

19. 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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