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Lease Purchase Agreement 1

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Lease Purchase Agreement 1 Page 2
Additional provisions:
1. Repairs: Tenant shall be responsible for repairs not to exceed $______ per year.
2. Title: All documents necessary for title transfer shall be executed and held in escrow with closed escrow
instructions. At closing, taxes, water, sewer, HOA dues and mortgages will be prorated as of date of title
transfer.
3. Inspection: This agreement is subject to final inspection and approval of the property by the Tenant/Buyer
prior to taking possession.
4. Insurance: Landlord/Seller shall protect Tenant/Buyer’s equitable interest by maintaining hazard
insurance upon the property. In the event of destruction in whole or in part of the property, Tenant/Buyer
shall have the option to proceed with the closing and accept the insurance proceeds for said damage, or to
declare this agreement null and void, releasing both parties from any obligations hereunder, except for the
return of monies paid by Tenant/Buyer which shall become immediately due and payable from the insurance
proceeds.
5. Assignment: Tenant/buyer ____shall ____shall not be permitted the right of subletting or assignment. If
this agreement is assigned with the approval of the Landlord/Seller, Tenant/Buyer shall be released from any
further liability hereunder.
6.Other provisions:
______________________________________________________________________________________
______________________________________________________________________________________
______________________________________________________________________________________
__________________________________________ _____________________________________________
Landlord Date Tenant Date
__________________________________________ _____________________________________________
Landlord Date Tenant Date
Visit www.pottstownmortgage.com for all of your PA mortgage needs
©1999 Allegiance Mortgage Services. Sample Lease-Purchase form.
Lease Purchase Agreement 1
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