Extend Commercial Lease Agreement With The Option To Purchase Template

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Notice of exercise of lease option dear contact name i elect to exercise the option to renew or extend the lease agreement as provided in section specify of our lease agreement dated date for an additional period of number years commencing on date and terminating on date. 4 option to purchase.

This commercial lease extension agreement must be signed by the parties to the original lease.

Extend commercial lease agreement with the option to purchase template. Although if the buyer chooses to buy the property the seller will be obligated to sell under the terms of the agreement. This key difference in treatment of the resulting lease agreement could cause a number of unintended consequences by the tenant and landlord. The tenantbuyer as part of the consideration herein is hereby granted the exclusive right option and privilege of purchasing property at any time during the term of this leaseoption agreement or any extension thereof.

If this is the case then that person can take the property on rent and pay the money in installments till she has paid every penny to the owner. Sample commercial real estate lease with option to purchase. However unlike a lease renewal exercising an option to extend the lease is considered to be a continuation of the original lease without interruption and no new agreement is entered into by the parties.

Buyertenant of this option to purchase agreement or the lease agreement then in addition to any other remedies available to sellerlandlord at law or in equity sellerlandlord shall have the option to terminate this option to purchase agreement and all rights hereunder by giving written notice of termination. The buyer is not bound to purchasing the property. Tenants may use this accessible form letter template to notify their landlord of their intention to exercise the option to extend their rental property lease according to the terms in the original lease document.

A lease purchase agreement is used when an individual or a company is searching to buy or rent a house or a corporate place but cannot pay all the money at a go. This extension sets forth the date of the original lease term of extension and revised rental payments. A commercial lease agreement with option to purchase also known as a lease option is a form of commercial real estate contract in which the tenant and the property owner agree that there is an option for the tenant to buy said property at the end of a stipulated rental period.

Save sign print and download your document when you are done. Tenants notice exercising option to renew lease. This commercial lease extension agreement will extend an existing commercial lease.

More than just a template our step by step interview process makes it easy to create a commercial real estate lease with option to purchase. Remember that this agreement is a standard residential lease agreement with an option to purchase the property during a period of the term.