Option to Lease Residential Property
Agreement made on the _______________ (date), between ___________________
(Name of Tenant) of ___________________________________________________________
(street address, city, state, zip code), referred to herein as Tenant, and _________________
(Name of Landlord), a corporation organized and existing under the laws of the state of
______________, with its principal office located at ___________________________________
____________________________________________ (street address, city, state, zip code),
referred to herein as Landlord.
For and in consideration of the payment by Tenant to Landlord of the amount of
$__________, the mutual covenants contained in this Agreement, and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, Landlord grants
Tenant an Option to Lease the premises described in the Lease Agreement attached hereto as
Exhibit A and made a part hereof. The parties further agree as follows:
1.
(date).
Term of Option
This option and all rights and privileges hereunder shall expire on _________________
2.
Notice of Exercise of Option
This option is to be exercised by the Tenant by written notice delivered personally or
forwarded by registered or certified mail, return receipt requested, within the time limitation in
Paragraph 1 to the Landlord at the address set forth above.
3.
Application of Option Payment
In the event that the Tenant does not exercise his option as herein provided, all sums
paid on account thereon shall be retained by the Landlord as consideration for this option free of
all claims of the Tenant, and neither party shall have any further rights or claims against the
other
4.
Effect of Exercise of Option
In the event that the Tenant does exercise his option as herein provided, the sum paid
on account of the option shall be applied to the first month’s rent and the terms, covenants, and
conditions in the Lease Agreement, attached hereto and made a part hereof, shall become the
contract of the parties.
WITNESS our signatures as of the day and date first above stated.
_________________________
(Name of Landlord)
________________________
(Printed Name of Tenant)
_________________________
(Signature of Tenant)
By:_________________________
_______________________
(Printed Name & Office in Corporation)
_______________________
(Signature of Officer)