Free Land Lease Purchase Agreement Template
Land Lease Purchase Agreement
I. Agreement Overview
This Land Lease Purchase Agreement ("Agreement") is made and entered into on this 2nd day of January, 2050, by and between [Your Company Name], located at [Your Company Address], and PayCalibur, a company incorporated under the laws of Missouri, with its principal office located at Kansas City, MO 64101, represented by Anita Wehner (hereinafter referred to as "Lessee"), and [Your Company Name] (hereinafter referred to as "Lessor").
The purpose of this Agreement is to outline the terms and conditions under which the Lessor agrees to lease, and the Lessee agrees to purchase the land described herein, with an option to purchase at the end of the lease term.
II. Definitions
1. "Property"
The term "Property" refers to the parcel of land described as follows: Parcel number 987-654-321, located at 1234 Elm Street, St. Louis, MO 63101.
2. "Lease Term"
The term "Lease Term" refers to the period during which the Lessee shall lease the Property from the Lessor, beginning on January 15, 2050, and continuing for 5 years, ending on January 14, 2055.
3. "Purchase Price"
The term "Purchase Price" refers to the total amount of $600,000, which is the agreed-upon amount for the transfer of ownership of the Property from the Lessor to the Lessee at the end of the Lease Term, provided that the Lessee exercises the option to purchase.
4. "Option to Purchase"
The term "Option to Purchase" refers to the Lessee's right to purchase the Property from the Lessor at the end of the Lease Term at the agreed-upon Purchase Price, subject to the terms and conditions of this Agreement.
III. Lease of Property
The Lessor agrees to lease, and the Lessee agrees to rent, the Property on the following terms and conditions:
-
The Lessee shall lease the Property for the Lease Term, commencing on January 15, 2050 and ending on January 14, 2055, unless terminated earlier as provided herein.
-
The Lessee shall pay monthly rent of $3,000 to the Lessor on the 15th day of each month during the Lease Term.
IV. Option to Purchase
1. Exercise of Option
The Lessee shall have the option to purchase the Property at any time during the Lease Term, provided that written notice is given to the Lessor at least 6 months prior to the expiration of the Lease Term. The Lessee shall exercise this option by paying the full Purchase Price of $600,000.
2. Payment of Purchase Price
The Purchase Price for the Property is $600,000. If the Lessee exercises the Option to Purchase, the Lessee will pay the Lessor the full Purchase Price on or before January 14, 2055. The Lessor agrees to transfer ownership of the Property to the Lessee upon receipt of the full Purchase Price.
V. Rent Credit for Purchase Price
Should the Lessee choose to exercise the Option to Purchase, 50% of the total rent paid during the Lease Term will be credited toward the Purchase Price. This credit is capped at a maximum of $90,000.
-
Example: If the Lessee exercises the Option to Purchase, the total rent paid during the Lease Term, up to the cap, will reduce the Purchase Price.
VI. Maintenance and Use of Property
1. Lessee’s Responsibilities
The Lessee agrees to maintain the Property in good condition and repair, including but not limited to:
-
Regular upkeep of the Property, including landscaping, utilities, and any improvements made during the Lease Term.
-
Payment of all property taxes, insurance, and utility bills related to the Property during the Lease Term.
2. Lessor’s Responsibilities
The Lessor agrees to:
-
Ensure that the Property is suitable for the Lessee's use throughout the Lease Term.
-
Pay for any structural repairs to the Property not caused by the Lessee’s actions.
VII. Governing Law
This Agreement shall be governed by, and construed in accordance with, the laws of the State of Missouri, without regard to its conflict of law principles. Any disputes arising under or related to this Agreement shall be resolved in accordance with the laws of the State of Missouri.
VIII. Signatory Section
This Agreement is executed by the undersigned, authorized representatives of both parties:
Lessor:
[Your Name]
[Your Company Name]
Date: 2nd January, 2050
Lessee:
Anita Wehner
PayCalibur
Date: 2nd January, 2050
If you have any questions or require additional information regarding this Agreement, please feel free to contact [Your Name] at [Your Email] or reach out to [Your Company Name] via [Your Company Email].
