Free Land Purchase Option Agreement Template
Land Purchase Option Agreement
I. Agreement Overview
This Land Purchase Option Agreement (“Agreement”) is made and entered into on January 2, 2050, by and between [Your Company Name], with its principal place of business located at [Your Company Address], and Diversa, a company duly incorporated and existing under the laws of the State of Idaho, with its principal place of business located at Boise, ID 83701. This Agreement establishes the terms under which Diversa is granted the exclusive option to purchase certain land owned by [Your Company Name].
II. Definitions and Interpretation
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"Land" refers to the real property owned by [Your Company Name], located at 456 Evergreen Lane, Boise, ID 83701.
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"Option Fee" refers to the payment made by Diversa to [Your Company Name] for the exclusive right to purchase the Land during the Option Period.
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"Option Period" refers to the time frame within which Diversa may exercise its option to purchase the Land.
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"Parties" refers collectively to [Your Company Name] and Diversa.
III. Grant of Option
[Your Company Name] grants Diversa the exclusive option to purchase the Land on the terms and conditions set forth in this Agreement. The option is non-transferable and may only be exercised by Diversa.
IV. Option Fee and Payment Terms
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Option Fee Amount
Diversa shall pay an Option Fee of $50,000 to [Your Company Name] as consideration for this Agreement. -
Payment Terms
The Option Fee shall be paid in full by January 10, 2050, via electronic bank transfer to the account details provided by [Your Company Name]. -
Non-Refundability
The Option Fee is non-refundable, except in the event of a material breach of this Agreement by [Your Company Name].
V. Option Period
The Option Period shall commence on January 2, 2050, and expire at 5:00 PM PST on June 30, 2050. During this time, Diversa may exercise its option to purchase the Land by providing written notice to [Your Company Name].
VI. Exercise of Option
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Notice of Exercise
To exercise the option, Diversa shall deliver a written notice to [Your Company Name] at [Your Company Address] and via email to [Your Company Email]. -
Execution of Purchase Agreement
Upon exercising the option, the Parties shall execute a definitive Land Purchase Agreement, incorporating the terms outlined herein, within 30 days from the date of notice.
VII. Purchase Price and Payment Terms
The purchase price for the Land shall be $1,500,000, payable as follows:
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The Option Fee of $50,000 shall be credited toward the purchase price.
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The remaining balance of $1,450,000 shall be paid at closing, which will occur no later than July 31, 2050.
VIII. Representations and Warranties
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[Your Company Name] represents and warrants that:
a. It holds clear and marketable title to the Land.
b. There are no existing liens or encumbrances on the Land, except as disclosed to Diversa. -
Diversa represents and warrants that:
a. It has the financial capacity to complete the purchase.
b. It will conduct all due diligence during the Option Period.
IX. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of Idaho. Any disputes arising under this Agreement shall be resolved in the courts of Idaho, and both parties consent to the jurisdiction of these courts.
X. Termination
This Agreement shall terminate upon the earlier of:
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Expiration of the Option Period without exercise by Diversa.
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Written agreement of both parties to terminate.
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Material breach by either party, entitling the non-breaching party to terminate.
XI. Signatory Section
This Agreement is executed by the undersigned representatives of the Parties, who warrant that they are authorized to act on behalf of their respective organizations.
For [Your Company Name]
Signed by: [Your Name]
Title: Chief Executive Officer
Date: January 2, 2050
For Diversa
Signed by: Dexter Dicken
Title: Managing Director
Date: January 2, 2050
