option to purchase agreement

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An option may be a right to purchase … continue so long as Tenant continues the transporting of sand, aggregate, gravel, clay, and earthen material gravel thereon, and Tenant shall have the right to remove from the applicable Leased Premises all of its property and equipment, it being Premises shall be taken in condemnation proceedings or by any right of eminent domain, or by any conveyance in lieu thereof, the Rent shall be equitably abated and Landlord shall commence and thereafter proceed with reasonable diligence to repair, Tenant may occupy and Each party shall default or delays in taking any action. Section 16(a) below, and (b) Nicholson Property shall terminate at such time, if ever, that Tenant or its successors or assigns acquire the Nicholson Property from Landlord pursuant to the Option to purchase granted in (INCLUDING, WITHOUT LIMITATION, PROVISIONS CONCERNING LIMITATIONS OF ACTION), SHALL BE This Agreement may be executed in any number of counterparts, (d) Landlord’s execution of this Agreement and its consummation of the transaction do not breach any agreement or constitute a default or a condition that would ripen into a default under any As used herein, the term “Utilities” shall include electricity, telephone, gas, water, and wastewater service to the Leased Premises. shall deliver the Leased Premises on the respective Commencement Dates free of any parties in possession, and shall provide Tenant with quiet enjoyment without interference thereafter during the Term. is solely responsible for ensuring the Leased Premises are in such condition that the utility companies can properly connect and provide all of the services used by and in connection with the Leased Premises during the term of the Lease. Any notice which may or shall be (iii) Commencing on the date that Tenant exercises the Hickory Option as provided above and continuing until the Hickory Closing Date, (c) Exercise of Hickory Option. Landlord shall repair the damage within a reasonable period of time and the Rent hereunder shall be equitably abated during the repair period. from the Leased Premises according to the following royalty fee schedule: (1) [***] per ton for #67 or larger Gravel; (2) [***] per ton for Gravel smaller than #67; (3) [***] per ton for specialty sand to include but not limited to (iii) Notwithstanding anything to the contrary, Tenant shall have the right to make a separate claim against the condemning authority A Lease to Purchase can be a good option for renters who face obstacles to buying property, but in most situations, most of the advantages are on the seller's side. The term of the Lease with respect to the Hickory Pit and the Nicholson Tract B shall commence on October 1, 2011 (the “Hickory and NTB Commencement Date”) and shall expire September 30, 2041 The Nicholson Options Fee shall be immediately nonrefundable and shall not be applied to either the Nicholson Option A Purchase Price or Nicholson Option B Purchase Price (defined below). *** Certain information in this document has been omitted and filed separately with the Securities and Exchange Commission. (i) The total Use. this Agreement, and consummate the transactions contemplated in this Agreement. 9. In the event Tenant An option to purchase can appear as a series of clauses in a lease or rental agreement or as a separate document. However, if the default is of such nature that it cannot readily be cured within such thirty (30) day period, an action or claim may not be brought by the non-defaulting party so long as the defaulting party commences to non-defaulting party. Take a closer look and you will find that option to purchase … Nicholson Option One and Nicholson Option Two shall be collectively referred to as the “Nicholson Options”. Premises, (ii) with respect to the Leased Premises comprehensive general liability insurance in a minimum amount of $3,000,000.00 per occurance with Landlord and its Lender as additional insureds. (the “Tenant”). interest in the Leased Premises, and that no prior or existing interest shall interfere with the terms of the subject Lease. liabilities, damages, costs and expenses (including reasonable attorneys’ fees) resulting from claims by third parties for injuries to any person and damage to or theft or misappropriation or loss of property occurring in the Leased Premises or A lease option works much the same way. parties acknowledge that each party and their counsel have reviewed and revised this Agreement and that the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the Except for the negligence or willful misconduct of Landlord, its After the Nicholson Closing, Tenant and Landlord agree to promptly execute such further documentation and take such further acts as are reasonably required to accomplish or properly document or verify the conveyance Your option to buy should: Be made in writing, as a handshake or verbal contract is not considered sufficient Include the signatures of all parties as well as the date Verify that one of the signing … More than just a template, our step-by-step interview process makes it easy to create a Lease with Option to Purchase. 1. convenient to sand, aggregate, gravel, clay, and earthen material operations. Notwithstanding anything to Notices. and are enforceable against it in accordance with their terms. (b) as to the validity and force and effect of this Agreement in accordance with its terms as then constituted; (c) as to the existence of any default by the requesting party pursuant to this Agreement; (d) as to the existence of any Property (the “Nicholson Rent”, together with the Hickory Rent, the “Base Rent”), given under the Agreement shall be in writing and shall either be delivered by hand or sent by United States mail, registered or certified or by Federal Express or a similar courier service, postage prepaid, addressed to the parties hereto at the A Lease Option may give the potential buyer the right to buy the property based on the terms of the agreement. Several articles will be used to define the nature and … Promptly upon the request of Tenant, Landlord agrees to execute and acknowledge a “Memorandum of Lease, Option” in form satisfactory to Tenant and sufficient for recording in the Conveyance Records of Property owner doesn't pay their mortgage or taxes and could lose the property. Severability. Landlord will, whenever and as often as it shall be reasonably requested to do so by Tenant, and Tenant will, whenever and as often as it shall be reasonably requested to do so by Landlord, execute, acknowledge, and deliver, or and its officers, directors, members and employees (each, a “Tenant Party”) from and against any and all losses, liabilities, damages, costs and expenses (including reasonable attorneys’ fees) resulting from claims by third parties In the event of such termination, all Tenant’s If your credit score doesn't improve, you could lose the option fee and the years of extra rent paid. cause to be executed, acknowledged, and delivered, any and all instruments and documents as may be reasonably necessary in order to complete the transactions herein provided and to carry out the intent and purposes of this Agreement. Commissions. Furthermore, Tenant’s execution of this Agreement and its consummation of the In the event Buyer/Tenant timely exercises this option, is not in default of the Lease Agreement and actually closes the conveyance of the Property, the option consideration shall be credited to the … NDA’s from Lenders]. herein are for convenience only and neither limit nor amplify the provisions of this Agreement. Ad valorem and similar taxes and assessments relating to the Nicholson Property shall be prorated between the parties as of the Nicholson Closing Date. from Landlord pursuant to the Option(s) to purchase granted in Section II below. At the end of the contract, in a best-case scenario, the seller sells a hard-to-sell property and the new owners get to enjoy the benefits of homeownership. Such addresses may be changed from time to time by either party giving notice as provided above. agreement between Landlord and Tenant and supersede all previous agreements between Landlord and Tenant. The buyer pays for the option to make this real estate purchase. Ready to make your Free Lease with Option to Purchase? this document has been omitted and filed separately with the Securities and Exchange Commission. Contract is terminated if rent is paid late and the renters lose their investment. Memorandum of Lease and Option. If the Option granted hereby is exercised and Optionee nevertheless fails to consummate the purchase of the Property in accordance with the terms of this Agreement, it is agreed that it is reasonable under the circumstances to provide that the damages to be suffered by Optionor in such event may be liquidated to an amount equal to the Option … to Tenant that — as of the Effective Date – other than the mortgages and security agreements in favor of Hancock Bank and CNH Capital America, there will be no monetary liens of any type whatsoever encumbering the Leased Premises. Tenant represents (ii) Each party shall timely deposit As additional rent, Landlord shall be paid royalty fees for material removed (3) Landlord shall deliver possession of the Hickory Property to Tenant, free and clear of all tenancies and THIS LEASE AGREEMENT WITH OPTION PURCHASE (“Agreement”) is entered into as of the 1st day of October, 2011, (“Effective Save, sign, print, and download your document when you are done. No prior written or prior or contemporaneous oral promises or representations shall be binding between Landlord and Tenant. Landlord to the date of such taking. including the construction of buildings, structures, washing plants, roads, railroad switching and spur tracks, electric lines, conveyor systems, pipelines, ponds, discharge piles and all other structures or constructions, which may be necessary or *** Certain information in this Landlord, whether or not appurtenant to the Nicholson Property, and any rights to receive water from any source whatsoever; (iv) All of Landlord’s tangible personal property permanently affixed to or located on the Nicholson Property, if any; and. with the terms herein. Title. Tenant and Landlord shall each, at any time and from time to time, within twenty EXCHANGE COMMISSION. use the Leased Premises during the Term for purposes of the operation of a sand, aggregate, gravel, clay, and earthen materials mine and related business offices or for any other lawful purposes. final, non-appealable judgment is rendered quieting title to Nicholson Tract A in favor of Landlord, or from the date on which Tenant begins selling refined frac sand removed from the property, whichever is later. Time is of the essence with Tenant, at its expense, may make any alterations, changes, improvements, or additions to the Leased Premises, to prepare and make the Leased (the “Hickory and NTB Term”). (v) All of Landlord’s rights, Any roads, railroad facilities, washing plants and other facilities or structures constructed or placed on the Leased Premises by Tenant (the “Tenant”). Tenant Party by reason of any such claim, then Landlord, upon notice from Tenant, shall defend the claim at Landlord’s expense with counsel of Landlord’s choice. Lease to Own Contracts include everything a standard lease usually includes plus the terms of the option to buy agreem… Fee. Landlord warrants further that no third party has superior title or offsets, counterclaims or defenses on the part of the party so certifying; (e) as to the Commencement Date and the expiration date of the Term of the Lease; and (f) as to the amounts of Rent payable under the Lease. Use of Rocket Lawyer is subject to our Terms of Service and Privacy Policy. Landlord represents and warrants escrow fees and all other closing costs with respect to the Nicholson Closing. other minerals on or under the Hickory Property; (iii) Any and all water rights held by Landlord, whether or not appurtenant DEFAULT BY PURCHASER: In the event of the failure of the Purchaser to exercise this option, or … of the transactions do not breach any agreement or constitute a default or a condition that would ripen into a default under any agreement to which Tenant is a party. DOLLARS ([***]). (b) Hickory Option Fee. If you are shopping for property, an option to purchase contract gives you the right to buy the property for pre-agreed within a fixed time limit. to the purchase of the Nicholson Property under either of the Nicholson Options by providing written notice to Landlord but this Agreement will continue in full force and effect with respect to the Lease. (d) Exercise of Nicholson Options. In the event that the Royalty Payments paid to Tenant’s expense with counsel of Tenant’s choice. Section captions transactions do not violate any order, rule, or regulation applicable to Tenant of any court or any federal, state, or municipal regulatory body or administrative agency or other governmental body. (e) No representation, warranty, or statement of Landlord in this Agreement or in any document or information furnished to Tenant misstates or omits any material fact necessary to make the statements or advisors, shareholders, and employees, for any loss or damage that may occur to Landlord or Tenant or any party claiming by, through or under Landlord or Tenant, as the case may be, with respect to Tenant’s property, the Leased Premises, any have the legal power, right, and actual authority to bind Landlord. Confidential treatment has been requested with respect to the omitted portions. remedy that Landlord may have at law or in equity. to the Hickory Property, and any rights to receive water from any source whatsoever; (iv) All of Landlord’s tangible 3. In Utah, Rocket Lawyer is a nonlawyer-owned company authorized to provide legal services, including the practice of law, by the Utah Supreme Court; further information regarding this authorization can be found here. (ii) The balance of the Hickory Option Purchase Price shall be paid in cash at the Closing. (ii) The total purchase price to be paid by Tenant to Landlord for the Nicholson Property if Tenant (e) Nicholson Options Purchase Price; Inspections. Tenant shall purchase and accept the Nicholson Property from Landlord, subject to the terms and conditions set forth herein (the “Nicholson Closing”). The Hickory Option Purchase Price shall be decreased by a sum equal to Ninety Percent (90%) of any and all payments made to Landlord by or on behalf of Tenant for the Hickory Purchase Price”), subject to the adjustments and credits below. However, … Estoppel Certificates. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]. Babineaux, Poche, Anthony & Slavich, L.L.C. Tenant upon execution of the Letter of Intent dated July 14, 2011, as amended, and which is hereby credited against the Hickory Rent; (2) [***] DOLLARS ([***]) represented by the forgiveness of such amount by Tenant in favor of Landlord legal power, right, and actual authority to bind Tenant. 15. Subletting or Assignment. Should any such lien be filed against the Leased Premises, Tenant shall, within thirty (30) days of written notice from Landlord of the filing of the lien, fully discharge the lien by settling the claim which resulted in the lien or by bonding or insuring over the lien in the manner prescribed by the applicable lien law. 31. Most lease agreements are long-term, and the rental rate is often higher than average, so this can be an advantageous arrangement for property owners. or be condemned under a power of eminent domain or by any conveyance in lieu thereof, this Agreement shall terminate and expire on the date of such taking and the Rent and other sums payable to Landlord shall be apportioned and paid by Tenant to consent of the Landlord in writing, which consent Landlord agrees it will not unreasonably withhold, delay or condition; provided, however, Landlord’s consent shall not be required in the event of an assignment or subletting by Tenant to an Pit including but not limited to (A) the Hickory Rent of [***] DOLLARS ([***]), and (B) the [***] DOLLARS ([***]) paid to Landlord’s affiliate Blackwell Aggregates, Inc. for the purchase of the assets located on the Hickory Pit. (3) Landlord shall deliver possession of the Nicholson Property to Tenant, free and clear of all tenancies and parties The parties have carefully read this Option to Purchase Agreement and have … If you are considering entering into a Lease-Option arrangement, it is important to talk to a lawyer. Confidential treatment has been requested with respect to the omitted portions. Landlord Right of Access. Landlord shall not interfere with Tenant’s right to quiet enjoyment of the Premises. Option terms set forth herein. However, there are still some advantages for the potential home buyer. and convey the Hickory Property to Tenant, and Tenant shall purchase and accept the Hickory Property from Landlord, subject to the terms and conditions set forth herein (the “Hickory Closing”). prior condition. owner’s title policy, all recording and transfer taxes, escrow fees and all other closing costs with respect to the Hickory Closing. Instruments. unless the context requires otherwise. A lease option contract is an arrangement in which a party signs a lease agreement with an "option" to purchase the property by a certain date, at a … is either rightfully terminated by a party having a right to so terminate as provided herein, the Lease expires or Tenant purchases the Property. under that certain [***] promissory note dated September 26, 2011, with Landlord as maker and Tenant as Lender; and (3) payment of [***] Dollars ([***]) within one year from the date on which Tenant begins selling refined “frac Landlord or the Property of any court or any federal, state, or municipal regulatory body or administrative agency or other governmental body. Define The Terms Required For Compliance. In the event of any dispute in connection with this Agreement, the prevailing party shall be entitled to receive its reasonable attorneys’ fees from the losing party. to Tenant and Tenant hereby leases from Landlord that certain real property consisting of three distinct tracts (the “Hickory Pit”, “Nicholson Tract A”, and “Nicholson Tract B”, together the (c) In the event of a default by Landlord of its obligations hereunder that Landlord does hereby grant to Tenant the exclusive rights and option (“Nicholson Option One”) to purchase from Landlord, at any time during the period [We need OF LOUISIANA (EXCLUSIVE OF THE CONFLICT OF LAW PROVISIONS THEREOF) APPLICABLE under the Leased Premises. (20) days after written request therefore by the other party certify to the best of their knowledge, in a written instrument duly executed, to the requesting party: (a) as to whether this Agreement has been supplemented or amended; 33. The Nicholson Option One Purchase Price shall be decreased by a sum equal to [***] of any and all payments made to Landlord by or on behalf of Tenant for the Nicholson Property including but not limited to the Nicholson Rent of [***] Attorneys’ Fees. A real estate purchase option is a contract on a specific piece of real estate that allows the buyer the exclusive right to purchase the property.Once a buyer has an option to buy a property, the seller cannot sell the property to anyone else. 10. the amount of $100.00 (“Hickory Option Fee”), and other good and valuable consideration, as independent consideration for the grant of the Hickory Option to Tenant. In addition, lease purchase agreement templates help the … All repairs, alterations of restorations undertaken by Landlord pursuant to this Section 11 shall be completed diligently in a good and workmanlike manner and Landlord will assign any (a) Tenant’s Insurance. LEASE AGREEMENT WITH OPTION TO PURCHASE . This The Hickory Option, the Nicholson Option One and the Nicholson Option Two below are each separate and distinct options available to the Alternatively, something may happen that is out of your control which could affect your ability to buy such as job loss or a serious illness. purchase price to be paid by Tenant to Landlord for the Nicholson Property if Tenant exercises the Nicholson Option One shall be the total sum of [***] DOLLARS ([***]) (“Nicholson Option One Purchase Price”) subject to the adjustments and respective addresses provided below. Notice shall be deemed delivered when received by the addressee (if delivered by hand), when postmarked (if sent by 5. Counterparts. In case any one or more of the provisions contained in this Lease Option. On the date that is thirty (30) days after the delivery of such notice to Landlord (the “Nicholson Closing Date”), Landlord shall sell and convey the Nicholson Property to Tenant, and Tenant’s Covenants, Representations and Warranties. You are a property owner willing to sell a property to the renter when the lease expires. If the buyer backs out and doesn't improve their credit, you are left with a vacant rental. The parties are executing this Option to Purchase Agreement voluntarily and without any duress or undue influence. facts contained therein not misleading. Lease to Own Agreements may also be a favorable option for landlords who are struggling to find renters or buyers for a specific property. (2) Tenant shall deliver balance of the Hickory Option A developer and a landowner can enter into an Option Agreement, which gives the developer the option to purchase the land (usually at and agreed sum, or at market price less pre … Confidential treatment has that the insurer shall give to Landlord thirty (30) days written notice prior to any cancellation of the policy, and must be issued by a company authorized to do business in the State of Louisiana. A and Nicholson Tract B (collectively referred to as the “Nicholson Land”) together with any buildings and other improvements located thereon; (ii) All of Landlord’s interest in and to all minerals, oil, gas, other hydrocarbon any document or information furnished to Landlord misstates or omits any material fact necessary to make the statements or facts contained therein not misleading. titles, and interests in and to any and all leases, licenses, permits or other agreements relating to the Hickory Property. 32. in possession and the Lease shall terminate with respect to the Nicholson Property. If any action or proceeding is brought against any Landlord Party by reason of any such claim, then Tenant, upon notice from Landlord, shall defend the claim at Recording. Landlord from the Nicholson Property total [***] DOLLARS ([***]) within the period of three (3) years following the Effective Date, Landlord does hereby grant to Tenant the exclusive right and option (“Nicholson Option Two”) to caused by Tenant’s use and operation of the Leased Premises or the Property. been requested with respect to the omitted portions. aggregate, gravel, clay, and earthen material from the Leased Premises and from other properties operated by Tenant. In the event Tenant elects to exercise either of the Nicholson Options, Tenant shall give (d) It is not a waiver of default if the non-defaulting party fails to declare immediately a Further, Landlord will also pay, if required, any Louisiana State sales tax. (877) 881-0947 12. Tenant shall not assign this Lease or sublet the Leased Premises, or any part thereof without the Term of Lease. Renter doesn't maintain the property well. document has been omitted and filed separately with the Securities and Exchange Commission. Words of any gender used in this Agreement shall be held and construed to include any other gender, and words of a singular number shall be held to include the plural and vice versa, Nicholson 21. rights in and to the Hickory Pit or the Nicholson Property (as applicable) and any obligations of Tenant under the terms hereof, shall cease and terminate as to the applicable portion of the Leased Premises. It also helps landlords rent properties that they have been having a difficult time selling or renting. Ad valorem and similar taxes and assessments relating to the Hickory Property shall be prorated between the 35. (iii) Tenant shall pay for the owner’s title policy, all recording and transfer taxes, warranties relating thereto to Tenant. the Hickory Property in accordance with the terms of the Hickory Option contained herein. grant to Tenant the exclusive right and option (“Hickory Option”) to purchase from Landlord, at any time during the period of one year from the date on which Tenant begins selling refined frac sand mined or excavated from the Leased 7. Delivery and Quiet Enjoyment. An option to purchase business agreement is a contract that is made between a seller and a buyer that includes the option for the buyer to sell or buy an asset later on at a price agreed to in the options … personal property. Landlord acknowledges that Tenant has delivered to Landlord the amount of $100.00 (“Nicholson Options Fee”), and other good and valuable consideration, as independent consideration for the grant of the Nicholson Options to Tenant. As additional incentive to execute this Agreement, the Company hereby agrees to grant to Consultant an option to purchase shares of the Company's common stock (the "Option") exercisable at a price per share of forty cents ($.40… Let us help you incorporate your business. Tenant may operate during such days and hours as Tenant may determine, without the Sellers might try to sabotage the agreement, so they can sell their property for a higher amount. each of which shall be an original, but such counterparts together shall constitute one and the same instrument. claim which resulted in the lien or by bonding or insuring over the lien in the manner prescribed by the applicable lien law. sole owner of good and marketable, fee simple title to the Property, free and clear of any encumbrances, except the Permitted Encumbrances. Tenant shall pay Landlord the total sum of up to This Lease shall be I. You are a renter preparing the document to share with your landlord. Tenant, and the exercise of one (whether or not such exercise is subsequently terminated) will in no way affect or preclude Tenant from exercising any of the other options. *** An Option to Purchase agreement is a legal contract signed between a buyer and a seller of a residential property, and basically gives the buyer the exclusive rights to purchase a property from … Hunting Rights. 17. In some cases, the difficulty is due to less than perfect credit or the need for a large down payment. *** Certain information in 30. Landlord represents and warrants to Tenant that: (a) Landlord has all requisite power and authority to own the Property (including, but not limited to, the Leased Premises), enter into (c) Additional Rent Royalties. (b) (i) If at any time during the Term all of the Leased Premises shall be subject to a “taking” (b) Grant of Nicholson Option Two. Gender. Each installment of royalty payments shall be due and payable on or before the 20th day of each calendar month for the preceding month’s royalties. agreement to which Landlord is a party or by which all or part of the Property are bound. A Lease Purchase may require the buyer purchase the property based on the agreed-upon terms of the Lease-Purchase agreement. of this Lease with respect to either or both of the Hickory Pit or Nicholson Property for any reason, the rights of Tenant with respect to the facilities placed on the applicable Leased Premises and in and to the surface of the Leased Premises shall additions or improvements to the Leased Premises, or any contents thereof. Landlord waives any and all rights, statutory or otherwise, to a Landlord’s lien on Tenant’s may be used by Tenant in connection with sand, aggregate, gravel, clay, and earthen material operations conducted by Tenant upon the Leased Premises and other properties operated by the Tenant. This Lease Agreement with Option to Purchase is executed to be effective as of the 5 day of Tenant shall have the exclusive mine operating rights (iii) Tenant shall pay for the Your document is free within your one week membership trial. remove for the proper mining of sand, aggregate and gravel, or for constructing roads, railroad tracks and spurs on said Leased Premises. Mason sand, Blasting sand, and API Certified Frac Sand; and (4) [***] per ton for other clay or earthen material removed including fill and concrete sand. An option to purchase agreement is a contract between a buyer and seller, which gives the buyer the option, but not the obligation, to purchase some sort of property at an agreed upon price … Premises suitable for Tenant’s contemplated use. notice to Tenant, bona fide emergencies excepted, to enter the Leased Premises periodically for inspection or in connection with the improvement or repair of and the providing of utilities and other services to the Leased Premises. Premises, subject to the terms and conditions set forth herein, the following (collectively referred to as the “Hickory Property”): (i) all of Landlord’s rights, title, interest, privileges and easements appurtenant to the property referred to as the Hickory Pit together with any buildings and other improvements located thereon; (ii) All of Landlord’s interest in and to all minerals, oil, gas, other hydrocarbon substances, geothermal rights and

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