Lease Option when Buying Document

September 4, 2017 — Leave a comment

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<P CLASS=”western” ALIGN=CENTER STYLE=”margin-bottom: 0in”><FONT FACE=”Arial, sans-serif”><FONT SIZE=4 STYLE=”font-size: 16pt”><B>LEASE

OPTION AGREEMENT</B></FONT></FONT></P>

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<P CLASS=”western” STYLE=”margin-bottom: 0in”><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”><B>THIS

LEASE OPTION AGREEMENT</B></FONT></FONT><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>

is made and entered into this _____ day of ____________, 20_____ by

and between __________________________, hereinafter referred to as

&quot;Landlord/Seller&quot; and __________________________,

hereinafter referred to as &quot;Tenant/Buyer&quot;. </FONT></FONT>

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<P CLASS=”western” ALIGN=JUSTIFY STYLE=”margin-bottom: 0in”><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”><B>1.

LEASED PREMISES:</B></FONT></FONT><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>

 Landlord/Seller, in consideration of the rents to be paid and the

covenants to be performed by Tenant/Buyer hereunder, herby leases and

options to Tenant/Buyer and Tenant/Buyer leases and options from

Landlord/Seller for the term and subject to the covenants hereinafter

set forth, the dwelling located at:</FONT></FONT></P>

<P CLASS=”western” ALIGN=JUSTIFY STYLE=”margin-bottom: 0in”><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>______________________________.</FONT></FONT></P>

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<P CLASS=”western” ALIGN=JUSTIFY STYLE=”margin-bottom: 0in”><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”><B>2.

DEPOSIT AND OPTION CONSIDERATION:</B></FONT></FONT><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>

 Tenant/Buyer has paid the sum of $____________ as a deposit to be

credit towards the Tenant/Buyer&rsquo;s down payment on the purchase

price at closing.</FONT></FONT></P>

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<BR>

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<P CLASS=”western” ALIGN=JUSTIFY STYLE=”margin-bottom: 0in”><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”><B>3.

RENT:</B></FONT></FONT><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>

 The rent hereunder shall be:</FONT></FONT></P>

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<BR>

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<FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>[

] A payment equal to the mortgage payment(s) as described in

paragraph 13 and due by the due dates thereunder. Tenant/Buyer also

agrees to pay for all future taxes, assessments and insurance on the

property during the term of this Lease Option. Tenant/Buyer

understands that these payments may change from time-to-time and

agrees to be responsible for and pay such amounts and to be

responsible for any late charges incurred due to Tenant/Buyer.

Tenant/Buyer shall provide Landlord/Seller proof that all such

payments due have been paid upon Landlord/Seller&rsquo;s request.

Upon such time Tenant/Buyer shall payoff said mortgage or trust deed

prior to the expiration of this Lease Option, Landlord/Seller shall

deliver a general warrantee deed to Tenant/Buyer as specified herein.</FONT></FONT></P>

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<FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>[

] A regular rent payment in the amount of $____________, due by the

______ day of each month in advance. Tenant further agrees to pay a

late charge of $____________ plus $____________ for each day the

entire rent is not received by the Landlord/Seller regardless of the

cause, including dishonored checks, time being of the essence. An

additional Service Charge of $____________ will be paid to

Landlord/Seller for all dishonored checks. Payment of rent may be

made by check until the first check is returned unpaid.</FONT></FONT></P>

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<P CLASS=”western” ALIGN=JUSTIFY STYLE=”margin-bottom: 0in”><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>The

first payment by Tenant/Buyer to be made starting the _____ day of

____________, 20_____.</FONT></FONT></P>

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<FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”><B>4.

RENT CREDIT:</B></FONT></FONT><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>

 An amount equal to $____________ shall be credited towards the

Deposit And Option Consideration hereunder from each regular monthly

rent payment paid. Any money paid over and beyond the regular rent

payment, not including court costs, attorney fees and other

penalties, shall be applied to the Deposit And Option Consideration.

If Tenant/Buyer is leasing the property for an amount equal to the

mortgage payments due on the property and there are no additional

monies due to Landlord/Seller at closing, this Rent Credit shall not

apply.</FONT></FONT></P>

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<P CLASS=”western” ALIGN=JUSTIFY STYLE=”margin-bottom: 0in”><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”><B>5.

TERM:</B></FONT></FONT><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>

 The term of this lease shall be _____ months, commencing on the

_____ day of ____________, 20_____and thereafter until the _____ day

of ____________, 20_____at which time this Lease Agreement shall

terminate. </FONT></FONT>

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<P CLASS=”western” ALIGN=JUSTIFY STYLE=”margin-bottom: 0in”><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”><B>6.

RENEWAL:</B></FONT></FONT><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>

 Tenant/Buyer shall have the right to renew this Lease Options

Agreement for _____ additional terms of twelve months each upon 30

days notice to Landlord/Seller prior to the expiration of the then

current term.</FONT></FONT></P>

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<P CLASS=”western” ALIGN=JUSTIFY STYLE=”margin-bottom: 0in”><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”><B>7.

REPAIRS AND MAINTENANCE: </B></FONT></FONT><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>Tenant/Buyer

shall be responsible for:</FONT></FONT></P>

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</P>

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<FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>[

] Repair costs not to exceed $150 per incident and $500 per year.</FONT></FONT></P>

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<FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>[

] All repair costs.</FONT></FONT></P>

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<P CLASS=”western” ALIGN=JUSTIFY STYLE=”margin-bottom: 0in”><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”><B>8.

PURCHASE PRICE:</B></FONT></FONT><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>

 The Purchase price of the leased property together with all

appliances and fixtures shall be:</FONT></FONT></P>

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<FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>[

] $____________, less Rent Credits and monies paid towards the

Deposit And Option Consideration by Tenant/Buyer.</FONT></FONT></P>

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<BR>

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<FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>[

] Balance of the mortgage and liens as stated in paragraph 13 at the

time of closing.</FONT></FONT></P>

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<FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>[

] In addition to the balance of the mortgage and liens as stated

above, Tenant/Buyer agrees to pay Landlord/Seller $____________ at

closing less all Rent Credits. This money is in addition to the

Deposit And Option Consideration initially paid upon the execution of

this Lease Option Agreement.</FONT></FONT></P>

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<FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”><B>9.

CLOSING COSTS:</B></FONT></FONT></P>

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<FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”><B>Buyer

Will Pay:</B></FONT></FONT></P>

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<FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>[

] Recording fees [ ] Note stamps [ ] Intangible tax [ ] Credit

reports [ ] Loan transfer and assumption charges [ ] VA funding fee

[ ] Loan origination fee [ ] Loan insurance premium <BR>[ ] Loan

discount not to exceed______ [ ] Transfer Tax [ ] Wood Destroying

Organism Report <BR>[ ] Appraisal [ ] Survey [ ] Title Insurance

Policy _____________</FONT></FONT></P>

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<FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>[

] All Normal Closing Costs</FONT></FONT></P>

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<FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>[

] Other_______________________________________________</FONT></FONT></P>

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<FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”><B>Seller

Will Pay:</B></FONT></FONT></P>

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<FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>A.

[ ] Transfer tax [ ] ____________ Title insurance policy [ ]

____________ Attorney’s fee [ ] Real estate brokerage fee [ ] Loan

discount not to exceed _________ [ ] Satisfaction and recording fee

[ ] Wood destroying organism report [ ] Appraisal fee [ ] Survey</FONT></FONT></P>

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<FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>[

] All Normal Closing Costs</FONT></FONT></P>

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<FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>[

] Other_______________________________________________</FONT></FONT></P>

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<FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>B.

All other charges required by lender which Buyer is prohibited from

paying by law or regulation.</FONT></FONT></P>

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</P>

<P CLASS=”western” ALIGN=JUSTIFY STYLE=”margin-bottom: 0in”><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”><B>10.

PRORATIONS:</B></FONT></FONT><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>

 Tenant/Buyer shall be responsible for paying all property taxes,

assessments, and insurance subsequent to the _____ day of

____________, 20_____. The following items shall be prorated at

closing: ______________________________________ </FONT></FONT>

</P>

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<P CLASS=”western” STYLE=”margin-bottom: 0in”><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”><B>11.

DELIVERY OF TITLE AND TIME FOR CLOSING:</B></FONT></FONT><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>

 Landlord/Seller does hereby certify and represent that they have the

legal authority and capacity to convey the property with all

improvements.</FONT></FONT></P>

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 ] At the time of closing, Landlord/Seller shall deliver marketable

title to the then Tenant/Buyer by General Warrantee Deed, in fee

simple, free of all encumbrances except for restrictions and

easements of record, at a closing agent of Tenant/Buyer&rsquo;s

choosing within 60 days of Tenant/Buyer&rsquo;s notification of

exercise of the purchase option. </FONT></FONT>

</P>

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 ] To secure performance of this agreement, all documents necessary

for the transfer of title shall be executed within 30 days of the

execution of this Lease Option, and held in escrow with an escrow

agent chosen by Tenant/Buyer, such costs to be borne by [ ]

Tenant/Buyer [ ] both parties.</FONT></FONT></P>

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<P CLASS=”western” ALIGN=JUSTIFY STYLE=”margin-bottom: 0in”><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”><B>12.

ASSIGNMENT:</B></FONT></FONT><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>

 </FONT></FONT>

</P>

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<FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>[

] Tenant/Buyer shall have the unqualified right to sublet the

property and/or to assign, transfer, pledge or otherwise convey any

or all rights or interests which the Tenant/Buyer may have in the

property or in this Lease Option Agreement. Any such assignment or

conveyance shall release the original Tenant/Buyer from liability and

substitute assignee in Tenant/Buyers place.</FONT></FONT></P>

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<FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>[

] Tenant/Buyer shall not have the right to subletting or assignment.</FONT></FONT></P>

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</P>

<P CLASS=”western” ALIGN=JUSTIFY STYLE=”margin-bottom: 0in”><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”><B>13.

FURTHER ENCHUMBRANCES:</B></FONT></FONT><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>

 Landlord/Seller warrants that there are no other liens or mortgages

against the stated property other than as herein stated:</FONT></FONT></P>

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</P>

<P CLASS=”western” STYLE=”margin-bottom: 0in”><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”><B>(A):</B></FONT></FONT><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>

 First mortgage for the approximate balance of $__________ payable to

______________________________. The monthly payments are currently

for the amount of $__________ due by the _____ day of each month,

after which there is a late charge of __________. Taxes and insurance

[ ] are, [ ] are not, escrowed by lender.</FONT></FONT></P>

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</P>

<P CLASS=”western” ALIGN=JUSTIFY STYLE=”margin-bottom: 0in”><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”><B>(B):</B></FONT></FONT><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>

 Real estate taxes for the year 20_____ for the approximate amount of

$__________.</FONT></FONT></P>

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</P>

<P CLASS=”western” ALIGN=JUSTIFY STYLE=”margin-bottom: 0in”><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”><B>(C):</B></FONT></FONT><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>

 Additional Liens:

________________________________________________________.</FONT></FONT></P>

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</P>

<P CLASS=”western” ALIGN=JUSTIFY STYLE=”margin-bottom: 0in”><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>Landlord/Seller

agrees not to lease, option, transfer, assign, or otherwise convey to

another party, any interest in the stated property. Nor shall

Landlord/Seller further encumber or allow any encumbrances to become

against the stated property. All third parties are hereby put on

notice that any leases or assignments by the owner, liens, options,

mortgages or any other conveyances, or transfers occurring subsequent

to the date of this Lease Option Agreement are hereby declared by the

owner to be null and void and not of force or effect. The

Landlord/Seller further agrees to keep all mortgages, liens, taxes,

and other encumbrances on the property current and in good standing.

Tenant/Buyer shall have the right to make payments on the same in the

event that Landlord/Seller becomes delinquent or otherwise defaults

thereon. Such payments by the Tenant/Buyer shall be first credited

against the rent payments to be made by Tenant/Buyer and then against

the purchase price of the property.</FONT></FONT></P>

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</P>

<P CLASS=”western” ALIGN=JUSTIFY STYLE=”margin-bottom: 0in”><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”><B>14.

TITLE SEARCH:</B></FONT></FONT><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>

 Tenant/Buyer shall immediately order a title search. Such cost shall

be borne by the Tenant/Buyer unless it is discovered that the

Landlord/Seller does not have marketable title or that there are

further encumbrances not disclosed and listed under this agreement,

in which case the Landlord/Seller will reimburse Tenant/Buyer for all

expenses associated with the title search and Tenant/Buyer will have

the option of to void this agreement.</FONT></FONT></P>

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</P>

<P CLASS=”western” ALIGN=JUSTIFY STYLE=”margin-bottom: 0in”><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”><B>15.

INSURANCE: </B></FONT></FONT><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>Landlord/Seller

agrees to maintain current hazard insurance on the property, unless

otherwise the responsibility of Tenant/Buyer under Paragraph 3. The

current insurance provider is

____________________________________________________________. Said

policy expires on the _____ day of ____________, 20_____. The

previous amount charged for this policy was $__________. Tenant/Buyer

hereby understands that said insurance policy may not cover the

Tenant/Buyer&rsquo;s personal property. Landlord/Seller shall amend

said insurance policy to reflect Tenant/Buyer as additionally

insured.</FONT></FONT></P>

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</P>

<P CLASS=”western” ALIGN=JUSTIFY STYLE=”margin-bottom: 0in”><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”><B>16.

DEFAULT:</B></FONT></FONT><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>

 In the event of default by Tenant/Buyer of any covenant within this

Lease Option Agreement, Landlord/Seller shall have the right to

reenter and possess the property. </FONT></FONT>

</P>

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</P>

<P CLASS=”western” ALIGN=JUSTIFY STYLE=”margin-bottom: 0in”><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”><B>17.

BINDING EFFECT:</B></FONT></FONT><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>

 This Agreement shall be binding upon the parties hereto and their

respective heirs, administrators, successors, and assigns.</FONT></FONT></P>

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</P>

<P CLASS=”western” ALIGN=JUSTIFY STYLE=”margin-bottom: 0in”><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”><B>18.

ENFORCABILITY:</B></FONT></FONT><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>

 The undersigned parties acknowledge that they have read and

understand all of the provisions of this agreement. Should any

provision of this Lease Option be found to be invalid or

unenforceable, the remainder of the Lease Option shall not be

affected thereby and each term and provision herein shall be valid

and enforceable to the fullest extent permitted by law. </FONT></FONT>

</P>

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</P>

<P CLASS=”western” ALIGN=JUSTIFY STYLE=”margin-bottom: 0in”><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”><B>19.

ADDITIONAL PROVISIONS:</B></FONT></FONT></P>

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</P>

<P CLASS=”western” ALIGN=JUSTIFY STYLE=”margin-bottom: 0in”><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>________________________________________________________________________________________________</FONT></FONT></P>

<P CLASS=”western” ALIGN=JUSTIFY STYLE=”margin-bottom: 0in”><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>________________________________________________________________________________________________</FONT></FONT></P>

<P CLASS=”western” ALIGN=JUSTIFY STYLE=”margin-bottom: 0in”><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>________________________________________________________________________________________________</FONT></FONT></P>

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</P>

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<P CLASS=”western” STYLE=”margin-bottom: 0in”><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>Landlord Date Tenant Date</FONT></FONT></P>

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<P CLASS=”western” STYLE=”margin-bottom: 0in”><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>_________________________________ _________________________________</FONT></FONT></P>

<P CLASS=”western” STYLE=”margin-bottom: 0in”><FONT FACE=”Arial, sans-serif”><FONT SIZE=1 STYLE=”font-size: 8pt”>Landlord Date Tenant Date</FONT></FONT></P>

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