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    Option To Purchase (2014)

    Uploaded by

    cah2009a
    This document outlines an option to purchase agreement between a lessor and lessee. It grants the lessee an option to purchase the leased premises during a specified option period. If the lessee exercises the option, they must deliver a cashier's check for the deposit amount and the purchase will be completed through an escrow following the standard procedures in less than 40 days. The purchase price is also specified. The option and lease terms remain in effect until closing of escrow if the option is exercised.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Option To Purchase (2014)

    Uploaded by

    cah2009a
    17 views1 page
    This document outlines an option to purchase agreement between a lessor and lessee. It grants the lessee an option to purchase the leased premises during a specified option period. If the lessee exercises the option, they must deliver a cashier's check for the deposit amount and the purchase will be completed through an escrow following the standard procedures in less than 40 days. The purchase price is also specified. The option and lease terms remain in effect until closing of escrow if the option is exercised.

    Original Description:

    AIR Option to Purchase Lease Agreement.

    Original Title

    Option to Purchase (2014)

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    © © All Rights Reserved

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    This document outlines an option to purchase agreement between a lessor and lessee. It grants the lessee an option to purchase the leased premises during a specified option period. If the lessee exercises the option, they must deliver a cashier's check for the deposit amount and the purchase will be completed through an escrow following the standard procedures in less than 40 days. The purchase price is also specified. The option and lease terms remain in effect until closing of escrow if the option is exercised.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    17 views1 page

    Option To Purchase (2014)

    Uploaded by

    cah2009a
    This document outlines an option to purchase agreement between a lessor and lessee. It grants the lessee an option to purchase the leased premises during a specified option period. If the lessee exercises the option, they must deliver a cashier's check for the deposit amount and the purchase will be completed through an escrow following the standard procedures in less than 40 days. The purchase price is also specified. The option and lease terms remain in effect until closing of escrow if the option is exercised.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    AIR COMMERCIAL REAL ESTATE ASSOCIATION

    OPTION TO PURCHASE
    Standard Lease Addendum
    Dated
    By and Between (Lessor)
    (Lessee)
    Address of Premises:
    Paragraph
    (a)

    Lessor hereby grants to Lessee an option to purchase the Premises upon the terms and conditions herein set forth.

    (b)
    In order to exercise this option to purchase, Lessee must give written notice of the exercise of the option to Lessor during the period
    from
    to
    (the "Option Period"), time being of the essence.
    If such notice is not so given, this option shall automatically expire. At the same time the option is exercised, Lessee must deliver to Lessor a cashier's
    check in the amount of
    payable to
    ,
    as and for the Deposit referred to in paragraph 4.1 of the Standard Offer, Agreement and Escrow Instructions for the Purchase of Real Estate.
    (c)
    of this Option.
    (d)

    The provisions of paragraph 39, including those relating to Lessee's Default set forth in paragraph 39.4 of this Lease are conditions

    If Lessee elects to exercise this option to purchase as provided above, the transfer of title to Lessee shall occur on the close of

    escrow and until that time the terms of this Lease shall remain in full force and effect.
    (e)

    If Lessee elects to exercise this option to purchase, the purchase price to be paid by Lessee shall be $

    (f)

    Within 10 days after this option to purchase is exercised, Lessor and Lessee shall give instructions to consummate the sale to
    , located at
    , who shall act as escrow holder, on the normal and usual escrow forms

    then used by such escrow holder, as follows:


    (i)

    Escrow shall close 40 or

    days after the exercise of the option to purchase by Lessee;

    (ii)
    Lessor shall deposit the check referred to in paragraph (b) into escrow upon opening thereof, with the balance of the
    purchase price to be deposited into escrow no later then 2:00 P.M. on the last business day prior to the expected closing date;
    (iii)
    The parties agree to execute any additional instructions as are normal and usual;
    (iv)
    The balance of the terms and conditions of sale shall be as set forth in the AIR Commercial Real Estate Association
    "STANDARD OFFER, AGREEMENT AND ESCROW INSTRUCTIONS FOR THE PURCHASE OF REAL ESTATE", a copy of which is attached hereto,
    except for the following:
    and paragraphs 4.2; 5; 6; 9.1 a,b,c,d,e,h,i,j, and k; and 20, which do not apply.
    (g)

    Either Lessor or Lessee shall, upon request of the other, execute, acknowledge and deliver to the other a short form memorandum

    of this Lease for recording purposes. The Party requesting recordation shall be responsible for payment of any fees applicable thereto.
    (h)

    In the event that this option to purchase is not exercised by Lessee in a timely fashion, the Lessee shall, upon request of Lessor,

    execute, acknowledge and deliver to Lessor a quit claim deed releasing Lessee's interest in such option.

    Lessor shall be responsible for the

    preparation of such deed and the payment of any fees applicable to the recording thereof.
    WARNING:
    LESSEE SHOULD NOT EXERCISE THIS OPTION UNTIL LESSEE HAS COMPLETED SUCH INVESTIGATION AS MAY BE
    APPROPRIATE, OBTAINED ANY NECESSARY FINANCING, AND IS OTHERWISE IN A POSITION TO COMPLETE SUCH PURCHASE.
    NOTICE: These forms are often modified to meet changing requirements of law and industry needs. Always write or call to make sure you
    are utilizing the most current form: AIR Commercial Real Estate Association, 800 W 6th Street, Suite 800, Los Angeles, CA 90017.
    Telephone No. (213) 687-8777. Fax No.: (213) 687-8616.

    _________
    _________
    INITIALS
    2000 - AIR COMMERCIAL REAL ESTATE ASSOCIATION

    PAGE 1 OF 1

    _________
    _________
    INITIALS
    FORM OP-5-8/06E

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