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Memorandum of Option

This memorandum of option summarizes an agreement between an Optionor and Optionee to provide the Optionee the right to purchase a property located in [State] by a specified date. The Optionor agrees not to sell, transfer or encumber the property while the option is in effect. Both parties signed the memorandum on [Date] in the presence of a notary public.

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232 views2 pages

Memorandum of Option

This memorandum of option summarizes an agreement between an Optionor and Optionee to provide the Optionee the right to purchase a property located in [State] by a specified date. The Optionor agrees not to sell, transfer or encumber the property while the option is in effect. Both parties signed the memorandum on [Date] in the presence of a notary public.

Uploaded by

rdsession
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOC, PDF, TXT or read online on Scribd
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check your state/county recording requirements prior to completion of this form

MEMORANDUM OF OPTION
Optionor, whose address is name, whose address is , and Optionee, Your company name or personal , entered into an option the Option dated as of ,

pursuant to which Optionor has agreed to option to Optionee the right to purchase certain real property the Property located in the of , County of , State of _________, more

particularly described as ( insert legal description here). The Option requires that Optionee shall exercise the Option on, or before, , or the Option

shall expire. While the Option is in effect, Optionor may not assign, convey, lease, sell, transfer, mortgage, or otherwise encumber the Property or any part thereof, nor shall Optionor do, suffer or permit any act, deed, or omission which might diminish or encumber the rights of Optionee or the ability of Optionor to perform obligations in accordance with the terms of Option.

IN WITNESS WHEREOF, the Parties have executed this Memorandum of Option on

OPTIONOR:

OPTIONEE: ( Your Company Name Here change Michigan If you are in a different state) A Michigan Limited Liability Company Its Member Its Member

STATE OF ???????? COUNTY OF

) )SS. ) day of , 20__ , by

The foregoing Instrument was acknowledged before me this and .

Notary Public, Your county & State My Commission Expires: STATE OF ???????? COUNTY OF ) )SS. ) day of , 20__ , by , a (your state) Limited

The foregoing Instrument was acknowledged before me this and , Members of Liability Company, on behalf of the Limited Liability Company.

Notary Public, Your county & State My Commission Expires:

Drafted by: Your name and address

When recorded return to: Your name and address

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