ARTICLE OF AGREEMENT this _____ day of __________ 2005, by and between _________________________________________________________, hereinafter referred to as the "LANDLORD",
___________________________________________________________, hereinafter referred to as the "TENANTS".
WHEREAS, the Landlord is the owner of certain premises situated at _________________________, Township of ________________, County of Erie and Commonwealth of Pennsylvania, hereinafter referred to as the "Leasehold Premises"; and
WHEREAS, the Tenants desire to rent and lease the Leasehold Premises from the
Landlord and the Landlord has agreed to lease the same to the Tenants upon the following
terms and conditions.
NOW, THEREFORE, the parties hereto, intending to be legally bound hereby, do covenant and agree as follows:
1. In consideration of the rents and covenants of the Tenants to be paid and kept as herein contained, the Landlord has agreed to lease unto the Tenants, and by these presents does hereby lease the Leasehold Premises unto the Tenants and the Tenants hereby lease the Leasehold Premises from the Landlord.
2. The term of this lease shall extend from _________________ to and through _________________________, during which time, the Tenants occupying the Leasehold Premises under lease from the Landlord, shall be entitled to the use and occupancy of the Leasehold Premises.
3. The rent reserved by the Landlord for the Leasehold Premises for the term herein provided shall be ________________________________ Dollars, which the Tenants hereby covenant and agree to pay to the Landlord, for the use and occupancy of the Leasehold Premises, payable in installments of _______________________________________ Dollars each month during the term of this lease, payable in advance on or before the first day of each month.
4. The Tenants shall further pay to the Landlord, prior to occupancy of the Leasehold Premises, a security deposit in the sum of ______________________________________ Dollars, to be held as security for any damages to the Leasehold Premises, or as payment, in whole or in part, for any costs or expenses incurred by the Landlord resulting from the failure of Tenants to surrender the premises in the condition described in Paragraph 9 herein. Unless withheld by the Landlord, in whole or in part, by reason of any damage to the Leasehold Premises, the security deposit shall be returned to the Tenants within thirty (30) days after the termination of this lease, provided that the Tenants have delivered to the Landlord a forwarding address, in writing, at or prior to the date the Tenants shall surrender the Leasehold Premises to the Landlord.
5. During the term of this lease the Tenant will assume payment for the water bill, sewer bill and garbage collection. The Tenants shall also be responsible for all other utilities, including gas, electric, telephone, cable and any service fees required for the installation of these utilities.
6. It will be the Tenants' responsibility to place garbage bags and recycling container at the curb for pick up and to return the recycling container to its appropriate place. The Tenants agree to keep and maintain the Leasehold Premises, parking lot and surrounding area in a clean and sanitary condition at all times, free of all garbage and debris. All garbage and similar debris shall be deposited by the Tenants in facilities specifically for garbage collection. The Tenants shall comply with all municipal regulations imposed by the Township of ________________ relating to the collection of garbage and similar debris.
7. During the term of this lease, the Landlord shall provide for the necessary repairs and maintenance of the Leasehold Premises. The Tenants shall not provide, nor arrange for any repair or maintenance of the Leasehold Premises, and the Landlord shall not be responsible or liable to the Tenants, or to any other person, for the costs of any repair or maintenance provided or arranged by the Tenants. The Tenants shall promptly notify the Landlord of the need for any repair or maintenance to the Leasehold Premises.
8. The Tenants hereby covenant and agree to use and occupy the Leasehold Premises for residential purposes only and for no other purpose. There will be no pets allowed on the premises, except as expressly allowed in writing by Landlord.
9. The Tenants hereby agree to keep and maintain the Leasehold Premises in as good repair and condition as that now existing and at the expiration of this lease to surrender the Leasehold Premises in like repair and condition, natural wear and tear excepted.
10. No loud music may be played at any time, and the Tenants shall conduct themselves in a quiet manner at all times.
11. The Tenants hereby agree to observe all reasonable rules and regulations imposed by the Landlord for the use and occupancy of the Leasehold Premises.
12. This lease, and the use and occupancy of the Leasehold Premises, may not be assigned, transferred or sublet, without the express written consent of the Landlord which will not be unreasonably withheld.
13. The Landlord, and/or the agents of the Landlord, may at any and all times during the term of this lease, enter into the Leasehold Premises for the purpose of inspection and/or repair, and for purposes of exhibiting the Leasehold Premises to prospective tenants, upon prior notice to the Tenants, except in the case of an emergency.
14. An option to purchase
(“Option”) is granted on the Leasehold Premises by ________
___________________, the “Seller,” to __________________________________, the “Buyer.” Seller, intending to bind Seller, Seller’s heirs, successors and assigns, in consideration of the sum of _________________ Dollars ($______________________) (the “Option Money”) paid to Seller by Buyer, receipt of which is acknowledged, grants to the Buyer, Buyer’s heirs, successors, assigns or representatives, the exclusive right and option to purchase all of that certain parcel of land, together with all improvements located thereon (collectively, the “Property”), in the Township of ___________________, County of Erie, Commonwealth of Pennsylvania, and more particularly described as follows:
Street Address: ________________________________________________________________________
________________________________________________________________________ on the terms and conditions set forth below:
A. Option Period: This Option shall exist and continue from the date hereof until ___________ o’clock ___.M. on ____________________________ (“Option Period”). TIME IS OF THE ESSENCE WITH RESPECT TO THE OPTION PERIOD AND EXERCISE.
B. Exercise: At any time during the Option Period, Buyer may exercise this Option by giving Seller a written notice thereof signed by the Buyer, which exercise is effective upon (a) hand delivery, (b) completed facsimile transmission, or (c) prepaid deposit of the notice with an overnight commercial delivery service or in certified mail, return receipt requested, at the following address of the Seller:
Phone:_______________ Fax: ________________________
C. Contract Upon Exercise:
Upon exercise of this Option, the terms of purchase and sale shall be as set
forth on the completed standard “Agreement to Purchase Real Estate," which
is attached as Exhibit A and incorporated herein by reference.
D. Application of Option Money: If this Option is exercised, the Option Money shall _____ shall not _____ be applied to the purchase price at Closing. If this Option is not exercised, the Option Money shall be retained by Seller.
15. This agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements. This agreement may not be modified, cancelled or otherwise amended unless in writing, duly executed by the parties hereto.
16. This agreement shall be binding on and shall inure to the benefit of the parties hereto, their respective heirs, successors, personal representatives and assigns.
17. This Lease may be signed in one or more counterparts, and all such counterparts shall form but one integrated agreement. This Lease may be executed by facsimile signatures.
18. The obligations of the Tenants herein shall be joint and several.
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