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LEASE WITH OPTION TO PURCHASE
<br />r, l
<br />9 THIS INDENTURE, madQ;( p�,`;�;v��; °xt t;. da7G bf� ltti
<br />194 , by and between
<br />who is they parGxv ,c§ he first part and r2rLfftd Is,"and an
<br />his wife, residing at
<br />herein designated as the second parties.
<br />WITNESSETH3
<br />THAT the party of the first part, by these presents, and in the con-
<br />sideration of the sum of $
<br />, paid by the parties of the second part on the signing of this
<br />contract, does agree to grant lease and convey to the parties of the second part
<br />the follcy�* -W _ . .. X1
<br />..,
<br />together with all buildings and o-Ppurtennnces thereto, subject to the following
<br />conditions;
<br />THAT for and in con,iderntion of the above $
<br />the party of the first part does
<br />give to the parties of ch.e second part << ^:n option to purchase the above referred
<br />to promises, subject however, that ;,he _l.)arties of the second part deposit with
<br />the par(t.,.gf2 th�r:frsta or their agontsy the sum of $
<br />, on the
<br />day of ,
<br />y of , and continuing on the
<br />dry , until
<br />payments of , each have boon
<br />made, at which time said lease shall terminate and come to an end, It is further
<br />agreed that should the parties of the second _oast desire to purchase these
<br />premises, that they may do so at nny time during thupi, grsitix► nee �o • ,ih� ,].arse by
<br />paying qff ;t #p first part the sum of $
<br />. and that all money
<br />paid 11ercon and herein referred to shall apply and be crcditod to the purchase
<br />price, subject howevo, that the parties of the second part shall pay to the party
<br />of the first part interest on the purchase price from the commoncement of
<br />this lease to such tine that the lease may be terminated or that they exercise
<br />their option to .purchase; and that the option to purchase shall cease and come to
<br />an end with termination of this lease. Furthermore, should the parties of the
<br />second part desire to exercise their option to purchase they may do so by paying
<br />to the pasty of the first part the difference between the purchase price and the
<br />unpaid balance of FHA insured loan, together with the earned interest as stipu-
<br />lated heroin, and the necessary elosine chnrgos of obtaining and securing the
<br />loan referred to herein,
<br />IN the event of the failure of the second parties to avail themselves
<br />of the option herein created or in the further event of their failure to comply
<br />with All the other covenants and agreements herein contained, such money as cony
<br />be paid, as referred to in either paragraph two (2) or three (3), of this agree-
<br />ment, sh�M inure in favor of the first party in full compensation for the oc-
<br />cupancy theretofore of the demised promises and for the services rendered by the
<br />first party. It is also agreed that if any default be made in any of the
<br />covenants herein contained, or if any rent shall be due and unpaid, then it shall
<br />be lawfully for the party of the first T.)ert to re =enter said premises and to remove
<br />all persons therefrom, together with any personal property that may belong to the
<br />second pasties.
<br />THAT the second parties do further agreo not to assign this lease or
<br />make any alterations thereon, without the written consent of the said first part,-,
<br />and the penalty of forfeiture nd damage. And that on the expiration of said
<br />term the said parties will quit and surrender the premises herein denisod in as
<br />good n. stato and condition as reasonable use and wear thereof will permit, and
<br />that any niterations, additions, repairs or elements added thereto, shall re-
<br />main a part of these premises, and it is further ^greed that the first party does
<br />covenant that said second parties on paying monthly rent and performing the
<br />covenants aforesaid, shall and nay peacorbly and quietly have, hold and enjoy said
<br />demised -premises, The second. parties agree to make all necessary repairs and
<br />improvements to said premises, both to the interior and exterior thereof at their
<br />own cost a.r_d expense, and do further agree that no repairs or improvements shall
<br />become a lien on these premises, or in either event, without the written consent
<br />of the first - oarty.
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