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REAL ESTATE LEASE/PURCHASE AGREEMENT

BELOW ARE THE TERMS OF THE LEASE/PURCHASE OF THE HOME LOCATED AT

1234 Main Street , Columbus OHIO 43209

1. PURCHASER AGREES TO PURCHASE THE PROPERTY BY September 30, 2002 AT A PRICE OF $146,900.00 (One Hundred Forty Six Thousand Nine  Hundred DOLLARS)

2. PURCHASE CONSIDERATION OF $4,000.00 IS PAYABLE AS FOLLOWS:

A.                  $2,000.00 GIVEN ON Day of Signing Agreement         

B.                  $2,000.00 GIVEN ON February 1, 2003 .

3.  THE NON REFUNDABLE PURCHASE CONSIDERATION REFERENCED IN PARAGRAPH (2.) ABOVE WILL BE APPLIED 100% TO THE PURCHASE OF THE HOME AND IS NOT REFUNDABLE IF THE HOME IS NOT PURCHASED FOR ANY REASON OR IF PURCHASER CHANGES HIS MIND AFTER SIGNING THIS AGREEMENT.

4.  ALL PAYMENTS WILL BE MADE BY CASHIER CHECK- IF SELLER/LANDLORD ELECTS TO ACCEPT A LATE PURCHASE CONSIDERATION PAYMENT, A $50.00   LATE PAYMENT FEE WILL BE CHARGED.

5.  THE 3 YEAR LEASE WILL BEGIN ON March 1, 2003,  OR IF THE HOME IS UNDER CONSTRUCTION, THE DAY THE HOME PASSES THE TEMPORARY OCCUPANCY INSPECTION.

6.  MONTHLY  LEASE PAYMENTS,  DUE OF  THE 1ST OF  THE MONTH  FOR YEAR  ONE IS $1175.00, FOR YEAR TWO IS +3.5% increase, AND FOR YEAR THREE IS $+3.5% increase

7. TENANT IS RESPONSIBLE FOR UTILITIES AND MAINTENANCE.

8.  A $100.00 MONTHLY CONTRIBUTION WILL BE MADE BY SELLER TO THE PURCHASE PRICE AT THE TIME OF PURCHASE IF THE LEASE PAYMENT IS MADE ON TIME.

9.  SELLER IS NOT AWARE OF ANY PROBLEMS OR DEFECTS WITH THE HOME.  HOME IS BEING   ACCEPTED “AS   IS” WITH   NO WARRANTIES   EXCEPT FOR: 30 day warranty or 1 year warranty with new homes.

10.   THIS AGREEMENT IS SUBJECT TO THE CREDIT REVIEW BY LANDLORD/SELLER. HOWEVER, THIS AGREEMENT IS NOT CONTINGENT UPON BUYER OBTAINING OUTSIDE BANK FINANCING NOW OR IN THE FUTURE.

11. THERE IS A NON REFUNDABLE APPLICATION FEE OF $45.00

12.  THIS PURCHASE CONTRACT IS BINDING UPON THE PARTIES, HEIRS, AND EXECUTORS THE MOMENT THIS AGREEMENT IS SIGNED.  TENANT/PURCHASER SHALL BE RESPONSIBLE T0 SELLER/LANDLORD  FOR ANY LOST  RENTS, UTILITIES, MAINTENANCE, AND MARKETING COSTS, AND 18%  CARRY COST ON ANY  UNPAID BALANCE SHOULD THEY  FAIL TO OCCUPY AND/OR FULFILL THIS  CONTRACT OBLIGATION.  ALL PARTIES ACKNOWLEDGE THAT THEY RECEIVED A COPY OF THIS AGREEMENT.

SIGNED THIS 12th January 2003

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Tenant/Purchaser

 

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Landlord/Seller

 
Last modified: January 08, 2003