LEASE PURCHASE Clause Samples
A lease-purchase clause establishes an agreement where a tenant leases a property with the option or obligation to purchase it at a later date, often under predetermined terms. Typically, a portion of the rent paid during the lease period may be credited toward the purchase price, and the clause will outline the conditions, timeline, and process for exercising the purchase option. This arrangement allows tenants to secure a future purchase while occupying the property, providing flexibility for buyers who may need time to arrange financing or build equity, and offering sellers a committed buyer and ongoing rental income.
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LEASE PURCHASE a. Total Purchase Price - Principle of $3,337,500: ▇▇▇▇▇▇ agrees to pay ▇▇▇▇▇▇, and ▇▇▇▇▇▇ agrees to sell the above described real property to Lessee, a total purchase price of $3,370,500 principal with accrued interest at the rate of 4.75%. This Total Purchase Price is inclusive of Short Term and Long Term obligations set forth herein in Sections 2.c and 2.▇.
▇. ▇▇▇▇▇▇ and ▇▇▇▇▇▇ hereby agree that the Office Space Lease originally executed by and between Lessee and its representatives and First Interstate Bank on October 1, 2015, which transferred to Landlord by purchase of the Building on , 2018, and all terms and conditions contained therein are hereby terminated by the Parties to this Lease Purchase Agreement as of the Effective Date of this Agreement.
i. The Lessor and Lessee expressly agree that Lessor has an Office Space Lease with Tenant, First Interstate Bank, for specified portions of the real property until January 30, 2019, subject to First Interstate Bank’s option to extend the Lease for two (2) separate, one (1) month extensions. Sixty (60) days prior notice to Lessor to exercise extension option is required. Terms of Office Space Lease are set forth in the Lease between Lessor and First Interstate Bank set forth in “Appendix C” and incorporated herein by this reference.
ii. First Interstate Bank’s rent during the term of their lease is all costs of gas, water, electricity, landscape maintenance, and snow removal. These costs shall not be the responsibility of Lessee during the term of First Interstate Bank’s occupancy and lease. Regardless of any obligation set forth herein, Lessee shall not be responsible for any costs, terms, or responsibilities of First Interstate Bank as set forth in Appendix C.
c. Short Term - $667,500_Principal: ▇▇▇▇▇▇ agrees to pay Lessor as semi-annual installments the sum of $30,038 per year, with each semi-annual installment being paid in the amount of $15,019 on or before July 1st and January 1st of each year. The first installment is due on or before July 1, 2018. Lessee may pay the remaining principal of the $667,500 and the 4.75% accrued interest to date at any time without penalty.
d. Long Term $2,670,000 Principal: ▇▇▇▇▇▇ agrees to pay Lessor in semi-annual installments the sum of $203,868 per year, with each semi-annual installment being paid in the amount of $101,934 on or before July 1st and January 1st of each year. The first installment is due on or before July 1, 2018. Lessee may pay the remaining princ...
LEASE PURCHASE. 3.1. Telemetrix will seek to purchase the switch and associated software and hardware as defined in the agreed business plan in the form attached hereto as Attachment 1 (the "Business Plan") via a lease purchase scheme. Tower Gate will help facilitate this process.
3.2. In the event a guarantee in addition to the guarantee of Telemetrix Inc. is required for the lease/purchase of a switch, Tower Gate will provide the leasing entity such guarantee subject to a form of agreement acceptable to the leasing entity and Tower Gate and Telemetrix.
3.3. In the Event Telemetrix is unable to maintain the lease payments on a current basis, Tower Gate may declare Telemetrix in breach of agreement and upon Tower Gate's written notice of breach, Telemetrix has a period of 15 days to remedy the breach. If Telemetrix does not remedy the specific matter causing the breach, Tower Gate may declare Telemetrix in breach and either make lease the payments in the place of Telemetrix or take any other action provided in the leasing agreement, including taking possession of the switch.
3.4. In the event of a breach as set forth in 3.3, any amount advanced by Tower Gate either as a payment or in settlement of the lease agreement in far blue soon to be a trading name of Tower Gate Finance Limited Registered in England Number 03924137 Regulated by the FSA
LEASE PURCHASE. Lease of the Premises or Lease means any agreement between a landlord and the Tenant to create a tenancy or 39 leasehold interest in the Premises.
LEASE PURCHASE. In case of lease purchase, the funding agency shall assume the rights and obligations hereunder as Buyer, and shall guarantee the rights and obligations of the end-user.
LEASE PURCHASE. If the Buyer is purchasing the Goods in order to lease them to a third party, the Buyer shall ensure that such third party complies with all relevant obligations of the Buyer under the Contract (including without limtiation in relation to the use, storage and maintenance of the Goods) and shall be directly liable to bioMérieux for any failure of such third party to comply with such terms.
LEASE PURCHASE. The first year after move-in a lease/purchase agreement may be in force. The payments made on the lease/purchase will be applied to reduce the mortgage principle.
LEASE PURCHASE. (1) HTF funds may be used to assist homebuyers through lease-purchase programs for existing housing and for housing to be con- structed. The housing must be pur- chased by an eligible homebuyer within 36 months of signing the lease-purchase agreement. The homebuyer must qual- ify as an income-eligible family at the time the lease-purchase agreement is signed.
(2) If HTF funds are used to acquire housing that will be resold to a home- buyer through a lease-purchase pro- gram, the HTF affordability require- ments for rental housing in § 93.302 shall apply if the housing is not trans- ferred to an eligible homebuyer within 42 months after project completion.
LEASE PURCHASE. HOME funds may be used to assist homebuyers through lease-purchase programs for existing housing and for housing to be con- structed. The housing must be pur- chased by a homebuyer within 36 months of signing the lease’purchase agreement. The homebuyer must qual- ify as a low-income family at the time the lease-purchase agreement is signed. If HOME funds are used to acquire housing that will be resold to a home- buyer through a lease-purchase pro- gram, the HOME affordability require- ments for rental housing in § 92.252 shall apply if the housing is not trans- ferred to a homebuyer within forty-two months after project completion.
LEASE PURCHASE. Lease Purchase is essentially Hire Purchase with a balloon payment at the end of the contract. Lease Purchase offers lower monthly payments than normal hire purchase. Instead, at the end of the agreement, you can make a final lump sum payment (or 'balloon') to own your car.
LEASE PURCHASE. In case of lease purchase, the funding agency shall assume the rights and obligations hereunder as Buyer, and shall guarantee the rights and obligations of the end-user. All products remain bioMérieux's property until full payment thereof by ▇▇▇▇▇. In the event of non-payment by ▇▇▇▇▇, bioMérieux reserves the right to recover or to make recover possession of the unpaid goods. bioMérieux shall retain the part of the price already paid as a compensation for the use of the goods. The promise to pay shall not be considered, for the purposes of this provision, as payment. Notwithstanding the above, the Buyer is liable for all damage occurring to the Products or damage caused by the Products.