# Lease Option Agreement
**This Lease Option Agreement ("Agreement") is made and entered into as of [Date], by and between:**
**Lessor:**
[Name of Lessor]
[Address of Lessor]
[City, State, ZIP Code]
**Lessee:**
[Name of Lessee]
[Address of Lessee]
[City, State, ZIP Code]
**Property Address:**
[Address of Property]
[City, State, ZIP Code]
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## Recitals
WHEREAS, Lessor is the lawful owner of the property described above (the "Property"); and
WHEREAS, Lessee wishes to lease the Property with an option to purchase it under the terms set forth in this Agreement.
NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties agree as follows:
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## 1. Lease Term
The term of this lease shall commence on [Start Date] and shall terminate on [End Date], unless extended or terminated earlier in accordance with the terms of this Agreement.
## 2. Rent Payment
Lessee agrees to pay Lessor a monthly rent of [Rent Amount] due on the [Due Date] of each month during the term of this lease. Payment shall be made to Lessor at the address specified above or at such other location as Lessor may designate in writing.
## 3. Option to Purchase
Lessee is granted an option to purchase the Property at a purchase price of [Purchase Price] (the "Option Price") during the term of this Agreement.
### 3.1 Exercise of Option
Lessee may exercise this option by providing written notice to Lessor at least [Notice Period] prior to the desired purchase date.
### 3.2 Option Fee
Lessee shall pay Lessor a non-refundable option fee of [Option Fee Amount] upon execution of this Agreement. This fee will be credited toward the Option Price upon exercise of the option.
## 4. Maintenance and Repairs
Lessee agrees to maintain the Property in good repair and condition during the lease term. Any significant repairs needed must be reported to Lessor, who shall be responsible for the costs of such repairs unless caused by the negligence of Lessee.
## 5. Default
If Lessee fails to pay rent or fails to comply with any term of this Agreement, Lessor may provide written notice of the default. If the default is not cured within [Cure Period], Lessor may terminate this Agreement and take possession of the Property.
## 6. Governing Law
This Agreement shall be governed and construed in accordance with the laws of the State of [State].
## 7. Entire Agreement
This Agreement constitutes the entire understanding between the parties and supersedes all prior negotiations, representations, or agreements, whether written or oral.
## IN WITNESS WHEREOF, the parties have executed this Lease Option Agreement as of the date first above written.
**Lessor:**
______________________________
[Name of Lessor]
Date: ________________________
**Lessee:**
______________________________
[Name of Lessee]
Date: ________________________
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**Notary Acknowledgment (if required)**
State of [State]
County of [County]
On this [Date], before me, a notary public, personally appeared [Name of Lessor] and [Name of Lessee], known to me to be the persons whose names are subscribed to this instrument, and acknowledged to me that they executed the same.
______________________________
[Notary Public Name]
My Commission Expires: __________
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*This document is provided as a sample template and should not be construed as legal advice. Parties should seek the guidance of a qualified attorney to ensure compliance with local laws and regulations.*