AGREEMENT OF LEASE WITH OPTION TO PURCHASE

This AGREEMENT made this ______ of ____________, 200__ between:

_____________________, residing at _____________, herein referred to as the
SELLER, and
_____________________, residing at _____________, herein referred to as the
PURCHASER,
WITNESSETH:
WHEREAS, the SELLER owns a certain property located at ________________,
described as follows: _________________, and
WHEREAS, the PURCHASER desires to rent said property with option to
purchase same;
WHEREFORE, it is mutually agreed:
1. The SELLER hereby leases to the PURCHASER and the PURCHASER hereby
rents from the SELLER for a term of ___________ years from this date at a yearly rental
of ___________ years from this date at a yearly rental of ____________
(P___________), payable in equal monthly installments of ______________
(P_________) in advance on the first day of each and every month during the period
foresaid, the said property with all its fixtures and accessories described in the Schedule
hereto attached and made an integral part hereof;
2. The SELLER warrants to the PURCHASER that he is the absolute owner of
the said property, free from all liens and encumbrances;
3. The PURCHASER shall during the period of the lease exercise the care and
diligence in the use of said property and shall, at his cost and expense, keep the same in
good and usable condition for which it has been leased;
4. That until the SELLER regains possession of the property herein leased in
accordance with the terms hereof, the PURCHASER, at his own cost and expense, shall
pay all taxes and assessments levied and payable on said property;
5. If the PURCHASER fails to pay the rental when same becomes due, then the
SELLER, at his option and without prior notice or demand, may take or regain possession
of the said property, and for this purpose may enter the premises without liability to any
suit, action, or proceeding by the PURCHASER;

6. Upon the SELLER regaining possession of said property pursuant to the above
provision, this AGREEMENT shall forthwith terminate, without prejudice to the right of
SELLER to rentals in arrears, if any;
7. That if the PURCHASER shall give written notice to SELLER on or before the
____________ day of ____________, 200_ of his desire to purchase the property leased
herein, the SELLER upon receipt of the agreed price of ___________________
(P________), by appropriate deed SELL, TRANSFER and CONVEY said property to
PURCHASER together with all the fixtures and accessories thereof, free from all liens
and encumbrances.
IN WITNESS WHEREOF, the Parties hereto have signed this AGREEMENT the
day and year first above written.
(Sgd.) __________________________
(Seller)
(Sgd.) ___________________________
(Purchaser)

SIGNED IN THE PRESENCE OF:

_________________________
________________________
(Witness)
(Witness)
ACKNOWLEDGEMENT