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RESIDENTIAL LEASE WITH OPTION TO PURCHASE THIS AGREEMENT MADE and entered into on this day of , by and between , hereinafter called Lessor, and , hereinafter called Lessee, hereby leases to Lessee, his/her heirs or assignees, the premises situated in the city of , County of , State of , legally described as , with the street address of upon the following terms and conditions: 1.. The option consideration will be refundable only if 1) a pre-closing home inspection by a certified home inspector reveals structural damage in excess of four (4) of the option price of the property (provided, however, that lesser damage will be the responsibility of Lessor to correct prior to closing) (2) Lessor fails to produce a satisfactory termite letter prior to closing or (3) Lessor fails or is unable to meet any of the obligations set forth in the lease option agreement.. Rent: Rent shall be per month, payable in advance, upon the first day of each calendar month to Lessor or his or her authorized agent at the following address: In the event the rental payment is not received within five (5) days after the due date, Lessee agrees to pay a late charge of plus interest at per annum on the delinquent amount..
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