AGREEMENT OF LEASE WITH OPTION TO PURCHASE

This AGREEMENT made this______ day of_____, 2___ 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 the
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
_____________________________ (P______________), payable in equal monthly
installments of____________________________ (P__________________) in advance on the
first day of each and every month during the period aforesaid, 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 due 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 __________, 2____ of his desire to purchase the property leased herein, the
SELLER upon receipt of the agreed price of____________________________ PESOS
(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.
_______________________ _______________________
(Seller) (Purchaser)

WITNESSES:
_______________________ _______________________

ACKNOWLEDGMENT