Equity Sharing Lease Agreement

THIS AGREEMENT, made and entered into this {_1_} day of {_2_} by and between

{_3_} (hereinafter referred to as "Nonresident"); and {_4_} (hereinafter referred to as "Resident").

WITNESSETH:

For and in consideration of the mutual benefits to be derived by each party, Nonresident hereby agrees to rent to the Resident that dwelling located at:

for a term commencing on the {_7_} day of {_8_} and monthly thereafter until the last day of

{_9_} after which time this Agreement is terminated without further notice. In consideration of Nonresident permitting diem to occupy the above property, the Resident hereby agrees to the following terms and conditions:

  1. RENT: To pay as rental the sum of ${_10_} per month due and payable monthly in advance from the first day of every month. Resident agrees to pay a late charge of ${_11_} for each and every time rent is not received by Nonresident prior to 5:00 P.M. on the date due, regardless of the cause, including dishonored checks, time being of the essence.
  2. USE: To use the premises as the primary residence of the Resident.
  3. APPLIANCES: Rental payments specifically excludes all appliances of any kind. Such appliances as are in the property are there solely at the convenience of the Nonresident who assumes no responsibility for their operation. In the event any of the appliances become unsatisfactory after occupancy has started, die Resident may have them repaired at no cost to Nonresident
  4. UTILITIES: To be responsible for payment of all utilities, garbage, water, telephone, gas or other charges incurred during their occupancy.
  5. ACCEPTANCE: To accept said dwelling and all furnishings and appliances therein as being in good and satisfactory condition. Resident understands that all appliances and other personal property are the sole responsibility of Resident.
  6. MAINTENANCE: Resident agrees not to peimit any deterioration (other than normal wear and tear) of the premises during the term of this Agreement. This clause includes, but is not limited to, woodwork, floors, walls, furnishings, fixtures, appliances, windows, screens, doors, plumbing, electrical, air conditioning, heating, and mechanical systems.

Exterior Resident and Nonresident shall according to their ownership interest share any expense to maintain and repair the roof, foundation and exterior walls of the building, except repair necessitated by nuisances or neglect of the property by the Resident.

Interior: Resident shall at his own expense maintain and repair the interior of the building and fixtures belonging thereto. Resident further agrees to pay for damage caused by rain, or wind resulting from leaving windows open; overflow of water or stoppage of waste pipes.

Lawn/Landscaping: Resident agrees to maintain the lawns and shrubbery. Should, in Nonresident's sole discretion, the lawn or shrubbery need mowing, trimming, or watering, Nonresident will so notify the Resident. If within three days if the Resident has not remedied the situation, Nonresident will hire professional services and charge the Resident an additional fee on the next month's rent. Resident also agrees that any vehicles found parked on unpaved areas may be towed~away at the Resident's expense.

Alterations: Resident shall not paint, paper, or otherwise redecorate or make alterations to the premises without the prior written consent of Nonresident.

  1. ENTRY AND INSPECTION: Resident agrees to give Nonresident or its agent within reasonable hours the right of entry in order to show said premises for rent, sale, repair, or inspection as well as access to repairment for the purposes of maintaining and repairing said property, which shall be done in the sole discretion of Nonresident.
  2. TERMINATION: In accordance with states statutes, after one month's rental payment has been received, this Agreement may be terminated by mutual consent to the parties; or by either party giving written notice at least thirty days prior to the end of any monthly period. Any provision of this Agreement may be reasonably changed by the owner in like manner, thus, THIS RENTAL CONTRACT ESTABLISHES A MONTH TO MONTH TENANCY ONLY! Termination of this contract prior to the ending date of the Agreement, regardless of cause, will constitute abandonment of any renewal, option rights or entitlement to any performance bonus.
  3. DEFAULT: In case of default of any of the covenants herein, Nonresident may enforce the performance of this Agreement in any modes provided by law and the Resident hereby waives any statutory notice of such default. This Agreement may be forfeited at the Nonresident's discretion if such default continues for a period of three days and thereupon this Agreement shall cease and come to an end as if they were the day originally fixed herein for the expiration of the term and Nonresident's and/or its agents shall have the right, without further notice or demand, to reenter and remove all persons and occupants and property therefrom without being guilty in any manner of trespass, or without any prejudices to any remedies for arrears of rent or breach of covenants. Nonresident may resume possession of their premises and relet the same through the remainder of the term at the best rent Nonresident may obtain for account of the Resident who shall make good any deficiency, including the cost of reletting. In the event of cancellation or termination of this Agreement by Nonresident under the option provided for herein, Nonresident shall deduct from the Resident's security deposit (if any) all unpaid rentals and damages and charges for which the Resident is liable hereunder, any balances shall be returned to the Resident.
  4. LEGAL RESOURCE/ATTORNEYS' FEES: Resident agrees to pay all court costs and attorneys' fees incurred by the Nonresident enforcing legal action or in any of Nonresident's other rights under this Agreement or any law of this state. All rights given to the Nonresident by this Agreement shall be cumulative in addition to any other laws which might exist or become into being.
  5. WAIVER: The acceptance by the Nonresident of partial payments of rent due shall not, under any circumstances, constitute a waiver of the Nonresident, or affect any notice or legal proceedings in unlawful detainers theretofore given or commenced under the state statutes.
  6. INDEMNIFICATION: Nonresident shall not be liable to the Resident or any other person for any damages to person or property occasioned by any defects in the dwelling, or by any other cause, or an act, omission or neglect of the Resident or any other occupant of said dwelling, and Resident agrees to hold Nonresident and its agents harmless from any and all claims from any such damages, whether the injury occurs on or off the premises.
  7. HOLDOVER: Any holding over by the Resident of these premises after the expiration or other termination of this Agreement shall operate and be construed as a tenancy at sufferance at double the rental rate provided above, prorated by the day, arid the Resident agrees to surrender the premises upon 24 hours oral or written notice.
  8. CHANGES: The provisions of this Agreement may be changed or added by Nonresident by giving notice to the Resident in writing.
  9. COMPETENCE: In the event repairs are needed beyond the competence of the Resident, he or she is urged to arrange for profession assistance. The Resident warrants that any work or repairs performed by the Resident will be undertaken only if he or she is competent and qualified to perform it, and the person performing the work will be totally responsible for all activities to assure that they are done in a safe manner which meet all the applicable statutes. The Resident further warrants that he or she will be accountable for any mishaps or accidents resulting from such work and will hold the Nonresident free from harm, litigation or other claims of any other person.

IN WITNESS WHEREOF, this Agreement is entered into on the date first above written.

Witness Nonresident

Witness Resident

Was this article helpful?

0 0
Homeowners Guide To Landscaping

Homeowners Guide To Landscaping

How would you like to save a ton of money and increase the value of your home by as much as thirty percent! If your homes landscape is designed properly it will be a source of enjoyment for your entire family, it will enhance your community and add to the resale value of your property. Landscape design involves much more than placing trees, shrubs and other plants on the property. It is an art which deals with conscious arrangement or organization of outdoor space for human satisfaction and enjoyment.

Get My Free Ebook


Post a comment