Option to Purchase Real Estate
THIS AGREEMENT is made and entered into this day of , 20 , by and between , (hereinafter referred to as “Seller”), whose address is and , (hereinafter referred to as “Purchaser”), whose address is .
WITNESSETH, that for and in consideration of the payment of $ to Seller by Purchaser and the mutual promises and covenants hereinafter set forth, the parties hereto agree as follows:
1. Form of Contract of Sale. Seller binds himself to enter into a contract with Purchaser, a copy of which is annexed hereto and made a part hereof as Exhibit “A”, upon the exercise by Purchaser of this option.
2. Expiration of Option. This option shall expire on the day of , 20 , at midnight.
3. Extension of Option Period. Purchaser shall have the further option, on or before the
day of , 20 , to extend the option period for an additional period of days, until the day of , 20 , upon giving notice of the extension of the option period to Seller prior to the day
of , 20 , at midnight, and tendering to Seller the amount of real estate taxes for the extended period payable upon the property covered by this option and additional consideration in the amount of $ . Only one such extension shall be allowed under this option agreement.
4. Method of Giving Notice. This option is to be extended and/or exercised by Purchaser
giving written notice, mailed by certified mail, return receipt requested, to Seller at
. Payments covering real estate taxes and the consideration for this option agreement shall be payable directly to Seller.
5. Agreement Binding. This Agreement shall be binding upon the parties hereto and their respective heirs, administrators, successors, and assigns.
6. Governing Law. This agreement, and all transactions contemplated hereby, shall
be governed by, construed and enforced in accordance with the laws of the State of
. The parties herein waive trial by jury and agree to submit to
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