RESIDENTIAL LEASE PURCHASE AGREEMENT

THIS AGREEMENT, dated ____<Todays Date>____, ______ is between __<Seller>_______, the Landlord and ___<You the Investor>____ and/or assigns, the Tenant. In consideration of the payment of rent and the keeping and performance of the covenants and agreements by the Tenant hereinafter set forth, the Landlord does hereby lease unto the Tenant, the following described premises situate in the County of __<Your County>_____________, State of ___<Your State>____ to wit: (Insert Legal Description at closing) With a street address of: ____123 Elm Street, Your City, Your State, ZIP_______ __. The said premises, as described above, are hereby leased to the Tenant for a term of __12___ months commencing _January 1, 2008__. Rent for the premises is payable in monthly installments of $__1,400_________, to be paid on or before the first day of the month for which rent is due. $__0__________ of each on time rent payment shall be credited toward the purchase price of the property. Payments to commence ______________________________.

This Agreement shall automatically renew for __5___ additional ___12____ month periods following the expiration of the initial term unless Tenant gives 30 days notice prior to any renewal.
THE TENANT, IN CONSIDERATION OF THE LEASING OF SAID PREMISES AS AFORESAID, COVENANTS AND AGREES AS FOLLOWS: To pay the rent for said premises as hereinabove provided; To keep said premises in good condition and repair and at the expiration of this lease to surrender and deliver up the same in as good order and condition as when entered upon, loss by fire, inevitable accident, act of God or ordinary wear and tear excepted; IT IS FURTHER MUTUALLY AGREED that if the tenant shall be in arrears in the payments of any installment of rent, or any portion thereof, or in default of any covenants and agreements herein contained to be performed by the Tenant, which default shall be uncorrected for a period of five (5) days after the Landlord has given written notice thereof, Landlord may, at his option, without liability for trespass or damages, in any manner as allowed by law; declare the term of this lease ended; repossess the said premises as of the Landlords former estate; peaceably expel and remove the Tenant, those claiming under him, or any person or persons occupying the same and their effects; all without prejudice to any other remedies available to the Landlord for arrears of rent or breach of covenant. IT IS FURTHER MUTUALLY AGREED that the Landlord, in consideration of the performance of all the covenants and agreements herein to be performed by the Tenant under the lease, and for Tenant agreeing to perform all minor repairs to the property during the term of the said lease, hereby grants to Tenant an exclusive option to purchase the above described premises at any time during the term of this lease or any renewals for the approximate sum of $_200,000_, payable as follows: _$50,000_ as full payment for Landlords equity. The Landlord, upon payment of said purchase money, shall convey said premises by _Warranty Deed, and warrants that only those liens listed herein exist and that no additional liens will be placed against the property during the term of this agreement. Current balance due of any encumbrances are as follows: __1st Mortgage with Countrywide Home Loan, Loan # 1234 in the approximate amount of $150,000___ and landlord shall furnish a policy of title from a reputable title insurance company at his expense so showing. Additional Provisions: 1. Utilities: Tenant agrees to pay all water, sewer, gas, and electric charges incurred during his tenancy. 2. Maintenance: The Tenant shall be responsible for all maintenance and repairs as needed or requested by the Tenant that do not cumulatively exceed $__250.00_ per month. Any amount of the above repairs over $__250.00_ per month shall be paid by Landlord. If the Landlord cannot or will not make the repairs as specified in this agreement within 10 days of

notice then the Tenant will have the option of either voiding this agreement by written notice to the Landlord or making such repairs and receiving a credit toward any future payments due Landlord. 3. Title: All documents necessary for title transfer shall be executed and held in escrow with escrow instructions. Landlord shall execute a deed of trust or mortgage in favor of Tenant to secure performance of this agreement. At closing, costs shall be split equally between the parties. Tenant shall take the property subject to the existing loans described herein. 4. Inspection: This agreement is subject to a final inspection and approval of the property in writing by the Tenant prior to taking possession. 5. Assignment: The original Tenant shall be permitted the right of subletting or assignment without the Landlords written permission. Any successive Tenant wishing to assign this agreement must have written permission of the Landlord. If this agreement is assigned, Tenant shall be released from any further liability hereunder and the Assignee(s) will accept all responsibilities, privileges, covenants, conditions and obligations as set forth in this entire Agreement. 6. Access: Tenant shall have immediate access with a key to show the property to contractors, prospective residents, and other interested parties. In the event property is not vacant on the commencement date listed above then at tenants option all dates in this agreement may be moved into the future one month (delay period) for each and every month the property is not vacated by current occupant. After 99 delay periods this agreement shall expire. 7. Illegal Provisions: Whatever item in this Agreement is found to be contrary to any local, state or federal law shall be considered null and void, just as if it had never appeared in this Agreement, and it shall not affect the validity of any other item in this Agreement. 8. Insurance: The Landlord shall pay for and maintain fire and extended coverage insurance on said property for full replacement value of the property, naming the tenant as an additional insured. In the event the property is destroyed in whole or in part, the Landlord shall repair the property as fast as possible at his expense and an equitable part of the rent shall be abated until so repaired. 9. Qualified Resident: Because having a resident in the property who is highly qualified is of utmost importance to all parties, this agreement is subject to Tenant approving a qualified resident to occupy the property.

_________________________________________ Landlord Date _________________________________________ Tenant Date _________________________________________

Tenant

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