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Purchase Lease Option Agreement
"I need a Purchase Lease Option Agreement for a commercial warehouse in Lahore, Pakistan, with a 2-year lease term starting March 2025 and an option to purchase at a fixed price of PKR 25 million, including provisions for heavy machinery installation and 24/7 operations."
1. Parties: Identification and details of the landlord/seller and tenant/buyer
2. Background: Context of the agreement and general intentions of the parties
3. Definitions: Definitions of key terms used throughout the agreement
4. Lease Terms: Duration, rent amount, payment terms, and renewal conditions
5. Property Details: Detailed description of the property subject to lease and option
6. Option to Purchase: Terms of the purchase option, including price and exercise period
7. Exercise of Option: Process and requirements for exercising the purchase option
8. Lease Obligations: Responsibilities of tenant including maintenance, utilities, and permitted use
9. Landlord Obligations: Responsibilities of landlord including repairs, insurance, and property management
10. Option Fee: Details of the option fee, whether refundable, and how it applies to purchase price
11. Title and Ownership: Warranties regarding property ownership and title clearance
12. Default and Remedies: Consequences of default under either lease or option terms
13. Notices: Process for serving formal notices between parties
14. Governing Law: Specification of Pakistani law as governing law and jurisdiction
15. Execution: Signature blocks and execution requirements
1. Property Management: Detailed management terms when property requires significant maintenance or is part of a larger complex
2. Subletting Provisions: Include when subletting might be permitted under specific conditions
3. Renovation Rights: When tenant is permitted to make improvements or modifications to the property
4. Multiple Unit Provisions: When the agreement covers multiple units or properties
5. First Right of Refusal: Additional rights if the owner receives other purchase offers during the option period
6. Financing Contingencies: When the purchase option exercise is subject to the buyer obtaining financing
7. Property Development Rights: When the property has development potential that needs to be addressed
8. Agricultural Provisions: Special terms for agricultural land subject to specific Pakistani laws
1. Schedule 1 - Property Description: Detailed legal description of the property including boundaries and registration details
2. Schedule 2 - Rent Schedule: Detailed breakdown of rent payments, increases, and due dates
3. Schedule 3 - Option Price Calculation: Formula or method for determining the final purchase price, including any adjustments
4. Schedule 4 - Permitted Uses: Specific allowed uses of the property during the lease period
5. Schedule 5 - Condition Report: Initial condition of the property at lease commencement
6. Schedule 6 - Maintenance Responsibilities: Detailed split of maintenance and repair obligations
7. Appendix A - Required Documents: List of documents required for option exercise
8. Appendix B - Property Plans: Property maps, floor plans, and relevant drawings
9. Appendix C - Compliance Certificates: Copies of relevant compliance and safety certificates
Authors
Real Estate
Commercial Property
Residential Property
Industrial
Retail
Agriculture
Hospitality
Manufacturing
Warehousing
Office Space
Legal
Real Estate
Finance
Operations
Compliance
Risk Management
Facilities Management
Property Management
Business Development
Asset Management
Real Estate Manager
Property Manager
Legal Counsel
Contract Administrator
Chief Financial Officer
Business Development Manager
Facilities Manager
Asset Manager
Property Investment Manager
Compliance Officer
Real Estate Director
Operations Manager
Risk Manager
Finance Director
Corporate Lawyer
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