Fill - Free fillable Form 1.: NEW MEXICO LEASE TO OWN AGREEMENT PDF form

Residential Lease to Own

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NEW MEXICO LEASE TO OWN AGREEMENT

THIS NEW MEXICO LEASE is between (“Landlord”) and

(“Tenant”).

Leased Premises. Landlord leases to tenant, and tenant leases from Landlord, the premises

located at (the “Leased Premises”).

Term. The term of this Lease shall commence on (the

“Commencement date”), and expire at midnight on .

Rent. Rent during the term of this Lease will be $ per month, payable in

advance on or before the first day of each calendar month during the term of this Lease. Payment

shall be made to Landlord at or at such other place

as Landlord shall designate.

Late Rent. In the event that Tenant shall fail to pay the rent on or before the due date,

Tenant agrees to pay a late charge equal to $ . In addition, Tenant agrees to pay a return

check fee for any check that cannot be processed equal to $ .

Use. The Leased Premises are to be used and occupied by the Tenant for residential

purposes only and for no other purposes, and shall not be occupied by more than

persons without prior written consent of Landlord.

Utilities. Tenant shall be responsible for and pay all utility bills for the Leased Premises

except for which shall be the responsibility of Landlord. In addition, Tenant shall pay for his/her own trash

removal.

Condition of Leased Premises; Alteration; Maintenance; Repairs.

(a)

By executing this Lease, Tenant accepts the Leased Premises in their existing

condition and acknowledges that the Leased Premises are in good order and repair,

except as Tenant may indicate on the Commencement Inventory Checklist.

(b)

Tenant shall maintain the Leased Premises in a clean and sanitary condition and

shall surrender the Leased Premises at the termination of this Lease in as good a

condition as when received, ordinary wear and tear excepted. Tenant shall not paint,

paper or otherwise redecorate the Leased Premises, or make any alterations to the

Leased Premises whatsoever, without the prior written consent of Landlord. Tenant

shall commit no waste on the Leased Premises.

(c)

Tenant agrees to be responsible for any damage caused to the Leased Premises by

him or by his family members, guests or invitees, and further agrees to promptly

report to Landlord any damage caused to or discovered in the Leased Premises.

Landlord, at its option, may, upon discovery of damage to the Leased Premises,

make such repairs as are necessary to restore the Leased Premises to their original

condition, and Tenant shall reimburse the Landlord for the total cost of any such

repairs for which Tenant is responsible hereunder.

Residential Lease to Own

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(d)

Landlord and Tenant each hereby release the other, including employees, agents,

family members, invitees, and guests of the other, from all liability arising from loss,

damage or injury caused by fire or other casualty to the extent of any recovery by the

injured party under a policy of insurance which permits waiver of liability and waives

the insurer’s rights of subrogation.

Indemnification. Landlord shall not be liable for any damage or injury occurring on or about

the Leased Premises to Tenant, Tenant’s family members, guests or invitees, or to any personal

property whatsoever that may be on the Leased Premises, except in the case of Landlord’s failure

to perform, or negligent performance of, a duty imposed by law. Tenant hereby agrees to protect,

indemnify and hold Landlord harmless from and against any and all loss, costs, expense, damage

or liability arising out of any accident or other occurrence on the Leased Premises or any part thereof,

or in any common area, causing injury to any person or property whomsoever or whatsoever, no

matter how caused, except in the case of Landlord’s failure to perform or negligent performance of

a duty imposed by law.

Pets. Tenant shall not keep any animal in the Leased Premises without first obtaining the

written consent of the Landlord, which consent if given may be withdrawn at the sole discretion of

the Landlord.

10.

Fire or Destruction. In case of damage by fire or other casualty to the Leased Premises which

render the Leased Premises uninhabitable, this Lease shall be terminated and the rent shall be

prorated for the number of days of occupancy.

11.

Default.

(a)

Tenant’s failure to pay rent when due, or to perform any Tenant’s obligations

hereunder, shall constitute a default. If a default occurs, Landlord may, at its option,

terminate this Lease and regain possession of the Leased Premises in accordance

with applicable law. If Tenant shall be absent from the Leased Premises for a period

of five consecutive days while in default, Tenant shall, at Landlord’s option, be

deemed to have abandoned the Leased Premises. Recovery of the Leased Premises

by Landlord shall not relieve Tenant of any obligation hereunder, and upon default,

Landlord shall be permitted to accelerate the rent due throughout the term of this

Lease and demand immediate payment thereof. Tenant may not be liable for the

total accelerated amount of rent due hereunder because of Landlord’s obligation to

minimize damages through attempted re-renting of the Leased Premises.

(b)

In the event of a default, it is understood that either party to this Lease has the right

to have a court determine the actual amount due and owing the other.

(c)

Neither party to this Lease shall be liable for legal costs or attorney’s fees incurred by

the other in connection with a dispute arising hereunder except to the extent that

such costs or fees are specifically permitted by statute.

12.

Assignment/Sublet. No part of the Leased Premises are to be subleased nor this Lease

assigned by the Tenant without the prior written consent of the Landlord.

Residential Lease to Own

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13.

Security Deposit. Upon execution of this Agreement, Tenant shall deposit with Landlord the

sum of $ , which shall be held by Landlord as a security deposit for the faithful performance

by Tenant of his obligations hereunder. This security deposit shall be returned to Tenant upon

termination of this Lease and surrender by Tenant of the Leased Premises, subject, but not limited, to

the following conditions:

(a)

There shall be no damage to the Leased Premises beyond ordinary wear and tear;

(b)

The Leased Premises, including all appurtenances, shall be clean, and the

refrigerator shall be defrosted;

(c)

All rent due and payable under the terms of this Lease shall be paid to Landlord;

(d)

All keys shall have been returned to the Landlord;

(e)

All debris and rubbish and discards shall have been placed in proper rubbish

containers;

(f)

All late charges and service charges for bad checks, if any, shall have been paid; and

(g)

Tenant shall have left a forwarding address with the Landlord.

The security deposit, less any deduction, with an itemized list of damages, shall be returned to

Tenant within 30 days of any termination of this Lease.

IT IS SPECIFICALLY UNDERSTOOD THAT THE AFORESAID SECURITY DEPOSIT SHALL

NOT BE CONSIDERED PREPAID RENT AND SHALL NOT BE APPLIED BY THE TENANT ON

THE LAST MONTH’S RENT.

14.

Landlord herby grants Tenant the option to purchase the Leased Premises (the “Option to

Purchase”) for a total purchase price of ($ ) (the “Purchase

Price’) by providing notice of the exercise of the Option to Purchase during the term of this Lease

(the “Option Period”). The terms of the Option to Purchase shall be as follows:

Within fourteen (14) days of the Commencement Date, Tenant shall obtain a

commitment for an owner’s policy of title insurance with standard exceptions for the

amount of the Purchase Price. Upon receipt of the commitment, Tenant shall notify

Landlord of any objections to the condition of the title, including any conditions

reflected in the commitment which render title unmarketable, within fourteen (14)

days of receipt, and thereafter, Landlord shall have thirty (30) days to cure any such

defects. If Tenant’s objections to the condition of the title are not timely cured, Tenant

may either: (i) terminate the Lease and receive a refund of the Earnest Money; or (ii)

waive his objections. In the event the Option to Purchase is exercises, Landlord shall

provide, at its expense a policy of title insurance in the amount of the Purchase Price

pursuant to the commitment approved by Tenant pursuant to this Section. If Tenant

exercises its Option to Purchase, any objection to condition of title, including any

conditions reflected in the commitment which may render title unmarketable, shall be

deemed waived by Tenant.

Tenant shall pay $ to Landlord upon execution of this Lease in

consideration for the Option to Purchase (the “Option Price”). The Option Price shall be

Residential Lease to Own

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credited against the Purchase Price upon the sale of the Leased Premises to Tenant.

Tenant may exercise the Option by delivering to Landlord written notice of its intent to

exercise the Option to Purchase during the term hereof.

Upon exercise of the Option to Purchase, Landlord and Tenant shall close the

transaction within days thereafter.

Upon closing of the sale of the Leased Premises, Landlord and Tenant shall convey

fee simple title to Tenant by a warranty deed in recordable form.

Upon closing of the sale of the Leased Premises, Landlord shall pay all county and

state transfer taxes associated with the conveyance. Tenant shall pay the cost of

recording the warranty deed. Landlord and Tenant will share equally the title

company’s closing costs.

Landlord shall pay all taxes, fees and assessments that are a lien against the

premises as of the time of closing. Further, at closing, the immediately previous

December and July, if any, tax bills will be prorated as paid in advance.

One hundred (100%) percent of the divisions available are to be transferred by

Landlord to Tenant upon closing after Tenant’s exercise of the Option to Purchase.

Landlord makes no representations as to the number of divisions available.

Tenant shall have no right to exercise its Option to Purchase if it is in default under

the terms of this Lease during the period of time permitted for exercise of the Option

to Purchase until it cures any such default during the period for exercise of its Option

to Purchase.

Tenant shall not have the right to assign its interest in the Option to Purchase

without the Landlord’s prior written consent.

Landlord agrees that at the request of Tenant, it shall execute a Memorandum of

Option Agreement which shall evidence Tenant’s Option to Purchase, which shall be

recordable form and may be recorded by Tenant with the Register of Deeds for the

County of Agreement which shall evidence Tenant’s Option to Purchase, which shall

be recordable form and may be recorded by Tenant with the Register of Deeds for the

County of .

No representations have been made by Landlord or any agent of Landlord or Tenant

that the Leased Premises will have an appraisal value to finance all or part of the

Purchase Price or that Landlord has any obligation to set aside or safeguard the

Option Price for payment to Tenant in the event of default by the Landlord.

15.

Access to Leased Premises. Landlord reserves the right to enter the Leased Premises or

any part at all reasonable hours for inspection, repair, alteration or addition, and for any other

purpose whatsoever relating to the safety, protection, preservation or improvement of the Leased

Premises or the building in which the Leased Premises is located.

16.

Waiver. Failure of the Landlord to insist upon the strict performance of any of the terms,

Residential Lease to Own

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covenants, agreements and conditions herein contained shall not constitute or be construed as a

waiver or relinquishment of the Landlord’s right thereafter to enforce any such terms, covenants,

agreements or conditions.

17.

Holding Over. Any holding over after the expiration of the term of this Lease unless pursuant

to the express written consent of the Landlord, shall be construed as a month-to-month tenancy,

which shall be governed by all applicable terms of this Lease.

18.

Notices. Any notice which either party may, or is required to, give hereunder may be served

personally or sent by first-class mail, postage prepaid, as follows:

(a)

to Tenant at the Leased Premises;

___________________________________________________

(b)

to Landlord:

___________________________________________________

or at such other place as may be designated in writing by the parties from time to time.

19.

Entire Agreement. The foregoing constitutes the entire agreement between the parties and

may not be modified except in writing, signed by both parties.

20.

Lead Disclosure: Owners must disclose all known lead paint hazards. Landlords must also provide

tenants, as an attachment to a written lease, with an information pamphlet on lead-based paint hazards.

21.

Copy of the Lease (§ 47-8-20(G)). Per NM law, the owner must provide a copy of this agreement

prior to the tenant(s) move-in date.

Landlord Tenant

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Date: Date:

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