Lease Sale Agreement
A lease sale agreement is one in which a seller of the property takes the sold property on lease. This agreement is also known as sale and lease back agreement. As a result of this agreement the seller continues to enjoy the property on specified lease terms of the buyer.
Sample Lease Sale Agreement
This agreement of lease sale agreement is entered into between the seller Mr. Reynolds Jackson hereafter referred to as the lessee and the buyer Mr. Robert Diamond hereafter referred to as the lessor.
Particulars of Lessor
Mr. Robert Diamond,
#7, Bristol, Avon,
Particulars of Lessee
Mr. Davies Poodle
Tonypandy, Mid Glamorgan,
Particulars of property
#65, Hereford, Hereford and Worcester,
Terms of lease sale agreement are set out as under
- The lessor agrees to purchase the property mentioned here in above from the lessee on the condition that the same will immediately be leased back on the agreed terms to the lessee. The lessor agrees not to lease the purchased property to any other party other than the lessor.
- The lessor agrees to pay the lump sum amount of 20000 pounds towards to sale price of the property within 3 days of this agreement date.
- The lessee agrees to take the aforesaid property on a long lease for a period of 25 years and renewable every 15 years from thereafter.
- The lessee agrees to pay the lease rental of 500 pounds per month promptly on the 5th of every month failing which the lessor can resort to legal action or eviction whichever is suitable.
- The lessor and lessee agree that either their legal representatives or legal heirs will have the right to carry forward the lease agreement in the absence of the primary parties to the agreement.
Signature of the lessor:
Signature of the lessee:
Category: Lease Agreements