Ownership Lease Agreement
I. Introduction
This Ownership Lease Agreement is made and entered into by the lessor (property owner) and the lessee (tenant or renter). It outlines the terms and conditions under which the lessee may use the property or asset described in the agreement, while the lessor retains ownership.
Prepared by: [YOUR NAME]
Email: [YOUR EMAIL]
Date: March 15, 2050
II. Parties Involved
This agreement is between the following parties:
Lessor:
Name: Hank Wilkins
Address: Fort Wayne, IN 46801
Email: hank@you.mail
Phone: 222 555 7777
Lessee:
Name: Dayton Rohan
Address: Jersey City, NJ 07302
Email: dayton@you.mail
Phone: 222 555 7777
III. Description of Property
The property being leased under this agreement is described as follows:
Property Type: Residential Property
Location: Lincoln, NE 68501
Description: 2-Bedroom Apartment, 1,200 sq. ft.
Lease Term: 12 months (from June 1, 2050, to May 31, 2051)
IV. Lease Payment and Terms
The lessee agrees to make the following lease payments:
Payment Amount | Payment Due Date | Payment Method | Late Fee | Deposit |
|---|
$1,500.00 | 1st of every month | Bank Transfer | $50.00 after 5 days | $3,000.00 |
Monthly Rent: $1,500.00
Payment Due Date: 1st of each month
Late Payment Fee: $50.00 if payment is not received by the 5th of the month
Security Deposit: $3,000.00, refundable upon inspection at the end of the lease term
V. Responsibilities and Obligations
Both parties agree to the following responsibilities:
Lessor Responsibilities:
Maintain the property in a habitable condition.
Ensure that any necessary repairs are addressed promptly.
Lessee Responsibilities:
Keep the property clean and undamaged.
Notify the lessor immediately if any major repairs are needed.
Pay the rent on time and adhere to all terms of the lease.
VI. Lease Termination and Renewal
This lease will terminate on May 31, 2051 unless otherwise extended. If either party wishes to renew or terminate the lease, the following conditions apply:
Termination Notice: A written notice must be provided by either party at least 30 days before the end of the lease term.
Renewal Option: The lessee has the option to renew the lease for an additional 12-month term under the same terms, subject to the lessor’s approval.
VII. Default and Consequences
In case of default, including failure to pay rent or violation of terms, the following steps will be taken:
Notice of Default: A written notice will be sent to the lessee outlining the violation.
Grace Period: The lessee will have 15 days to remedy the issue before further action is taken.
Eviction: If unresolved after the grace period, the lessor may begin eviction proceedings.
VIII. Miscellaneous
Governing Law:
This agreement is governed by the laws of the state of Illinois.
Dispute Resolution:
Any disputes arising from this agreement will be resolved through mediation before pursuing legal action.
Both parties acknowledge and agree to the terms of this Ownership Lease Agreement as of March 15, 2050.
Lessor
Date: March 15, 2050
Lessee
Date: March 15, 2050
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