This form is a contract for a lease and a manadatory purchase of real estate. Seller demises and leases to purchaser and purchaser takes and rents from seller certain real property described in the form. Purchaser agrees not to use or permit the use of the property for an illegal purpose. An auction, fire or going out of business or bankruptcy sale, may not be conducted in the property without prior written consent of the seller.
A San Diego California Contract for Lease and Mandatory Purchase of Real Estate with a specific performance clause is a legally binding agreement entered into by a landlord and a tenant/buyer for the lease of a property with an obligation to purchase it in the future. This type of contract is particularly common in the real estate industry, where parties want to secure a lease while also protecting their interests in the event of a default. The specific performance clause within this contract stipulates that if either the tenant/buyer or landlord fails to fulfill their obligations as outlined in the agreement, the injured party can seek a court order to force the defaulting party to perform as promised. It essentially provides the non-defaulting party the right to demand that the contract be specifically enforced, compelling the defaulting party to fulfill their contractual obligations, such as completing the purchase of the property or leasing it for the agreed-upon term. There are several types of San Diego California Contracts for the Lease and Mandatory Purchase of Real Estate that may include a specific performance clause: 1. Residential Lease with Mandatory Purchase: This type of contract is commonly used when a tenant wants to secure a future purchase of the leased property. The tenant agrees to lease the property for a specified term, such as one year, with an obligation to purchase it at a predetermined price within a certain timeframe. The specific performance clause ensures that both parties are bound to their commitments. 2. Commercial Lease with Mandatory Purchase: Similar to a residential lease, this type of contract applies to commercial properties. It allows businesses to secure a lease while also having the option to purchase the property in the future. The specific performance clause provides legal protection to safeguard the parties' interests, ensuring the completion of the purchase if all obligations are met. 3. Lease-Purchase Agreement: This agreement combines the elements of a lease and a purchase contract. It offers flexibility for the tenant/buyer to occupy the property immediately and requires them to make regular lease payments. At the end of the lease term, the tenant has the option, or mandatory obligation, to purchase the property at a predetermined price. The specific performance clause safeguards the tenant/buyer's interest in securing the purchase if the landlord attempts to back out. In summary, a San Diego California Contract for Lease and Mandatory Purchase of Real Estate with a specific performance clause is a legally binding agreement that protects the interests of both parties involved. It ensures that in the event of a default, the injured party can seek specific performance through a court order. This type of contract can be customized based on the nature of the property, whether it is residential or commercial, and the specific terms agreed upon by the parties.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
