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.
The Georgia Contract for the Lease and Mandatory Purchase of Real Estate is a legal document used in the state of Georgia that outlines the terms and conditions for leasing a property with an obligation for the tenant to eventually purchase the property. One of the key clauses within this contract is the specific performance clause. The specific performance clause in the Georgia Contract for the Lease and Mandatory Purchase of Real Estate is a provision that ensures that both parties to the contract fulfill their obligations as written. It is a legal remedy that can be sought by either party if the other party fails to perform their duties as outlined in the contract. Under this clause, if the tenant fails to make the required lease payments, maintain the property, or fulfill any other obligations stated in the contract, the landlord may file a lawsuit seeking the specific performance of the tenant's obligations. This means that the landlord can ask the court to order the tenant to fulfill their contractual duties, such as making the required lease payments and taking care of the property. Similarly, if the landlord fails to fulfill their obligations, such as providing necessary repairs or addressing any issues with the property, the tenant can also seek specific performance from the court. This would involve asking the court to order the landlord to perform their duties as outlined in the contract, ensuring that the property is adequately maintained and any necessary repairs are made. The purpose of the specific performance clause is to ensure that both parties are held accountable for their obligations under the Georgia Contract for the Lease and Mandatory Purchase of Real Estate. It provides a legal remedy that goes beyond mere monetary damages and allows for the enforcement of the contractual obligations, ultimately seeking to protect the interests of both parties. It is important to note that there may be different types of Georgia Contract for the Lease and Mandatory Purchase of Real Estate — Specific performance clauses that can be included in the contract, depending on the specific terms negotiated between the landlord and tenant. However, the general purpose remains the same, which is to enforce the performance of the contractual obligations by either party.
