Mississippi Extension of Lease Option Agreement

• Category: Oil Gas and Minerals - Agreements
• State: Multi-State
• Control #: US-OG-1199
• Format: Word; Rich Text

Description

This form is an extension of lease option agreement. A Mississippi Extension of Lease Option Agreement is a legal document that allows a tenant and landlord to extend the terms of an existing lease with the additional option to purchase the property at a later date. This agreement is beneficial for both parties, as it provides the tenant with the flexibility to continue leasing the property while potentially securing a future purchase, and the landlord maintains a steady income stream while potentially selling the property. The extension of lease option agreement in Mississippi typically includes important details such as the names and addresses of both the tenant and landlord, the property address, original lease terms, the extension period, the option exercise period, and any additional conditions or provisions agreed upon by both parties. There are two types of Mississippi Extension of Lease Option Agreements commonly used: 1. Fixed Period Extension: This type of agreement specifies a specific duration for the extension period, often ranging from one to five years. During this time, the tenant has the option to purchase the property at a predetermined price, which is typically agreed upon at the time of signing the original lease. 2. Rolling Extension: With this type of agreement, the extension period is typically ongoing or indefinite until either party decides to terminate the agreement. The tenant retains the option to purchase the property at any point during the extension period and can negotiate the purchase price based on current market conditions. Keywords: Mississippi, Extension of Lease Option Agreement, tenant, landlord, lease terms, option to purchase, property, lease agreement, extension period, exercise period, conditions, provisions, fixed period extension, rolling extension, purchase price, market conditions.

A Mississippi Extension of Lease Option Agreement is a legal document that allows a tenant and landlord to extend the terms of an existing lease with the additional option to purchase the property at a later date. This agreement is beneficial for both parties, as it provides the tenant with the flexibility to continue leasing the property while potentially securing a future purchase, and the landlord maintains a steady income stream while potentially selling the property. The extension of lease option agreement in Mississippi typically includes important details such as the names and addresses of both the tenant and landlord, the property address, original lease terms, the extension period, the option exercise period, and any additional conditions or provisions agreed upon by both parties. There are two types of Mississippi Extension of Lease Option Agreements commonly used: 1. Fixed Period Extension: This type of agreement specifies a specific duration for the extension period, often ranging from one to five years. During this time, the tenant has the option to purchase the property at a predetermined price, which is typically agreed upon at the time of signing the original lease. 2. Rolling Extension: With this type of agreement, the extension period is typically ongoing or indefinite until either party decides to terminate the agreement. The tenant retains the option to purchase the property at any point during the extension period and can negotiate the purchase price based on current market conditions. Keywords: Mississippi, Extension of Lease Option Agreement, tenant, landlord, lease terms, option to purchase, property, lease agreement, extension period, exercise period, conditions, provisions, fixed period extension, rolling extension, purchase price, market conditions.