North Dakota Extension of Lease Option Agreement: An In-depth Description In North Dakota, an Extension of Lease Option Agreement is a legal document that allows tenants and landlords to extend the duration of their existing lease with the added option to purchase the property in the future. This agreement provides both parties with the opportunity to negotiate and extend the lease term while also defining the terms and conditions for the potential purchase of the property. Keywords: North Dakota, Extension of Lease Option Agreement, tenants, landlords, lease term, option to purchase, property. Types of North Dakota Extension of Lease Option Agreements: 1. Residential Extension of Lease Option Agreement: This type of agreement is commonly used in residential real estate when tenants wish to extend their lease with the added flexibility to potentially buy the property at a later date. It lays out the specific terms, such as the extension period, the purchase price, any rent credits towards the purchase, and other conditions agreed upon by both parties. 2. Commercial Extension of Lease Option Agreement: This particular agreement is designed for commercial properties, allowing business tenants the opportunity to extend their lease term while also having the option to purchase the commercial space in the future. Commercial extension agreements often include clauses covering rent adjustments, lease duration, purchase price, and property maintenance responsibilities. 3. Agricultural Extension of Lease Option Agreement: In the context of agricultural land, this type of agreement allows agricultural tenants to extend their lease period and potentially buy the land at a later date. Agricultural extension agreements typically address matters such as annual rental rates, crop-sharing arrangements, maintenance responsibilities, and the purchase price based on current market values. 4. Vacant Property Extension of Lease Option Agreement: This agreement is applicable when the leased property is vacant or unoccupied. Landlords may use this option to retain a prospective buyer or tenant by providing them with the opportunity to extend the lease term with an option to purchase. Terms and conditions outlined in this agreement include the extension period, purchase price, and any rent credits. 5. Residential Lease-to-Own Extension Agreement: This agreement offers tenants the option to extend their residential lease while simultaneously entering into a lease-to-own agreement. It allows tenants to accumulate equity in the property through rent credits and exercise their right to purchase the property upon the expiration of the extended lease term. North Dakota Extension of Lease Option Agreements provide flexibility to both tenants and landlords. Parties involved should carefully review and negotiate the specific terms and conditions to ensure mutual understanding and protection of their respective interests. It is advisable to seek legal counsel to draft or review such agreements to ensure compliance with North Dakota laws and regulations.