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 New Jersey Contract for the Lease and Mandatory Purchase of Real Estate is a legally binding agreement between two parties — the lessor (property owner) and the lessee (tenant) — which outlines the terms and conditions for leasing a property with an option to purchase the property in the future. One crucial clause in this contract is the specific performance clause. The specific performance clause in the New Jersey Contract for the Lease and Mandatory Purchase of Real Estate ensures that both parties are obligated to fulfill their agreed-upon obligations. It states that if either party fails to perform any obligations outlined in the contract, the other party has the right to seek specific performance through a court order, rather than simply receiving monetary damages. There can be variations of the specific performance clause depending on the specifics of the agreement. Some common types of specific performance clauses found in the New Jersey Contract for the Lease and Mandatory Purchase of Real Estate include: 1. Lease-Specific Performance: This clause can be invoked if the lessee fails to fulfill their lease-related obligations, such as paying rent on time or maintaining the property in good condition. In such cases, the lessor may seek a court order requiring the lessee to fulfill their obligations as outlined in the lease agreement. 2. Purchase-Specific Performance: This clause can be utilized if the lessee fails to exercise their option to purchase the property as agreed upon in the contract. The lessor can then seek a court order to compel the lessee to carry out the purchase according to the terms stated. 3. Remedies: The specific performance clause may also mention alternative remedies that can be sought in conjunction with or as an alternative to specific performance. These include monetary damages, termination of the lease agreement, or other remedies specified in the contract. 4. Conditional Performance: The specific performance clause may incorporate conditions that must be met by either party for the clause to be invoked. For instance, it may state that specific performance will only be sought if the breaching party fails to rectify the breach within a specified period after receiving notice. It is important for both parties to carefully review and understand the specific performance clause and other terms of the New Jersey Contract for the Lease and Mandatory Purchase of Real Estate before entering into the agreement. Consulting with a legal professional may be advisable to ensure clarity and protection of your rights under the contract.
