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 South Dakota Contract for the Lease and Mandatory Purchase of Real Estate — Specific performance clause is a legal document that outlines the terms and conditions for the lease and subsequent mandatory purchase of real estate in the state of South Dakota. It includes a specific performance clause, which is an essential provision that ensures both parties fulfill their contractual obligations. The specific performance clause in this contract mandates that both the lessor (property owner) and the lessee (tenant) must perform their respective obligations as outlined in the agreement. This means that if either party fails to meet their obligations, the other party has the right to seek specific performance as a remedy. This typically involves filing a lawsuit to force the defaulting party to fulfill their contractual duties. The contract may have different types or variations depending on specific circumstances or agreement terms. However, some common variations may include: 1. Residential Lease and Mandatory Purchase Agreement: This type of contract is used for residential properties, ensuring that the tenant has the option or obligation to purchase the property by a specified date. The specific performance clause ensures both parties adhere to the agreed-upon terms. 2. Commercial Lease and Mandatory Purchase Agreement: This variation is tailored for commercial properties, such as office spaces or retail units. It includes provisions for the tenant to lease the property initially with an option to purchase it in the future. The specific performance clause protects the rights of both parties involved. 3. Agricultural Lease and Mandatory Purchase Agreement: This type of contract is applicable to agricultural properties, including farmland or ranches. It allows a lessee to lease the property with the requirement to purchase it at a later date. The specific performance clause ensures the obligations are met by both parties involved. Overall, the South Dakota Contract for the Lease and Mandatory Purchase of Real Estate — Specific performance clause not only establishes the terms of the lease and subsequent mandatory purchase but also provides a legal remedy for any breach of the agreement.The South Dakota Contract for the Lease and Mandatory Purchase of Real Estate — Specific performance clause is a legal document that outlines the terms and conditions for the lease and subsequent mandatory purchase of real estate in the state of South Dakota. It includes a specific performance clause, which is an essential provision that ensures both parties fulfill their contractual obligations. The specific performance clause in this contract mandates that both the lessor (property owner) and the lessee (tenant) must perform their respective obligations as outlined in the agreement. This means that if either party fails to meet their obligations, the other party has the right to seek specific performance as a remedy. This typically involves filing a lawsuit to force the defaulting party to fulfill their contractual duties. The contract may have different types or variations depending on specific circumstances or agreement terms. However, some common variations may include: 1. Residential Lease and Mandatory Purchase Agreement: This type of contract is used for residential properties, ensuring that the tenant has the option or obligation to purchase the property by a specified date. The specific performance clause ensures both parties adhere to the agreed-upon terms. 2. Commercial Lease and Mandatory Purchase Agreement: This variation is tailored for commercial properties, such as office spaces or retail units. It includes provisions for the tenant to lease the property initially with an option to purchase it in the future. The specific performance clause protects the rights of both parties involved. 3. Agricultural Lease and Mandatory Purchase Agreement: This type of contract is applicable to agricultural properties, including farmland or ranches. It allows a lessee to lease the property with the requirement to purchase it at a later date. The specific performance clause ensures the obligations are met by both parties involved. Overall, the South Dakota Contract for the Lease and Mandatory Purchase of Real Estate — Specific performance clause not only establishes the terms of the lease and subsequent mandatory purchase but also provides a legal remedy for any breach of the agreement.
