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 West Virginia Contract for the Lease and Mandatory Purchase of Real Estate — Specific Performance Clause is a legally binding agreement used in real estate transactions in the state of West Virginia. This clause is included in the contract to ensure that both parties involved in the transaction fulfill their obligations as outlined in the agreement. The specific performance clause is an important provision that grants the injured party the right to seek a court order requiring the other party to perform their duties under the contract. In other words, if either the landlord or the tenant fails to meet their contractual obligations, the injured party can take legal action seeking a court order to enforce the performance, rather than just monetary damages. There are different types of West Virginia Contract for the Lease and Mandatory Purchase of Real Estate — Specific Performance Clauses, each tailored to specific scenarios: 1. Tenant's Specific Performance: This clause allows the landlord to seek specific performance in case the tenant fails to fulfill their obligations, such as paying rent on time, maintaining the property, or complying with lease terms. 2. Landlord's Specific Performance: This clause allows the tenant to seek specific performance in case the landlord fails to fulfill their duties, such as providing a habitable dwelling, making necessary repairs, or abiding by lease terms. 3. Mandatory Purchase Specific Performance: This specific performance clause is utilized when the lease agreement includes a mandatory purchase option or right of first refusal. It ensures that the parties involved fulfill the requirement to sell or purchase the property as agreed upon in the contract. In all cases, the purpose of the specific performance clause is to offer a legal remedy beyond mere monetary compensation. It provides the injured party the opportunity to have the contract enforced, whether it be for the completion of contractual obligations, the transfer of ownership, or the fulfillment of obligations related to a purchase option.
