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.
Franklin Ohio Contract for the Lease and Mandatory Purchase of Real Estate — Specific Performance Clause The Franklin Ohio Contract for the Lease and Mandatory Purchase of Real Estate is a legally binding agreement that outlines the terms and conditions for leasing a property with the mandatory purchase obligation in the state of Ohio. This contract includes a specific performance clause, which ensures that all parties fulfill their obligations as stated in the agreement. The specific performance clause is a vital component of this contract as it enforces the parties' duty to perform their contractual obligations rather than seeking monetary damages as a remedy for any breach. It allows the injured party to demand the exact performance of the terms agreed upon in the contract, ultimately aiming to preserve the agreed-upon transaction. Under the Franklin Ohio Contract for the Lease and Mandatory Purchase of Real Estate, there are several types of specific performance clauses that may be included, depending on the specifics of the agreement: 1. Lease Term Specific Performance: This type of specific performance clause ensures that the tenant remains obligated to fulfill the agreed-upon lease term. If the tenant breaches the lease agreement, the landlord can seek specific performance by enforcing the tenant's commitment to complete the lease term. 2. Purchase Price Specific Performance: In the instance of a mandatory purchase obligation, this type of specific performance clause ensures that the buyer commits to purchasing the property at the agreed-upon price. If the buyer fails to fulfill their obligation, the seller can seek specific performance by demanding that the buyer pays the predetermined purchase price. 3. Property Condition Specific Performance: This specific performance clause ensures that the property remains in the agreed-upon condition throughout the lease term. If the landlord fails to maintain the property according to the stated standards, the tenant can seek specific performance by requiring the landlord to rectify any deviations from the agreed-upon condition. 4. Delivery of Title Specific Performance: In situations where the lease agreement includes a purchase option, this type of specific performance clause ensures that the seller delivers a clean, marketable title to the buyer upon exercising the option. If the seller fails to do so, the buyer can seek specific performance by demanding the provision of a clear title. It is crucial to consult with an experienced real estate attorney when drafting or entering into a Franklin Ohio Contract for the Lease and Mandatory Purchase of Real Estate. The attorney can provide expert advice and guidance, ensuring that the specific performance clause accurately reflects the intentions of all parties and protects their interests in case of any breach.
