Leasehold Property Addendum
his Leasehold Property Addendum is made a part of the Agreement for Purchase
and Sale, (“Agreement”), dated , 20 , by and between
, (Buyer) and
, (Seller), for the sale of the
property located at (Property). The Buyer and Seller agree as follows:
IF ANY NAMES, RENTS, NUMBERS OR DATES WERE NOT COMPLETED IN THIS ADDENDUM, IT MEANS THAT THEY WERE NOT YET AVAILABLE AT THE TIME THE AGREEMENT WAS PREPARED. THE BUYER SHOULD VERIFY ALL NAMES, RENTS, NUMBERS AND DATES BY REFERRING TO THE LEASE. IN THE EVENT OF ANY DISCREPANCY BETWEEN THE INFORMATION PROVIDED IN THIS ADDENDUM AND THE LEASE, THE LEASE WILL CONTROL.
1. The Property Is Leasehold. The Buyer is aware and understands that the Property is leasehold as indicated in Paragraph 2 of the Agreement. It is not fee simple. The leasehold estate was created by a Lease. The Lease contains the terms, provisions, covenants and agreements between the Lessor and the Lessee and generally controls the rights and obligations of the parties. The Buyer is aware and understands that the Property is subject to all of the terms, conditions, provisions, covenants, obligations and agreements contained in the Lease. The statement “Lease of Record” is incorporated by reference in the blank space of Paragraph 2(d) of the Agreement.
The Seller is the holder of the Lessee’s interest in the Lease (or is the Purchaser under an Agreement of Sale concerning such interest). The Buyer is purchasing the remaining term of the Lease. The Lessor is , (and the Lease No. (if any) is . The Seller’s interest in the Lease will be transferred to the Buyer by way of an Assignment of Lease. The Lessor’s consent to the transfer may be required. If the Lessor’s consent is required, this sale will be contingent upon obtaining such consent. The Seller and the REALTORS® in this transaction have no control over the Lessor’s consent procedures and timing
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