LEASE with option to buy

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3120NY — House lease, with option to buy, plain English,
©2011 BY
furnished or unfurnished, 5-11
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BlumbergExcelsior, Inc., Publisher, NYC 10013
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LEASE with option to buy
NOTE: The terms of sales of real estate are usually determined by state law and county practice. Therefore, for the purpose of setting
the terms of the sale of the premises, this Lease With Option to Buy requires in Para. 27(d) the incorporation by reference of a form of
Contract of Sale commonly used in the locality. This form may be provided by a broker, a lawyer, or a local publisher. Complete the
contract of sale and attach it to this Lease.
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The Landlord and Tenant agree to lease the Premises at the Rent and for the Term stated on these terms:
LANDLORD:TENANT:
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.................................................................................................... .................................................................................................... Address for Notices
......................................................................................................
.................................................................................................... ......................................................................................................
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......................................................................................................
Premises:..........................................................................................................................................................................................................................
Lease date:
............................................20.........
Term..............................................................
Yearly Rent
beginning.......................................... 20.........
Monthly Rent $..........................
ending............................................... 20.........
Security
$..........................
$..........................
1.Use
The Premises must be used to live in only and for no other reason. Only a party signing this Lease and the spouse and
children of that party may use the Premises.
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2. Failure to give possession
Landlord shall not be liable for failure to give Tenant possession of the Premises on the beginning date of the Term. Rent
shall be payable as of the beginning of the Term unless Landlord is unable to give possession. In that case rent shall he payable
when possession is available. Landlord will notify Tenant as to the date possession is available. The ending date of the Term will not
change.
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3. Rent, added rent
The rent payment for each month must be paid on the first day of that month at Landlord’s Address for Notices above. Landlord need not give notice to pay the rent. Rent must be paid in full and no amount subtracted from it. The first month’s rent is to be
paid when Tenant signs this Lease. Tenant may be required to pay other charges to Landlord under the terms of this Lease. They are
to be called “added rent.” This added rent is payable as rent, due with the next monthly rent. If Tenant fails to pay the added rent on
time, Landlord shall have the same rights against Tenant as if it were a failure to pay rent.
The whole amount of rent is due and payable when this Lease is effective. Payment of rent in monthly installments is for
Tenant’s convenience only. If Tenant defaults, Landlord may give notice to Tenant that Tenant may no longer pay rent in monthly
installments. The entire rent for the remaining part of the Term will then be due and payable.
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4.Notices
Any bill, statement or notice must be in writing and delivered or mailed to the Tenant at the Premises and to the Landlord
at the Address for Notices. It will be considered delivered on the day mailed or, if not mailed, when left at the proper address. Any
notice must be sent by certified mail. Landlord must send Tenant written notice if Landlord changes the Address for Notices.
5. Security
Tenant has given Security to Landlord in the amount stated above. If Tenant fully complies with all the terms of this Lease,
Landlord will return the security after the Term ends. If Tenant does not fully comply with the terms of this Lease, Landlord may
use the Security to pay amounts owed by Tenant, including damages. If Landlord sells the Premises, Landlord may give the Security
to the buyer. Tenant will then look only to the buyer for the return of the Security.
6.Utilities and services
Tenant must pay for the following utilities and services when billed: gas, water, electric, fuel, telephone, gardening, exterminating*
Maintenance service contracts shall be continued and paid for by Tenant as added rent.
*Add other utilities and services, if any.
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7. Furnishings
If the Premises are furnished, the furniture and other furnishings are accepted “as is.” If an inventory is supplied, each party
shall have a signed copy.
8. Care of Premises, repairs, alterations
Tenant must keep, and at the end of the Term return, the Premises and all appliances, equipment, furniture, furnishings and
other personal property clean and in good order and repair. Tenant is not responsible for ordinary wear and damage by the elements.
If Tenant defaults, Landlord has the right to make repairs and charge Tenant the cost. The cost will be added rent. Tenant must not
alter, decorate, change or add to the Premises without Landlord’s written consent.
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9. Space “as is”
Tenant has inspected the Premises. Tenant states that they are in good order and repair and takes the Premises “as is.”
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10. Care of grounds
Tenant shall keep the grounds neat and clean. Vehicles may he driven or parked only in driveways or the garage, if any.
11. Fire damage
Tenant must give Landlord immediate notice in case of fire or other damage to the Premises. Landlord will have the right
to repair the damage within a reasonable time or cancel this Lease. If Landlord repairs, Tenant shall pay rent only to the date of the
fire or damage and shall start to pay rent again when the Premises become usable. Alternatively, Landlord may cancel the Lease by
giving Tenant 3 days’ written notice. The Term shall be over at the end of the third day and all rent shall be paid to the date of the
damage.
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12. Liability
Landlord is not liable for loss, expense or damage to any person or property unless it is due to Landlord’s negligence. Tenant
must pay for damages suffered and money spent by Landlord relating to any claim arising from any act or neglect of Tenant. Tenant
is responsible for all acts of Tenant’s family, employees, guests and invitees.
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13. Landlord’s consent
If Tenant requires Landlord’s consent to any act and such consent is not given, Tenant’s only right is to ask a Court to force
Landlord to give consent. Tenant may not make any claim against Landlord for money or subtract any sum from the rent because
such consent was not given.
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14. Assignment, sublet
Tenant may not sublet all or part of the Premises, or assign this Lease or permit any other person to use the Premises.
15. Landlord may enter, keys, signs
Landlord may at reasonable times, enter the Premises to examine, to make repairs or alterations, and to show it to possible
buyers, lenders or tenants. Tenant must give to Landlord keys to all locks. Locks may not be changed or additional locks installed
without Landlord’s consent. Doors must be locked at all times. Windows must be locked when Tenant is out. Landlord may place
the usual “For Rent” or “For Sale” signs upon the Premises.
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16. Subordination
This Lease and Tenant’s rights are subject and subordinate to all present and future (a) leases for the Premises or the land
on which it stands, (b) mortgages on the leases or on the Premises or on the land, (c) agreements securing money paid or to be paid
by a lender, under mortgages, and (d) terms, conditions, renewals, changes of any kind in, and extensions of, the mortgages, leases
or Lender agreements. Tenant must promptly execute any certificate that Landlord requests to show that this Lease is subject and
subordinate.
17. Condemnation
If all of the Premises is taken or condemned by a legal authority, the Term, and Tenant’s rights, shall end as of the date the
authority takes title to the Premises. If any part of the Premises is taken, Landlord may cancel this Lease on notice to Tenant setting
forth a cancellation date not less than 30 days from the date of the notice. If the Lease is cancelled, Tenant must deliver the Premises
to Landlord on the cancellation date together with all rent due to that date. The entire award for any taking belongs to Landlord. Tenant gives Landlord any interest Tenant might have to any part of the award and shall make no claim for the value of the remaining
part of the Term.
18. Compliance with authorities
Tenant must, at Tenant’s cost, promptly comply with all laws, orders, rules and directions of all governmental authorities,
property owners associations, insurance carriers or board of fire underwriters or similar group. Tenant may not do anything which
may increase Landlord’s insurance premiums. If Tenant does, Tenant must pay the increase as added rent.
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19.Tenant’s defaults and Landlord’s remedies
A. Landlord may give 5 days’ written notice to Tenant to correct any of the following defaults:
1. Failure to pay rent or added rent on time.
2. Improper assignment of the Lease, improper subletting all or part of the Premises, or allowing another to use the Premises.
3. Improper conduct by Tenant or other occupant of the Premises.
4. Failure to fully perform any other term in the Lease.
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B. If Tenant fails to correct the defaults in section A within the 5 days, Landlord may cancel the Lease by giving Tenant a
written 3 day notice stating the date the Term will end. On that date the Term and Tenant’s rights in this Lease automatically end
and Tenant must leave the Premises and give Landlord the keys. Tenant continues to be responsible for rent, expenses, damages and
losses.
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C. If the Lease is cancelled, or rent or added rent is not paid on time, or Tenant vacates the Premises, Landlord may, in addition to other remedies, take any of the following steps:
1. Use dispossess, eviction or other lawsuit method to take back the Premises;
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2. To the extent permitted by law, enter the Premises and remove Tenant and any person or property.
D. If the Lease is ended or Landlord takes back the Premises, rent and added rent for the unexpired Term becomes due and
payable. Landlord may re-rent the Premises and anything in it for any Term. Landlord may re-rent for a lower rent and give allowances to the new tenant. Tenant shall be responsible for Landlord’s cost of re-renting. Landlord’s cost shall include the cost of
repairs, decoration, broker’s fees, attorney’s fees, advertising and preparation for renting. Tenant shall continue to be responsible for
rent, expenses, damages and losses. Any rent received from the re-renting shall be applied to the reduction of money Tenant owes.
Tenant waives all rights to return to the Premises after possession has been given to the Landlord by a Court.
20.Bankruptcy
If (1) Tenant assigns property for the benefit of creditors, (2) Tenant files a voluntary petition or an involuntary petition is
filed against Tenant under any bankruptcy or insolvency law, or (3) a trustee or receiver of Tenant or Tenant’s property is appointed,
Landlord may give Tenant 30 days’ notice of cancellation of the Term of this Lease. If any of the above is not fully dismissed within
the 30 days, the Term shall end as of the date stated in the notice. Tenant must continue to pay rent, damages, losses and expenses
without offset.
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21. Correcting tenant’s default
If Tenant fails to correct a default after notice from Landlord, Landlord may correct it for Tenant at Tenant’s expense. The
sum Tenant must repay to Landlord will be added rent.
22.Waiver of jury, counterclaim, set off
Landlord and Tenant waive trial by a jury in any matter which comes up between the parties under or because of this Lease
(except for a personal injury or property damage claim). In a proceeding by Landlord to obtain possession of the Premises, Tenant
shall not have the right to make a counterclaim or set off.
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23.Written instructions
Landlord has given or may give written instructions about the care and use of the appliances, equipment and other personal
property on the Premises. Tenant must obey the instructions.
24.Illegality
If any part of this Lease is not legal, the rest of the Lease will be unaffected.
25.No waiver
Landlord’s failure to enforce any terms of this Lease shall not prevent Landlord from enforcing such terms at a later time.
26. Quiet enjoyment
Landlord agrees that if Tenant pays the rent and is not in default under this Lease, Tenant may peaceably and quietly have,
hold and enjoy the Premises for the Term of this Lease.
27.Option (contract of sale attached)
Tenant shall have the Option to buy the Premises provided that the Tenant timely exercises the Option and is not in default in
any term of the Lease. The Landlord shall credit towards the Price at closing the sum of $
from each
monthly rent payment that the Tenant shall have timely made, and the Security. However, the Tenant shall receive no credit at closing for any monthly rent payment that the Landlord received after the due date. This Option is exclusive and not assignable without
the written permission of Landlord
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A.Price: the total Price is
(dollars) and shall be paid as follows:
B. Exercise of Option: This Option shall be exercised by written notice to the Landlord specifying a valid closing date
which must occur prior to the ending date of this Lease (“Exercise of the Option”). Tenant shall attach a completed contract of sale
in the form attached to this Lease, signed by Tenant as the buyer. If Tenant finances the purchase of the Premises, tenant shall attach
to the notice a commitment letter of the lending institution that will finance the purchase.
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C. Representations and Warranties: Landlord warrants to Tenant that Landlord is the legal owner of the Premises and has
the legal right to sell it under the terms of this Option. Landlord makes no representations or warranties as to the availability of
financing. Tenant will be solely responsible for obtaining financing in order to exercise this option. Neither party is relying on
any other representations or warranties.
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D.Terms of Sale: Annexed to this Lease as Exhibit A is the form of contract of sale of residential real estate setting forth
the terms of sale of the Premises (“Contract of Sale”).
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E. Closing: Closing shall take place on the date stated in the Exercise of the Option unless otherwise extended in accordance with the terms of the Contract of Sale.
F. Remedies upon Default: If Tenant defaults under this Option or the Lease, then, in addition to any other remedies available to Landlord at law or in equity, Landlord may terminate this Option by giving written notice of the termination. If terminated,
the Tenant shall lose all of the rights of this Option, including entitlement to any refund of rent or further Option right. Tenant can
only exercise this Option if Tenant has complied with all obligations of the Lease.
G.Brokers: No broker brought about this Lease and Option, except
Landlord shall pay all brokers commissions.
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H. Recording: Tenant shall not record this Lease or the Contract of Sale in the public records of any public office without
the written consent of Landlord.
I.Timing. Time is of the essence in this Option.
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J.Option Controlling. If a conflict arises between the other terms of this Lease and the Option in Para. 27, the Option
shall control. If any terms in the Contract of Sale conflict with the terms of this Lease, the terms in this Lease shall control.
28. Successors
This Lease is binding on all parties who lawfully succeed to the rights or take the place of the Landlord or Tenant.
29. Representations, changes in Lease
Tenant has read this Lease. All promises made by the Landlord are in this Lease. There are no others. This Lease may be
changed only by an agreement in writing signed by and delivered to each party.
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30.Paragraph headings
The Paragraph headings are for convenience only.
31. Effective date
This Lease becomes effective when Landlord delivers to Tenant a copy signed by all parties.
Signatures
The parties have entered into this Lease on the date first above stated.
LANDLORD:TENANT:
................................................................................................................
. ...............................................................................................................
WITNESS:
. ...............................................................................................................
................................................................................................................
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337
Contract of sale of real estate.
plain English, 11-98.
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Seller and Purchaser agree as follows:
Parties
Seller
address:
Purchaser
address:
Purchase
agreement
Property
1. Seller shall sell and Purchaser shall buy the Property on the terms stated in this Contract.
2. The Property is described as follows:
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The sale includes:
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(a) All buildings and improvements on the Property.
Buildings and
improvement
(b) All right, title and interest, if any, of Seller in any land lying in the bed of any street or highway, opened
Streets,
or
proposed,
in front of or adjoining the Property to the center line thereof. It also includes any right of Seller to
assignment
any unpaid award to which Seller may be entitled (1) due to taking by condemnation of any right, title or interest
of unpaid
of Seller and (2) for any damage to the Property due to change of grade of any street or highway. Seller will deaward: f liver to Purchaser at Closing, or thereafter, on demand, proper instruments for the conveyance of title and the assignment and collection of the award and damages.
Fixtures,
personal
property
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(c) All fixtures and articles of personal property attached to or used in connection with the Property, unless
specifically excluded below. Seller represents that they are paid for and owned by Seller free and clear of any lien
other than the Existing Mortgage(s). They include but are not limited to plumbing, heating, lighting and cooking
fixtures, fire, smoke, and burglar alarms, radio and television aerials, blinds, shades, screens, awnings, storm windows, window boxes, storm doors, mail boxes, weather vanes, flagpole, pumps, shrubbery, clothes washers, clothes
dryers, garbage disposal units, ranges, refrigerators, freezers, air conditioning equipment and installations, and wall
to wall carpeting.
Excluded from this sale are:
Furniture and household furnishings
Price 3
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3. The purchase price is
payable as follows:
On the signing of this Contract, by check subject to
collection :
By allowance for the principal amount still unpaid
.
.
on the Existing Mortgage:
By a Purchase Money Note and Mortgage from
Purchaser (or assigns) to Seller:
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BALANCE AT CLOSING
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$
$
$
$
$
The BALANCE AT CLOSING shall be paid in cash or good certified check, or official check of any bank, savings
bank, trust company, or savings and loan association having a banking office in the State of New York. A check
must be payable to the order of Seller, or to the order of Purchaser and duly endorsed by Purchaser (if other than
a corporation) to the order of Seller in the presence of Seller or Seller's attorney.
Existing
Mortgage
4. The Property will be conveyed subject to the continuing lien of the following mortgage ("Existing- Mortgage") :
Mortgage now in the unpaid principal amount of $
and interest at the rate of
%
per year, presently payable in
installments of $
which includes principal, interest,
and with any balance of principal being due and payable on
Purchase
money
mortgage
5. If a purchase money note and mortgage is to be given it shall be drawn by the attorney for the Seller. Purchaser
shall pay for the mortgage recording tax, recording fees and the charge for drawing the note and mortgage.
The purchase money note and mortgage shall provide that it will always be subject to the prior lien of any Existing Mortgage even though the Existing Mortgage is extended, consolidated or refinanced in good faith.
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Title transfer
subject to
Use of
purchase
price to pay
encumbrances
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6. The Property is to be conveyed subject to:
(a) Applicable zoning and governmental regulations that affect the use and maintenance of the Property provided that they are not violated by buildings and improvements on the Property.
(b) Conditions, agreements, restrictions and easements of record.
(c) Any state of facts an inspection or survey of the Property may show if it does not make the title to the
Property unmarketable.
(d) Existing tenancies.
(e) Unpaid assessments payable after the date of the transfer of title.
7. Seller may pay and discharge any liens and encumbrances not provided for in this Contract. Seller may make payment out of the balance of the Purchase Price paid by Purchaser on the transfer of title.
Deed and
transfer
taxes
8. At the Closing Seller shall deliver to Purchaser a
deed so as to convey a fee simple title to the Property free and clear of all encumbrances except as stated in this
Contract. The deed shall be prepared, signed and acknowledged by Seller and transfer tax stamps in the correct
amount shall be affixed to the deed, all at Seller's expense. The deed shall contain a trust fund clause as required by
Section 13 of the Lien Law.
Adjustments
at closing
9. The following are to be apportioned pro-rata to the date of transfer:
(a) Rents as and when collected.
( b ) Interest on the Existing Mortgage.
(c) Taxes, water rates and sewer rents based on the fiscal period for which assessed.
(d) Premiums on existing transferable insurance policies and renewals on those expiring prior to closing.
(e) Fuel, if any.
(f) Deposits in escrow held under Existing Mortgage.
10. If there is a water meter on the Property, Seller shall furnish a reading to a date not more than thirty days prior
to the time herein set for Closing. The unfixed meter charge and sewer rent, if any, shall be apportioned on the basis
of this last reading.
Water meter
readings
Fire, other
casualty
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11. This contract does not provide for what happens in the event of fire or casualty loss before the title closing.
Unless different provision is made in this Contract, Section 5-1311 of the General Obligations Law will apply.
Condition of
Property
12. Purchaser has inspected the buildings and improvements on the Property and the personal property included
in this sale. Purchaser agrees to take title "as is" and in their present condition subject to reasonable use and natural deterioration between now and the time of closing.
Seller unable
to convey,
liability
Closing date
and place
13. If Seller is unable to convey title in accordance with this Contract, Seller's only liability is to refund all money
paid on account of this Contract and pay charges made for examining title.
Broker
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14. The Closing will take place at the office of
.M.
at
on
15. Purchaser represents that Purchaser has not dealt with any broker in connection with this sale other than
and Seller agrees to pay broker the commission earned (pursuant to separate agreement with broker).
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Purchaser's
lien
16. All money paid on account of this Contract, and the reasonable expenses of examination of the title to the
Property and of any survey and inspection charges, are hereby made liens on the Property. The liens shall not continue after default by Purchaser.
Notice
17. Any notice or other communication from one party to the other shall be in writing and sent by registered or
certified mail in a postpaid envelope addressed to the party at the address above. The address above may be changed
by notice to the other party.
Entire
Agreement
18. All prior understandings and agreements between Seller and Purchaser are merged in this Contract. This Contract completely expresses their full agreement and has been entered into after full investigation. Neither party is
relying upon statements made by anyone that is not a party to this Contract.
No Oral
Change
Successors
Multiple
Parties
Signatures
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19. This Contract may not be changed or ended orally.
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20. This Contract shall apply to and bind the distributees, executors, administrators, successors and assigns of the
Seller and Purchaser.
21. If there are more than one Purchaser or Seller the words "Purchaser" and "Seller" used in this Contract includes them.
Seller and Purchaser have signed this Contract as of the date at the top of the first page.
WITNESS
SELLER
PURCHASER
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ACKNOWLEDGMENT IN NEW YORK STATE (RPL 309a)
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ACKNOWLEDGMENT BY SUBSCRIBING WITNESS(ES)
State of New York, County of
ss .:
On
before me, the undersigned,
personally appeared
I
State of
County of
On
personally appeared
personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are)
subscribed to the within instrument and acknowledged to me that
he/she/they executed the same in his/her/their capacity(ies),
and that by his/her/their signature(s) on the instrument, the individual(s) or the person upon behalf of which the individual(s)
acted, executed the instrument.
ss.:
before me, the undersigned,
the subscribing witness(es) to the foregoing instrument, with
whom I am personally acquainted, who, being by me duly
sworn, did depose and say that he/she/they reside(s) in (if the
place of residence is in a city, include the street and street number.
if any, thereof);
(signature and office of individual taking acknowledgment)
that he/she/they know(s)
ACKNOWLEDGMENTOUTSIDE NEW YORK STATE (RPL 309-b)
to be the individual(s) described in and who executed the foregoing instrument; that said subscribing witness(es) was (were)
present and saw said
County of
ss.:
before me, the undersigned,
execute the same; and that said witness(es) at the same time
subscribed his/her/their name(s) as a witness(es) thereto.
personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are)
subscribed to the within instrument and acknowledged to me
that helshelthey executed the same in his/her/their capacity(ies),
and that by his/her/their signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s)
acted, executed the instrument.
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(signature and office of individual taking acknowledgment)
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(signature and office of individual taking acknowledgment)
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Adjournment
Closing of title under this Contract is adjourned to
at
and all adjustments are to be made as of
Assignment
Date: September 31, 2003
For value received, this Contract is assigned to
and Assignee assumes all obligations of the purchaser in the Contract.
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, at greagerageag o'clock,
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Purchaser
Assignee of Purchaser
clerk
State of
On
personally appeared
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