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 District of Columbia 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 mandatory purchase of real estate in the District of Columbia. It includes a specific performance clause which specifies that both parties involved in the contract must fulfill their obligations as agreed upon in the contract. The specific performance clause in this contract ensures that if either party fails to fulfill their duty or breaches the terms of the agreement, the other party can seek a court order for specific performance. This means that the court can compel the defaulting party to fulfill their obligations as specified in the contract. The purpose of including a specific performance clause in the contract is to provide a remedy for the non-breaching party in case of a breach by the other party. It allows them to seek legal action and potentially enforce the terms of the contract rather than seeking monetary damages as compensation. In the District of Columbia, there may be different types of contracts for the lease and mandatory purchase of real estate with specific performance clauses. These different types may include: 1. Residential Lease and Mandatory Purchase Contract: This type of contract is used when leasing and subsequently purchasing residential real estate, such as houses or apartments. 2. Commercial Lease and Mandatory Purchase Contract: This type of contract is used when leasing and subsequently purchasing commercial real estate, such as office spaces or retail properties. 3. Industrial Lease and Mandatory Purchase Contract: This type of contract is used when leasing and subsequently purchasing industrial real estate, such as warehouses or factories. Each type of contract may have specific provisions tailored to the nature of the property being leased and purchased, but they all commonly include the specific performance clause to ensure compliance with the terms of the agreement. Overall, the District of Columbia Contract for the Lease and Mandatory Purchase of Real Estate — Specific performance clause serves as a legally binding agreement that protects the rights and obligations of both the lessor and lessee, providing a mechanism for enforcing the terms of the contract in case of a breach.
