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 Indiana Contract for the Lease and Mandatory Purchase of Real Estate — Specific performance clause is a legally binding agreement that outlines the terms and conditions for leasing and purchasing real estate in the state of Indiana. This contract is specific to situations where the lease agreement includes a mandatory option for the tenant to purchase the property at a future date. The specific performance clause within this contract is a crucial provision that ensures the parties involved fulfill their obligations as agreed upon. This clause states that if either the tenant or the landlord fails to comply with the terms of the agreement, the injured party can seek a court order compelling the defaulting party to perform their duties under the contract. There are two main types of Indiana Contracts for the Lease and Mandatory Purchase of Real Estate — Specific performance clause: 1. Lease Option Agreement with Mandatory Purchase: This type of agreement allows the tenant to lease the property for a specified period with an option to purchase the property at a predefined price in the future. The specific performance clause in this contract ensures that both parties follow through with the mandatory purchase if the tenant exercises their option to buy. 2. Lease Agreement with Right of First Refusal: This type of agreement gives the tenant the right to purchase the property if the landlord decides to sell it during the lease term. The specific performance clause in this contract ensures that if the landlord receives an offer from a third party, they must first give the tenant the opportunity to purchase the property on the same terms. In both types of contracts, the specific performance clause serves as a deterrent against breach of contract. It aims to protect the interests of both parties by allowing the injured party to seek legal remedies, such as obtaining a court order for the completion of the contract. This clause is essential for ensuring that the lease and purchase agreements are enforced as intended and provides a means for resolution if either party fails to fulfill their obligations.
