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 Kentucky Contract for the Lease and Mandatory Purchase of Real Estate — Specific performance clause is a legal document that outlines the provisions and obligations between a lessor (property owner) and lessee (tenant) when leasing real estate in the state of Kentucky. It includes a specific performance clause, which is a provision that holds both parties accountable for fulfilling their obligations and carrying out the terms of the contract. The specific performance clause ensures that both the lessor and lessee fulfill their duties under the lease agreement. It serves as a remedy in case of breach of contract, where the injured party can seek a court order for the non-breaching party to carry out their promised obligations. This clause is included to safeguard the interests of both parties and provide an avenue for resolving disputes and enforcing the terms of the lease agreement. In the context of the Kentucky Contract for the Lease and Mandatory Purchase of Real Estate, there may be variations of the specific performance clause based on different circumstances or specific terms agreed upon by the parties involved. Some possible types of specific performance clauses that can be included in this contract are: 1. Performance of Repair and Maintenance: This type of specific performance clause requires the lessor to carry out necessary repairs and maintenance of the property during the lease term. It ensures that the property is maintained in a habitable condition and that any necessary repairs are promptly addressed. 2. Delivery of Possession: This clause ensures that the lessor delivers the possession of the property to the lessee within the agreed-upon timeframe. It may specify a specific date or period during which the lessor is obligated to hand over the property to the lessee for occupancy. 3. Payment of Rent: This clause requires the lessee to make prompt and regular rental payments throughout the lease term. It specifies the amount, frequency, and payment method agreed upon by the parties, and any failure to pay rent on time could result in specific performance to ensure compliance. 4. Exclusive Use of Property: This specific performance clause guarantees that the lessee has exclusive use and possession of the leased property for the intended purpose specified in the lease agreement. It prevents the lessor from interfering with or sharing access to the property with any other party. 5. Option to Purchase: In some cases, the Kentucky Contract for the Lease and Mandatory Purchase of Real Estate may include an option for the lessee to purchase the property at the end of the lease term. The specific performance clause regarding the option to purchase would outline the terms and conditions under which the purchase can be executed, ensuring that both parties understand their obligations regarding the sale of the property. These are just a few examples of the potential specific performance clauses that might be included in the Kentucky Contract for the Lease and Mandatory Purchase of Real Estate. It is essential for both parties to carefully review and understand the terms of the contract, including any specific performance clauses, before entering into the lease agreement. It is also advisable to seek legal counsel to ensure all legal requirements and obligations are properly addressed.
