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 Michigan 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 mandatory purchase of real estate in the state of Michigan. This clause is an essential component of the contract and ensures that the parties involved fulfill their obligations and promises made in the agreement. The specific performance clause requires that all parties to the contract fulfill their obligations as stated in the agreement. It provides a remedy in case one party fails to perform their duties or breaches the contract. In such instances, the innocent party can request the court to order specific performance, which means the defaulting party is compelled to perform their obligations according to the contract's terms. There may be variations of the specific performance clause depending on the specific circumstances of the real estate transaction. These variations may include specific timelines for performance, conditions for specific performance, and penalties for non-compliance. For instance, one type of specific performance clause may stipulate that the lessee is obligated to make timely rental payments and maintain the property in good condition. In case of a breach, the lessor can seek specific performance to enforce the lessee's duty to pay rent and fulfill their maintenance obligations. Another type of specific performance clause could pertain to the mandatory purchase aspect of the contract. This clause may state that the lessee has an obligation to purchase the property at a predetermined price and within a specified time frame. If the lessee fails to meet these obligations, the lessor can seek specific performance to enforce the mandatory purchase. In summary, the Michigan Contract for the Lease and Mandatory Purchase of Real Estate — Specific performance clause is a crucial provision that ensures parties fulfill their obligations in a real estate lease and purchase agreement. It provides a means for the innocent party to seek court intervention and compel the defaulting party to perform their duties and obligations as stipulated in the contract.
