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 Oregon Contract for the Lease and Mandatory Purchase of Real Estate is a legal document that outlines the terms and conditions for leasing a property in Oregon with the option to purchase it in the future. This contract includes a specific performance clause, which is a provision that requires all parties involved to fulfill their obligations as agreed upon in the contract. The specific performance clause is designed to ensure that both the landlord/property owner and the tenant/buyer fulfill their contractual obligations. It states that if either party fails to perform their duties as outlined in the contract, the other party can seek a court order to enforce the specific terms of the agreement. In other words, if one party breaches the contract, the other party can ask the court to force the defaulting party to carry out their responsibilities as agreed upon. This clause is particularly important in the lease and mandatory purchase of real estate agreement because it provides security for the tenant/buyer. It guarantees that the landlord/property owner cannot back out of the agreement or sell the property to someone else during the lease term. It also ensures that the tenant/buyer has the right to purchase the property at the agreed-upon price once the lease term is over. However, it's worth noting that specific performance is not always granted by the court. If it is deemed impractical or unfair, the court may instead award monetary damages as compensation for the breached contract. This depends on the circumstances and the judge's discretion. There are no different types of Oregon Contracts for the Lease and Mandatory Purchase of Real Estate — Specific Performance clauses. However, specific performance clauses can vary slightly from contract to contract depending on the specific terms and conditions agreed upon by the parties involved.
