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 Wisconsin Contract for the Lease and Mandatory Purchase of Real Estate — Specific performance clause is a legal agreement that outlines the terms and conditions of leasing a property with an option for the lessee to purchase the property at a later date. This contract is specifically designed for properties located in the state of Wisconsin. The specific performance clause is a crucial component of this contract. It ensures that both parties have an obligation to perform their agreed-upon actions, and failure to do so may result in legal consequences. The clause states that if either the lessor (property owner) or the lessee (tenant) fails to fulfill their obligations as outlined in the contract, the other party has the right to seek specific performance. In other words, they can ask the court to enforce the terms of the contract and require the non-performing party to fulfill their obligations. There may be different types or variations of the Wisconsin Contract for the Lease and Mandatory Purchase of Real Estate — Specific performance clause, but specific performance is the central principle that remains consistent. This clause ensures that the parties are bound by their contractual obligations and provides a legal mechanism to resolve disputes and enforce the agreement. It is important to note that the specific performance clause may vary depending on the specific circumstances and terms of the lease and mandatory purchase agreement. The contract may include additional provisions regarding the timeline, conditions, and other details related to specific performance. It is essential for both parties to carefully review and understand the specific terms of the contract to ensure compliance and avoid potential legal issues in the future.
