A commercial lease buyout is a document designed especially for purchase at the end of or prior to the completion of the term of a commercial lease. This type of a buyout document is generally prepared by the lessee and placed before the lessor, whose approval is crucial for the contract to proceed any further. A lease buyout generally contains the important dates, serial numbers of the item on lease and necessarily all amounts involved, and payments to be made. It should, hence, be prepared in a way so as to include all important clauses.
Sample Commercial Lease Buyout:
This commercial lease buyout has been drawn on the 5th of August 2011, by the lessee John Brown [permanent address: 56, Lake Road, New Jersey], in response to the commercial lease [lease number: 6782E] signed on the 15th day of August, 2008 and valid till 15th August, 2011. The product under lease was a computer [model no.: HP5621s], to be used for commercial purpose [office use] in his business firm [Name of the business: Brown & Brown Co., Address: 67, Park Street, New Jersey]. The lessor, Leslie Anthony Paul [residential address: 77, Lake Road, New Jersey] has been officially informed regarding the buyout decision and all legal papers have been submitted as well.
John has used the computer for an approximate span of three years, ten days remaining to which he has decided to purchase the equipment and bear all responsibilities thereafter. All payments, as included in the lease, have been cleared in time. The amount of $47000 that was required to be paid on completion of the lease term has been paid on this day [05.08.2011] to initiate the proceedings of the buyout contract, as per section 15(b) of the lease agreement. All terms and conditions of the lease have been duly respected and properly followed.
[Signature of lessee] [Signature of lessor]
Date: 05.08.2011 Date: 05.08.2011