A retail lease buyout is a kind of a buyout situation in which a lessee agrees to buy a retail property from the lessor or owner of the property by paying an early termination fee or a fixed sum of money. Any such retail lease buyout may either take place during the effective term of the lease or after it’s termination. A retail lease is formed between the owner of a retail property, the lessor and the person leasing it for a fixed time and fixed lease amount, the lessee. Given below is a sample of a retail lease buyout which can be used by any person for referential purpose.
Sample Retail Lease Buyout:
This retail lease buyout has been finalised between the lessor and the lessee. Mr. Greg Timothy is hereby known as the lessor and Mr. Henry Black is hereby known as the lessee in this buyout.
This retail lease buyout shall be effective from 5th May 2012
The details of the parties are given as follows:
Address: X-90, Hill road, London
Contact number: 40274092940
Address: S-2, third floor, Potter road, London
Contact number: 472248097309
Details of the retail property owned by the lessor are given as follows:
Address: F/90, ground floor, Martin’s commercial complex, London
Lease amount per month: $350
Details of lease buyout:
The lessee agrees to buy this retail property from the lessor by paying a price of $3000 on the commencement of buyout.
Terms and conditions of the retail lease buyout:
- The lessor agrees to sell the retail property to the lessee by accepting the above mentioned payment amount.
- The lessee agrees to buy the property and shall be the sole owner of the property.
- The legal rights to the retail property now lie with the lessee.
Signatures of the parties: