This agreement is entered into, effective as of ___, between Walker Brothers, LTD, of P.O. Box 10, Baileyton, Al. 35019, located in Cullman County referred to as "leaser," and ___, referred to as " lessee."
A. Prospective leaser is the owner of real property that will shortly be available for lease.
B. Prospective lessee desires to lease residential property for his or her personal use.
C. The parties desire to establish an agreement to ensure a future lease of the residential property described in this agreement.
In consideration of the matters described above, and of the mutual benefits and obligations set forth in this agreement, the parties agree as follows:
Walker Brothers, LTD shall enter into a written lease agreement with prospective lessee on or before ___, by which Walker Brothers, LTD shall lease to prospective lessee the residential property owned by Walker Brothers, LTD located at ___ for prospective lessee and family to occupy and use as their residence.
The premises shall be leased to prospective lessee for a period of one (1) year from ___. Prospective lessee shall have the option of automatically renewing or continuing this agreed upon lease for one (1) additional year with all agreed upon sections of this lease agreement remaining in effect. This lease agreement will be automatically extended for a period of one (1) year on ___, unless the lessee notifies the leaser, 60 days prior to the end of the current lease period, of his/her intent to vacate the property at the end of the current lease period. Any subsequent lease entered into by the leaser and lessee shall be negotiated at the end of the second (2nd) lease period.
Prospective lessee shall pay a ___ deposit. Prospective lessee shall pay ___ per month as the monthly rental for the term of the lease with the first payment due on or before ___ and subsequent payments on the ___ day of each succeeding month. There will be a late charge of 5% for rental payments received later than 10 days after the due date. This rental payment shall be subject to renegotiation by the parties at any time either of the parties exercises the option to renew the lease under the provisions of any subsequent lease agreement.
In the event of failure by the lessee to make payment within 30 days of the due date, a letter will be mailed via regular mail from the leaser to the lessee at the address of the leased property informing the lessee of the delinquent payment and instructing the lessee to contact the leaser. If communication is not received from the lessee within seven (7) days from the date the letter is mailed, a notice will be delivered to the property; delivered by hand to the lessee, or attached to the entry door of the property, informing the lessee to contact the leaser and make full payment of rent due within 10 days or eviction procedures will commence. If communication is not received from the lessee within 10 days from the date the notice is delivered to the property, eviction procedures will commence.
In the event of failure by the lessee to make payment by the due date, the leaser will have the right to “show” the property to prospective buyers with the intent of selling the property. As long as the lessee pays the rent by the due date each month, the property will not be considered or showed as available for sale.
A. Walker Brothers, LTD shall be liable for the payment of all real property taxes assessed against the residential premises.
B. Prospective lessee shall be liable for all personal property taxes and all utility charges, including gas, electricity, sanitation, and telephone.
C. It is agreed that in the event the utilities (Electrical Power and/or Water) are disconnected, by the lessee or by the utility company(s) due to non-payment, it shall be accepted as an indication that the lessee has vacated the property and the leaser or their representative shall have the right to enter the property and take procession of the property.
A. Prospective lessee shall make all repairs on the premises, except where repairs are necessitated by structural damage, after advising Walker Brothers, LTD of the necessity for such repairs.
B. Walker Brothers, LTD shall reimburse prospective lessee for the costs of all material required by the repairs made by prospective lessee.
C. Walker Brothers, LTD shall be responsible for making all structural repairs at their own expense.
In the event the lessee wishes to vacate the property prior to the end of the current lease period, which begins on ___ and ends on ___ of the following year, there will not be any charges due for failure to execute the lease as agreed upon by the lessee provided the lessee notifies the leaser in writing no less than 60 days prior to the date the property will be vacated and provided all owed lease payments have been received through the date the property is vacated. If notification is not received of the lessee’s intent to vacate the property 60 days prior to the date the property will be vacated or full lease payments have not been received through the date the property will be vacated, the lessee agrees to pay the leaser the total of the remainder of all payments agreed upon by the lessee for full execution of the current lease agreement.
It is agreed that this agreement shall be governed by, construed, and enforced in accordance with the laws of the State of Alabama.
In the event that any action is filed in relation to this agreement, the unsuccessful party in the action shall pay to the successful party, in addition to all the sums that either party may be called on to pay, a reasonable sum for the successful party's attorney fees.
This agreement shall constitute the entire agreement between the parties. Any prior understanding or representation of any kind preceding the date of this agreement shall not be binding upon either party except to the extent incorporated in this agreement and its attachments.
Any modification of this agreement or additional obligation assumed by either party in connection with this agreement shall be binding only if evidenced in a writing signed by each party or an authorized representative of each party.
The titles to the paragraphs of this agreement are solely for the convenience of the parties and shall not be used to explain, modify, simplify, or aid in the interpretation of the provisions of this agreement.
In witness of the above, each party to this agreement has caused it to be executed at main office of Walker Brothers, LTD on this the _______day of ______________, 2007.
WITNESS LEASER, Walker Bros. LTD
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