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The agreement called for annual lease payments of $7,500 plus $50 for expenses, and for the lessors to pay the interest on the LMR's $75,000 bonded debt. The Michigan Central was to operate the line and divide earnings and expenses evenly with the Lake Shore. [6] At that time, the LMR's 7.96-mile (12.81 km) route encircled the city. [7]
In 1986, the city signed a lease agreement to operate the Downtown Shopping Mall and convert it into a conference and visitor's center; the investment was unsuccessful and cost the city $3 million. [6] He was succeeded by Delbert J. Schrems who was named by the City Council after winning election with the campaign slogan "Balance the Power". [3]
As may be the case with other contracts, real estate contracts may be formed by one party making an offer and another party accepting the offer. To be enforceable, the offers and acceptances must be in writing (Statute of Frauds, Common Law)and signed by the parties agreeing to the contract.
A Lease-Purchase Contract, also known as a lease purchase agreement or rent-to-own agreement, allows consumers to obtain durable goods [1] or rent-to-own real estate [2] without entering into a standard credit contract. [1] It is a shortened name for a lease with option to purchase contract.
In order to rent or lease in many apartment buildings, a renter (also referred to as a “lessee") is often required to provide proof of renters insurance before signing the rental agreement. There is a special type of the homeowners insurance in the United States specifically for renters — HO-4.
The option gives the tenant the right (but not the obligation) to purchase the property at a later date. The lease option only binds the seller to sell, it does not bind the buyer to buy. That makes it a "unilateral" or one-way agreement. In contrast, a lease-purchase is a bilateral, or two-way, agreement. The basic elements of a lease-option ...
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