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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]
The assumption of Detroit's operations and debt is under a 40-year lease that GLWA has over the City of Detroit's water system. [1] The lease agreement was brokered in secret mediation by U.S. District Judge Sean Cox and required "lengthy and contentious negotiations" between Detroit and suburban Detroit leaders, who feared any prospect of ...
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.
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 ...
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.
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