Provided that resident is not in default or breach of this agreement, owner/managment hereby grants resident the right to purchase the said property for $$$$$$.$$. This option to buy includes $$$$.$$ down at the signing of the lease agreement. This option to buy expires with any default under the lease or no later than MM/DD/YY. If and when resident makes settlement on said property, owner/managment will credit the following amounts toward the purchase price of the property:
Of the $$$.$$ monthly payment, $$$.$$ per month will be credited to the purchase price for the first 12 months of rent. If resident renews rental agreement on MM/DD/YY, $$$.$$ per month will be credited to the purchase price for the 2nd 12 months of rent, unless settlement occurs on or before MM/DD/YY. This is in addition to the resident’s deposit of $$$.$$, which will also be credited to purchase at settlement.
Of the $$$.$$ monthly payment, $$$.$$ per month will be credited to the purchase price for the first 12 months of rent. If resident renews rental agreement on MM/DD/YY, $$$.$$ per month will be credited to the purchase price for the 2nd 12 months of rent, unless settlement occurs on or before MM/DD/YY. This is in addition to the resident’s deposit of $$$.$$, which will also be credited to purchase at settlement.