Option to lease

Option to enter into an agreement to lease based on agreed terms on the payment of an option fee.

Sample

"The person whose name and address is set out in the Schedule as the Grantor ("the Grantor") in consideration of the option fee set out in the Schedule (receipt of which the Grantor acknowledges) paid to the Grantor by the party named and described in the Schedule as the Grantee ("the Grantee") grants to the Grantee an option to enter into an Agreement to Lease the premises described in the Schedule ("the demised premises") on the following terms and conditions:-

1 . RENTAL

The annual commencing rental must be ?9? ( ?10? ) per year which includes all car parking spaces in the demised premises.

5 . NAMING RIGHTS

The Grantee must have the right to name the demised premises.

6 . ERECTION OF SIGNS

The Grantee has the right to erect signs on the demised premises subject always to first obtaining the approval of the Grantor's architect.

7 . RIGHT OF FIRST REFUSAL

In consideration of the option fee paid by the Grantee in these presents the Grantor must not agree to sell or grant any right to purchase the demised ???????"