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Rent-to-Own Agreement

Introduction
Parties
Property
Rent
Purchase Option
Option Period
Purchase Price
Deposit
Maintenance and Repairs
Default
Termination
Governing Law
Entire Agreement
Notices
Severability
Waiver
Binding Effect
Dispute Resolution
Signatures

Introduction

This Rent-to-Own Agreement ("Agreement") is made and entered into as of this [Date] by and between [Landlord Name], residing at [Landlord Address] ("Landlord"), and [Tenant Name], residing at [Tenant Address] ("Tenant").

Parties

Landlord: [Landlord Name]
Tenant: [Tenant Name]

Property

The property subject to this Agreement is located at [Property Address] ("Property"). The Property is described as follows: [Detailed description of the property, including any specific features or amenities].

Rent

The Tenant shall pay rent to the Landlord in the amount of [Monthly Rent Amount] per month.
Rent is due on the [Day] of each month.
Rent payments shall be made by [Method of Payment] to [Payment Details].
Late rent payments will be subject to a late fee of [Late Fee Amount].

Purchase Option

The Tenant has the option to purchase the Property from the Landlord during the Option Period.
The purchase option is non-refundable and non-transferable.

Option Period

The Option Period shall commence on the [Start Date] and shall end on the [End Date].
The Tenant may exercise the purchase option at any time during the Option Period.

Purchase Price

The purchase price of the Property shall be [Purchase Price Amount].
The purchase price may be subject to adjustment based on [Factors affecting purchase price adjustment].

Deposit

The Tenant shall pay a non-refundable deposit of [Deposit Amount] to the Landlord upon signing this Agreement.
The deposit shall be applied towards the purchase price of the Property if the Tenant exercises the purchase option.

Maintenance and Repairs

The Tenant shall be responsible for maintaining the Property in a clean and habitable condition.
The Landlord shall be responsible for major repairs and maintenance of the Property.
The Tenant shall notify the Landlord of any necessary repairs in writing within [Number] days of becoming aware of the need for such repairs.

Default

The Tenant shall be deemed to be in default of this Agreement if:
- The Tenant fails to pay rent on time.
- The Tenant fails to maintain the Property in a clean and habitable condition.
- The Tenant breaches any other provision of this Agreement.
Upon default, the Landlord may terminate this Agreement and evict the Tenant from the Property.

Termination

This Agreement may be terminated by either party upon [Number] days' written notice to the other party.
This Agreement may be terminated by the Landlord if the Tenant defaults on any of the terms and conditions of this Agreement.

Governing Law

This Agreement shall be governed by and construed in accordance with the laws of the Republic of Kenya.

Entire Agreement

This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior or contemporaneous communications, representations, or agreements, whether oral or written.

Notices

All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given when delivered personally, sent by certified mail, return receipt requested, or sent by overnight courier service, addressed as follows:

If to the Landlord: [Landlord Address]
If to the Tenant: [Tenant Address]

Severability

If any provision of this Agreement is held to be invalid or unenforceable, such provision shall be struck from this Agreement and the remaining provisions shall remain in full force and effect.

Waiver

No waiver of any breach of any provision of this Agreement shall constitute a waiver of any other or subsequent breach.

Binding Effect

This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

Dispute Resolution

Any dispute arising out of or relating to this Agreement shall be settled by binding arbitration in accordance with the Arbitration Act, 1995. The arbitration shall be conducted in [Location] and the language of the arbitration shall be English.

Signatures

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

Landlord:

[Landlord Signature]

[Landlord Printed Name]

Tenant:

[Tenant Signature]

[Tenant Printed Name]

Sources:

The Arbitration Act, 1995: This Act provides the legal framework for arbitration in Kenya.
The Land Registration Act, 2012: This Act governs the registration of land in Kenya.
The Law of Property Act, 1962: This Act deals with various aspects of property law in Kenya, including the transfer of ownership.
The Rent Restriction Act, 1949: This Act regulates rent control in Kenya.

Note: This is a sample Rent-to-Own Agreement and may not be suitable for all situations. It is recommended that you consult with a legal professional to ensure that the Agreement is tailored to your specific needs.