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A lease may have an option to purchase clause. For example, a lease may have a minimum rent provision along with a payment to be held in escrow for the purchase of the property. The escrow payment is not minimum rent.
County commissioners originally wanted to purchase the hangar that they leased, but could not since it was bond financed until 2020. Along with the monthly rent, the commissioners agreed to deposit an amount into an escrow agreement to go towards the purchase of the hangar.
Read the article here.Take away:
- Parties can enter into an agreement to purchase, along with a commercial lease agreement, provided that the parties comply with the terms of the lease.