Rent to own Lease/Option agreement form question?

We are entering a new phase of our life, purchasing a home is tangible...

Can someone out there please assist me in looking over a Lease with Option to own agreement to be signed by Landlord / seller and see if this would be considered a "good standing contract", if in fact there are any disputes? Are the basics pretty much covered for the landlord and myself?

All address and Names will be added later.

Please let me know if I am missing anything. - Also where it is in the contract that (whatever is missing) should be added?

Thanks for your time, I really aprreciate it! JUST trying to cover our tushies!

This LEASE AGREEMENT WITH OPTION TO PURCHASE REAL ESTATE (hereinafter referred to as the Lease/Option) is made on this _day of _, 20_, by and between the following parties:

located at: _ (hereinafter referred to as the Tenant/Buyer); and _located at_(hereinafter referred to as the Landlord/Seller).

In consideration of the mutual promises and covenants herein, the parties hereby agree as follows:

(1) DESCRIPTION: The Landlord/Seller agrees to lease, and the Tenant/Buyer agrees to rent the real property and improvements, located at: _

as more fully described as follows:

(hereinafter referred to as the "Property".)

(2) TERM: The term of this Lease/Option shall be for a period of 12 months commencing on _, 20_, and ending on _. The term will be automatically extended for _ periods of _ months, unless the Tenant/Buyer gives notice to the Landlord/Seller of its intent to terminate this Lease/Option, by mailing a written notice to the last provided address of the Landlord/Seller, or until such time as Tenant/Buyer exercises its option to purchase the Property. Liability for payment will not extend beyond notice to terminate this agreement.

(3) POSSESSION: Possession shall be delivered by keys and physical possession given to the Tenant/Buyer on (date).

(4) RENT: Tenant/Buyer agrees to pay the lender of Landlord/Seller’s current mortgage or trust deed, the sum of $625.00 per month, with the first payment beginning: $625.00 + $1,250.00 as rent and deposit for the Property, for the term of this Lease/Option, and during any extension thereof. All rental payments shall be due and payable in advance of the 10th day of each and every month.

Optional: An amount equal to ______ for each month in which rent was paid, shall be credited to the Tenant/Buyer and applied to the purchase price of the Property in the event that the Tenant/Buyer exercises its option hereunder.

(5) OPTION TO PURCHASE: The Tenant/Buyer, as part of the consideration herein, is hereby granted by the Landlord/Seller the exclusive right, option, and privilege of purchasing the Property at any time during the term of this Lease/Option or any extension thereof.

(6) LIQUIDATED DAMAGES: Should Tenant/Buyer default on this agreement, Landlord/Seller shall keep all monies paid as liquidated damages.

(7) COVENANTS OF TENANT/BUYER: Commencing with entering the term of this agreement, including extensions, the Tenant/Buyer hereby covenants and agrees as follows:

(A) That the Tenant/Buyer will pay all utility charges and bills, including, but not limited to water, sewer, gas, oil, and electric, which may be assessed or charged against the Property.

(B) That the Tenant/Buyer will not use the Property for any unlawful purpose and that the Tenant/Buyer will conform to and obey all laws, ordinances, rules, regulations, requirements and orders of all Federal, State, and Local governmental authorities, agencies, departments, bureaus, boards or officials, respecting the use of the Property; and

(C) That the Tenant/Buyer will surrender and deliver up the Property, at the end of the term or any extensions thereof, should the option herein not be exercised, in as good order and condition as the same now exists, reasonable use and natural wear and tear excepted.

(8) COVENANTS OF THE LANDLORD/SELLER: The Landlord/Seller hereby covenants and agrees as follows:

(A) That the Landlord/Seller shall pay for and maintain fire and extended coverage insurance on the Property in minimum amount of $. The Tenant/Buyer shall b