Option Agreement (Commercial Real Estate)
This Standard Document serves as a comprehensive option agreement template for the purchase of commercial real property, granting the optionee an exclusive right to purchase the property under specified terms. It establishes the option deadline, outlines the terms for any future purchase, and provides remedies for defaults, including specific performance. While option agreements are generally governed by state law, this jurisdictionally neutral template is useful and relevant in every state. This Standard Document has integrated notes with important explanations and drafting and negotiating tips for both optionees and optionors.
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