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The document is an Arkansas Lease to Purchase Option Agreement between a Seller/Landlord and a Buyer/Tenant, outlining the terms under which the Tenant can lease a property with the option to purchase it. It details rental payments, responsibilities for utilities, conditions for exercising the purchase option, and consequences of default. The agreement emphasizes that it is governed by Arkansas law and includes provisions for modifications, acknowledgments, and the entire agreement between the parties.

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What is the meaning of the word lease agreement?

A lease is a contract outlining the terms under which one party agrees to rent an assetin this case, propertyowned by another party. It guarantees the lessee, also known as the tenant, use of the property and guarantees the lessor (the property owner or landlord) regular payments for a specified period in exchange.

Is an agreement the same as a lease?

The main difference is the length of tenancy. A rental agreement is usually short term or month-to-month, while a lease is typically for a longer period of time, usually six months or more. Find out more about what it means to rent or lease and the pros and cons of each.

What is the meaning of lease agreement?

A lease is an implied or written agreement specifying the conditions under which a lessor accepts to let out a property to be used by a lessee. The agreement promises the lessee use of the property for an agreed length of time while the owner is assured consistent payment over the agreed period.

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