(b) CHECK IF PROPERTY IS SUBJECT TO LEASE(S) OR OCCUPANCY AFTER CLOSING. If Property is  subject to a lease(s) after Closing or is intended to be rented or occupied by third parties beyond Closing, the  facts and terms thereof shall be disclosed in writing by Seller to Buyer and copies of the written lease(s) shall

be delivered to Buyer, all within 5 days after Effective Date. If Buyer determines, in Buyer's sole discretion, that  the lease(s) or terms of occupancy are not acceptable to Buyer, Buyer may terminate this Contract by delivery  of written notice of such election to Seller within 5 days after receipt of the above items from Seller, and Buyer

shall be refunded the Deposit thereby releasing Buyer and Seller from all further obligations under this Contract.  Estoppel Letter(s) and Seller's affidavit shall be provided pursuant to STANDARD D. If Property is intended to  be occupied by Seller after Closing, see Rider U. POST-CLOSING OCCUPANCY BY SELLER.  Paragraph 18(D) states:  D. LEASE INFORMATION: Seller shall, at least 10 days prior to Closing, furnish to Buyer estoppel letters from  tenant(s)/occupant(s) specifying nature and duration of occupancy, rental rates, advanced rent and security  deposits paid by tenant(s) or occupant(s)("Estoppel Letter(s)"). If Seller is unable to obtain such Estoppel Letter(s)  the same information shall be furnished by Seller to Buyer within that time period in the form of a Seller's affidavit  and Buyer may thereafter contact tenant(s) or occupant(s) to confirm such information. If Estoppel Letter(s) or

Seller's affidavit, if any, differ materially from Seller's representations and lease(s) provided pursuant to Paragraph

6, or if tenant(s)/occupant(s) fail or refuse to confirm Seller's affidavit, Buyer may deliver written notice to Seller  within 5 days after receipt of such information, but no later than 5 days prior to Closing Date, terminating this  Contract and receive a refund of the Deposit, thereby releasing Buyer and Seller from all further obligations under  this Contract. Seller shall, at Closing, deliver and assign all leases to Buyer who shall assume Seller's obligations

thereunder.

These clauses pertaining to leases provide for the following 

1. Seller shall deliver copies of the lease(s) and a written disclosure of the facts and terms thereof to the buyer within 5 days after the Effective Date.

2. Buyer may terminate the contract by delivering written notice to seller within 5 days after receipt of the lease(s) and written disclosure if buyer is not satisfied with them for any reason.

3. Seller shall furnish Estoppel Letter(s) (or seller's affidavit if seller is unable to obtain an Estoppel Letter) to buyer at least 10 days prior to closing.

4. Buyer may terminate the contract by delivering written notice to seller within five days after receipt (but no later than five days prior to the closing date) if an Estoppel Letter or seller's affidavit differs materially from the lease(s) or representations in seller's written disclosure just described in point 1 above.

Unless otherwise provided for in the contract, a buyer takes title to the property subject to the existing lease.  If you are a buyer of real property and you come across a property that is subject to a lease, it is recommended that you consult a real estate attorney for advice to determine your rights and obligations under the contract and the lease(s).  [email protected]