From contract to Specification

Adopted from https://www.printablecontracts.com/Rent_To_Own_Contract.php

Rent to Own Contract

Whereas, ___________________ (hereafter Renter) desires to possess and have the use of certain property owned by ____________________ (hereafter Owner) and described in Attachment A, and

Whereas, the parties have agreed that Renter shall take possession of the property on MM/DD/YYY and have the use of the property until this agreement is terminated, and

Whereas, Renter and Owner intend that ownership of the property shall transfer to Renter upon the full completion of this agreement,

Now, therefore, the parties agree as follows:

Renter shall pay Owner the sum of $X on MM/DD/YYYY and the same sum on the Nth day of each month for rental of the property.

If payment is late by more than three days, a late fee of $X shall be due immediately from Renter.

The parties agree that the purchase price of the property is $X.

The parties agree that $X of each month's rent payment shall be applied towards purchase of the property.

The parties agree that ownership of the property shall transfer to Renter upon Renter's completion of X payments as described above.

The parties agree that if Renter fails to complete the contemplated purchase of the property for any reason, no refunds or credits shall be due to Renter.

 

Renter shall maintain the property, at Renter's expense, in clean, good working order.

Renter shall indemnify and hold harmless Owner against any and all claims, damages, or actions arising from Renter's possession or use of the property.

If Renter fails to make a payment within X days of its due date, Renter agrees to surrender the property to Owner upon the Owner's demand.

If Renter fails to make a payment within X days of its due date, Renter agrees that Owner shall have the right to enter Renter's property for the purpose of taking possession of the rented property.

In witness to their agreement to the terms of this contract, the parties affix their signatures below:

____________________________________ _________________________________
Owner, signature & date Renter, signature & date
Address_____________________________ Address___________________________ City, state, ZIP________________________ City, state, ZIP _____________________
This contract is tagged with these keywords: rent, rent to own, rental contract, lease, lease agreement, property rental, property lease

Adaptation

Whereas, John Goodman (hereafter Renter) desires to possess and have the use of the property located at 35 Oxford Street, Ottawa, CANADA, owned by Mark Smith (hereafter Owner)

 

 

 

 

Now, therefore, the parties agree as follows:

Renter shall pay Owner the sum of $300 on 20/12/2019 and the same sum on the 20th day of each month for rental of the property.

If payment is late by more than three days, a late fee of $30 shall be due immediately from Renter.

The parties agree that the purchase price of the property is $45.000.

The parties agree that $150 of each month's rent payment shall be applied towards purchase of the property.

The parties agree that ownership of the property shall transfer to Renter upon Renter's completion of 300 payments as described above.

The parties agree that if Renter fails to complete the contemplated purchase of the property for any reason, no refunds or credits shall be due to Renter.

If a rental fee is delayed by 6 months, Owner can cancel the contract.

Renter shall maintain the property, at Renter's expense, in clean, good working order.

Renter shall indemnify and hold harmless Owner against any and all claims, damages, or actions arising from Renter's possession or use of the property.

When rental contributions towards purchase add up to $45,000, owner shall sell his property to renter.

Domain model Rent2Buy

RealEstateProperty isA Asset with addr: AddrString

Rent isA Situation with fee: CurrencyAmount

Paid isA Event with from: Role, to: Role, moyr: Month-Year: fee: CurrencyAmount

Sold isA Event with from: Owner, to: Renter, price: CurrencyAmount

IncreasedBy isA Event with var: CurrencyAmount, increment: CurrencyAmount

Nulled isA Event with var: Variable

Renting isA Situation with tenant: Role, prop: Property

Sold isA Event with from: Role, to: Role, prop: Property, price: CurrencyAmount

axiom Forall x/Nulled( happens(x(v),t) ⇒ happens((v = 0), next(t))

axiom ForAll x,y/CurrencyAmount( happens(contributedBal = x), t) and happens(increasedBy(contributedBal, y)

⇒ happens(contributedBal = x + y), next(t))

axiom ForAll d/Date( rentalPaymentDate(d) ⇔ (day(d) = 20 and d after 19/12/2019 and d before 21/11/2044))

axiom ForAll t/Time, o,b/Role, p/Property, a/CurrencyAmount (happens(p.owner = o,t) and happens(sold(o,b,p,a),t)

⇒ happens(p.owner = b, next(t))

end Domain;

 

Contract Rent2Buy( ) /* No parameters

Declarations

owner: Role := John Goodman

renter: Role := Mark Smith

property: RealEstateProperty with owner: Role, addr := ’35 Oxford Street …’

rent: Rent with from := renter, to := owner, fee := CAN$300

paid: Paid with from := renter, to := owner

sold: Sold with from := owner, to := renter, price := CAN$45,000

renting: Renting with tenant := renter, prop := property

Obligations

O-rental: occurs(d) and rentalPaymentDate(d) →

O(renter, owner, T, happens(paid(m-y(d),CAN$300), t) and t during d

O-lateF: occurs(d) and rentalPaymentDay(d) and happens(paid(m-y(d)), t) and t after d+3days →

O(renter, owner, T, happens(paid(m-y(d),CAN$30), t)

O-purchase: happens(paid(moyr,CAN$300), t) → O(owner, renter, T, happens(increasedBy(contributedBal,CAN$150), t)

macro interval ::=[moyr,moyr+6mo]

P-refund: ForAll t/interval (not(happens(paid(moyr), t) →

P(Owner,Renter,T, happens(cancelled(self),t’) and happens(nulled(contributedBal),t’) and t’ after interval

/* cancelled(self) means that the contract execution is cancelled, along with all obligations, powers, etc.

O-care: O(renter, owner, T, occurs(keepClean(property),_) and occurs(maintain(property),_) )

O-rent: O(owner, renter, T, occurs(renting,_)

/* renting and cleaning the property starts when contract execution begins and lasts

until the contract is terminated, no need for temporal constrains

O-own happens(contributedBal = CAN$45,000, t) → O(owner, renter, T, happens(sold, next(t))

end Contract

Named Entities from Neural Network

WordName entity
john goodman PERSON
renter ORG
mark smith PERSON
300 MONEY
20/12/2019 DATE
the 20th day of each month DATE
more than three days DATE
30 MONEY
45.000 MONEY
150 MONEY
month DATE

Annotation from GaiusT

  • Whereas, John Goodman (hereafter Renter ) desires to possess and have the use of certain property owned by Mark Smith (hereafter Owner )
  • Now, therefore, the parties agree as follows :
    Renter shall pay
    Owner the sum of $300 on and the same sum on the of for rental of the property .
  • If payment is late by more than ,
    a late fee of $30 shall be due immediately from Renter .
  • The parties agree that the purchase price of the property is $45.000 .
  • The parties agree that $150 of each month's rent payment shall be applied towards purchase of the property .
  • The parties agree that if Renter fails to complete the contemplated purchase of the property for any reason , no refunds or credits shall be due to Renter.
  • Renter shall maintain the property
    , at Renter 's expense, in clean, good working order.

Domain model Rent2Buy

isA Asset with addr: AddrString

isA Situation with fee:

isA Event with from: Role, to: Role, moyr: Month-Year: fee:

isA Event with from: Owner Role , to: Renter Role , price:

isA Event with var: , increment:

isA Event with var: Variable

Renting isA Situation with tenant: Role, prop: Property Resource

isA Event with from: Role, to: Role, prop: Property Resource , price:

axiom Forall x/Nulled( happens(x(v),t) ⇒ happens((v = 0), next(t))

axiom ForAll x,y/ ( happens(contributedBal = x), t) and happens(increasedBy(contributedBal, y)

⇒ happens(contributedBal = x + y), next(t))

axiom ForAll d/Date( rentalPaymentDate(d) ⇔ (day(d) = 20 Time and d after 19/12/2019Time and d before 21/11/2044))

axiom ForAll t/Time, o,b/Role, p/Property, a/ (happens(p.owner = o,t) and happens(sold(o,b,p,a),t)

⇒ happens(p.owner = b, next(t))

end Domain;

 

Contract Rent2Buy( )

Declarations

owner: Role := John Goodman Actor

renter: Role := Mark SmithActor

property: with owner: Role, addr :=

rent: with from := renter, to := owner, fee := CAN $300Asset

paid: with from := renter, to := owner

sold: with from := owner, to := renter, price := CAN $45,000Asset

renting: Renting with tenant := renter, prop := property

Obligations

O-rental: occurs(d) and rentalPaymentDate(d) →

O( Renter Role , Owner Role T , happens(payActiond(m-y(d),CAN $300Asset), t) and t during d

O-lateF: occurs(d) and rentalPaymentDay(d) and happens(paid(m-y(d)), t) and t after d+ 3 daysTime →

O(renter, owner, T, happens(paid(m-y(d),CAN $30Asset), t)

O-purchase: happens(paid(moyr,CAN $300Asset), t) → O(owner, renter, T, happens(increasedBy(contributedBal,CAN $150Asset), t)

macro interval ::=[moyr,moyr+6mo]

P-refund: ForAll t/interval (not(happens(paid(moyr), t) →

P( Owner Role , Renter Role ,T, happens(cancelled(self),t’) and happens(nulled(contributedBal),t’) and t’ after interval

O-care: O(renter, owner, T, occurs(keepClean(property),_) and occurs(maintain(property),_) )

O-rent: O(owner, renter, T, occurs(renting,_)

O-own happens(contributedBal = CAN $45,000Asset, t) → O(owner, renter, T, happens(sold, next(t))

end Contract

John Goodman Actor
RenterRole
possess Action
haveAction
propertyResource
owned Action
Mark SmithActor
OwnerRole
partiesRole
agreeAction
Obligation
RenterRole shallNegativeModal payAction
OwnerRole
$300Asset
20/12/2019Time
20th dayTime
each monthTime
propertyResource