Understanding & Agreement

554 Greenvale Dr, South Euclid, OH 44121
Based on the in-person meeting of July 14, 2026

1. Purpose

This document records, in writing, what Landlord and Tenants discussed and agreed to on July 14, 2026. It gives Tenants the first right of refusal to purchase the Property and sets out the terms that will apply if Landlord later sells the Property to a third party. Nothing here changes the current tenancy. Rent, deposit, and all other terms of the May 10, 2026 Lease remain in full force unless one of the paths in Section 4 is triggered.

2. First Right of Refusal (Sale to Tenants)

Landlord offers Tenants the exclusive first right to purchase the Property on the terms below. Estimated current market value is in the low $400,000s.

2.1 How the credit works

• The $7,800 is cash credit toward closing costs and/or down payment, not a discount on the sale price on paper.
• Landlord will structure the transaction so Tenants can use FHA financing (approximately 3.5% down). Illustrative: 3.5% of $367,000 is roughly $12,845; the $7,800 credit brings Tenants' out-of-pocket to approximately $5,000, before any additional seller credits at closing.
• Landlord will refer Tenants to broker Roger, with whom Landlord has no financial relationship. Realtor Ian is also available if Tenants want representation.

2.2 As-is inclusion

If Tenants elect to purchase, the Property is sold fully as-is and includes all items currently in and on the Property, including the lawn mower, the home gym equipment, and any other personal property left by Landlord at the Property as of the date of this document.

2.3 Deadlines

• Decision deadline: Friday, July 17, 2026. Tenants shall notify Landlord in writing (email is sufficient) whether they intend to move forward with the purchase.
• Closing window: If Tenants elect to proceed by July 17, Landlord grants up to two (2) months from that election to close the sale.
• If Tenants decline or do not respond by July 17, this offer terminates and Landlord may proceed under Section 3.

3. Sale to a Third Party

Landlord intends to list the Property for sale to test the market at approximately full price. Landlord is under no obligation to accept any third-party offer. If Landlord does accept one, one of the two scenarios below applies.

3.1 Investor buyer, Tenants stay in place

If the buyer is an investor who intends to keep Tenants in place, the current Lease is assigned to the new owner unchanged. Rent, deposit, and every other term of that Lease continue exactly as written. Landlord will require the buyer to honor all Tenant-protective terms of the Lease as a condition of sale.

3.2 Buyer wants the Property vacant (Cash for Keys)

If Landlord accepts an offer that requires Tenants to vacate before the natural end of the Lease, Landlord agrees to the following as full and final consideration for the early termination:

• Notice: Landlord shall provide Tenants no less than thirty (30) days' written notice before Tenants are required to vacate. This 30-day floor is a hard condition of any third-party sale contract Landlord signs.
• Payment timing: The full $7,800 shall be delivered to Tenants no later than the day keys are surrendered.
• No fault: This is a Landlord-initiated early termination. Tenants are not in breach and shall not be listed or reported as such to any credit bureau, rental history database, or future landlord.

4. Which Path Governs

1. If Tenants elect the purchase (Section 2) on or before July 17, 2026, Section 2 controls and Section 3 does not apply.
2. If Tenants do not elect the purchase, Landlord may list under Section 3. Whichever of 3.1 or 3.2 matches the buyer's terms will govern.
3. If no third-party sale closes before the natural expiration of the current Lease, the Lease runs to its stated end and this document has no further force.

5. Confirmation

By signing below, each party confirms that (a) the above accurately reflects what was discussed and agreed to on July 14, 2026, (b) each party has read this document in full, and (c) this document is a binding commitment between the parties. Where anything here conflicts with the May 10, 2026 Lease, the terms of this document govern; all other Lease terms remain in force. This document is governed by Ohio law, including Ohio Revised Code Chapter 5321.

Prepared July 15, 2026 · 554 Greenvale Dr · Based on the in-person meeting of July 14, 2026