Lease Option Contract for SA

Hello fellow Property Investors,
My partner and I are putting together a business to deal in lease options in SA. We are setting up on a shoestring budget, hence are writing our contracts ourselves.
Below is a rough draft of a contract we intend to offer a seller.
Would anyone like to comment on its legality and or applicability to our needs?
Feel free to cut, copy and paste any or all of it if it suits your needs.
Property Agreement

Memorandum of Agreement made this day of 2003,
between
of

hereinafter referred to as “the Vendor”,

and ABC Investors,
of , SA Australia
hereinafter referred to as “ABC.”

Recitals:
a. The Vendor and the Purchaser wish to enter an agreement regarding the Vendor’s property situated at…………………………………….. in the council area of ………………… deposit plan;

1. Option Payment & Purchase Price
ABC shall pay to the Vendor the sum of $……………… , subject to Clause. If paid, this amount shall be deducted from the purchase price of $…………… , should ABC exercise its option to purchase the property.
If ABC does not exercise its option to purchase the property, ABC shall forfeit all sums paid to the Vendor, who shall retain all monies received from ABC.

2. Lease Payment
ABC shall pay to the Vendor the sum of $……………… per week for the term specified in Clause , in consideration for the Vendor granting to ABC a lease over the property, subject to Clause .

3. Term & Option
ABC shall have the right but not the obligation to purchase the Property for the sum specified in Clause at any time before the expiry of 5 years after the date of this contract.

4. Maintenance and Repairs
ABC shall be responsible for all maintenance on and repairs to the Property where the cost in any one calendar month does not exceed $250. Responsibility for that portion of the cost of any repairs in excess of $250 in any one calendar month shall be borne by the Vendor.

Inspection
The vendor shall ensure that ABC has free and unfettered access to the property for two periods of one hour each per week, for the duration of the beginning contract term, for the purpose of inspection by ABC’s prospective clients.

Vacant Possession
In the event that ABC wishes to proceed with the contract at the end of the beginning contract term, the Vendor shall ensure that the property is vacant at the commencement of the lease term.

5. Inclusions

The following items are included in the sale:

Exclusions

The following items are excluded from the sale:

Conditions

All amounts due to the Vendor under this contract shall only become payable subject to ABC’s success in finding a suitable tenant within 28 days from the contract date.
If ABC is unable to arrange tenancy for the Property suitable for ABC’s requirements within 28 days, the Vendor shall have the right to extend further time to ABC to make its arrangements. If the Vendor chooses not to grant this extension, the contract shall be null and void, and no obligation shall subsist either way between ABC and the Vendor.

Definitions
All references to a party in this contract shall include that party’s administrators, executors and permitted assigns, or if the party is a company, shall include the company’s successors and assigns.

Contract/Agreement
This Contract constitutes the complete understanding of the parties and no waiver or modification of any provisions shall be valid unless in writing and signed by the co-authors and the publisher.

Signed ……………………………………… () Date………………

Signed ……………………………………….(Witness) Date………………
Name and address of Witness
…………………………………………………
…………………………………………………
…………………………………………………

Signed ……………………………………… () Date………………

Signed ……………………………………….(Witness) Date………………
Name and address of Witness
…………………………………………………
…………………………………………………
…………………………………………………