Exchange renovation work for rent

[Yvette M.]

Need some input on lease language in a rental agreement.

My renovation cost was $50K.  I told my contractor that I didn't have the money to pay, because I didn't intend on renting the house for another year, so I could save up money.

He makes me a deal: pay 25K and the remaining 25k would be used as rent for the next year.  I've been dragging my feet on the lease terms and he's moving in next week.

This is what I have so far, but I think it's a bit wordy.

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This paragraph shall serve to memorialize the special agreement entered into between the Landlord and Tenant Sam XXXX, specifically for rental of the property at [address] ("the Property"). The parties hereby warrants and agrees Mr. XXXX served as the contractor for the renovations to the Property. The parties warrant and agree that the total amount of the renovation contract was $XXXX, one-half of which would be paid by Landlord to Mr. XXXX. The parties further warrant and agree that the remaining balance of the renovation contract in the amount of $XXXX will be paid by Mr. XXXX as the monthly rate for his rental of the Property in the amount of $XXXX, until said renovation contract remaining balance is paid in full.

Upon full payment of the remaining renovation contract balance, Landlord will offer Tenant Sam XXXX the opportunity to continue in residence at the Property under a new lease agreement and at a monthly rental rate in accordance with market values at that time.

This special agreement between Landlord and Tenant Sam XXXX shall remain in full force and effect, and shall not be affected any changes in ownership and/or administration of business dealings of the Landlord.