The National Housing Authority has exclusive jurisdiction to regulate real estate trade and business, a function, which is presently exercised by the Housing and Land Use Regulatory Board (HLURB).

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The seller has to sell but I don't have to exercise my option to buy. 

This was a pricey exercise but is worth it for long term buy/hold, as I am not interested in paying for use of these utilities.

I have though about it when I have been board and wanting a mental exercise.

Subject to the limitations and requirements of this part, when the personal representative exercises the authority to sell property of the estate under this part, the personal representative may sell the property either at public auction or private sale, and with or without notice, for such price, for cash or on credit, and upon such terms and conditions as the personal representative may determine, and the requirements applicable to court confirmation of sales of real property (including, but not limited to, publication of notice of sale, court approval of agents’ and brokers’ commissions, sale at not less than 90 percent of appraised value, and court examination into the necessity for the sale, advantage to the estate and benefit to interested persons, and efforts of the personal representative to obtain the highest and best price for the property reasonably attainable), and the requirements applicable to court confirmation of sales of personal property, do not apply to the sale.

It is also common for a portion of the monthly rent to held in the lessee's name and credit to the downpayment.When the option matures, the lessee notifies the owner of his intent to exercise the option and escrow is begun.It has been shown that options are seldomly exercised - - and things get real stick at this point - - hence, the Safe Act and Dodd Frank

I heard so many people state the importance of this for so long that I eventually decided to give it a try and all I can say is I am continuously blown away by the results I receive from this simple exercise.  

So, it will be helpful if we treat the above just an intellectual exercise and have some ideas to share.Regards,Azeez

Great that you have this clause in the lease, now you can exercise it.