Fill and Sign the Form of Post Closing Possession Agreement Edit Fill

POSSESSION AGREEMENT AGREEMENT, made this _________ day of _______________, 20___, between ________________________________ as Seller(s), and _____________________________ , as Purchaser(s).WHEREAS, the Seller and Purchaser have by agreement dated the _____ day of ___________ , 20_____, contracted for the sale by Seller to Purchasers of the real property described as: INSERT DESCRIPTION OR ATTACH AS EXHIBIT hereinafter referred to as "Premises", and have agreed that title shall be transferred on the ____ day of _______________, 20_____, and WHEREAS, it is understood and agreed by the parties that the purchase price pursuant to the agreement is for both title to and possession of the premises and that the failure of the Seller(s) to deliver possession of the premises shall result in a diminution of the purchase price as hereinafter set forth,NOW THEREFORE, it is mutually agreed between the parties as follows:1.The Seller(s) vacate the Premises and deliver to the Purchaser(s) exclusive possession of the Premises on or before the _____ day of _______________, 20___.2.The Seller shall deposit with his attorney, or an agent agreeable to the parties, in escrow the sum of $ ______________, out of the sales proceeds, and the said attorney/agent, by signing this agreement acknowledges receipt thereof, to be held as security for the performance by the Seller of the terms of this agreement.3.It is agreed that the consideration to be paid by the Seller to the Purchaser for the failure to deliver possession at the closing is $ ____________ for each and every day or portion thereof (such "day" to end at 5:00 P.M. thereof, and each subsequent "day" to begin at 5:01 P.M. of the prior calendar day) after __________________, 20__, through and including _______________, 20__, that the Seller does not deliver vacant possession of the Premises to the Purchasers free and clear of all personal property and broom clean. Should possession be withheld after ____________, 20___, then the consideration to be paid to the Purchasers shall be $ ________.00 for each and every day, or portion thereof, after ____________________, 20____, during which such possession is withheld. Such amounts shall be delivered to the Purchasers on a weekly basis. In addition, the Purchasers shall have the right to remove any and all personal property from the Premises without incurring any liability therefor and may take whatever steps are necessary to remove Seller from the Premises without being liable for damages. 4.Should the possession of the Premises be withheld or should Seller's property be stored in the Premises to a point beyond the date when the funds on deposit with Seller's attorney shall be adequate to return to the Purchasers the amounts as set forth above, then the Seller shall pay such further sum directly to the Purchasers.5.The deposit held by Seller's attorney/agent shall also be used to repair any damage caused to the Premises prior to the delivery of exclusive possession to Purchaser. Seller shall permit Purchaser to inspect the Premises after the date of closing and prior to delivery of full possession to determine if the condition of the premises conforms to the requirements of the contract of sale.6. Notwithstanding the above, the Purchasers shall have access to the premises from the time of closing and shall be given a key for this purpose, so that they may continue to make measurements and bring their consultants to expedite their renovation plans.7.Seller shall notify Purchaser upon delivery of possession, and Purchaser shall have two business days thereafter to inspect the premises to determine if the condition of the premises conforms to the requirements of the contract of sale and to notify the Seller’s attorney of any matter that needs to be rectified.8.Seller shall defend and save the Purchaser harmless against claims made by any person for damages occurring in or about the premises between the Closing Date and the date full possession is given to the Purchaser and will maintain his policy of liability insurance until such date.Dated: ___________________________, 20____ _____________________________ Attorney/Agent _____________________________ Seller _____________________________ Purchaser